We are in a highly connected world where personal privacy plummets due to the escalation of surveillance all around us.
Tech giants such as Facebook and Google are annually selling personal data to advertisers for corporate gains. A global pandemic in 2020 has influenced governments into adopting new economic and public health measures to fight the coronavirus and its impact. They are harnessing big data in ways that, while potentially saving lives, will also reduce our privacy and civil liberties. This new form of surveillance capitalism could potentially open a pandora's box for new privacy issues to emerge in the future.
As people become more aware of privacy concerns, their expectation of control may increase as they believe that the government or other institutions should not be able to track every single transaction that people make, removing our civil liberties in the process. Fortunately, a new form of asset class which aims to tackle the financial privacy concerns have emerged with the gradual recognition of the use of blockchain technologies. These digital assets are known as Cryptocurrencies.
Privacy as a core characteristic
While there are so-called “privacy coins” like Monero and ZCash that are based on strong guarantees of privacy, the majority of the cryptocurrencies that are traded today like Bitcoin or Ether are unable to provide both confidentiality and anonymity to users. In fact, Bitcoin transactions are not anonymous (pseudonymous) and can be tracked by anyone in the blockchain explorer, thus making them susceptible to hackers and government surveillance. However, not everyone who values anonymity would necessarily want to use these privacy coins, and that is where cryptocurrency mixers come into play.
There are several methods to obfuscate transaction details such as using Tor-Onion Router and Virtual Private Networks (VPNs). In particular, coin mixing is gaining in popularity nowadays where it involves anonymizing cryptocurrency transactions, deterring surveillance agencies and other actors from tracking transactions, upgrading public blockchains’ inherent pseudonymity to semi-anonymity.
Understanding Crypto Mixers
Crypto mixers are services used by cryptocurrency owners in order to enhance the privacy and anonymity of the digital currency transactions. This is a service that is offered by third parties and is also referred to as coin shuffling, crypto blender, crypto tumbler or simply a coin mixer.
Crypto mixers function through the use of an algorithm that allows the service to obscure the history of the tokens they receive. Once the mixer receives the coins, it sends them to a large number of addresses in small amounts. It is this process that gives the services their name as they are ‘mixing’ the coins with many other different transactions. Following this action, it is near impossible to determine the true history of a coin. The addresses that are used in the process are usually owned by the mixer itself.
In order to further obscure the history of the coin, the mixer may repeat the process a number of times. Furthermore, some mixers will also include a delay in transactions in order to further serve the process. Once the process is completed, the mixer will send the ‘clean’ coins to a predetermined address assigned by the sender. These services generally charge a fee that ranges between one to three percent of the total amount of currency that needs to be mixed.
Crypto Mixers matter
Unlike other cryptocurrency-related services, crypto mixers do not require an account creation and thus do not store personal information about the user, making them a secure platform for the privacy-conscious users.
While crypto mixers were subjected to controversy surrounding the usage of mixers for money laundering and other criminal activities, renowned blockchain analytics firm Chainalysis has reported a surprising fact about the usage of crypto mixers: only 10% of the Bitcoins sent to mixers in 2019 has been sourced from illicit activity. Furthermore, more than half of the Bitcoins sent to mixers were derived from either traditional or peer-to-peer exchanges, which mandates a strict Know-Your-Customer (KYC) compliance. This statistic further proved that crypto mixers are mainly used for financial privacy reasons. In a world where digital transactions are actively surveyed and governments are growing increasingly paranoid, crypto mixers provide cryptocurrency users with more freedom and assurance.
Therefore, crypto mixing is not illegal and does not violate anti-structuring laws, unless large amounts of cryptocurrency are mixed at any time.
Cryptocurrencies are primarily used for speculative trade, investment and even transactional activities. Many wallet addresses of popular pseudonymous cryptocurrencies (like Bitcoin and Ethereum) could be easily exposed to the merchant, partner or freelancer you’re making payment to but using a Bitcoin Mixer conceals it and keeps the identity hidden and secured.
Mixers such as MyCryptoMixer could act as a powerful tool that allows privacy-conscious individuals for enhanced privacy and prevent unwanted scrutiny from bad actors such as hackers. MyCryptoMixer has obtained four testimonies from users to better illustrate the commonly used scenarios:
Digitising Family Wealth
Sam Liu, a seasoned investor and the eldest son of a wealthy family, inherited a fortune from his late father in 2018. He has seen the potential in Bitcoin and decided to convert a portion of his family’s assets into the cryptocurrency for the long term, through a popular centralised exchange. However, he later discovered that holding his digital asset in the exchange is highly risky and that he should move them into a secured cold wallet.
In order to prevent the traceability issue in Bitcoin transactions, Sam needs to ascertain the complete anonymity of the moving of his digital asset. Upon the discovery of MyCryptoMixer, he eventually uses it to mask his cryptocurrency transaction activity by sending his Bitcoins to his cold wallet address through the mixer. And validated through the Bitcoin Explorer that the transaction from the exchange’s wallet can no longer be traced to his cold wallet, but instead to an unknown address.
Eliminating the Digital Footprint
As a privacy advocate and a businessman, Jordan Major has long worried about “Big Brother” governmental agencies using advanced technology to spy on him and his personal activities. He is very careful in reducing his digital footprint and sought solace in cryptocurrencies. Due to his work schedule, he is required to travel overseas frequently.
Jordan uses a travel booking website that accepts crypto. In order to prevent credit card and identity theft in the event that the website is compromised by hackers, he uses cryptocurrencies to book his flights. As an additional measure, he used MyCryptoMixer to complete every purchase which could prevent the disclosure of his crypto transaction balance and wallet address.
Employee’s Salary Disbursement
Noraini is currently working as a HR manager in a blockchain consultancy firm where the salaries are disbursed in Ethereum (ETH). On the 25th of every month, she is responsible for assessing the company’s cryptocurrency wallet to distribute the salaries to her respective co-workers’ wallets. Familiar with the crypto space, she remained vigilant and to protect her company interest by not disclosing the company’s crypto balance. She uses MyCryptoMixer on a monthly basis to release her co-worker’s salaries while preventing anyone from viewing the company’s wallet balance through Etherscan, since the mixer obfuscates the source wallet address.
Crypto Trading in Countries With Legality Issues
Vladislav is an active Russian crypto trader. Although his country is looking to implement blockchain technology into applications across various industries, cryptocurrencies are completely banned in Russia. However, he remained strongly affirm to the prospect of Bitcoin and other cryptocurrencies and thereby utilised privacy tools (such as VPNs) to continue trading cryptocurrencies. Meanwhile, MyCryptoMixer has helped him greatly in allowing him to trade while keeping his activity anonymous from the government.
When Vladislav cashes out his Bitcoin profits to a decentralised P2P trading platform, he ensures that his activity will not be easily tracked through multiple buyers around the world. MyCryptoMixer allows him to send to multiple wallets from his wallet, while preventing anyone from tracing the bitcoins back to his wallet.
Crypto Mixer as a Deterrent
The changing façade of government regulations on cryptocurrency transactions may put off some to their involvement in cryptocurrencies. But as famed investor Warren Buffet said before, “Risk comes from not knowing what you're doing.” As long as we are adaptable and informed, holding cryptocurrencies can actually be a good form of emergency asset, away from the prying eyes of the government. Crypto mixers exist to ensure anonymity and non-traceability of your cryptocurrency transactions.
In addition to the above point, a substantial amount of cryptocurrencies that are visible to the public pose a risk to individuals (and their loved ones), which may result in them being the target of real-world violence. There is a reason why traditional banks offer anonymous accounts to wealthy individuals – criminals target anyone they think will make an easy score. Using a crypto mixer ensures the security of your decentralized digital asset and your well-being, adding a much-needed layer of protection to the cryptocurrency ecosystem.
Whether you’re new to crypto mixing, an avid user or just here to check out our features, here’s a simple step-by-step guide on how to use MyCryptoMixer. Let’s get started!
Caution: Before you proceed, kindly note that the transaction is irreversible and sending cryptocurrencies to a wrong address will result in permanent loss of your fund. Please proceed with caution and verify that the destination wallet address/(s) is correct.
Step 1: Select your Destination Wallet (Bitcoin) Address
Destination's Bitcoin Address(es) - You may input up to 5 of your assigned Bitcoin (BTC) addresses. It is advisable to receive your mixed coins into multiple Bitcoin wallets so as to prevent analytic services from tracking your Source Wallet easily.
Transfer Delay - You may adjust the time that Destination address(es) will be receiving mixed coins. The longer the delay, the harder it is for analytic services to track your Source Wallet.
MyCryptoCode - Input the unique code into the field, in the event that you do not wish for your mixed coins to appear in future mixes. (A unique MyCryptoCode will only be assigned to you AFTER your first successful mix)
Service Fee (%) - Input a percentage value from 0.5 to 5 to indicate the service fee that you wish to pay for the mixing service. Additionally, a varying service fee for every mixing service will make it harder for the received coins to correlate with coins from your Source Wallet.
Step 2: Send Coins to the Mixer
Transfer Address - Proceed to send the recommended Bitcoin amounts from your Source Wallet to the Mixer Address as shown to you. Alternatively, you may scan the QR Code to initiate the Bitcoin transfer from your Source Wallet.
Letter of Guarantee - The Letter of Guarantee can be downloaded to your computer. This file acts as an official ‘Invoice’ to your mixing transaction which details the Order ID and other details to your mix
Order ID - This is the official Order ID for your mixing transaction
MyCryptoCode - You may keep this code for your subsequent mixing transaction as explained in Step 1.
Step 3: Processing Mix
The mixing process is initiated and a summary of your mixing transaction is shown on this page.
Step 4: Mix Complete
After the maximum Transfer Delay Time has been reached, your mixing process is now completed. Mixed coins are now successfully deposited to the Destination's Bitcoin Address(es) as inputted in Step 1.
MyCryptoMixer as the Preferred Choice
As a go-to crypto privacy defending tool, MyCryptoMixer is one of the safest cryptocurrency mixers around, and perhaps the only customer-centric mixer solution provider that keeps your transactions anonymous and the privacy game strong. For those that are focused on full anonymity, we are also reachable via Tor Network (http://mymixerxtukle6mo.onion/).
We empower our customers to participate and actively contribute to the cryptocurrency ecosystem while assuring their anonymity and confidentiality through our quality mixing services.
Our commitment as your preferred choice, in a nutshell :
- We charge a Low Nominal Fee for our services
- We utilize state-of-the-art Advanced Mixing Algorithms for your funds
- We’ve got you covered with an active Customer Support
- We offer assurance to all users with Letters of Guarantee
- We place an utmost importance to our Customers’ Satisfaction, everyday!