timbo on Nostr: Too often I hear: WHAT’S GOING TO HAPPEN WHEN NORMAL PEOPLE REALIZE #BITCOIN IS ...
Too often I hear: WHAT’S GOING TO HAPPEN WHEN NORMAL PEOPLE REALIZE #BITCOIN IS VENMO ON PUBLIC???
#1 — Managing UTXOs are crucial.
#2 — Should Bitcoin transactions become more common, centralized exchanges could serve as a means to enhance privacy … Here's how 👇
You can move a minor quantity of Bitcoin from your UTXO into an exchange.
These exchanges employ custodial wallets, which provide a layer of privacy from the public when carrying out transactions.
Indeed, the exchange would possess the data from that specific UTXO, but this method prevents public disclosure and restricts the number of trusted parties involved in the transaction data.
*Despite the promise of privacy coins, I find it hard to envision any of them surpassing the trust that Bitcoin is likely to gain — that's something that cannot be duplicated* #BTC
#1 — Managing UTXOs are crucial.
#2 — Should Bitcoin transactions become more common, centralized exchanges could serve as a means to enhance privacy … Here's how 👇
You can move a minor quantity of Bitcoin from your UTXO into an exchange.
These exchanges employ custodial wallets, which provide a layer of privacy from the public when carrying out transactions.
Indeed, the exchange would possess the data from that specific UTXO, but this method prevents public disclosure and restricts the number of trusted parties involved in the transaction data.
*Despite the promise of privacy coins, I find it hard to envision any of them surpassing the trust that Bitcoin is likely to gain — that's something that cannot be duplicated* #BTC