Tracking bitcoin can be done because of the public ledger nature of blockchain technology but it is still a rarity as a lot of people don't have the know-how to do it.
With the bitcoin tracker from Longhash, anyone can check out exactly where their bitcoin is coming from so that they can be sure they are 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 taking place. This stain of illicit activities has plagued bitcoin for some time now and Longhash thinks that increasing transparency in dealings is the best way to combat it. The site's operators also think this would also help increase bitcoin adoption.
This is an interesting belief since many in the crypto market are moving in the opposite direction. Right now, privacy coins are on the rise as many users are trying to prevent their transactions being detected and traced.
Longhash believes that attracting institutional money is a better choice rather than going in for money from individual users. Institutions prefer knowing that the money they are working with is clean. They are obviously capable of investing a lot more than private users.
How It Works
The bitcoin tracker on Longhash’s website is a pretty simple one. It technically gives users an idea of who is behind the address. Longhash doesn’t reveal any names though. What it does is give users is an idea of the person behind the address.
When people log on to the tracker site, they are given the choice of either going fuzzy or precise. A fuzzy search will just give users a few characters of the destination address and allows people to check out the top 10,000 richest bitcoin addresses.
The precise option is where the crux of the website tracker is. Users can enter an exact bitcoin address and they would be able to see the balance, how much bitcoin has been sent and received, and the overall transaction history of the address. For those who want to avoid any connections with illicit transactions, this site is a big help.
Longhash also gives each address a rating. A higher-ranked address is more trustworthy since any time an address transacts with known criminal bitcoin address, it lowers the rating. They also classify the address whether it is a crypto exchange, mixing service, a mining pool, or a gambling site. It even keeps track which addresses a transaction has passed through – allowing users to see if any dirty money was involved along the way.