Bitcoin Mixer Restores Anonymity on Bitcoin Transactions
Coinspeaker
Bitcoin Mixer Restores Anonymity on Bitcoin Transactions
Due to its inherent nature of decentralization, cryptocurrency transactions are expected to be completely anonymous. It is explained by the fact that transactions with these digital currencies do not require the need for middlemen such as banks and other centralized institutions.
As the mother of all cryptocurrencies, Bitcoin emerges as our main topic of discussion. Nevertheless, now, the reality turns out to be so that Bitcoin holders and traders are obliged to seek for ways to protect their assets from cybercriminals. Close scrutiny of any wallet address permits everyone to be able to see all the transactions through and from that wallet, hence thwarting the core principles of decentralization.
The Bitcoin Mixer
You can think of the Bitcoin mixer as a centralized “middleman” within a decentralized ecosystem. This “mixer” methodology presupposes the involvement of a third party that protects the identities of the addresses sending and receiving Bitcoins. This process referred to as Bitcoin mixing or tumbling turns out to be the most efficient ones to ensure the required anonymity.
By means of a “FoolProof Algorithm”, this top-notch Bitcoin Mixer protects user’s coins so that they don’t get redirected to phishing sites or swindled by scammers.
Moreover, it’s worth mentioning that just recently the company has presented its Ethereum Mixer functionality that offers just the same benefits for those who conduct Ethereum transactions.
Why to Mix My Bitcoins?
Although Bitcoin has been purported to be anonymous, this anonymity only exists in terms of individuality. But on the aspect of wallet transactions tracking, the system is highly vulnerable and susceptible to external influence.
Evidently, one of the notable features of blockchain technology includes its propensity of transparency. However, transparency becomes most pertinent in terms of registering a business’s infrastructural and assets annotation onto the blockchain for easier access for its stakeholders. But at the wake of the recent upsurge of cybercrimes, the problems related to monetary transactions has become pressing.
Since Bitcoin is gaining widespread adoption, people now exercise the need to initiate transactions without exposing their transaction history for aims as:
- Preventing their transaction from being tracked
- Securing their Bitcoins confidentially
- Preparing for the unpredictable
- Avoiding cyber hacks
- Making donations anonymously
Strictly for security reasons, an extra measure is set in place to shield user’s transactions from analysis on the blockchain. If you take a decision to sign up with a Mixing Service, you should know that there will a time delay between the time your Bitcoin is sent to the mixer and the time the mixed coins are sent to the wallet that you provisioned to receive the blended Bitcoin.
Bitcoin Mixer Restores Anonymity on Bitcoin Transactions
OhNoCrypto
via https://www.ohnocrypto.com
Ikenna Uwakwe, Khareem Sudlow