Bitcoin Transactions; Anonymous or Traceable?

By Arslan Shah 6 Min Read

Several weeks ago, A Manhattan couple was arrested and was charged for the theft of Bitcoins, which was for almost 3.6 billion U.S. dollars. The basic charge for this arrest was money laundering that was done in 2016. This theft of Bitcoin was done in the cryptocurrency Exchange Bitfinex, Hong Kong. It was recorded as one of the largest financial theft in the history of justice As well as the law and Order Department.

Bitcoin Fraud Recovery:

The point to be noted here is that the bitcoin fraud recovery transactions are not as anonymous as people thought them to be; because of its decentralizing system. Another important point to remember is that this theft of Bitcoin was not a straight case of transferring money. The stolen bitcoins were transferred to many countries in small amounts. The above-mentioned theft of Bitcoin took six years for authorities to trace out, but eventually. The hard work of law enforcement agencies has paid off and they have traced out the actual location of the thieves as well as the place of theft.

The general viewpoint regarding Bitcoin was decentralized as well as untraceable and an anonymous Currency Until 2008. When the Bitcoin blockchain ledger was introduced and people get to know slowly that Bitcoin transactions are not that much anonymous as it is notorious for.

The Anonymity of Bitcoins:

The CNC professional has described the issues and links of recover scammed bitcoin anonymity. According to our experts, Bitcoin trace is possible. The Manhattan couple is one of the prime examples that Bitcoin trace is possible and is practiced in today’s world. The professionals and law enforcement agencies, including intelligence services such as CNC intelligence, can not only track but also bring back the money to the owners. To a certain level, bitcoins offer anonymity but it is not one hundred percent. Though it does not involve the government or any other third-party authentication system. The blockchain ledger does offer a record of transactions.

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How Bitcoin Trace is Done on a Professional Level?

The Bitcoin trace is not anonymous anymore because the platform Bitcoin offers the direct purchase of services and goods on its forum. This direct purchase requires bitcoins. The person who uses bitcoins on this platform has to purchase bitcoins in U.S. dollars. When that US dollar currency is used in purchasing bitcoins. A whole record of this purchasing is directly sent to the federal law and order enforcing agencies. Apart from this scenario, anyone who has already bought the bitcoins can also use them for direct purchase. At this point, To use the purchased goods and services. The client has to purchase the US dollars for converting Bitcoin into dollars, cutting all the discussion short. The whole purchasing and selling of bitcoins, demands the purchasing of US Dollars at some point or the other.

The exchange of Dollars into the bitcoins and vice versa is not done through banks. Usually, some specific companies offer this service. These companies are known as cryptocurrency exchanges. These companies do not sell or receive bitcoins and cash without knowing the identity of their customer. Thus, the so-called decentralized bitcoin currency has to be bought and sold while proving an identity that is never unnoticed and anonymous. This whole record of buying and selling, as well as the blockchain Ledger of Bitcoin, are when associated and linked together, the whole transaction amount, place, as well as people who are involved in the buying and selling process, are located Via professional help and tools.

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Suspicious Bitcoin Transactions:

Now, the question arises if Bitcoin is traceable then how suspicious Bitcoin transactions are reported and noticed? The professionals of CNC intelligence have answered this question that every professionally operating intelligence company for Bitcoin trace offers their customers to develop a profile that allows them to take the help of law enforcement agencies in case of any suspicious Bitcoin transaction. CNC Intelligence offers its clients to make a customer risk management profile.

This customer risk management profile has all the legal data about the purchases. And the sale of the bitcoin as their property. It helps the customers to identify as well as report to the authorities regarding the suspicious bitcoin transactions done or happened through their account. In this way, all the cryptocurrency exchange and law enforcement agencies will have complete data of the customer. Who is engaged in buying and selling cryptocurrency, especially Bitcoin, and in case of any emergency i.e. theft or fraud? The person can seek the help of CNC intelligence as well as law forcing agencies.

In the light of all the abovementioned argumentation, can we still say that the transactions done through Bitcoin are anonymous? Apart from all these arguments, there is still another method that helps to trace out the Bitcoin transactions I.e. forensic analysis. Anything that cannot be traced out with professional help and tools. Forensic analysis is always there to help out the professionals to trace the Bitcoin transactions.

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