Privacy coins were once considered to answer the lack of anonymity in cryptocurrency transactions. However, it seemed that is no longer the case today.
In recent weeks, numerous reports about bad actors targeting Monero and Zcash have exposed the security vulnerability involving blockchain networks, including privacy coin projects which supposedly help users to obfuscate their transactions as well as to hide their actual identity from prying eyes online. Coupled with the Electrum’s privacy wallet breach, these incidents have suggested that cybercriminals are becoming more sophisticated in identifying security loopholes in the ecosystem.
Blockchains are unhackable, but not front-facing processes
About a month before the time of writing, bad actors who are targeting both Monero and ZCash users have made use of less sophisticated methods such as phishing methods to trick users for their funds. For instance, scammers have created a fake MyMonero Android app web address, fake ZCash Twitter account and even fake MyEtherWallet, in the hope of stealing users’ funds. Unfortunately, these methods did manage to deceive users into giving up their wallet information and gain scammers the access to their funds. Thus, it is likely that more illicit activities will likely resurface in the future.
According to Monero developers, “every time it gets reported and taken down, they manage to come back up again.” This is likely attributed to Google Play’s lack of manual verification process that could result in more malicious apps getting exposed to ordinary crypto users, before they are reported and get delisted. It is known that there are at least a few thousand phishing apps available on the Play Store. Moreover, privacy coins are targeted as it is easier to index their websites and applications as compared to more popular projects like Bitcoin and Ethereum.
Privacy No More
Meanwhile, as regulators and blockchain analytic firms progress in the area of cryptocurrency transaction tracing, the days are numbered when it comes to claims that privacy-focused networks are not traceable. CipherTrace, one of the leading blockchain analysis firms, even went as far as to claim that they now have the tool that is capable of tracing Monero transactions. Therefore, as the industry evolves, it is getting less likely for Privacy coin users to enjoy anonymity and much needed security as initially claimed by these projects. Bitcoin and Monero are traceable by design, and anonymity can no longer work even with Privacy coins today.
However, for those who are seeking alternative means to hide the trace of their Bitcoin transactions, there still exists a method that could help users remove their traces and have their personal information hidden from unscrupulous persons effectively. And Bitcoin Mixer is the way forward.
Secure your transactions with a Bitcoin Mixer
Also known as Bitcoin tumbler, the Bitcoin mixer is an online service that allows you to mix your Bitcoins with someone else's Bitcoins, and release a fresh batch of random Bitcoins gained from a random address to you. The process breaks the transaction record, making it difficult to prove where your Bitcoins are derived from. The ultimate aim of mixing Bitcoins is to create a misleading situation which disables hackers and third-parties from tracing your Bitcoin transactions.
Today, many Bitcoin mixers like MyCryptoMixer offer reliable and competitive services. They are capable of hiding your Bitcoin address or web identity to protect you from internet snoopers, and even government agencies.
A blockchain network is a form of public ledger which records the blocks which individual miners add. It keeps a log of all your activities as well as your Bitcoin addresses. While some hold the belief that thieves and criminals love to avoid the public domain, news reports regularly show that exchanges fall victims to hacks. This, therefore, goes to show that the issue of anonymity is vital for every individual who has Bitcoins and values them.
As a result of this, Bitcoin Mixing services break down your BTC into smaller, different parts. Next, they mix them up with coins from other addresses so that third-parties will find it extremely difficult to steal from you. Additionally, most reliable Bitcoin Mixers have the option to enable users to access the TOR Browser, which is widely regarded as the internet browser that offer a fully anonymous experience, while browsing the net, or .onion sites.
Fully anonymous crypto transactions
Bitcoin, along with other Privacy coins like Monero and ZCash, are not as anonymous as many people in the cryptocurrency community are led to believe. In fact, it could be quite easy to track an address and connect identity to it. But the Bitcoin mixing service allows users to be anonymous which is absolutely welcomed by the crypto community who always seeks its privacy and security along with of course fast and cheap transactions. After all, privacy is the fundamental of human rights, it will only make sense if you start considering the use of Bitcoin mixers like MyCryptoMixer in order to protect your personal information and obfuscate your transactions from bad actors, government agencies and other unwanted entities.