What is BTC Mixer? Cryptomixer is a special web application that shuffles coins in special pool. Cryptocurrency mixer has a pool of coins drawn from various sources. When a user requests for a mixing service, the service provider puts the coins into the said pools, mixes them with the existing coins in the pools. The tumbler, then channels the coin to the new cryptocurrency address that the user specifies.
Most mixers put the cryptocurrency you send in alongside the giant pile they have already accumulated and then send it back to you in smaller units. It is your duty to create the recipient into which the mixers send the clean coins.
The platforms do charge a mixing commission, which ranges between 1 and 5% and allow cryptocurrency users to set manually the percentage commission they wish to pay.
In the broader sense, the activity of mixing is a lot similar to clouding your IP address while online using an obscuring browser such as TOR.
The cryptocurrency blenders may take in 5 Bitcoin and in turn give you 10 x 0.5 Bitcoin from different parts of the world. The more sources the cryptocurrencies come from after the mixing, the more difficult it gets to track your transactions.
Comparing the Various Bitcoin Mixing Service Providers
There are a number of cryptocurrency mixers. The prominent ones are Anonymix, ChipMixer, and CoinMixer.
Here is a look at these three and their various modus operandi.
The AnonyMix platform is a mixing service that gives cryptocurrency users the chance to attain complete anonymity when transacting. It is different from the various tumblers available online because of its straightforward operational system.
The tumbler has three different cryptocurrency pools. Depending on a user’s preference and commission payable, the coins will go into the defined pool for mixing before they are sent to the cryptocurrency address that the user generates.
ChipMixer promises a more random and nothing close to the predefined mixing procedures that other cryptocurrency tumblers offer. It creates Bitcoin addresses, then funds these with specific chip sizes of 0.001 BTC, 0.002 BTC, 0.004 BTC all the way to 8.192 BTC.
When a cryptocurrency user sends coins for mixing, the platform sends out a similar amount in chips. The said chips are funded before a deposit is made, meaning that they are anonymous and bear no link between them and the deposit you make.
To get mixed coins, you can withdraw the chips. In so doing, you will reveal private keys that you, then input in your Bitcoin wallet to facilitate funds transfer.
CoinMixer is an open-source and non-custodial facility, and whose focus on privacy is among the very heightened in the industry. It manages its coin mixing using a trustless coins shuffling technique called coinjoin, which gives out mathematically provable anonymity.
Coinjoin involves multiple participants combining their coins into a single large transaction that has multiple inputs and outputs. Participants in the conjoin cannot determine which input corresponds to what output, and neither can the observers. No one, as such, can determine the origins of the coins passing through the mixer.
5 Reasons to Use Bitcoin Tumbler
The Best Bitcoin Mixer heightens privacy. Any dealing that requires reclusion, as such, should incorporate the services of a tumbler. That blanket reason, notwithstanding, here are the specific use cases for which a cryptocurrency mixer is most apt:
Keeping your cryptocurrency safe – Consider a business executive who uses cryptocurrencies to pay his staff. If such an executive makes payments from his wallet directly to his staff without using a mixer, any of his workers can access his transaction records, and determine the balance in the boss’ wallet without much sweat. Using a cryptocurrency mixer helps you keep your accounts and the tidy stash therein safe from peeping toms.
Sending cryptocurrency or transferring value – As is highlighted above, every cryptocurrency transaction reveals a little more than is necessary. When you choose to send kin or business associates money using cryptocurrencies, there is a lot of financial information that they can decipher just by poking around your cryptocurrency wallet. A cryptocurrency mixer helps you take full advantage of crypto; the most convenient means of sending money, without necessarily exposing yourself.
Online purchases – e-Commerce is increasing by volume each day. Also, many people are turning to cryptocurrencies to complete these transactions. However, with the vulnerabilities highlighted here above, online purchases are only safe if you use a cryptocurrency mixer to hide your cryptocurrency wallet’s address.
Holding wealth in the form of cryptocurrency – China has restricted its nationals from holding or dealing in cryptocurrency. This move is in violation of the conventional human rights of the Chinese who should otherwise be exploring the potentials of crypto liberally.
Anyone that wants to disregard such authoritarian decisions can use a cryptocurrency mixer to both buy crypto and transfer it to a discrete wallet far above the scrutiny of the government and its overseer agencies.