Bitcoin and other cryptocurrencies were at one point the most talk-about global topic amid a pandemic, a recession and racial turmoil. This has brought many to the attention of the world of cryptocurrencies.
2019 was a dull year for cryptocurrencies as the market went into a prolonged “Crypto Winter”, but this year, the resilient cryptocurrency market sprouts to life once again after the coronavirus-enforced dormancy earlier in 2020. Some DeFi-linked cryptocurrency prices soared after the industry turned into focusing on the potential use cases of blockchain technology being used in financial applications. As a result, many blindly took a punt and FOMOed into Bitcoin and other promising Altcoins. The pandemic-hit global economy seems to benefit the cryptocurrency market as it appeared that more people facing lockdowns and movement controls were investing their time into researching into this emerging cryptocurrency market. From baby boomers to millennials, many investors are putting in hundreds to millions of fiat monies into something more substantial. As with most times, some subsequently had their fingers burnt, while others are cashing into the ongoing DeFi and interoperability project hype.
Check: What is Bitcoin Mixing?
While it is encouraging to see a renewed interest in the cryptocurrency market, operations with cryptocurrencies arouse interest, which in turn may have also attracted bad actors such as black-hat hackers entering the space by targeting peoples Bitcoin wallets through malicious malware injections. To make matters worse, some hackers even sold crypto-specific hacking programs from about $10 on both clearnet and darknet markets. Bad actors have found the investment to be worthwhile considering that the stolen data could be worth way more than their initial sum used to purchase these malicious programs. This is the reason that in this day and age, your cryptocurrency is at a much greater risk as compared to the past.
How do we fend off hackers and malwares?
As a regular user of cryptocurrency exchanges, applications and wallets, it is of your best interest to seek ways to prevent your cryptocurrency funds from being surrendered to illicit activities. Thus, it is of paramount importance to ensure that your anonymity is well taken care of when dealing with your cryptocurrency funds. If bad actors do not have any data about you and your wallet, it is highly unlikely that they will be able to successfully hijack your Bitcoin address and wreak havoc to your life.
Hence, there is a growing demand for Bitcoin mixing services among investors who are concerned about protecting their financial and information security in the face of unscrupulous threats facing Bitcoin owners. To put it in a better perspective, cryptocurrency investors today will need to ensure their Bitcoin transactions to be anonymous, untraceable from the public eye. On top of possessing a separate cryptocurrency wallet to store your crypto assets, Bitcoin mixers allow you to obfuscate your transaction records when you purchase your cryptocurrency from available means like a centralised exchange or payment processor. This is one of the few instances where a Bitcoin mixer not only offers you the highest level of Bitcoin anonymity, but also the safety of your crypto funds, and your life.
What exactly is a Bitcoin Mixer?
To put it simply, a Bitcoin mixer is an online solution that lets you mix your Bitcoins with other users in order to preserve your privacy. It is known that Bitcoin addresses are “pseudonymous”, wherein the Bitcoin address alone do not reveal your identity, but it is possible to trace your real-world identity through blockchain analysis and trackers on your transaction activity recorded on the public ledger. For example, the exchange that you are using to buy Bitcoin is able to identify you through your withdrawal Bitcoin address. Likewise, sending your Bitcoin to a Merchant’s Bitcoin address can also reveal the Bitcoin address which is associated with yourself.
While some may argued that privacy-focused cryptocurrencies like Monero or ZCash could solve the anonymity issue pertaining to similar transactions, it is worth noting that reputable blockchain analysis firm like Chainalysis have improved over the years at tracing the endpoints of Bitcoin, Monero and even ZCash transactions, effectively unmasking participants involved in the transaction. By mixing your coins, you will be able to break the trace between your Bitcoin addresses and your real-world identity. Thus, using a Bitcoin mixing service is a must-have for privacy-conscious individuals.
Is it legal to use a Bitcoin mixer?
Legally speaking, Bitcoin mixing is a tool that allows individuals who performed Bitcoin transactions to protect their identity in the face of possible threats. In fact, there is a mandate which enforces online privacy for everyone on the internet, including Bitcoin transactions. Your right to privacy is a fundamental human right that is to be respected by everyone, including governments and corporations. However, governments and law enforcement agencies may also become corrupted and laws may be unfairly justified against targeted individuals or entities, for illegitimate reasons. Under these circumstances, various tools such as TOR browsers, privacy wallets and Bitcoin mixers were created to combat potential risks like the above-mentioned.
Furthermore, a recent research by Chainalysis have shown that Bitcoin mixers are mostly used by regular Bitcoin users that simply value privacy and anonymity, and would wish to refrain from risking their personal information to be disclosed to unwanted entities or individuals. Only a small percentage of Bitcoins have been mixed for illicit purposes.
Bitcoin mixing is a fool-proof way to make your Bitcoin transactions untraceable and to achieve full anonymity, as long as sufficient measures are for the entire obfuscation process. Transactions performed at, say, MyCryptoMixer, could not be “reversed-engineered” by hackers and blockchain analysis firms unless you make a mistake such as sending these mixed Bitcoins to the same address.
What qualifies the best Bitcoin mixer?
With more Bitcoin mixers emerging in the market today, what can we check as a potential Bitcoin mixing user to identify the best Bitcoin mixer for our first Bitcoin mixing? To answer this question, we have prepared a list of seven criterias that constitute the best Bitcoin mixer:
- A variable mixing fee is present to prohibit any possibilities of tracing by the transaction amount.
- Ability to randomise allocation of mixed coins into multiple destination Bitcoin addresses
- A guarantee letter is present to prevent loss of your funds during the Bitcoin mixing process
- Availability for the user to instantly mix his or her Bitcoin, which is attributed to a highly liquid Bitcoin pool provided by the Bitcoin mixer.
- Ability to defer sending time in order to stop anyone from tracking your Bitcoins through analysing the time of transaction.
- Automatic removal of transactional logs within 24 hours so as to give ample time to resolve contentious issues, while not compromising the risk of data breach.
- Ease of access to an active customer support (CS) service
What is the best Bitcoin mixer in 2020?
Armed with the wealth of information which we have explored over the years, we are able to identify four Bitcoin mixers which fulfilled the criterias needed to become the ideal Bitcoin mixing services for anonymity, privacy and masking transactions. As blockchain analysis firms and hackers are improving their skills to track Bitcoin addresses, so are these Bitcoin Mixers: Blender.io (Blender.io), MyCryptoMixer (MyCryptoMixer.com), ChipMixer (Chipmixer.com) and Bitmix (Bitmix.biz).
For instance, although MyCryptoMixer is a relatively new Bitcoin mixer in the space, it has gained favorable reviews from reputable news sources and Bitcoin investors who use Bitcoin mixing services for anonymity. MyCryptoMixer stood out of its competition not only due to the fact that it has fulfilled the 7 criterias, but also its exceptional CS service which they have been offering to new and existing users of their Bitcoin mixing service.
Moreover, no signups or accounts are required for any of such mixers, eliminating the unlikely scenario that due to data leakage caused by a server breach. Trusted Bitcoin mixers such as MyCryptoMixer.com offer comprehensive customer service (CS) support anytime, anywhere.
Privacy and Anonymity with a Bitcoin Mixer
All in all, as more people flock to invest in Bitcoin, they are going to learn the privacy issue underlying the pseudonymous Bitcoin address. Bitcoin mixers exist to solve the pain point of people who worry about privacy and anonymity issues. The best Bitcoin mixer is one that is not only reliable, but also works anonymously and is customer-centric. Besides, no one loves to be tracked by the government or individuals for their transactional activities. On that account, using a Bitcoin mixer such as MyCryptoMixer is a mandatory addition to your Bitcoin transactions.