Cryptocurrency is getting premium access in the mainstream economy which asks for better protection measures to make their debut. It might seem to be a little unexpected if this was the case some years ago, but almost every day we see a major industry enterprise finding its way in engaging cryptocurrency or blockchain in their upcoming projects and launch a new future for the world that is efficiently digitized.
So, it is sure looking at the influence of cryptocurrency and major digital currencies that there comes with a potent need to find ways in making the exchanges and trade of virtual currency more transparent as well as secure at the same time. This need is rightfully enforced by Longhash, which plans on launching its own Bitcoin Tracker.
Longhash, a cryptocurrency, and blockchain media analysis site launched its tracker that will work at finding the missing bitcoins that might be stolen or lost in unlawful activities. The wide adoption of crypto comes with users, investors, regulators, and people who are hoping to get a more guaranteed and secure way of utilizing the potential of digital technology. The Bitcoin Tracker will help the users to find the origin of bitcoin and track it down.
Longhash explains that cryptocurrency still has a long way to go compared to the existing financial system. Moreover, the bitcoins transactions conduct via pseudonyms, and this makes it more vulnerable to cryptojacking and such criminal activities. The “murky” cryptosystem raises a question as to who is on the receiving end when you sent money on a bitcoin address. As a result, the bitcoin tracker they created a homepage to search the BTC address.
Longhash clearly states that this act of tracking down bitcoin address doesn’t mean that they are exposing the identities of bitcoin holders. Instead, this will help the investors and regulators and whoever decided to engage with crypto transactions, to get some “piece of mind.” Longhash hopes to erase the widely culminated perceptive association of cryptocurrency and crime which cannot bring necessarily good results for any of the industries.
The Longhash homepage will provide two options to the visitor – Fuzzy and Precise. These options are to be selected when you are entering the bitcoin address to determine your search criteria. The Fuzzy search will only need few characters of address to examine the BTC among 10,000
“richest bitcoin addresses.” The Precise search will give you in-depth information about the entered bitcoin address and will bring up BTC balances, all the incoming and outgoing transactions and general history will pull up.
Interestingly, the addresses that pull up on the site will rate according to the addresses the BTC has sent and received money. So if any address has received or sent money to a receiver who lists in criminal affiliation, the former address will get a lower rating. Therefore, the most trusted addresses will be those who have higher ratings, announces Longhash.
The creators of Bitcoin Tracker color-coded the transacting nature of these bitcoin addresses to determine the course of that particular BTC. There are four main address types – light blue refers to mixing service with a hidden source of transactions; darker blue suggests cryptocurrency exchange; magenta suggests mining pool and orange relates to a gambling site. For a site that is no longer in use, there is a purple color reference.
Not only are the addresses in a color reference symbols, but there will also be an interesting addition of a chart which presents the position of colored rings about the bitcoin address. The inner-most ring refers to the origin of BTC, and if it is blue, it suggests that it formerly traded through formal cryptocurrency exchanges. If the ring next to inner ring is purple and orange, it suggests that the bitcoin has gone through the exchange as well as gambling site transactions. The outer ring can show the course of bitcoin and clearly state if the BTC has traveled through mixing service, crypto exchange, mining pools, and gambling sites. Therefore, this chart helps the user to determine if the bitcoin has ties with “dirty money.”