How Bitcoin UTXOs Can Ruin Your Life

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In this video, I discuss Bitcoin UTXOs (unspent transaction outputs), and their implications for the privacy of those who use Bitcoin.

Unlike traditional bank accounts, there are no accounts or balances with Bitcoin. There are simply UTXOs that are moved/spent using your private keys. When your hardware wallet shows you a "balance," it is simply summing up all of the UTXOs that you have moved to that wallet.

A UTXO is simply a chunk of Bitcoin. It can be for any amount less than 21 million. When you spend a UTXO, the original UTXO is destroyed and your recipient is given a fresh new UTXO, while the "change" is sent back to you as a new UTXO as well.

If you are unaware of how UTXOs work, you may be leaking personal information whenever you transact in Bitcoin.

The solutions to this privacy problem include non-KYC Bitcoin, always using a fresh address to receive Bitcoin, CoinJoins, and post-mix privacy tools.

Not investment advice! Consult a financial advisor.

Banks confiscate money in Cyprus:
https://www.bbc.com/news/world-europe-21814325

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#Bitcoin
#UTXO
#Privacy

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