From beginner to advanced — master exchanges, wallets and blockchain essentials
A Bayesian approach to identify bitcoin users estimates common control from on-chain clues, then updates that view as new evidence appears.
Bitcoin is not fully anonymous. It is tracked through public blockchain records, address clustering, and identity links from exchanges and services.
How is bitcoin traced? Through the public ledger, address clustering, transaction flow analysis, and identity links created when funds reach exchanges.
No one can know exactly how many people own at least 1 bitcoin because the blockchain shows addresses, not individuals. The best answer is an estimate.
