Anonymous BTC Transactions Are Increasing: Report

The anonymous BTC transactions are on an increasing path as the governments around the world are still afraid of the money laundering schemes on bitcoin exchanges and alternatives as we are reading further in the upcoming Bitcoin news.

This year was supposed to be the DEX year but only a handful of decentralized exchanges gained popularity on their centralized cousins. For example, LocalBitcoins made purchasing and selling bitcoin easier for everyone that lives in a repressive country with capital controls that are commonly found in parts of South America and Asia. There are many decentralized exchanges now that conduct anonymous BTC transactions via networks such as Tor to run Bitcoin nodes. According to Trustnodes, the bitcoin exchange Bisq is processing millions in BTC every week by doing just that. The portal explained:

 “It often seems the dominance and vulnerability of centralized exchanges is the Achilles heel in the current Bitcoin ecosystem.”

The decentralized exchanges use a bitcoin node and desktop software rather than a centralized website in order to process as much as $8 million per week in peer to peer trading. Because of the decentralized technicalities of a running node, the compute resources are used to synchronize and are not as quick as some other interfaces for the popular trading platforms. The software that creates a bitcoin address usually allows the users to already own some BTC so they can use it as a deposit which can be a barrier to entry. The report adds that the system has been designed to perform autonomously with all the buyers and sellers selecting their own payment platforms for fiat transactions.

The platforms that use arbitrators and DAO as a governance system should always party abuse the trust granted for trading. There’s also a very complex revenue generation system for trading expenses and support. Bisq is even beyond the reach of ISP and ICANN since it can all be run from a home computer using a proxy. The exchange was running since 2016 but now started growing in popularity since many countries were forbidden from using some of the top centralized exchanges because of their regulation. It was even reported that Binance was blocked the Wasabi withdrawals in order to comply with the local Singaporean regulations.