Bitcoin Mixers: Making Bitcoin Blockchain Anonymous
The essence of mixers is not just to conceal sources of dubious transactions. There are many legitimate users that just need privacy such as those that use e-commerce websites. Many online businesses routinely demand to mix bitcoins prior to using them on the exchange. This makes sense because they are not unaware that the coins might be tainted (they may not be), in any case, there is no way to ascertain that all patrons to an e-commerce website are using coins that were legitimately acquired.
Keeping the Spies and Busybodies Away
Aside concerns of history, there are many users of mixing services that just would want to be sure that their wallets are safe from prying eyes. This is so necessary because of the realization that Bitcoin transactions are not anonymous.
This means that blockchain analysis can show the source of coins in a wallet, the number of coins in it and other wallets that the owner sends coins too. These details include the time the coins were sent or received and their values at such times. These are not information that everyone wants to be in the public domain.
Would You Want Neighbors To Routinely View Your Bank Statement?
Granted, there are merits to the transparency of blockchain. It is the basis of the so-called trustlessness, nevertheless, it comes with a price of compromised privacy. No one ordinarily wants all their neighbors to know how much they have in their bank accounts. It is common logic to extrapolate that no one wants to have their neighbors viewing how much bitcoins they have in their wallets.
Shielding From Blockchain Analysis
These are some of the reasons why Bitcoin tumblers are getting popular. They are a crucial tool in making Bitcoin anonymous. Bitcoin mixers are essential shading tools from advanced blockchain analysis.
Mixers accomplish this by pooling coins together and sending coins from random wallets to another wallet after the owner had sent an equivalent volume of Bitcoins. This means that to mix your bitcoins and make then anonymous, you send them to a bitcoin mixer such as bitcoinmix.org.
The mixers will send an equivalent volume of bitcoins to another wallet that you have specified thereby giving you coins that cannot be traced back to you or your previous wallet. Bitcoin mixers do a good job at anonymizing Bitcoin restoring confidence in its use among the privacy-conscious.
The idea of expressing one’s views and reviews through words is beyond intriguing. What started as a creative let out has now become a passion and a profession for Arshmeet K Hora. In her own words ” with every word, every article that I write, my passion towards this medium has grown stronger.” Arshmeet covers latest crypto news and updates as well as what happening new revolving around Blockchain Technology.