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Bitcoins Are Easier To Track Than You Think


Bitcoins Are Easier To Track Than You Think TIME

Source: http://time.com/3689359/bitcoins-track-a...

Bitcoin is sometimes thought of as the prime anonymous cash of the Internet, believed to be as untraceable as an under-the-table payment to a babysitter or a drug dealer. But the dramatic trial of Ross Ulbricht, a 30-year-old man accused of running the contraband Silk Road marketplace, is finally putting those misconceptions to rest.

Federal agents said they were able to trace 3,760 bitcoin transactions over the course of a year to servers seized in the Silk Road investigation, Wired reports. A former FBI agent named Ilhwan Yum testified in court that he followed more than 700,000 bitcoins from the Silk Road marketplace to Ulbricht’s personal wallets.

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If it's not anonymous, a lot of the benefit of Bitcoin over Paypal goes away. 

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