Bitcoin transactions are pseudonymous, meaning that you don’t need any personal data to send or receive Bitcoin. You only need a Bitcoin address, which is often a 21 letter alphanumeric phrase.

Sample Bitcoin Address

Sample Bitcoin Address

Nevertheless, the identity of the sender and receiver of crypto transaction can still be traced, especially if they’re using a third-party platform like crypto exchanges and app, since they do request for your personal information.

So why are scammers now using Bitcoin?

The answer is simple, because they can easily hide behind a 21 letter length alphanumeric phrase. And even though they can be still be traced,the beat thing is to stay safe of kidnappers because it does take time to track Bitcoin transactions.

Click here to read an article on how a Nigerian politician was forced to pay $15,000 in Bitcoin ransome before her daughter was released.