Chris Belcher, a Bitcoin enthusiast from London, published an article on Wikipedia, addressing the privacy issue associated with Bitcoin and the Lightning Network.
“For the last few weeks I’ve been working on a literature review for bitcoin privacy: https://en.bitcoin.it/wiki/Privacy It aims to cover about all privacy issues in bitcoin, including Lightning network, and has a bunch of examples to help demonstrate how the concepts work in practice.”
The article on Wikipedia addressed a wide range of privacy effects and how users can adopt different methods to reduce their traceability on and off the Bitcoin blockchain.
Belcher mentioned that protecting privacy would start by determining the threat and the people behind it. He also mentioned that Bitcoin addresses are not meant to be reused once it is revealed as there are transaction surveillance companies that survey the Bitcoin ecosystem and sell data as a service to other companies.
He also added that users should use wallets backed by their own nodes and not a web wallet. In addition, he recommended users to broadcast all the on-chain transactions over Tor and added that people should use Lightning Network via wallets that have an implementation of CoinJoin.
The article addressed the recent loss of millions of dollars worth of Bitcoin due to the death of QuadrigaCX’s CEO, which was a bad case of protection of users’ funds.
Although the Bitcoin blockchain has been open for viewing since its inception, there have been efforts by the Bitcoin community to develop a suitable privacy and scalability solution to overcome these particular problems. One of them is the plan to introduce Taproot, and CoinJoin, among others.
Users across Twitter and Reddit appreciated the in-depth write-up by Belcher. A Twitter user, @BTCPat, commented:
“I’ll be unpacking this for another few days so let settle at a chapter of a book.
Nevertheless, thank you for your work.”
@HilebrandMax, another Twitter user, commented:
“This awesome, thank you for curating all this knowledge, very well written!”
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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.