Wall Street Journal Gets It Wrong Again: WSJ Article Claims US “Cracked Bitcoin’s Anonymity”
You’d think by now that an outlet as big and with a legacy such as the Wall Street Journal would get it right but then again, maybe they’re purposely smearing Bitcoin.
The Wall Street Journal recently published an article about U.S. authorities having “cracked” Bitcoin’s anonymity. However, Bitcoin is pseudonymous, not anonymous, a point often emphasized within the industry.
The Wall Street Journal recently published an article that stated that United States federal authorities cracked Bitcoin’s anonymity. The outlet’s report spoke of a $3.4 billion crypto fraud scheme carried out by one James Zhong. However, as is often mentioned in the industry, Bitcoin is not anonymous.
Bitcoin’s Anonymity Cracked?
The fact that federal authorities managed to pinpoint a scheme by Zhong does not necessarily compromise Bitcoin’s anonymity. It is a long-standing pet peeve of those in the industry that the general public falsely believes that the Bitcoin network is anonymous. Perhaps this could have been a poor choice of words by the outlet, but crypto enthusiasts are keen that the idea of Bitcoin being anonymous has long been disproven.
Rather, Bitcoin is pseudonymous and does not offer full privacy, like that offered by privacy coins like Monero. Bitcoin is, in fact, traceable, though admittedly, it takes a little effort to identify someone. The growth of the market is making it easier. The arrival of more sophisticated tools and processes is also contributing to this trend.