Satoshi Nakamoto once told us that it is best to only use a Bitcoin address once for every Bitcoin transaction you receive. Sounds straight forward but never fully appreciated what that actually meant.
Ledger Nano
When we first started using a LEDGER S, there was an option to generate a new Bitcoin address. This was when Ledger used chrome extensions.
With the introduction of Ledger Live this functionality was apparently lost.
We never gave much thought to the loss of the ability to generate new Bitcoin addresses.
That was until our grandson started to show an interest in the Ledger Nano. When in sleep mode there are stars that traverse across the LED screen and being only 3 this fascinated him. Perfect opportunity to introduce him to Bitcoin.
Before long he had his own Ledger Nano X and S (backup), the Good Night Bitcoin book and he would help me play the crypto faucets. He understood that what we won was his and was sent to his Ledger Nano for safe keeping. One day he would be able to buy doughnuts with it.
All the free crypto was now being given to our Grandson. It is a bit like collecting cans and soft drink bottles for the kids pocket money. It is easier to justify the time and effort spent, when it benefits the kids. It becomes irrelevant that you would have been doing it anyway.
Over the last couple years we got lazy and would copy the public address into notes on the iPhone, so we could empty the faucet wallets with out having to kick the Ledger Nano’s into life.
It is not a quick and easy task to retrieve the Bitcoin public (receiving) address from a Ledger Nano
- plug in the Nano
- enter 8 number password
- open the Bitcoin app
- open Ledger Live
- enter password
- open the Bitcoin account on Ledger Live
- select Receive
- copy Bitcoin address
- confirm address matches address displayed on Ledger Nano
One day we noticed there were two different Bitcoin addresses that had been used. Now we were concerned that one of the addresses was incorrect and some Bitcoin had been sent to the ether. Where dead Bitcoins are sent.
Checking on a Bitcoin explorer for each address, we were able match the transactions against the Ledger Live Bitcoin account. They had all turned up. Just to be on the safe side the next time we retrieved the Bitcoin public address directly from the Ledger Nano. Obviously this produced a 3rd Bitcoin address. Penny finally drops.
Bitcoin Transactions
The transactions are public, traceable and permanently stored on the Bitcoin network. The Bitcoin public (receiving) address is created by each user's wallet and it is the only information needed to work out where the sats are to be sent.
Unfortunately once an address has been used, it becomes marked by the history of all transactions it has been involved with. Anyone is then able to view the balance of the public address and all past transactions linked to it.
You may have sent Bitcoin from a CEX that required KYC or had to reveal your identity in order to receive goods or services. So Bitcoin addresses are not fully anonymous.
But there are a few ways to further protect your privacy when using Bitcoin
- generate a new address for every Bitcoin transaction you receive
- never share your Bitcoin address on a public space such as a website or social media platform
- look at using a tool like Tor to hide your IP address so that it cannot be logged
We will leave the last words to Satoshi.
The possibility to be anonymous or pseudonymous relies on you not revealing any identifying information about yourself in connection with the bitcoin addresses you use. If you post your bitcoin address on the web, then you’re associating that address and any transactions with it with the name you posted under.
If you posted under a handle that you haven’t associated with your real identity, then you’re still pseudonymous.”
Satoshi Nakamoto 2009-11-25
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