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How to Hide Your Bitcoins from the Government Authorities?

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hiding bitcoin from the government

Understand methods to evade the traceability by the government.

  • Decentralised cryptocurrency under pressure

The government financial organizations along with some of the most prominent countries around the world seem to be completely devastated, by the adoption of bitcoin by the masses. It has effectively won the hearts of the people who were down in the dumps with the Government’s control over their financial assets. The financial crisis was the threshold, post which the outrage of the people knew no bounds and their focus shifted towards bitcoin, as it was the most powerful decentralized form of Financial economy which they could rely upon.

Regardless, bitcoin are being adopted by some countries as they have been able to understand the potential of the Blockchain Technology behind it. They even realized the plus points which the bitcoin can bring towards the financial sector. Due to this disruptive nature towards the financial system, the financial authorities of various countries are looking forward to controlling these Crypto assets as they fear that their economic system might become obsolete. But it is a bitter fact that the value which we generate through our hard work should remain under control but not any other centralised authority but as human beings we live in societies and we need to comply with some rules and regulations that is framed by the government, which has led to the regulation of the cryptocurrencies in some of the countries. but there is always a way out and we can dodge the legal compliances of regulations on our cryptocurrencies in a number of ways discussed below.

 

  1. Using the Tor browser  

Tor stands for The Onion Router and is a well-known community which helps in disconnecting the IP address of any request made through the Tor network from its server. When a client initiates a request, his request first enters the Tor network where the request passes through a number of internal encrypted nodes of the network, and finally reaches the server hence tracking the IP address of the original client is made difficult.

 

  1. Using HD Wallets

HD stands for hierarchical hierarchical deterministic where the wallet generate new public Bitcoin addresses each time a user-initiated transaction since the public address is different each time it becomes difficult to connect a particular Bitcoin address with an identity there are a number of Wallets like Ledger Nano S, MyCelium, Trezor, etc which provide this kind of service. It is however known that the Distributed Technology was inherently designed to protect the investor’s assets but as Theory is far from Practicality lets understand this by an example. A Bitcoin user owns a stationery shop where he accepts Bitcoins, suddenly few robbers barge into his shop and threaten him to hand over all the money but he refuses to agree the fact that he had done a lot of Business and had made money. The robbers can check the balance and all the transactions related to that particular public address which the shop owner had displayed in his shop.

 

  1. Using VPN

A Virtual Private Network provides a service to route all the internet traffic through a number of different nodes before reaching the server. They don’t even track the history of a particular user to maintain utmost privacy. The VPN might anyway leak the information to the Government when forced by it. This is a bottleneck in this method.

Using escrow services provided by mediators like localbitcoins.com can also be used where registration should be done by using a random name and email address generator in order to avoid traceability. In case of VPN or Tor network, if a particular user uses services provided by KYC enabled platforms such as Coinbase, then such methods become obsolete.

 

  • Conclusion

It is believed, these days, that using Bitcoins as the payment method in a variety of e-commerce websites provide the users complete anonymity. That is certainly true, only until the government comes forward and tries to find out people who are not filing there Crypto profits and evading from taxes, by tracking the public address that user uses on the blockchain network. As we all know, that all the transactions which happen on the Bitcoin network, are stored on a Distributed Ledger, throughout the world. Hence anyone can view a public address and check the number of Bitcoins in it and a user’s identity is disclosed by tracking the IP address that he uses to perform such transactions.

#Bitcoin

Bitcoin Cash Hard fork screwed the whole cryptocurrency market

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Whole cryptocurrency market is suffering because of the continues wars going on between ABC and SV which has created a bad reputation of the crypto space.

The original Bitcoin Cash split into Bitcoin ABC and Bitcoin SV during the hard fork but no one is sure to weather BCHSV or BCHABC will survive in the market as the hash wars still continue. The hard fork has lead to an uncertain future of Bitcoin Cash and also screwed the whole cryptocurrency market. The Price of both the new coins is on a continues decrease where Bitcoin Cash ABC values at around $226 and Bitcoin Cash SV values at around $76.

 

Cryptocurrency Market Crash

The whole cryptocurrency market is suffering because of the continues wars going on between the two teams which have created a bad reputation of the crypto space to the newbies. At this time when more and more institutional investors were entering into the cryptocurrency space, the hard fork has created a feeling of Fear, Uncertainty and Doubt amongst them.

 

BTCUSD yearly chart

BTCUSD yearly chart

 

As the hard fork started, the entire cryptocurrency market faced a downfall where all major cryptos are on a 6 month low with bitcoin trading around $5200 that is a yearly low for the most dominant cryptocurrency. The decline is the price has created fear in the minds of investors who are now talking about capitulation.

 

Should Craig Wright be blamed?

Craig Wright who claims to be the real Satoshi Nakamoto and the founder of the original bitcoin has been funding his side of the war using BTC. Cryptocurrency enthusiasts around the world are criticizing Craig Wright and also calling him a lier.

 

 

The local media’s role

The real reason behind the rise of cryptocurrency and blockchain was the mass adoption by people who heard about it through local media. At that time, the local media described bitcoin and other cryptocurrencies as the future of money explaining the decentralized nature of such currencies, but now due to the wars within the cryptocurrency ecosystem, the local media has started to criticize cryptos and people have started to lose faith in the crypto market.

If the amount of money being used in such hash wars would have instead been used for the development of the crypto ecosystem with advancements such as lightning network, the market could still be flourishing rather than being on the verge of getting sunk.

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#Ripple Price Analysis

XRP price analysis and market updates

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XRP has overtaken ETH again by becoming the number 1 altcoin according to market capitalization. Crypto analysts believe that XRP can outrage bitcoin too.

XRP has overtaken ETH again by becoming the number 1 altcoin according to market capitalization. Crypto analysts believe that XRP can soon outrage bitcoin too and take the spot of the number 1 cryptocurrency while bitcoin is still more than 52% dominant. XRP had a downfall last Wednesday when XRP price fell to $0.43, but in the last 24 hours, XRP experienced a good bullish momentum with a 12% rise trading above $0.51. XRP is currently trading at $0.519 (at the time of writing this article).

 

XRPUSD 5 day chart

XRPUSD 5 day chart

 

One of the major reasons for the rise of XRP is the approval of cryptocurrency ETF by the Switzerland authorities and also the adoption of RippleNet by more and more financial institutions worldwide. Many other altcoins apart from XRP also experienced a bullish momentum in the last 24 hours. XRP is on the top of the list for gainers while Stellar and Monero are on the 2nd and 3rd position. The price of bitcoin showed little improvements by remaining above $5600 mark.

Many financial analysts predict a bearish future for cryptocurrencies in 2019, while many other cryptocurrency enthusiasts believe that the following predictions are just to create a feeling of fear amongst the cryptocurrency investors. What do you fell about the same? Tell us in the comments section below.

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#Ethereum Price Analysis

Ethereum Price Analysis: Can ETH cross 200?

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Ethereum price is likely getting ready for an all-encompassing remedy above $179. Upsides will in all probability confront sellers close $194.

MACD – Set in the bullish zone.

Relative Strength Index – Moving higher towards the 50 level.

Support Level – $165

Resistance Level – $194

 

Key Points

  • ETH price is shaping a not too bad support over the $165 level against the US Dollar.
  • There is a noteworthy bearish pattern line set up with resistance at $193 on the 4-hours diagram of ETH/USD.
  • The pair may gradually rectify higher towards the $188, $192 and $194 resistance levels.

Ethereum price could exchange higher towards the $192-194 resistance zone in the close term.

 

Ethereum Price Analysis

This previous week, we saw a noteworthy decay from the $223 swing high in ETH price against the US Dollar. The ETH/USD pair fell underneath the $212, $200, $196 and $180 support levels. Ethereum price exchanged near the $165 level and framed a month to month low. Afterward, Ethereum price began a transient recuperation and moved over the $170 resistance. In any case, Ethereum price attempted to break the $178-179 resistance. It speaks to the 23.6% Lie retracement dimension of the last drop from the $223 high to $165 low.

It appears as though Ethereum price may combine in the here and now over the $165 level. Afterward, it could outperform the $178-179 resistance to expand the recuperation. Be that as it may, there is a noteworthy resistance looking out for the upside, close to the $192-194 zone. Besides, there is a noteworthy bearish pattern line set up with resistance at $193 on the 4-hours diagram of ETH/USD. The pattern line concurs with the half Lie retracement dimension of the last drop from the $223 high to $165 low. Additionally, the 100 straightforward moving normal on a similar outline is likewise close $194-195.

 

ETHUSD 5 day chart

ETHUSD 5 day chart

 

The above diagram shows that the Ethereum price is likely getting ready for an all-encompassing remedy above $179. Be that as it may, upsides will in all probability confront sellers close $194. At last, the price could decay indeed towards $170 and $165.

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