Buy and sell Bitcoin while leaving fewer traces: Bull Bitcoin's new feature

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Bitcoin is often referred to as an anonymous currency used by criminals, except that its transactions are public and can be tracked by anyone on the Internet. The addresses do not directly display the identity of their owner, but the analysis of the movement of funds can make it possible to find certain financial habits, or even to link them to an identity.

It is to complicate this monitoring that Bull Bitcoin activates Payjoin by default during on-chain purchases and sales of BTC made from their self-hosted wallet “BULL Wallet”.

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Usually, only the sender brings the bitcoins spent in a transaction. With Payjoins, the recipient also adds funds, making the assumption that all entries belong to one person less reliable.

Let's take a simplified example, excluding fees: A user has a UTXO of 1 BTC, that is to say a fragment of Bitcoins from a previous transaction. When he buys 0.2 BTC, his wallet can integrate this fragment into the operation to receive a new output of 1.2 BTC. Therefore, the amount visible on receipt does not correspond to the amount purchased.

During a sale, the roles are reversed and it is Bull Bitcoin, the recipient of the payment, who adds funds to the transaction.

Thanks to these Payjoins, users can consolidate their UTXOs and reduce the fees of their future transactions. An outside observer still sees the movement of funds, but it becomes more difficult to determine who owns them and how much has actually been exchanged.

Protecting your privacy on Bitcoin is not the same as hiding illegal activity. A user may simply want to prevent a merchant, an employer or a stranger from being able to replenish their expenses, their regular purchases or part of their assets. The transparency of blockchain makes this protection particularly important.

By complicating the connections between participants in a transaction, Payjoin reduces the information that an outside observer can infer about the movement of funds. Its activation by default in BULL Wallet allows you to benefit from it without having to master how the protocol works or change your purchasing habits.

Machine-translated from French