Bitcoin has continued to grow immensely over the past two decades. It is one of the technologies that have taken the world by storm. Many people across the globe have been making profits over the currency.
However, there are many issues with bitcoin, the major one being lack of anonymity. Even though bitcoin and blockchain promise complete anonymity, there are so many things that can make you feel you are being watched. Issues like hackers and government spy eyes are all a reality.
And that is where bitcoin mixing comes. You can make transactions, no matter how many on any platform, without having to look over your shoulder.
What is bitcoin mixing?
Everyone wants to maintain a low profile when, for instance, making an online purchase. This means anonymity is critical to secure bitcoin transactions. Without it, there is nowhere you can go. And when you want to do P2P transactions, it is vital to make sure no one is snooping around your private data.
But this is not possible if you are using your bitcoin account. Your account is like a bank account, with some third parties capable of controlling the information you have.
Bitcoin mixing is the process that involves taking your bitcoin and giving you another person’s bitcoin. The aim here is to confuse the transaction trail. In the end, nobody can tell when the coins are coming from and where they are going. By doing so, all your transactions remain anonymous and untraceable.
How do you choose a good bitcoin mixer?
Bitcoin tumbling can be tricky. You see, it is purely based on trust. You will be giving all your bitcoins to someone you don’t know (the bitcoin mixer) to hold for sometime before returning them. This might cost you a small fee as well, but the main concern is trust. This is why choosing the right mixer is essential. Here are a few things to look out for.
The first step towards successful bitcoin mixing is to establish trust with your tumbling service. And there is no better way to do this than to know everything about the company. Take your time to read through their profile and customer reviews. Go on the website and try out there service with a few bitcoins before committing. Remember, many bitcoin mixers promise great things but may only end up disappointing you.
Apart from transparency, anonymity is the main reason for seeking bitcoin mixing services. The best mixer does no, therefore, store logs, which can be used by other organizations to hurt the user. They don’t collect emails either. Such a service will allow you to create as many accounts as you wish because you don’t want anyone getting used to your account.
Look for a bitcoin mixing agency that helps you resolve issues like uncompleted transactions. You are looking for a fully automated system with the best price as well. In terms of charges, the mixer should not take a commission more than 5% of the amount you are transacting.
Bitcoin mixing has become a common trend today. It helps to be careful who to trust with your investment. The tips we have shared above should set you on the right path.
Disclaimer: The information presented here does not constitute investment advice or an offer to invest. The statements, views, and opinions expressed in this article are solely those of the author/company and do not represent those of Bitcoinist. We strongly advise our readers to DYOR before investing in any cryptocurrency, blockchain project, or ICO, particularly those that guarantee profits. Furthermore, Bitcoinist does not guarantee or imply that the cryptocurrencies or projects published are legal in any specific reader’s location. It is the reader’s responsibility to know the laws regarding cryptocurrencies and ICOs in his or her country.