Bitcoin: My Personal Opinion (Decentralization)

in LeoFinance2 months ago

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Many people talk about Bitcoin because it is the number 1 cryptocurrency in market capitalization and that we have to take into account, but many people do not really know if it is profitable to invest or especially to make anonymous transactions, even I want to comment a little how to protect your privacy with Bitcoin, Bitcoin today is a means of digital payment and is currently official currency in several countries, including El Salvador.

When we talk about making a payment and protecting our privacy we need to know very well what we are doing and above all read and research a lot about this, I want to mention that really Bitcoin can be anonymous and above all decentralized, but I must mention that this can be centralized, for example, if you want privacy in your payments in BTC you should not use Binance because it is a CEX and that is something very obvious but I must mention it.

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Tor Browser and Bitcoin payments

Recently I have been reading a bit about Bitcoin payments in the Tor network and I have been surprised by what I have read, one of the things that caught my attention is simply not to use the same wallet twice, it is something curious, but where can we find decentralized wallets? It is something very extensive and complex, for example, in Hive we can find decentralized wallets and that we have to take into account, but I think we can use other wallets even more anonymous and decentralized.

Another thing I should mention is that simply when we make a payment in BTC our IP address is recorded and that is why I want to mention the Tor browser.

It is very complex that even my advice can help you a lot, another thing, previously I mentioned that our IP address can be recorded in the Bitcoin network and that is something worrying, even if you want to make an anonymous payment with the Bitcoin I highly recommend not to use your internet connection and do it on another computer.

But it is not just using another computer, we are using logical reasoning but also moving Bitcoin to fiat currency can be something really very risky because fiat currency is very well regulated, but it is clear that there is the black market and the black market can be the solution to these problems.

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Conclusion

Nothing is really decentralized, what is really decentralized are the cryptocurrencies and we have to take that into account, but fiat currency will always be regulated by governments and global financial authorities, so I highly recommend always using logical reasoning and above all using our financial knowledge very well to be able to make secure transactions.

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Knowledge is really important because centralization sometimes mask into the image of decentralization. Our IP address been recorded when we make transactions on the Bitcoin Network is indeed worrying. Brave browser is also a good browser to prevent tracking. But I think a VPN will get the job done.