Bitcoin transactions are known to be anonymous. Users are able to transact instantly without interference from third parties. However, this might not be the case after all due to some factors. With the public blockchain available to everyone, individuals can access your full transaction history. If keen, some individuals can use the transaction history combined with additional external information to narrow down your true identity. In this case, your cover is easily be blown.
To tackle these challenges, Bitcoin mixers come into play. Bitcoin mixers throw off a potential spy from the trail of your transactions by mixing funds that can be easily identified with others. The process of Bitcoin mixing comes at an extra fee alongside some delays. With most mixing services you send Bitcoins and then you receive the same amount of other people’s Bitcoin to your address. In this process, you will be anonymous once again.
To enhance trust, we have peer-to-peer Bitcoin mixers where the mixing process is undertaken by a group of people. Some of the popular Bitcoin mixers include Bitcoinmix.org.
Bitcoin mixer is for Bitcoin owners who aim to remain anonymous while conducting transactions. Users seeking anonymity have an opportunity to use Bitcoin mixer’s special automatic algorithms. The platform further provides room for peer-to-peer payments and donations. Through the platform, a Bitcoin owner can arrange to meet other holders and mix their funds on their own. The platform completely eliminates any chances of a user establishing a link between the incoming and outgoing Bitcoin addresses.
The Bitcoin tumbler aims to protect a user’s personal information from hackers who conduct blockchain analysis to reach their targets. Note that before using services of Bitcoin Mixer, you need to set up an email address and anonymous wallet. For security purposes, it is advisable to use burner address that will be destroyed within hours based on the service provider. You will then need a wallet that will be used to send Bitcoin to the mixer. The same wallet will also receive mixed funds.
The mixing period majorly depends on factors like your demands and your security level. With Bitcoin Mixer, the process can last between 1 to 6 hours. In most cases, six hours is the ideal period for mixing Bitcoins. Bitcoin Mixer stands out in the market because it gives users an opportunity to set their own mixing time. However, the time frame should not be less than 30 minutes. It is important to note that the more period taken to mix, the higher the security level of your coins. While setting the time on Bitcoin mixer, indicate the wallet that will receive the money.
Bitcoin mixer offers its services to the user in a straightforward manner. Getting started with the platform is very easy. All you have to do is to enter the wallet address where the blended Bitcoins will be forwarded to. The next phase is to select your preferred timeframe for the mixing. In the next stage, you will be presented with a window indicating the amount of Bitcoin you will receive after the mixing process. From there, sit back a and wait for your Bitcoin to be blended.
Note that once the Bitcoins have been sent to Bitcoin Mixer, the platform waits for six network confirmation for each transaction. Furthermore, Bitcoin mixer has automated services that work without any human assistance. When the mixer finishes its work, it simply removes all linked information.
Bitcoin Mixer is based on anonymity. As such, the platform does not store the user’s email address contacts within a period of 24 hours. Bitcoin Mixer does not give out any information all Bitcoin transactions within its servers. The information is not even available in the system since it’s deleted once a transaction ends. No logs are stored in the Bitcoin servers.
For every transaction, Bitcoin Mixer charges a random commission of between 2-5%. Unlike other mixers, you can select the transaction charge in order to enhance faster transaction. Notably, if you wish to adjust the charges, Bitcoin Mixer has an available customer desk. The minimum amount required to mix is 0.02 BTC. However, any amount less than that will be considered a donation. Additionally, for every transaction in the mixer, you get a personal fee of 3.56% + 0.0001 for every transaction of the mixer.
Bitcoin Mixer offers clients with a contact form that for reaching out to the team in case of challenges. Furthermore, Bitcoin Mixer has a Frequently Asked Question section where a new user can get all the information about the platform and its services.
As seen above, there is no limit to the number of Bitcoins to be blended. In other words, the platform allows the mixing of large amounts of funds which can be illegal since it violates the anti-structuring laws. The platform can also aid money laundering through mixing funds obtained under unclear circumstances.
Based on user reviews, Bitcoin Mixer customer service sometimes takes a long time to respond to concerns. This delayed feedback might turn off some potential clients who consider reviews as a key factor before selecting a mixing service.
Bitcoin mixer is a noble idea considering that hackers are always looking for innovative ways to steal funds from users. It is an appropriate response to blockchain analysis. At the moment, Bitcoin analysis is an ongoing practice and many users are not aware. Cybercriminals alongside some government agencies are analyzing blockchain transactions. However, the entire process should not aid some illegal activities like money laundering. The systems should find bulletproof methods that can promote ethical practices within the crypto world to enhance the growth of the sector in general. Another point to note is that cryptocurrencies are risky. Always be on the lookout for services that appear scammy.
Image source coincryptodude
Image Credit Recent media reports suggest that Cole Diamond, CEO of Canadian crypto exchange Coinsquare,…
PayPal has been a forefront for lots of cryptocurrency traders when it comes to…
Not too long ago, the financial industry was completely revolved around sovereign currencies, physical money,…
The growth in awareness and understanding of cryptocurrencies has brought more options for their use,…