Longhash Bitcoin Trader Launches New Tool to Locate “Dirty Crypto Money”
Longhash Bitcoin Trader to Locate “Dirty Money”
Longhash, a crypto and blockchain media and analysis website, launched a BitcoinTracker. The purpose of this tool help investors, the public, and regulators to feel more at peace.
According to Longhash, “Compared to the traditional financial system, cryptocurrency can seem murky. Bitcoin transactions are pseudonymous, which makes them attractive to criminals.”
The platform also believes that mainstreaming crypto will also lead to higher levels of transparency.
Further, developers are currently working to provide privacy-based coins, which may be able to prevent minders, official and otherwise, for a more cash-like experience.
“When you send money to a Bitcoin address, who exactly are you dealing with? To be clear, we are not revealing the identifies of Bitcoin holders, we just hope to offer more peace of mind to investors, regulators, and the general public. The mainstream perception that cryptocurrency is associated with crime is not good for the industry as a whole.”
For more transparency, the platform’s users can visit the website and use the address link to view two types of crypto address search tools – Fuzzy and Precise. The former requires only a “few characters of an address.” With that, users can look at the “10,000 richest bitcoin address.” The latter allows users to enter a BTC address and upon doing so, they’ll see balances, BTC sent and received amounts, and transaction history.
The searchers also feature an Address Rate, which is a quirky feature. According to the platform,
“We rate addresses by analyzing their transactions as well as the addresses that it sends money to and receives money from. If we find, for example, that an address is transacting with another address that is affiliated with crime, the first address well get a lower rating. The higher the address rate, the more trustworthy the address.”
Further, bitcoin can transition through various routes to reach the wallet. If one want to know more about the address sending the funds, Longhash believes that it may be able to provide insight. As it states,
“We classified four main address types. The light blue refer to a mixing service, which purposely disguises the source of a Bitcoin transaction. The darker blue refers to a cryptocurrency exchange. The magenta refers to a mining pool, and the orange refers to a gambling site. The light purple refers to an old address that is no longer is use.”
One of the most interesting features of the experience is that classifications are chartered in colored rings. Inner-rings are BTC’s origin. If the ring is blue, it means that the first 30 moves came by way of formal crypto exchanges. If the inner ring is purple and orange, BTC had both exchange and gambling site origins. This way, users can view if Bitcoin was related to dirty money.