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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.

Altcoins

Best Tools to track Cryptocurrency Markets: CryptoCompare, CoinMarketApp, CoinGecko

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There are different websites and mobile applications designed to keep the track of cryptocurrency market, we cover the Top 3 of these.

The cryptocurrency market includes the prices and market capitalizations of different Cryptocurrencies like Bitcoin, Ethereum, Stellar and many others. Currently, there are thousands of cryptocurrencies, markets are 16084 and market capitalization is about $124,123,711,224.

 

There are different websites and mobile applications designed to keep the track of cryptocurrency market, we cover the Top 3 of these:

 

CryptoCompare.com

Known for its high-end API and real-time tick data, CryptoCompare has been serving the cryptocurrency space from 2014.

Founders: Charles Hayter & Vlad Cealicu

CryptoCompare shows real-time data for more than 5300 Coins and 240k trading pairs, enough for an entire overview of the market. Users can see live Order books, historical data, reports, social data and reviews on all cryptocurrencies. The website is very easy to use and is free for everyone.

 

CoinGecko.com

We love CoinGecko because it focuses on tracking community growth, events hosted by teams and open-source code development apart from the usual price tracking, market capitalization and volume traded. It was also founded in 2014.

Founders: TM Lee, Bobby Ong & others

CoinGecko’s team is very dynamic and is very active on social media like Twitter, Telegram & Facebook. They cover more than 260 exchanges with live data and have more than 3300 cryptocurrencies. They are free for everyone to use.

 

CoinMarketApp (Mobile Application)

When it comes to easily track the live prices and your portfolio on your mobile, CoinMarketApp is the preferred choice for most. With live alerts on more than 1400 Cryptocurrencies, the app saves your time and alerts you on every move.

Download on Android

Download on iOS

Apart from cryptocurrency prices, the app lets you manage your portfolio, mining pools, new contracts and the latest news from the crypto industry.

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Altcoins

Cryptocurrency Market Updates: Bitcoin May fall further

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The cryptocurrency market is still facing the same bullish trend today, yet again. Bitcoin price recovered a little with trading around $4300 to $4400.

The cryptocurrency market is still facing the same bullish trend today, yet again. Bitcoin price recovered a little with trading around $4300 to $4400. Yesterday the price of bitcoin fell up to $4190. Ethereum is still trading at a year and a half low of $125. Apart from ethereum, most altcoins are showing small corrections. Bitcoin Cash moved 3% upwards while Monero has moved 4% upwards in the last 24 hours. Bitcoin Gold and Bitcoin Diamond have had good gains for the day with 8% and 16% rise. IOTA is trading at around $0.32 which shows a 6% improvement from yesterday’s price. NEO is up by 5%. However, the small gains are nothing in front of the massive downtrend these altcoins went through in the past couple of days.

 

Cryptocurrency Market Capitalization Improved

The total cryptocurrency market cap yesterday came down up to $136 billion which was the lowest of 2018. In the last 24 hours, cryptocurrency market has managed to add $4 billion in the market capitalization adding to $140 billion. Over the last week, the cryptocurrency market had lost over $40 billion and over the last month, around $70 billion have been erased from the cryptocurrency market capitalization which is yet to be recovered.

 

Bearish predictions for bitcoin

While the market cap is trying to recover the price predictions for bitcoin still remain bearish as many cryptocurrency analysts have predicted that the only support after the current significant support of $4000 is at $3000. So if the price drops below $4000, it will definitely reach down to $3000 after which the price is expected to recover.

 

The overall situation of the market is still harsh as there is no major recovery from the massive losses that occurred in the past few days. What do you think about the bitcoin predictions being made by crypto analysts? Tell us in the comments section below.

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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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