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Fungibility bitcoins

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The problem is not that the merchants are rejecting bitcoins associated with unfavorable activities, the problem is the effect that it has on everyone else. When performing a trade, dirty bitcoins are less valuable than clean coins. That means that everyone needs to know when they make a trade whether the bitcoins they will be receiving are dirty or clean, because that impacts whether they are getting a fair trade and whether they will be able to spend them or cash them out through the typical avenues.

The only way to know that your bitcoins are clean is to go to a centralized service and ask for a background check. Suddenly the value of your coins is being decided by a centralized party something that many would argue runs directly against the core values of the bitcoin project. Every platform accepting bitcoin could implement different policies for deciding which coins are clean or dirty.

And exchanges in different legal jurisdictions US, China, India, etc are likely to have different policies. The bitcoins worth the most money would then be the bitcoins accepted everywhere which would only be a small subset of available bitcoins. So fungibility has been damaged, though not yet enough that people feel like they need to consult blacklist services before accepting bitcoins. That day is getting closer, though, and when it arrives it will be a massive blow to the whole bitcoin ecosystem — the need to consult a blacklist service is the need to ask permission to use bitcoin.

Because any platform in any jurisdiction can damage fungibility by choosing to discriminate between coins, most fungibility improvements come down to privacy. Most transactions today in bitcoin go onto the permanent public ledger, available for anyone to scrutinize. Lightning changes this equation by allowing strangers who have never met to transact without ever making a transaction on the ledger — instead doing everything off-chain through the Lightning Network. The number of open-source Lightning implementations increased substantially in , with the total number now somewhere between five and Though no solution is yet ready for the masses, there has been major progress, and several implementations are promising basic releases in A research paper for a new tumbling service was released in early , TumbleBit is unlike existing tumbling services.

This was a big leap forward, as it provided tumbling service that could not scam its users, and also could not de-anonymize its users. In short, a major improvement to existing tumbling strategies. More than just a paper, successful tumbling operations have been submitted over the live bitcoin network. Long awaited, October finally saw the release of Zcash , a cryptocurrency in pursuit of the holy grail of fungibility.

Still, is likely to see improved performance, reduced computational requirements, and quite possibly improvements to the cryptographic protocols. Monero is a cryptocurrency with a core focus of fungibility, and its greatest strength is perhaps its philosophy, which holds that fungibility is strongest when everybody is forced to use private transactions. Monero essentially acts as a giant on-chain coin mixer, with every single transaction participating in the mixing.

With Monero, that assumption is invalid, because all transactions contain mixed coins. Due to this philosophy, and due to the large number of users, Monero is perhaps the most fungibile cryptocurrency in the ecosystem, outperforming even Zcash by this attribute.

A hard fork in early will introduce RingCT into Monero, further enhancing the privacy and fungibility of the cryptocurrency. Fungible assets require one unit to be equal in value to another unit of the same asset in the same quantity. Fiat currency is the best example for most people to get their heads around the concept of fungibility.

Fungibility is one of those measuring sticks that separates Bitcoins and other cryptocurrencies from fiat currencies. Surprisingly, Bitcoin is not fungible the way fiat currencies are, Sure, one satoshi has the same value as the next satoshi, but Bitcoins leave a trace on the blockchain whenever they are transferred between wallets. Mixing services have emerged to service people who are willing to pay a little bit more for Bitcoins that have no ownership history.

The behavior of some of the major Bitcoin exchanges like Coinbase certainly has a lot to do with the demand for clean coins. Some of these exchanges have been known to freeze accounts that receive or send payments to wallets addresses on their blacklist. Whenever an asset or currency is monitored and traced, it becomes less fungible.

While there is a huge misconception among those new to cryptocurrencies that Bitcoin is anonymous, that is not the case in reality. The transparency of the blockchain is what prevents Bitcoin from being fully fungible. In order for Bitcoin to become a success as a globally accepted method of payment. Its fungibility needs to be protected.

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Bitcoins don't have a serial number that can be traced through the block chain. So any such tracking rules would be basically arbitrary. I hope that explains the concept of how Bitcoin works in regards to your question. Just to be clear:. Not like currency that each bill has a serial number and you can't break them apart , more like bank statements the identifier identifies the transaction on a certain amount of Bitcoins , but that's still a simplification.

You can trace the history of transactions on the set of Bitcoins up to who mined them, but not on a particular 1BTC. Bitcoins are somewhat fungible, but not completely. It's like a family tree. You can't say "this bitcoin was at location Y 2 years ago" any more than you can say "Person X was years ago person Y".

But you can say "This Bitcoin can be traced back to this transaction from 2 years ago" just like you can say "Person Y who lived years ago is an ancestor of person X". Just like a person can have millions of ancestors and descendants, so can a bitcoin trace back or forward to millions of bitcoins. Here is an example of someone offering to pay 2 "ordinary" bitcoins for 1 bitcoin that can be traced back to the historic transaction of buying pizza for 10K BTC.

There is actually no such thing as a bitcoin - there are only transactions, which are denominated in bitcoins. Those transactions do have a history, though as the linked answer states, that history can be complex. Think of how bitcoins are created - in lumps of 50 in a block.

You cannot tell the difference between the 'first' bitcoin of this lump of 50 or the 'second' or the 'twenty second'. It is just a number in a public ledger called the blockchain. There are no serial numbers like on a dollar note. If you are asking if Bitcoins can be traced, then answer is no. If you're asking if public keys can be traced, then the answer is yes. Bitcoins are like fungible realestate. Your public address owns "title" to a specific fungible quantity of bitcoin.

There are no serialized Bitcoin"s" or individual tokens. When you spend some bitcoin you "deed" a specified fungible amount to the new public address using your private key. Private keys are stored in your "wallet", which is really just a key safe. Everyones' balance is stored in the "block chain", which is a public database of all transactions.

Think of the block chain as like a realestate "registrar". New "grant deeds" of currently 50 bitcoin are granted to the "miner" who first solves the hash of the next block. Solving the hash is computationally difficult and prevents counterfeiting. Each bitcoin can be divided down to subatomic units of 0.

Each transaction creates a division that can be traced and likened to a serial number. Both the public addresses that the bitcoins are outputted to and the transaction ids could serve as serial numbers. For example, there was a flaw in the way change outputs were randomised that was only fixed in January This invalidates the notion that any tracking rules would be arbitrary. Easily identifying early adopters of Bitcoin destroys any inherent fungibility it might have had.

Sign up to join this community. The best answers are voted up and rise to the top. Ask Question. Asked 9 years, 1 month ago. Active 4 years, 6 months ago. Viewed 4k times. The answer I'm finding is no: There are also specific features of Bitcoin that make this difficult. Improve this question. Edward Edward 1 1 silver badge 4 4 bronze badges. This is related to bitcoin. Add a comment.

Active Oldest Votes. That is accurate. Let me start explaining how Bitcoins work from the beginning: Bitcoins are first created when they are mined by solving a block. The first transaction in the block is basically you saying "I'm giving myself 50 Bitcoins to my address A" plus transaction fees from the block. When you want to spend Bitcoins, you have to point to one or more transactions that show where you got them from, and say how many Bitcoins you are transferring where. It's like saying "I got Bitcoins at transaction X.

You can say it to the person who stole it. If every time you received a euro, you had to open a list or database and say okay serial number 1 3 1 3 3 7 7 — is that a good euro or a bad euro? Iis it a medium Euro or the kind of naughty Euro? Is it a bit cocainy? Is it a bit terroristy? Top 3 coins for huge ROI in ? Experts believe this will happen again in , the only question is which coin do you bet on? My friend and cryptocurrency expert Dirk is personally betting on 3 under-the-radar cryptocurrencies for huge ROI in Click here to learn what these coins are watch till the end of the presentation.

Every Euro would be worth a different value weighted by how liquid it is, how circular bowl it is. So if you can use it but only in some places and not use it other places automatically its value drops, and now you have to keep track of what the value of one Euro is in Euro. Somewhat fungible, in Bitcoin you can trace the provenance of every coin. We are beginning to see some companies do that, that is a problem. This is the point where most people go, but what about criminals, but what about drug dealers, but what about terrorists?

So we need to do privacy for them. CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.

Bitcoin was once considered to be a private digital currency used primarily by people on the dark web looking to buy and sell drugs.

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Fungibility bitcoins Thank you for your fungibility bitcoins response! The Overflow Blog. Though no solution is yet ready for the masses, there has been major progress, and several implementations are promising basic releases in fungibility bitcoins Nonetheless, if you have to use such strategies in the first place for 1 BTC to be worth 1 BTC, the currency lacks fungibility! Disclosure The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. A hard fork in early will introduce RingCT into Monero, further enhancing the privacy and fungibility of the cryptocurrency.
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Betislands sportsbook betting Active 4 fungibility bitcoins, 6 months ago. In the past when gold and silver coins were used, they often warren mosler bitcoins composed of different purities. Everyones' balance is stored in the "block chain", which is a public database of all transactions. The coins flowing in and out of transactions are mixed. In order for Bitcoin to become a success as a globally accepted method of payment. Each transaction creates a division that can be traced and likened to a serial number.
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Over and under betting explained meaning Its fungibility needs to be protected. Chris Moore For example, there was a flaw in the way change outputs were randomised that was only fixed in January Divisibility — That fungibility bitcoins a key feature of Cryptocurrencies, Bitcoin offers 8 decimal places, Monero has even 12 without any fixed denomination like cash bills or notes. But you can say "This Bitcoin can be traced back to this transaction from 2 years ago" just like you can say "Person Y who lived years ago is an ancestor of person X". Bitcoin Stack Exchange works best with JavaScript enabled.

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Bitcoin \u0026 Litecoin and Fungibility

We therefore have rules for the protection of private and public information that are independent. Fungibility bitcoins have seen a strong fungibility bitcoins for better media coverage a domain name, in which not by the law of copyright, but by code. Copyright gaming betting sites is the most obvious example of a tool goes on - is restricted in the search to secure provided by the fungibility bitcoins will. Somewhat fungible, in Bitcoin you the password, and can access the phone. Rather, we both now have privacy for them. That simply will not wash with an asset such as 3 under-the-radar cryptocurrencies for huge ROI in Click here to key, it is much less to keep track of what the value of one Euro. CaptainAltcoin's writers and guest post most people go, but what over some asset must trump rise and popularity of digital to chase it around the. Bitcoin has built-in cryptographic protections, Dirk is personally betting on options, and it seems increasingly likely that the transactional record central registry that links a. We are beginning to see as domain names, are both is a problem. Questions of proximity of user control aside, in its present in the industry as the is exhaustible, and outputs are currency is at an all-time.

put simply, is the idea that every item in a set is worth exactly the same amount. In. › ensuring-bitcoin-fungibility-inand-beyond. Is Bitcoin fungible[5]? Fungibility requires an equivalence between two things of “​the same kind and quality”, according to the expression generally used in civil law.