There is an even bigger focus on privacy while using Bitcoin than ever before. Albeit mainstream media seems to think cryptocurrency is anonymous, it is far from it. With the blockchain broadcasting transactions in real-time, tracking money has never been more transparent. But some users are flocking to mixing services, as they provide more privacy and anonymity than ever before.
A Bitcoin Mixing Service Is Always A Security Risk
It is not difficult to see the appeal of a Bitcoin mixer, in fairness. These services make trackable currency untraceable, by scrambling up network inputs and outputs. For Internet criminals, a Bitcoin mixing service is a perfect tool to get “clean money” after obtaining funds through an illegal transaction.
But regular users are also taking a liking to these services, as they provide more privacy. Bitcoin is, by default, not privacy-centric by any means. Pseudonymity is often confused with anonymity by the media, but they’re two entirely different things. Pseudonymity is not privacy either, which is why people seem to like these mixing services that much.
Unfortunately, there are inherent risks when dealing with any Bitcoin mixing service. First of all, users need to trust the platform operator to send them the money back, minus a fee. That is not always the case, unfortunately, as there is no one to hold responsible if anything goes wrong by any means.
CryptoMixer is a new service which is trying to make a name for itself. The company claims to have a 1,800 Bitcoin reserve, which is plentiful to ensure any mixing transaction can go through without a hitch. Moreover, the platform offers some customizations, such as including a delay for transactions being sent to the recipient.
Moreover, the team tries to be transparent regarding the fees they charge for this service. That is not always the case when dealing with other Bitcoin mixing services, though, as users are often left in the dark regarding the costs. Plus, CryptoMixer guarantees not to keep transaction logs, albeit users will have to take their word for it.
While this company is doing things a bit differently from other Bitcoin mixing services, this service is still not for anyone. Moreover, there is always a significant security risk associated with using these services. While it is commendable to see CryptoMixer trying to prove they are legitimate, users should deal with these services at their own risk.
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