Bitcoin transactions to go under the veil of anonymity thanks to Xmr.to which will foster transactions on behalf of its users. The website will collect monero (XMR) from its subscribers and will send a corresponding amount of Bitcoin on their behalf thus obscuring the original payment source. The privacy shield of Monero Altcoin surpasses its contemporary cryptocurrency Bitcoin where all the transactions get recorded in a pseudonymous ledger.
Both the exchange medium employed and the path of fund flow from destination to origin comes under the wraps with the anonymity propelling Xmr.to exchange. The much in news company announced that the records generated between sender and Xmr.to shall remain untraceable thanks to Monero’s protocol. No record shall also be created linking the transfer of funds from sender to the recipient. However the benefits of such anonymity can only be enjoyed by the sender and not by its recipient as the incognito transaction record transmitted from the Xmr.to wallet gets recorded in the Bitcoin Blockchain Decentralized ledgers.
Many feel that the latest announcement of Xmr.to to follow the path of anonymity is backed by their own self-interest. With most of its operations revolving around the basic Bitcoin ‘tumbler’, this latest move is expected to uphold its discreteness and anonymity. Very less information is available regarding the origin of Xmr.to which is understandable given its business model which dodges the traditional money transmitting norms and associated regulations. New cryptocurrency users are bound to fall prey to this temptation of going undercover with Xmr.to but they are advised to conduct independent research and exercise due diligence of the various forms of cryptocurrencies available in the market and services linked to them. Having a holistic knowledge can help investors in the long run by saving unnecessary consultation fees which third party advisors charge for sharing knowledge base.
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