On the one hand, Bitcoin advocates believe the cryptocurrency is more transparent than paper money, since, theoretically, every Bitcoin transaction can be traced through the public ledger known as the blockchain. On the other, you have Silk Road, the darknet, and all the other shady stuff that Bitcoin enables by virtue of its anonymizing properties.
Anonymity is a valuable and precious thing in many cases, but not when it comes to political funding—candidates are legally required to disclose who donated to their campaign to the Federal Election Commission (FEC). Which leads us to the question: How do you trace a political donation made with Bitcoin?
The first thing you need to know about Bitcoin is that it runs on the blockchain, a publicly viewable ledger that tracks every Bitcoin transaction in near-real time. The blockchain is also stored on every computer in the Bitcoin network, and everything uploaded to it—transactions as well as malware—pretty much stays there forever. This is why many in the Bitcoin community see it as transparent. Any Bitcoin transaction can be traced through the blockchain.
Source Article from https://www.freedomsphoenix.com/News/174075-2015-04-08-how-to-trace-a-political-donation-made-with-bitcoin.htm?EdNo=001&From=RSS
How to Trace a Political Donation Made with Bitcoin
No comments:
Post a Comment