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Anonymity in Cryptocurrencies

In: Eurasian Economic Perspectives

Author

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  • Hulya Boydas Hazar

    (Istanbul Aydın University)

Abstract

Cryptocurrencies are defined as anonymous digital currencies. It is widely assumed that the real-world identities of the persons who engage in cryptocurrency transactions are secret and will remain secret. Digital signatures serve as identities of the parties involved in cryptocurrency transactions. They are essentially composed of a pair of keys, the secret key and the public key, which are used for signing transactions. These keys are issued as many times as needed thus creating different identities for the same person. Since transactions are recorded with these pseudo names, it is thought that the real identities may not be linked to the transactions. Unlinkability has to be achieved for complete anonymity. However, recent studies show that real-life identities can be linked to addresses of these cryptocurrencies and transactions which use them. Therefore, it is safe to say that most cryptocurrencies are pseudonymous rather than anonymous. In this chapter, the problem with anonymity and its implications in accounting will be discussed. In addition to this, protocols and services, which make it harder or even impossible to link addresses and transactions to their senders and recipients, will be reviewed.

Suggested Citation

  • Hulya Boydas Hazar, 2020. "Anonymity in Cryptocurrencies," Eurasian Studies in Business and Economics, in: Mehmet Huseyin Bilgin & Hakan Danis & Ender Demir (ed.), Eurasian Economic Perspectives, pages 171-178, Springer.
    • Handle: RePEc:spr:eurchp:978-3-030-53536-0_12
    DOI: 10.1007/978-3-030-53536-0_12
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