Tag: currency

BitCoin’s Popularity Is Undermining Promises of Anonymity

BitCoin’s Popularity Is Undermining Promises of Anonymity

The virtual currency Bitcoin has soared in value against the U.S. dollar in recent months, topping out a staggering $913 USD to 1 Bitcoin (or BTC) as of late Tuesday. The currency had many ups and downs since it was launched in January 2009. But its main attraction, all along, has been anonymity. Unlike any other online payment system, Bitcoin transactions – like cash transactions – cannot be traced back to specific individuals. Also like cash, they cannot be reversed. Both those factors give Bitcoin users the confidence that their online purchasing activity – whether computer hardware or contraband will remain private. But a group of researchers at two U.S. universities have released a paper that suggests reports of Bitcoin’s anonymity may (to paraphrase Twain) “be greatly exaggerated.” Specifically: the researchers found that, by culling a variety of open source data using public data from the Bitcoin Peer to Peer network and from […]