On Sat, Mar 18, 2017 at 10:34 PM, George from the tribe <tech@reachthetribes.org> wrote:
The basics of bitcoin are like this, and I am just getting started so this may not be 100% correct. You can store bitcoins either in an online exchange, like a bank, but the problem is many exchanges have been hacked. Furthermore, hackers and governments will be able to track you and know how many bitcoins you have. You can also store them securely in a "wallet" on your pc, and make the storage unhackable. You can even store them on a piece of paper in your desk drawer, and as long as nobody knows it is there, they can't steal your funds. The bitcoin network allows you to transfer bitcoins anywhere in the world without having to fill out paperwork and get approval from governments. That is why it is appealing to 2 groups of people - privacy advocates, and criminals.
You left out: - Every bitcoin transaction is publicly and permanently documented. The unique ID of both the source and destination wallet is recorded and publicly available. The unique ID of wallets therefore should be considered non-secure. - Privacy and non-tracability is achieved by using a "new wallet" for every transaction, so no nexus of activity can be established. - law enforcement (LE) leverages lazy (unknowledgeable) bitcoin users (LBUs). For LBUs, once LE figure out the unique ID of the LBUs wallet, LE can determine every transaction they've ever made with that same wallet. Greg -- Greg Freemyer -- To unsubscribe, e-mail: opensuse+unsubscribe@opensuse.org To contact the owner, e-mail: opensuse+owner@opensuse.org