08 Jun '13, 4pm

Zach Harvey: Bitcoin is not nearly as anonymous as it’s been made out to be.

The Bitcoin ATM is exactly what it sounds like. A user enters a dollar bill, scans a QR code, and receives Bitcoins in their online wallet. The obvious market for the device is any individual or business who deals in cash and would rather save it in Bitcoin than in a less anonymous bank account. However, Lamassu co-founder Zach Harvey says Bitcoin is “horrible for money laundering.” That’s because Bitcoin is not nearly as anonymous as it’s been made out to be. “People criticize anonymity, and, well, Bitcoin isn’t supposed to be 100% anonymous, and I think expecting it to be is focusing on something that isn’t one of its main advantages,” Harvey says. “In fact, it’s probably the most transparent currency.” Some simple research on Bitcoin shows that although transactions are conducted anonymously, they can be traced. The Block Chain logs and displays all Bitcoin transactions...

Full article: http://www.economicpolicyjournal.com/2013/06/so-you-think...

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