Longhash launches the dirty tracker for Bitcoin transactions 25 September 2018 25 September 2018
The cryptographic analysis site and blockchain Longhash has recently announced that it has launched its own bitcoin tracker.
Tracing bitcoins can be done due to the nature of the public ledger of blockchain technology, but it is still a rarity since many people do not have the know-how to do it.
With Longhash's bitcoin tracker, anyone can check exactly where their bitcoins come from so they can be sure they're getting clean money.
While there are a large number of legitimate bitcoin users in the world today, there are still a number of shady operators and practices going on. This stain of illicit activity has tormented bitcoins for some time and Longhash thinks that increasing transparency in relationships is the best way to combat it. The operators of the site also think that this would also contribute to increasing the adoption of bitcoins.
This is an interesting belief because many in the cryptographic market are moving in the opposite direction. Right now, private coins are on the rise as many users are trying to prevent their transactions from being detected and tracked.
Longhash believes that attracting institutional money is a better choice than investing money from individual users. Institutions prefer to know that the money they are working with is clean. Obviously they are able to invest a lot more than private users.
How does it work
The bitcoin tracker on the Longhash website is pretty simple. Technically it gives users an idea of who is behind the address. However, Longhash does not reveal any names. What it does is give users an idea of the person behind the address.
When people connect to the tracker site, they are given the option to choose whether to become blurry or precise. A fuzzy search will give users only a few characters of the destination address and will allow people to do so check the first 10,000 richer bitcoin addresses.
The precise option is where the crucial point of the site's tracker is located. Users can enter an exact bitcoin address and will be able to see the balance, how much bitcoin has been sent and received and the overall history of the address transactions. For those who want to avoid any connection with illicit transactions, this site is a great help.
Longhash also attributes an evaluation to each address. A higher-level address is more reliable because every time an address carries out transactions with a known bitcoin criminal address, it lowers the rating. They also classify the address, regardless of whether it is a cryptographic exchange, mixing service, a pool of miners or a gambling site. It also keeps track of the addresses a transaction went through, allowing users to see if dirty money was involved along the way.