this post was submitted on 24 Jul 2024
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Bitcoin isn't private, you can see how much BTC a sender or recipient is holding and what transactions they've made. I'd argue that without privacy mitigations such as a mixing service it's even less private than credit cards. They should have gone with Monero instead.
You can make as many Bitcoin addresses as you want. You can look up an addresses balance but not a wallet's balance. It's not as clear as you're making it sound.
Bitcoin over Lightning is much, much more opaque, and it's where the majority of Bitcoin transactions are now occurring. You can't look up somebody's balance. The only people who know about the transaction are you, the recipient, and any intermediary nodes used to forward the transaction. Privacy is continuing to improve on lightning and main chain.
It's not supposed to be private. However it's very effective at being pseudo-anonymous
Does it need to be private?
I can't run my drug empire without privacy!