Explain Like I'm 5 (ELI5)

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How is Bitcoin anonymous? (lemmy.world)

submitted 11 months 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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[–] thermal_shock@lemmy.world 1 points 8 months ago

They're not. Everyone can see transactions and can absolutely follow the money and find you if they tried hard enough.