PSA: Moving your BCH (Bitcoin Cash) without proper planning is bad for your privacy.

Ticker

1 BTC = $64484.21 USD  (via Coinbase)
1 ETH = $2389.43 USD  (via Coinbase)
1 LTC = $279.20 USD  (via Coinbase)
Quotes delayed up to 2 minutes.

1 CRYPTO

Crypto News & ICO Reviews

1 News - 247 News - 247 Bitcoin - 1 Search

BTC - BCH - ETH - LITE - XRP

Buy Sell Trade Crypto Here

 

A small warning to everyone. Mostly people wanting to trade/dump and/or move BCH for any reason. I have posted this to Bitcoin because this affects Bitcoin privacy even though this is an alt.

The moment the network splits, in about 5 hours, the 2 networks are identical from that point in time. Every transaction and balance is the same.

This creates a privacy problem. Once you start swiping or moving coins it's pretty easy to see what balance belongs to the same person. Let's say you have 3 wallets. Your mobile a) phone, b) cold wallet and and c) Trezor. You start moving all the BCH (or a part of it) to a new address X or to an exchange address Y.

By just looking at these transactions any person can quickly make the assumption: because they all end up in X the wallet/addresses a, b and c are very likely the same person on the "real" Bitcoin network as well.

Best practice would be:

  • Consider: Do you really want to trade or act right now? if not don't move yet.
  • Do not "stack" different wallets to one single address. Generate new addresses on the exchanges.
  • Be aware of the risks.

Even so, some people will be moving Bitcoin-cash that has been idle for years and years. Be aware that Bitcoin is an open ledger.

Thank you for your attention.

submitted by /u/bitbat99
[link] [comments]

1 CRYPTO

Crypto News & ICO Reviews

1 News - 247 News - 247 Bitcoin - 1 Search

BTC - BCH - ETH - LITE - XRP

Buy Sell Trade Crypto Here

 

Ticker

1 BTC = $64484.21 USD  (via Coinbase)
1 ETH = $2389.43 USD  (via Coinbase)
1 LTC = $279.20 USD  (via Coinbase)
Quotes delayed up to 2 minutes.

Leave a Reply