4. Make Anonymous Purchases
When you open a bank account, you have to provide your real name and documentation. Why? So that the bank can be sure that the person holding an account there really is you. With cryptocurrency, however, users remain completely anonymous. Users’ information is encrypted. But the blockchain’s data is publicly available. Furthermore, users have their own IDs rather than their own names associated with their accounts.
No one can track who a single cryptocurrency user is. Case in point? We still don’t know who Satoshi Nakamoto is, even though he has historically held a substantial number of the bitcoins in circulation. If we could trace a person’s identity through blockchain, we would certainly have identified who started the whole thing.