Ever since the inception of cryptocurrency, hackers have shown an appetite for this form of money. The perceived appeal of being anonymous when receiving payments has created an aura of invincibility for all cryptocurrencies. However, that is often misunderstood, as none of the public blockchains are private nor anonymous in their current form. While transactions are pseudonymous on the blockchain, users will still need to convert to and from fiat currencies at some point. Those steps often require verifying one’s identity through official documents, negating the entire anonymity and privacy aspect.
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Source: Cryptocurrency - investing.com
