28 Aug '13, 7am

Bitcoin offers privacy -- as long as you don't cash out or spend it

Bitcoin offers privacy -- as long as you don't cash out or spend it

Not the best way to launder your ill-gotten gains Image credit: flickr/BTC Keychain On the surface, Bitcoin seems to be a great way to hide cash. Actually, it's a terrible way to launder money. That's the conclusion of a new academic study that analyzed Bitcoin's blockchain, or the public ledger that records bitcoin transactions. The ledger shows how bitcoins move from one person to another, represented by 34-character alphanumeric addresses. It's a sea of numbers without names. But researchers from the University of California at San Diego and George Mason University found it is a lot harder to convert bitcoins to cash -- or spend the bitcoins with a service -- and stay anonymous due to the ledger. Most bitcoin users interact with a service to buy or sell the virtual currency. These days, most of those services want to know exactly who they're dealing with, especially as ...

Full article: http://www.itworld.com/security/370750/bitcoin-offers-pri...

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Bitcoin offers privacy -- as long as you don't ...

pcworld.com 28 Aug '13, 6am

On the surface, Bitcoin seems to be a great way to hide cash. Actually, it's a terrible way to launder money. That's the c...

Bitcoin offers privacy -- as long as you don't cash out or spend it - PCWorld #bitcoin

Bitcoin offers privacy -- as long as you don't ...

pcworld.com 28 Aug '13, 7am

On the surface, Bitcoin seems to be a great way to hide cash. Actually, it’s a terrible way to launder money. That’s the c...

Bitcoin offers privacy -- as long as you don't ...

pcworld.com 28 Aug '13, 6am

On the surface, Bitcoin seems to be a great way to hide cash. Actually, it's a terrible way to launder money. That's the c...

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