However, I'd be very careful with the statement "Bitcoin helps with financial privacy" <- I'd go as far as to say for 95+% of Bitcoin users this is not true, actually the opposite. As soon as you buy from a KYC exchange or get your identity linked in any other way with your BTC, you are more transparent than ever before.
That is not a direct influence of Bitcoin but from the use of 3rd party services. Bitcoin keeps you pseudo-anonymous, if you use an exchange and submit your private details, you break that anonymity yourself.
...Bitcoin is in-itself not private at all with its open-ledger and the complete visibility of all transactions ever made, including the funds sent and senders and recipients' addresses.
Addresses have no identity linked to them. Transparency does not break your pseudo-anonymity.
- Jay -
to be precise being anonymous in your transactions can greatly benefit you in terms of decision making and having no interference in whatever you will do or decide to do. the disadvantage is that, due to 3rd party services that mostly lets you cash out your money, will start to get suspicious once you are constantly making transactions even if it is a little amount. they will start to monitor you and give you warning, and then ask you where does your money come from.
being anonymous in terms of bitcoin is only temporary, and everyone knows that fact. i have never seen or heard someone who doesn't comply to KYC in every way, since mostly all the complaints are the ones who are done doing those verification process.