Bitcoin News
Advertisment

Bitcoin anonymity

There used to be a time when Bitcoin transactions were considered fully-anonymous. Back then, cryptos were only getting started, and Bitcoin was pretty much the only one that was used, apart from a handful of the first altcoins that followed. However, as the crypto industry continued to develop, current blockchain analyzers were created, and it became clear that Bitcoin’s transparency also includes tracking the coins’ movement, even when you are simply withdrawing them from your exchange to your wallet.

You want the latest news about Crypto?
Then follow us on Google News!


This is why it became necessary to use Bitcoin mixers, also known as Bitcoin blenders or Bitcoin tumblers, such as BitMix.biz, in order to reach true anonymity.

What are Bitcoin mixers, and why do you need them?

Bitcoin mixers, as the name suggests, are online services that mix Bitcoins in order to disrupt their traceability.

Let’s say that you have a certain amount of BTC in your wallet on your crypto exchange of choice. With all the exchanges having to follow KYC/AML procedures, that means that you need to verify your identity, so that the exchange — and therefore, the authorities — will know exactly who you are and how much money you earned through trading and investing.

Once you withdraw those coins to your wallet, blockchain analyzers can track the transaction, and so your wallet will no longer be anonymous — everyone will be able to find out that it belongs to you. This is a dangerous knowledge to leave out in the open, as hackers often hack the exchanges, and steal sensitive data. That way, they can also learn which wallet belongs to you, as well as how much money you have within.

They can then either try to hack the wallet or maybe try to infect you with ransomware and request that you send them your Bitcoins in order to leave you alone.

This is where Bitcoin blenders come in. They act as a middleman between your exchange wallet and your personal wallet. Simply put, you can withdraw the money from the exchange into a mixer. The coins then get mixed with those belonging to other users, and you leave the mixer with the same amount that you entered with, only with different coins.

That way, the coins cannot be traced, and from there on, you can safely withdraw them to your wallet.

Benefits of using Bitcoin tumblers

If you are interested in trying out a reliable and fast Bitcoin tumbler, we can recommend using BitMix.biz. This service is widely known for its efficiency, reliability, and speed. It offers support in a number of different languages, including English, Russian, Chinese, Hindi, Portuguese, Korean, German, Indonesian, Polish, and Dutch.

In addition to that, it doesn’t only let you mix Bitcoins, but also Litecoins and Dash, which are relatively new additions. For even greater security, it offers support for Tor, NoJS, and Clearnet, which might also be attractive to some users.

You can also use the service for mixing even the small amounts of BTC, such as 0.005 BTC (or LTC, or DASH). This is the minimum amount that you can enter and mix BTC. Meanwhile, it also lets you set a custom fee, between 0.4% and 4%. This is also very useful for improving anonymity, as having a fixed fee would allow bad actors to identify your transaction according to the fee you had paid. So, choose your own unique fee and cover your tracks even further.

Also, if you were worried about the amount of time that it might take in order to finish the mixing process and transfer your money back to your wallet — you can rest easy. The transfers are instant, and your funds will be sent to your wallet instantly, as soon as you get the confirmation of your transaction. This is possible because BitMix already has a number of mixed coins in its reserves, so you don’t have to wait for other users to bring their BTC into the mix.

Also, you don’t need to worry about your information being kept by the service, as all entries get removed within 72 hours from the moment of mixing unless you request instant removal. As for those 72 hours, the data will spend them stored on a fully encrypted hard drive, and that doesn’t even include any logs.

The service also provides other features, such as the randomize option that you can select for a minimum amount of 0.1 BTC or 1 LTC. This option lets you withdraw your money in multiple transactions, instead of a single one that would carry all of your mixed funds. That way, you can cover your tracks even further, and pretty much achieve full anonymity.

Lastly, there is a letter of guarantee that this Bitcoin blender provides you with, containing the address where your coins are sent to be mixed. That way, you will know that the address was truly generated by BitMix’s servers and that it doesn’t belong to another individual. 

Conclusion

Bitcoin mixers are a perfect way to hide your real wallet address and maintain some level of anonymity in the crypto world, which also increases your security. After all, it doesn’t matter if someone knows how much money you made by trading if they don’t know where that money has gone to. This is how you can stay safe in a modern crypto world, and why services like BitMix.biz are crucial to maintaining your anonymity.

Image by MichaelWuensch from Pixabay

The post Reaching true Bitcoin anonymity through the use of mixers appeared first on Global Coin Report.

Read more at https://globalcoinreport.com/reaching-true-bitcoin-anonymity-through-the-use-of-mixers/

 

source: https://globalcoinreport.com/reaching-true-bitcoin-anonymity-through-the-use-of-mixers/

TheBitcoinNews.com is here for you 24/7 to keep you informed on everything crypto. Like what we do? Tip us some BAT

Send Tip now!