Are Cryptocurrencies Really Anonymous?


The short answer is – it depends. There are many anonymous cryptocurrencies currently. However, that doesn’t mean that all cryptocurrencies are anonymous. 


Defining Anonymity


The word “anonymous” is defined as the state of being unidentifiable by name. It’s the Latin word anonums, which means nameless (from an (without) and onoma (name)).

As such, an anonymous currency must not reveal the name of the identity behind it. This doesn’t just mean failing to display the names involved in a transaction, but also the capacity to prevent the revelation of identities through other means.


Privacy Cryptos Are Anonymous


Privacy coins are designed specifically for anonymity. And you can’t trace back the transaction to the owners. The identity of the users (sender and receiver) remains completely blocked from third parties’ views. In most cases, users are even empowered to use hidden wallet addresses. For instance, you can indicate that you’re sending money from India when indeed, you’re sending from the US. This way, tracing users is impossible.

There are currently at least 63 privacy coins available for trading in the crypto market. These coins are worth in excess of $2 billion when put together. The top four options on the list are Moreno, Dash, ZCash, and Verge.


Bitcoin Isn’t Fully Anonymous


Unfortunately, Bitcoin isn’t one of the privacy coins. Although it’s anonymous in that your name and address don’t appear in the transaction ID, it’s possible to trace Bitcoin transactions.

For one, you can connect nodes on the Bitcoin chain. Anyone with a sound understanding of the platform can theoretically connect the dots (nodes) to uncover connections between transactions. Secondly, users trading Bitcoin on an exchange often verify their identities. Finally, Bitcoin’s public ledger is public to everyone. Anyone can use the ledger to trace transactions.




  • What’s the best cryptocurrency for online gambling? There’s no one right answer. Bitcoin is very popular, but other cryptos work well too. Remember that most gambling platforms don’t accept privacy coins.
  • What are some tips for using cryptocurrency to gamble anonymously? If you want to gamble anonymously, consider finding a gambling platform that accepts privacy coins. Many of these are crypto casinos that don’t need identity verification.
  • Which Platforms offer instant casino withdrawals using Bitcoin? The majority of casinos that allow Bitcoin payments offer instant Bitcoin withdrawals. Some of the best casinos for cryptocurrency MBit Casino and 7Bit Casino.
  • Is it safe to use Bitcoin for online gambling? Yes. Bitcoin is one of the safest digital currencies, partly because it’s also the most popular of all the cryptocurrencies.





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