If we think about how we can trace the Bitcoin transaction, the answer would be blockchain activity explored by the maps. Due to this, it becomes easy to make transactions traceable because Bitcoin is an open-source Bitcoin transactions.
The explorers of Ethereum and Solana both have access to blockchain transactions such as the quantity of crypto sent and to which addresses are involved. Although blockchain is transparent to everyone, still some people think it is anonymous.
Many governments require KYC laws on platforms offered for centralized platforms. So, if you are planning to trade or mine Bitcoin, then you may visit https://bitindexai.me.
How do You Keep Track of Your Transactions?
Bitcoin is a decentralized open-source currency. Bitcoin wallets were created to keep the currency in them to avoid any discrepancies and cyber-attacks. But some improvisations have been done to keep it secret from the fraudulent. As it is possible to keep a track of the ongoing transactions held on its blockchain network.
Therefore, some fraudulent person takes advantage of it and finds out the owner of the Bitcoin wallet. Earlier some organizations bought dollars in millions equal to the worth of cryptocurrency.
Read Also:
Later on, some unauthorized people took advantage of it and found that they can also buy cryptocurrency via blockchain technology and they started secretly buying Bitcoin. But as blockchain technology is unanimous and can easily identify fraudulent activities, the hackers were not able to execute their plan.
Is it Possible to Find Out the Wallet Addresses
The address of the Bitcoin wallet is possible to explore the Bitcoin explorer. But while addressing the Crypto wallet, it doesn’t mean you know about its owner as well. Although it is hard to know the owner of the bitcoin wallet.
But Bitcoin explorer plays a significant part in this. They can easily identify the person and address for which the wallet exists. Although the data contained in the wallet is not tied to a specific person, their identity can easily be revealed.
Possibility to Track down a Bitcoin Address
Using multiple wallets slotted to them makes it very difficult to identify the real owner of the wallet. However, it would be a waste of time. Although identifying the transaction record and user of the Bitcoin wallet is somehow difficult, there are some ways possible to find out the result.
For instance, multiple cryptos can be accessed and multiple coins such as Bitcoin will never reveal the source of the bitcoin. This is however possible by putting all the transactions in a pool and thus sending them to the right address.
Although it would be difficult for wallets to maintain their record, invading the transaction record should be viewed on the network, which would generate a smoke screen. Hence all these efforts would make it very difficult to track your transactions and wallets as well.
Keep Your Wallet Secrecy
Everyone knows that bitcoin wallets are anonymous. But during its usability, some points should be kept in mind about which factors make it useless. Although the secrecy of the Bitcoin wallets is quite possible, it would not be possible by using a single wallet.
When someone generates a lot of transactions, they link linked to the wallet along with their personal information as well. Although the KYC rules are being secured, it would be hard to make unseen transactions on the bitcoin blockchain network.
Read Also:
Never Reveal Anyone About Your Bitcoin Address
While you share your public key, it could be a way but private keys allotted for the wallets need more secrecy hence they should be shared with anyone. Similarly, it is safe to donate and do payments to others.
But in the case of a private key, no one can steal your cryptocurrency. This wise step would be when you will not share your private key for the exact address of the Bitcoin wallet. Private keys are like passwords. It should be saved offline and never shared with anyone.
