Bitcoin, Safety In numbers? Short explanation why it's safer then Paypal

by NearnorthOnline

So the other threads I've seen have sorta gone off the rails.

I've been in bitcoin for 8+ years. And I figured I would clarify/simplify it for some on here arguing that bitcoins 100% traceable.

This is false. However it CAN be in many cases but there are ways to be 100% safe.

However the main argument here is why not paypal.

If a re seller goes down, they group writes one court order, wins and paypal hands over ALL client details. with addresses etc.

Now assuming they get a hold of his wallet. and decide to dedicate a team to back tracking blockchain coins. It is possible but far from simple. and then they hit road blocks.

Bounce it back to a big mega wallet. Could, likely an exchange. Now they need to idetify what exchange owns that wallet as they are not labelled in most cases.

Assuming they've gotten to that point. Now they nee to ask the court to grant access. Sure, what country is that exchange in? Good luck with most.

But assuming they manage to get your info from the exchange. Assuming you had to kyc, they got YOUR name.

Now let's assume the re-seller has 1 million clients. How many times will the do the above process? we are talking thousands if not tens of thousands of court orders to different exchanges, BTM owners, Sales sites. Across who knows what country. Just to send you a letter.

Where as five minutes after paypal they can send a threatening letter to everyone.

Oh and if you bought the bitcoin for cash, ran it through a no kyc exchange. then purchased your even safer.

TL;DR Bitcoin is SAFE. It would take to much time, man power and money to get to your info.

Pay with bitcoin

Also stop using the term cold wallet as if it has ANYTHING to do with coin anonymity...

Feel free to post any questions here.

Thanks

Specific_Angle

Well said. And if you're smart and convert it to Monero or something to clean the coins before cashing them out at a Bitcoin ATM or something, even better.

Every single service that's been taken down, PayPal has been the primary payment method. I've never heard of a service being tracked down by their Bitcoin transactions because it just isn't worth it.

chemmajorhehehe

Folks should read about privacy coins and mixers. However , as just consumers of the feed, this is a bit of paranoia. A criminal proceeding might find an agent investigating block chain transactions, but a civil suit where litigated between a company and a private party? I just don’t see that happening. I think I can count on one hand how many times companies sued individual torrentors versus the distributing pirate (e.g HBO suing teens over Rome).

I think people should always exercise privacy and caution. But the fear on here seems a bit much to me. However, I’m used to dark web and torrents. Not IPTV. Am I missing something here?

NearnorthOnline

Look at the down votes from the clueless people assuming they're right

skinnykid108

if you want to use bitcoin, gold or corn as currency

good for you.

Hugo_Stiglutzs

Here is a question I have been trying to research.

Say, you were in a country that requires KYC and you are on a major site that requires KYC located in SF.

Now if you had a mycelium wallet, would it be best to send payment from KYC to Mycelium to said service?

Or, from the mycelium wallet to a tumbler. Then to the final payee?

Thank you, in advance.

anoniptvguy

I think PayPal can prove a valid alternative if done correctly.

What I (and others) have done, is buy (or have someone else buy) a prepaid visa gift card with cash, open a new paypal account with fake details, with an email address that is secure (such as protonmail, also with fake name/details), and performing all the above using a good privacy based vpn.

For anonymity, I used tor on a public wifi hotspot to initially sign up for the vpn.

At this point, the most traceable part of this is the prepaid visa, which can be tracked to the time and place purchased, and maybe the place has camera footage, but doubtful they still have it after much time has passed.

So if a provider gave up my paypal details, they would get a fake name and address, a prepaid visa bought with cash, and all transactions originating from a VPN IP

greatwhisper

Bitcoin is traceable. Evidence: https://99bitcoins.com/know-more-top-seven-ways-your-identity-can-be-linked-to-your-bitcoin-address/ https://time.com/3689359/bitcoins-track-anonymous/

Is it harder to track you down than versus PayPal? Hard to say. Probably depends on the circumstances.

On one hand, PayPal is a corporation that should require a warrant. But companies will sometimes cooperate with law enforcement without a warrant.

The Bitcoin ledger is public. But you have the option to use a fake name. But that requires due care by you as the individual. It's easy to slip up.