One of the growing threats to the rights of individuals is the lack of privacy in everyday interactions, mainly online. In Bitcoin, privacy can be preserved, but only if the network is used in the right way – a mistake and it becomes easy to trace a person’s transaction history.
Trezor Suite allows you to keep your finances confidential. Digital assets like Bitcoin are increasingly regulated and therefore appear to be safer for the average person, but this comes at the expense of the regular transmission of highly sensitive personal data to individuals, without the proper precautions being taken to protect them. .
Privacy is often a secondary goal for those who rely on Bitcoin. Ensuring that a solid infrastructure is in place for Bitcoin is a priority; confidentiality to the detriment of a sound currency would be a mistake. Instead, greater anonymity is achieved through separate tools that mask interactions with the base layer.
To protect yourself more easily, Trezor Suite is a new privacy-focused interface for Trezor hardware wallets that packs privacy tools so that anyone can use them, even without technical experience. Anyone can download Trezor Suite and start using the features described below to help mitigate the risk of losing control of private data.
Connecting to the Internet requires an account with an Internet Service Provider (ISP). As a result, the identity of the users is linked to their IP address, as well as to their physical address. No ISP provider can guarantee the protection of this information, which often makes it possible to know the physical location of a person from a post on an online forum. This can turn a harmless social media comment into a dangerous situation.
Using Tor, a free and open source network that redirects Internet traffic through many different servers, prevents your ISP from observing your Internet traffic. Although Tor is quite technical, here it has been simplified so that it can be easily used by anyone to hide their connections.
In Trezor Suite, Tor is integrated like a switch: you just need turn it on with one click and your internet traffic will be routed anonymously, so that no one can trace your transactions to your physical address, or even the country in which you reside.
Using Tor is recommended, but in some cases it can slow down connections. Another way to detach the identity of an IP address is to use Locktime. This is a simple feature that only broadcasts transactions after a certain time or block height, which means the transaction can be sign on one machine, completely offline, and streamed later from another, preferably using a public network.
Locktime is very easy to use in Trezor Suite. Simply fill in the details of a transaction as usual, enable Locktime, and set a block height or time (in Unix timestamp format) to broadcast it after (this can also be a time or block height in the past). The example below would be released approximately 6 days after the current block, number 687800.
Alternatively, Locktime can be defined as a Unix timestamp in the format 1624363496, which would be broadcast after exactly 6 days.
Sign the transaction, copy the hex output, and save it somewhere – a text document is fine. Then bring the file with you and distribute it elsewhere by copying and pasting the data into a blockchain explorer with broadcast capabilities.
Click “Send” and your transaction will be sent over the network at the time or block height you specified, or immediately if the specified time has already passed.
When using a Trezor with other people, physical privacy becomes an issue. Showing account balances – accidentally or not – can lead to the risk of extortion or harm. That’s why there’s a switch in Trezor that scrambles all sensitive data, only revealing it when the mouse hovers over it.
This is a simple but very important feature, which should be used wherever there are other people, cameras or views of your screen. The toggle to enable stealth mode is right next to the eye-shaped Tor switch.
When using cryptocurrency, one of the main ways to disguise activity is to not reuse addresses that transactions have been sent to in the past. Trezor hardware wallets use cryptography to derive a virtually unlimited number of addresses from a single seed.
This means that in Trezor Suite, a user will always receive a new unused address each time they wish to receive a transaction, which makes it much more difficult to determine that the two addresses both belong to the same individual.
It’s still possible to use the same address multiple times, so recurring payments can be set using the same address, but it’s best to be strict about using a new address whenever possible.
Knowing the public key from which the addresses are derived will allow these addresses to be linked. This is why Trezor Suite uses accounts to separate the rooms: each address set used by a Trezor Suite account is linked to a different XPUB (extended public key) so that you can manage parts on multiple accounts and choose whether or not to expose the XPUB (and therefore allow addresses to be linked) or not.
Even for those who have nothing to hide, privacy is essential. Knowledge is power, and knowing the intimate details of a person’s life gives them power over them, even if they lead an admirable and perfectly law-abiding life.
The lack of confidentiality leaves people vulnerable to manipulation, whether it’s blackmail or something seemingly much more innocent, like advertisements that target a particular problem they are facing.
Until a consistent, sensible and technologically informed plan for the management of KYC and AML data is developed by regulators – if that is likely to happen – users who do not protect their privacy risk breaches. data and identity theft if they wish to comply with local regulations.
Using Trezor Suite can improve your privacy with these easy-to-use features, ensuring that no one other than you has a say in who has access to your personal data. With more privacy protection features like CoinJoin on our roadmap for this year, Trezor users can expect even more hassle-free anonymity. Use Trezor Suite and regain your independence.