Author of “Mastering Bitcoin”, Andreas Antonopoulos, reveals Bitcoin is not really private

Andreas Antonopoulos, Bitcoin advocate and author of “Mastering Bitcoin” has revealed that Bitcoin is not really anonymous but instead is pseudo-anonymous.

Mainstream media has always accused Bitcoin (BTC) of being anonymous and being used by criminals and tax evaders to launder money. The Silk Road marketplace that operated on the dark web to transact illegal goods and services used Bitcoin to send payments.

Antonopoulos during the Q&A comments:

“So a lot of people think Bitcoin is anonymous. It is not anonymous, it is loosely pseudo-anonymous, which means that if you expand an enormous amount of effort on operational security and you do it very carefully and very well you may retain anonymity for a limited period of time that doesn’t sound like a good thing.”

Andreas further stated that anonymity of money transactions is a sensitive topic. He also mentions that peer-to-peer anonymous transactions, talking about cash that is anonymous, fungible, unforgeable and also self-verifying have existed for around 5,000 years.

He also explains that Bitcoin needs to be much stronger in terms of confidentiality and privacy, learning from the Internet which does not have enough security, encryption, and anonymity. Other cryptocurrencies like Monero (XMR) and Litecoin (LTC) offer better security by hiding transactions between sender and receiver.

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