Privacy is important in the cryptocurrency ecosystem to a large number of individuals, and people believe private transactions are needed badly these days in a society watched by the ‘deep state.’ Because people find privacy to be extremely important, some developers have designed bitcoin mixers and tumblers that help obfuscate cryptocurrency transactions recorded on public blockchains. One specific project in the works called Bob Wallet offers a privacy-centric client that enables users to move BTC and BCH from a public wallet to a private wallet in a secretive fashion.
Also read: US Presidential Candidate Would Pardon Snowden, Ulbricht on First Day
Cryptocurrency Privacy: The Great Cat and Mouse Game Continues With Constant Pursuit
Cryptocurrencies have become very popular and alongside this trend, blockchain surveillance has also increased exponentially, and there are a lot more people snooping around publicized blockchain transactions. Companies like Chainalysis and Elliptic and many more organizations are monitoring public blockchain networks such as Bitcoin Core (BTC), Ethereum (ETH), and Bitcoin Cash (BCH). One developer has created a wallet that aims to help bitcoin transaction fungibility and make it harder for people to trace transactions.
Bob Wallet Adds Bitcoin Cash Support
The open source project Bob Wallet is a different type of wallet that doesn’t allow you to make payments to others as its only purpose is to allow the movement of funds from your public wallet to a private wallet in an isolated manner. The Bob Wallet project is currently in beta form and should only be used in Testnet for now until the software is thoroughly tested, explains the wallet developers. Last week on July 2nd the Bob Wallet programmers added bitcoin cash (BCH) support, so BCH users can use BCH Testnet coins and experiment with the mixing service. Users can visit the Bob Wallet website or drag and drop the ‘bobwallet.html’ into a browser to create a new Bob Wallet.
“Bob Wallet is not a traditional bitcoin wallet,” details the developer’s Github repository. “You cannot use it to make a payment to someone else. Its only purpose right now is to move your bitcoins from your public wallet to your private wallet securely without anyone knowing your private Wallet addresses.”
You will have to use a separate bitcoin wallet after your bitcoin has been made private in order to spend them — Ideally, use a full-node for your private wallet because 3rd-party balance queries can de-anonymize you. This transfer happens by joining together all other Bob Wallet users in order to create a single transaction called a Coinjoin — Your bitcoin can not be stolen since only you own and control your wallet keys and no one can determine your private wallet addresses.
Privacy Centric Options for Bitcoin Cash Are Sorely Needed
The developers of Bob Wallet have been actively building the privacy sending tool and state there are no extra fees for the service, except for the standard miners’ fees per mixing round. A round can last anywhere between 15 to 60 second per round, and if there are more active Bob Wallet participants users gain better privacy. For now, there are not that many privacy-centric options for bitcoin cash users so the development of projects like Bob Wallet are welcomed. BCH proponents also have the ability to experiment with the Cash Shuffle plugin for the Electron Cash wallet. Bob Wallet wants to make bitcoin transactions more fungible in a very simple way by mixing those happy transactions with a bright smile.
“No need to download, compile, or configure a complex program — It’s as simple as visiting a website — This makes it fully cross-platform on any device,” the developers note.
What do you think about Bob Wallet? Let us know your thoughts on this subject in the comment section below.
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Images via Pixabay, the Bob Wallet website, and Wiki Commons.
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