Before diving into the cryptocurrency business, many people want to know the privacy of cryptocurrency transactions. Various opinions expressed on social media platforms, especially Reddit and Twitter have confused the individual users who are serious about the privacy of their identities.
The fact is, all the cryptocurrencies including Bitcoin are traceable and even if the current cryptocurrency has been moved, you can easily follow it. All the transaction data is automatically recorded in the blockchain. So the opinion of Bitcoin and other cryptocurrency tracing experts is that Bitcoin is not stopping humans from getting their fundamental right of transferring large amounts of wealth anonymously.
Looking at the experiences of the people on a large scale, we come to know that people often face the problem of cryptocurrency scams and complain that they have lost tens of millions of dollars and even more. It is something that not only makes the victim bankrupt but also destroys his whole financial setup. The sad reality is that thousands of people get affected by this fraud. These kinds of issues related to the vulnerability of Bitcoin and cryptocurrency must be addressed through legal due processes.
Role Of Cryptocurrency Tracing
It is an obvious fact that when people lose their investment and other savings, they never believe in the privacy of a system. However, here it is worth noting that various companies facilitate cryptocurrency crimes and sometimes are victims themselves. At this stage, Blockchain technology can solve the problem of making cryptocurrency trading secure and viable for future growth.
Cryptocurrency Tracing is a system that allows users to get access to all the recorded information and transactional data so that any criminal activity can immediately be traced. This information is stored on the blockchain. In this way, the chances of recovering the funds of the people can be maximized. The simple concept of Bitcoin tracing is that whenever a virtual transaction is made and currency is transferred from one wallet to another, it automatically gets recorded to the blockchain. The information stored in blockchain can never be changed, moved, deleted or altered.
Popular Cryptocurrency Tracing Experts
Boby Omg is the co-founder of CoinGecko who curates the newsletter about financial technology. He thinks that Cryptocurrency is a bit of a complicated business for the people who do not understand the blockchain technology and the methodology of tracing the data on Blockchain.
Gavin Andresen is also one of the leaders of Bitcoin development and currently runs a blog that covers all the information regarding the latest cryptocurrency development. You can also follow his tweets to get more insights about cryptocurrency tracing and how it works.
Susanne Chishti is a CEO of an institute known as Fintech Circle that teaches people about currency trading and how to become Fintech professionals. She strongly supports the fact that Bitcoin trading is the safest method of moving the digital currency from one place to another because technology is always there for the detailed record and tracing.
The irreversibility of transactional information and decentralization of blockchain technology makes it a more trustworthy source for all kinds of crypto information tracking and tracing.
Andreas M. Antonopoulos is the author of a cryptocurrency book entitled Mastering Bitcoin, provides clear and detailed knowledge and explanations regarding the authenticity of blockchain technology and strongly supports the traceability feature. Anyone who wants to understand the concept of tracing systems of Bitcoin and other cryptocurrencies, should read his book and watch his YouTube videos to understand how users can ensure the safety of their personal information and transactional data using the Bitcoin traceability.
If you want to continue with Bitcoin trading you should consider a lot of different aspects, such as coin offerings, changing prices as well as the safety of your information. Something new happens every single day in the crypto world and you must know how to continue with this business by following the government policies, mining technologies and rules and regulations regarding exchanges.
It is the main responsibility of the people to gain knowledge about blockchain and cryptocurrency tracing and understand the use of digital investigation techniques by adopting the risk-based approach. In their journey of tracing, they can also learn how to deanonymize cryptocurrency transactions using the cryptocurrency forensic tools.
For an intelligence based approach to asset recovery, crypto asset tracing, and Bitcoin Tracing, based on our research we recommend CNC Intelligence Inc.. We have found them to be a highly professionals and experienced team of experts, including Seth Gordon Ret. Homeland Security Analyst and Roman Garcia Ret. Special Agent for the FBI.