However, if the identity of a wallet owner becomes known, their transactions can be traced. Some cryptocurrencies, such as Monero, claim to provide additional privacy. Blockchains do not record real names or physical addresses, only the transfers between digital wallets, and thus confer a degree of anonymity on users. These transactions are then recorded into a sequence of numbers known as a “block” and confirmed across the network. Cryptocurrency users send funds between digital wallet addresses.
That means miners can sell fewer tokens to keep the same amount of cash flow, squeezing bitcoin supply and elevating prices, Standard Chartered analyst Geoff Kendrick told Insider at the time.
The bank made the bold call on July 10, saying bitcoin could see the whopping valuation by the end of 2024 due to increased mining profitability.
