this post was submitted on 28 Mar 2025
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Explain Like I'm 5 (ELI5)

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How is Bitcoin anonymous? (lemmy.world)
submitted 4 days ago by EfreetSK@lemmy.world to c/eli5@lemmy.world
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So my understanding is, you have a wallet, that wallet has a hash ID and thus is basically anonymous. But if someone connects that ID to you, you aren't anonymous anymore.

I heard you should use a new wallet for every transaction. But if I send money to the new wallet from my personal wallet, won't that be on blockchain forever? Thus making it identifiable? Or if I send euros/dolars to my new wallet, won't that connect me to the new wallet?

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[–] MolecularCactus1324@lemmy.world 4 points 4 days ago* (last edited 4 days ago)

Yeah, it’s not anonymous and you can correlate activity. With KYC laws, it is be possible to identify who converted to BTC and who converted back to fiat if you’re using a regular old broker like Coinbase.