When you buy bitcoin with bank account, you need to understand how bitcoin works. It works with a level of transparency that is unprecedented which you might not be used to. Transactions for bitcoin are public, permanently stored and traceable in the network of bitcoin.
The addresses for bitcoin are the information that is used in defining where bitcoins are sent and where they are located. The addresses are privately created by the wallet of the user. Once you use an address, they end up being tainted by the history of your other transactions which they get involved with.
Everyone has the capacity to see the transactions made on a particular address and the balances. Because as a user you have to reveal your identity when receiving services and goods, it is hard for the addresses of bitcoin to remain anonymous.
Because the blockchain is something that is permanent, you have to note that something that is untraceable now will be hard to trace in future. For such a reason, it is advisable that you only use the bitcoin address once and as a user, you have to be careful so that you don’t reveal your addresses.
Utilize new addresses when receiving payments
If you want to buy bitcoin with bank account, you will have to use new bitcoin address every time you are receiving a payment as it will protect your privacy. Apart from that, you are free to use several wallets for a variety of purposes.
When you do so, it allows you to isolate your transactions in a way that you will not associate it together. It will make those who send you funds not to be in a position to see other addresses for bitcoin that you have, and what you transact on them. It is an advice which you have to always keep in mind.