“It's dangerous when people are willing to give up their privacy.”
- Noam Chomsky, American theoretical linguist
Cryptography is the science of protecting messages even in the face of adversaries and it has been used for thousands of years in modern human history. Historically, a technique used by Julian Caesar, a Roman statesman and military general who played a critical role in the events that led to the rise of the Roman Empire, had enabled him to protect communication between his generals from enemy’s message interception. His encryption technique was later known as “The Caesar Cipher.”
With the advent of the Internet in the late 20th century, web servers powering the internet became the center of our economy. Encryption became even more necessary for business purposes, in order to prevent hackers from accessing the data on the World Wide Web. However, as the Internet grew in popularity, so are the hacker’s capabilities. Decades of advancements have improved hackers' ability in compromising the encrypted data through third parties systems, thereby breaching the data in the process. This is especially concerning for issues relating to personal data (civil liberties) and finance. In addition, private communications through digital channels were now safe but governments had other tricks up their sleeves to monitor their citizens such as tracking financial transactions, enraging privacy activists and the general public. This is when cryptocurrencies emerge.
A New Asset Class For The People
Today, a new asset class called Bitcoin is used by a growing number of institutional and retail investors who are involved in cryptocurrency trading. To date, Bitcoin has served as the monumental cryptocurrency by many in trades and even daily transactions. Despite its growing prominence in the financial market, Bitcoin transactions are not anonymous and some effort is required to protect your privacy with Bitcoin. All Bitcoin transactions are stored publicly and permanently on the blockchain network, which means that anyone can view the balance and transactions of any Bitcoin addresses. Fortunately, there are several methods to ensure that Bitcoin is used in a very private and anonymous way, while maintaining one’s privacy and civil liberties in the face of an ever growing surveillance and privacy intrusion by corporations and government bodies.
As we prepare for the next wave of crypto users, there are solutions in place to ensure the security and privacy of all Bitcoin transactions. A process known as Cryptocurrency Mixing (or Cryptocurrency Tumbler) could solve the underlying anonymity issue that Bitcoin is currently facing. It is a service offered to mix potentially identifiable cryptocurrency funds with others, so as to obscure the trail back to the fund's original source. Mixers have arisen to improve the anonymity of cryptocurrencies, usually bitcoin (hence it is also called a Bitcoin mixer), since Bitcoin provides a public ledger of all transactions, as mentioned in the previous paragraph.
For Those Who Value Privacy
Privacy is one of the most valued features of Bitcoin, but AML/KYC requirements are making it less relevant. Bitcoin Mixers such as MyCryptoMixer empower the people to perform bitcoin transactions without having to worry about privacy breaches.
Apart from the possible cyber threats that could affect users of Bitcoin, they may also subject themselves (and their loved ones) to a risk of physical harm. For instance, hackers could identify the location of an individual based on the inputs (e.g. Bitcoin Wallet Address) provided on various platforms that could be compromised. Fortunately, Bitcoin transactions could achieve complete anonymity through Bitcoin mixing services. These services could potentially address most of the privacy concerns related to cryptocurrency transactions and one’s holdings.
Mixers such as MyCryptoMixer offer reliable and efficient mixing service around, as such service allows funds received from users’ source wallet to be mixed with other mixed transactions, thereby returning the same amount of funds into one or multiple (up to 5) assigned wallets. Upon the completion of the mix, the recipients (destination wallets) of these funds will obtain Bitcoins that are different from those sent from the source wallet. This process ensures complete anonymity and eradicates any possibilities in tracing the mixed coins back to the source wallet.
Choosing A Mixer That Offers Assurance
In general, most mixers are centralised service providers that accept Bitcoin transactions from one source and return the exact same amount of Bitcoins through mixing these cryptocurrencies from a pool of available funds. As a result, it will significantly increase the difficulty level for anyone to link any of the received cryptocurrencies to those sent to the mixer. This breaks the transaction trail, offering privacy to the users.
Truth be told, there are two unresolved issues from centralised mixers that require attention.
First of all, when a user engages a centralised mixer, they will need to entrust their privacy to the mixer. Since the mixer is able to identify users that utilise its service, it could effectively retrace the ownership of the pre-mixed cryptocurrencies. In the event where the mixer is handed over to law enforcement agencies or are bribed to disclose transactional details, the affected user(s) would lose their privacy as information disclosure will be imminent.
Another likelihood where centralised mixer could pose a substantial risk to users occurs during a “foul play”, where the mixer could basically refuse to make the return payment, basically stealing the funds without the user’s permission. Therefore, it is pretty crucial in determining the right mixer prior to the mixing process.
MyCryptoMixer is one of the few mixers in the market that offers a Letter of Guarantee, and the algorithm works in a way where it's designed to prevent any bad actors (and even the user himself) from tracing the mixed transaction. A Letter of Guarantee generated prior to the mixing process summarises and reveals the full mixing detail, which the user can then download for future validations.
A Mixer in the People’s Business
The backbone of MyCryptoMixer differentiates itself from other mixers is that it values customer experience and is specially built on top of user satisfaction and a peace of mind. It emphasizes on the importance of People in the success of its service. Due to the robust mining infrastructure it has developed, coupled with an active team of customer service support that is available round the clock, they follow through the customer’s mixing process from start to finish.
For starters, MyCryptoMixer is one of the most affordable mixing services (As the service fee is as low as 0.5%) that can be used by anyone from anywhere in the world. For the convenience of its customers, It is available in languages including, but not limited to: English, Russian, Chinese, Japanese, Korean, Turkish, German, Italian, French and Spanish. Tech-savvy users can also find MyCryptoMixer on Tor Network for maximum privacy protection.
Aside from its favorable performance, MyCryptoMixer pride itself as one of the most secured mixers around with anonymity being the primary purpose for mixing cryptocurrencies, the MyCryptoMixer system seeks very little information from its users and any information and logs stored on its server will be permanently removed 24 hours after successful mixing. Unlike other mixers in the market, no transaction statistics are tracked on the system, as these data could lead to deanonymization.
Another notable mention of MyCryptoMixer is a randomized feature for users to prevent coins involved in the mix to ever appear in future iteration, further obfuscating the mixed transactions.
Are Mixers Used for Illicit Purposes?
Criminals or bad actors do benefit from privacy-based tools such as Bitcoins Mixers to fulfill their nefarious demands, as they are constantly innovating their methods of committing criminal acts. However, these individuals have also been many other mainstream means like traditional banks as a proxy to wash trading and various illegal acts.
Contrary to popular belief, Bitcoin mixers are more often than not, used as a privacy tool for most users. According to a recent research by New York-based blockchain analytics firm Chainalysis, mixers are mostly used by regular Bitcoin users that simply value privacy. Illicit purposes only represent a minority of all mixed transactions. In fact, privacy is a human right established in the Universal Declaration of Human Rights (article 12).
Fostering Privacy and Support for the Crypto Ecosystem
Overall, the use of mixing services such as MyCryptoMixer is one of the easiest ways of maintaining the anonymity of all blockchain transactions while maintaining that your cryptocurrency funds stay segregated with a substantial amount of funds, across one or multiple wallets. Whenever a transaction is made from the source wallet to other destination wallet addresses, making the transfer through the mixer by setting a longer mixing period is a good practice will eliminate the traceability of the funds, leaving you with a peace of mind in the journey of trading and investing in cryptocurrencies.