Cryptocurrency transactions can be traced and that have built a business

Many believe that using Bitcoin or other cryptocurrency is completely anonymous to send money. Transfer within the network can pay something, and nobody will know about it. Bitcoinist reported that it is not so. Now there are several companies that use their own software for the surveillance of the movement of cryptocurrencies and identifying suspicious transactions.

The anonymity of cryptocurrency transactions. True or false

Each user creates a cryptocurrency wallet that is a long combination of characters. These symbols do not carry any information about the owner. Therefore, the transaction from one purse to another is not showing by whom, to whom and for which appropriations were made.

While anyone can view the movement of funds in the network and to monitor the status of each wallet. It remains only to identify the owner. Doing this and companies that ruin the anonymity of cryptocurrency transactions.

How does it track transactions in Bitcoin and other cryptocurrencies

The company Chainalysis identificeret purses related criminal activity. Information about the owner of the wallet can be obtained using the exchange or other ways. Linking transaction to real people, the company has helped the FBI to identify a few criminals.

CipherTrace is looking for makers of malware that infects computers and servers, and demands a ransom in bitcoin. They expect to find the authors of the programs and help the victims to get their money back.

What transactions are untraceable

There are cryptocurrencies which movements are untraceable. The hidden transaction, you can use zcash for, but usually users do not use this opportunity. You can also compare the transaction time with certain events, which also gives some information to those in need. Monero is a completely anonymous cryptocurrency. Snap participants in a transaction to real persons is impossible.

Why trace cryptocurrency transactions

Information about transactions in bitcoin not only helps to identify unlawful actions. Such information may prove valuable for investors. You can use it to monitor trends in the market to understand the level of pressure on the national currency and more.

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