If you do frequent Bitcoin transactions then you need to be very careful with your online activities. Because it is the concern of your privacy.
Many think Bitcoin is the anonymous payment network. Yet Bitcoin is potentially the most open payment network in the world.
Moreover, Bitcoin will not disappoint you in terms of privacy, because it offers a satisfactory level of privacy when used properly.
BUT do not worry, here we are coming up with the ways in which you can protect your bitcoin transactions.
Below are the suggestions that you should remember.
Understand Bitcoin Transactions:
In the Bitcoin network, all Bitcoin transactions are public, traceable, and permanently stored.
The only details used to identify where bitcoins are allocated and where they are sent are Bitcoin addresses.
The wallets of each user generate these addresses privately. However, if addresses are used, the past of all transactions they are connected to becomes contaminated by them.
Since the blockchain is immutable, it's important to remember that in the future, anything not currently traceable can become simple to track in the near future.
So, for the sake of these reasons, you need to keep changing your Bitcoin address after you made each transaction.
This brings us to the next factor.
Always use a new address when making Bitcoin transactions
Now, what do I mean by changing an address is that every time you receive your payment or you make a payment, consider changing your Bitcoin address to protect your privacy.
Moreover, you can use multiple wallets, this lets you isolate each of your transactions. This would make it difficult for them to be associated with each other.
The good thing is that your other BTC addresses would be completely private, people who send you money would not be able to verify what you do with them.
Do not forget this legit advice.
Hide the IP address of your computer:
Bitcoin network is a peer-to-peer network, It is possible to listen to the relays of Bitcoin transactions and log their IP addresses in the Bitcoin network.
Full node clients transmit the transactions of all users just like their own.
This means that it can be difficult to locate the source of any specific transaction and any Bitcoin node can be confused as the source of a transaction when it is not.
You can protect your computer’s IP address with software like “TOR”, this can prevent the tracking of your IP.
Mixing services:
There are some online mixing services that use separate Bitcoin addresses to blend traceability between users by receiving and sending back the same amount.
It is necessary to remember that, in each jurisdiction, the legality of using such services can vary and be subject to different laws.
These services often require that you trust the people who run them not to lose or steal your funds and not to keep a record of your requests.
However, mixing services can break traceability for small amounts. For larger transactions, it becomes increasingly difficult to do the same.
Do not let your Bitcoin address go online:
If you are very much concerned about your privacy then you should avoid publishing a Bitcoin address on any public space like a website or any social platform.
On top of that, remember not to use your same bitcoin address multiple times. Now, what happens is that if you use your Bitcoin address over and over, then you will be the easy target in the eye of hackers.
Moreover, you also need to take precautions about not using any of your transaction information online. If you do so then it could let someone easily identify your BTC addresses.
Conclusion:
These are the five ways that you can consider to keep your Bitcoin transactions private and your funds safe.
The tips you should take into account is to keep changing your BTC address, use TOR to prevent your IP track, do not let your BTC address expose online, etc.
Using these suggestions can surely protect you from hackers and several kinds of fraud.
So, let us know in the comments which tips you are using to protect your Bitcoin transactions, or if you are not utilizing any of these helpful hints then you should promptly start considering it.