One of the reasons why the cryptocurrencies have gained popularity over the years is because trading them is supposed to be anonymous… but this is only partially true.
In reality, Bitcoin is actually quite traceable.
And this is no different for Ethereum, which is just as detectable and vulnerable to phishing attacks caused by leaky databases as Bitcoin. If Bitcoin and Ethereum are traceable, leaky databases can also expose user details and the contents of their wallets. It is quite a scary thought that your anonymity could be on the line.
The solution to this problem is simple. Mixers. Online services that allow users to bewilder any hacker to figure out the origin of funds.
The Bitcoin Mixer (Bitcoin Tumbler) website Bitcoinmix.org is a great service if you want to maintain your anonymity when you make purchases online. It can be very useful if you want to do p2p payments and donations. So, what exactly is it? How does it function? And do you really need the platform?
Keep reading for some insightful information because regardless of whether you are making online purchases, making P2P instalments or simply buying gifts, the tumbler will keep you untraceable and ensure your own data.
What can mixers do for you?
Bitcoin mixers spin a person’s funds through a process that protects anonymity by receiving fresh, alternative bitcoins at the other end.
The focus is on making sure that the mixer has the ability to obfuscate the trail so even the best hacker can’t figure out the source. It’s simply the best way to hide your tokens from hackers and third-parties.
It’s simple; if you want to protect your coins from hackers, mixers can help you do that. With the bitcoin tumbler, you don’t have to worry anymore.
Bitcoinmix.org is a unique cryptocurrency service that helps to re-shuffle bitcoins using advanced algorithms that totally secure identity and as of now, you can utilize the stage to blend your Bitcoins, Litecoins, and Ethereum coins.
Through its easy-to-use website, users can deposit their coins to mix at a commission that varies between 2-5 per cent for every transaction. While this may sound like a lot, it really isn’t, considering the benefits of full protection of your crypto funds.
The mixing is an entirely automated process that works without human assistance. This means no human error can take place in the privacy-enhancing process. It’s comforting to know Bitcoinmix.org does not keep your email information or any other personal data.
Step by step instructions to Use Bitcoin Mixer
- Stage one: Decide which coins you need to blend and info the withdrawal address on the fundamental page. The withdrawal address is where you need to send your blended coins. Bitcoin Mixer permits you to indicate five withdrawal addresses. You can be that as it may, just utilize one store address.
- Stage two: Set your custom time delay. This time tells the framework when to move your blended coins to the picked wallet.
- Stage three: Click the ‘Following’ button, which will guide you to a subsequent screen. Here, you will see the location where you ought to send your coins.
- Stage four: Choose the number of Bitcoins that you need to blend. The base sum you can blend is 0.02BTC.
- Stage five: Send your coins to the location shown. The exchange expense will be shown on the screen, and you can tell the amount you will get.
When you have experienced all the five stages, you should simply pause. The blending procedure is programmed, and the arrival time is anything between 10 minutes and 24 hours. Bitcoin Mixer will take your coins and send you some new ones to the ideal location. The stage sends the new coins from an irregular Bitcoin address that can’t be followed back to you.
Pros
- The procedure is totally programmed
- You don’t need to join to utilize the administration
- The commission charged on exchanges is very reasonable
- Ensures obscurity on the blockchain
- No restriction on the greatest exchanges
Cons
- Holds data on account of an inadequate exchange
- The commission charged is certifiably not a level expense
- Do I Really Need to Mix My Coins?
Stay Anonymous
Trades are not totally secure. For example, if you utilise a wallet to store your Bitcoins, it’s not that hard for someone to social engineer or outright steals your private keys. Mixing your coins permits you to accomplish all out obscurity. The procedure clears off any hint of you or your exchanges on the blockchain, making you altogether untraceable.
Get ready for careless guidelines
Governments across the world are confused and reticent when it comes to cryptocurrency regulation and the laws are mind-boggling and even non-existent in some cases. Politicians and lawyers have a hard time understanding the concept of cryptocurrency and the idea of money, never mind grasping how to legislate it. Too much protection for consumers and investors stifles innovation, and too few laws mean people are ripe for being ripped off by criminals who can easily find out how many Bitcoin a potential mark has by social engineering or outright hacking a cryptocurrency wallet.
Blending your coins also allows you to privacy from the government when it comes to your cryptocurrencies.
Dissuading Hackers
While it’s pretty common knowledge that most blockchain exchanges are well protected, hackers can steal your private key, giving them access to steal your cryptocurrency with no recourse or refund possible.
Stay Private
One significant weakness of blockchain innovation is that all cryptocurrency trades are recorded in immutable and open records which means that thieves can sniff out one’s personal details with a degree of research, sweat and luck.
Also published on Medium.
Kastelein has an Honorary Ph.D. and is Chair Professor of Blockchain at China’s first blockchain University in Nanchang at the Jiangxi Ahead Institute software and Technology. He has over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission’s SME Instrument programme as a startup assessor and as a startup judge for the UK government’s Innovate UK division. Kastelein has spoken (keynotes & panels) on Blockchain technology at over 50 events in 30+ cities.
