Are Cryptocurrencies really anonymous?

Are Cryptocurrencies really anonymous?

This depends on the nature and structure of the Cryptocurrency in question.

We highly recommend doing a bit of research before adopting any Cryptocurrency.

As for Bitcoin and Ethereum, transactions only require the public address of the wallet. The name of the account does not have to reflect your real name.

At CoinHako, we value the need for Know Your Customer (KYC) regulations. Hence, we require customers to verify their identities before they buy bitcoins. This helps us flag out suspicious activities and help law enforcers track down criminals.

In fact, using bitcoin might just be easier to trace malevolent actors as all transactions are on an online ledger for all to see.

You can find out more about our verification processes here.

Further details about anonymity can be found online or here

Figured it out? Start Trading Now!

If you require further information do not hesitate to contact us here or stay tuned to our Blog for the latest updates.

    • Related Articles

    • Coinhako Basics: What is Bitcoin (BTC)?

      What is Bitcoin (BTC)? Bitcoin is a digital and global money system currency. Created by the anonymous Satoshi Nakamoto, the whitepaper for bitcoin was released in 2008 which introduced a peer-to-peer (P2P) electronic cash system built on a ...
    • Can people see how much Bitcoin (BTC)/Ether (ETH) I have?

      The privacy aspect of owning cryptocurrencies like Bitcoin (BTC) and Ether (ETH) is a common concern among users. While these digital assets operate on a decentralized network, the level of transparency can vary. For Bitcoin (BTC), blockchain ...
    • Do I Have To Be Rich To Buy Bitcoin?

      One bitcoin is worth tens of thousands of dollars these days. Does that mean you have to be loaded to get started on crypto? What we’re about to tell you will debunk the myth that crypto trading is reserved for the super-rich. In fact, one of the ...
    • Understanding Cryptocurrency Mining

      What is Mining? Mining is the process of having computers collate and record all transactions into a Block, on the Blockchain. Think of it as transactions being recorded on a bank ledger, except that all transactions are readily available for public ...
    • Is Bitcoin legal in Singapore?

      Before you start exploring various ways to buy bitcoin, you might be wondering - is Bitcoin legal in Singapore?   Good news! While Bitcoin is not regarded as legal tender in Singapore, cryptocurrency exchanges and trading is legal in Singapore.   ...