From ransomwares to hacking programs, hacking operations targeting Bitcoin and other cryptos are increasing despite cybersecurity experts’ ramped up efforts to develop solutions for these malicious acts.
In 2009, the novel concept of a digital currency was introduced to cypherpunks as the answer to the centuries-old financial system which was deeply flawed. The first digital currency, or what is now commonly known as Cryptocurrencies, is called Bitcoin. When the first group of users were trying out spending their first Bitcoin transactions, they thought that anonymity is present in their Bitcoin transactions. Consequently, darknet markets such as Silk Road, a marketplace for users to trade illegal goods and services, has caught onto the Bitcoin cryptocurrency. It was eventually used as the primary form of payment in the infamous marketplace.
The following years saw Bitcoin celebrated by both crypto-enthusiasts and criminals, as a digital currency which could offer them anonymity and untraceable transactions on the Bitcoin address. But that notion was later dismissed as blockchain analysis firms such as Chainalysis and hackers have easily tracked the ownership details of any Bitcoin addresses with tools as simple as an online Bitcoin explorer like Blockchain.com. While the promising technology of blockchain is readily adopted by governments and corporations, cryptocurrencies are currently at best, a form of speculative asset.
One of the issues that have been plaguing Bitcoin and many cryptocurrencies, is the inability to obfuscate transactions made on the Bitcoin address, since transactions on the blockchain is supposed to be immutable and transparent. As a result, hackers managed to develop tracking and specialized hacker softwares, which by the way is freely sold, as it enables the user to track down the email addresses and real owners of Bitcoin wallets.
Since then, many retail and institutional investors have explored a number of ways to make their Bitcoin transactions untraceable and to achieve anonymity, especially if those transactions may attract unwanted attention from entities and bad actors.
According to a recent report by the security firm ClearSky Cyber Security, there were many hack attempts including the elaborate attack by a hacking group dubbed CryptoCore, which has stolen more than $200 million in cryptocurrencies from several cryptocurrency exchanges over the last two years. So far, the annual amount of losses to hacks amount to tens and hundreds of billions of dollars.
Moreover, a recent hack involving the Bnktothefuture investment platform and three hardware crypto wallets Ledger, Trezor and Keepkey, have allegedly stolen the data of 80,000 customers. The unfortunate event has created a ripple across the crypto space as these crypto wallets have the highest degree of reliability among all types of hardware wallets.
Another grim possibility is that the activities of cybercriminals may not extend beyond the virtual world. Information obtained as a result of hacking crypto platforms and wallets can be used by ordinary criminals to track down the owner of the Bitcoin address for theft, extortion, kidnapping and torture in order to gain access to one’s cryptocurrency funds.
Fortunately, not all hope is lost as there are several ways which allow Bitcoin holders to achieve anonymity in every Bitcoin transaction, one of which is Bitcoin mixing, an online service which obfuscates transaction by “mixing” the user’s coins with other coins from a large Bitcoin pool, making it difficult for blockchain analysis firms such as Chainalysis and hackers to determine the sender and recipient address of said Bitcoin transaction.
What constitutes the best Bitcoin mixer?
Simply put, a Bitcoin mixer acts as an intermediary between the user’s exchange (A) and secret Bitcoin wallet (B). The secret Bitcoin wallet (B) is created solely for the user to store his or her cryptocurrency holdings, and not for other transaction purposes such as merchant purchases or to another exchange wallet.
Prior to the Bitcoin transfer between A and B, a wise Bitcoin investor would have utilized a Bitcoin mixing service to obfuscate all possible traces of his Bitcoin transaction performed from A. Anyone who may get hold of A’s Bitcoin address will effectively lose track of where the funds were transferred into. That is because all funds processed in a Bitcoin mixer will be “mixed” with other Bitcoin transactions in the mixing pool. A good Bitcoin mixer will have a sufficiently large amount of Bitcoin holdings to minimise the risk of blockchain analysis firms and hackers working out the traces of the user’s Bitcoin transactions.
As more people are growing to be more knowledgeable about the topic of cryptocurrencies, they are better prepared to protect their cryptocurrency assets online, given the disturbing trend of hackers targeting cryptocurrency users in recent years. Bitcoin mixers are therefore a necessity to anyone looking for an “insurance” to protect their crypto-wealth, and even their safety. Eventually, they have identified some of the best Bitcoin mixers like MyCryptoMixer, judging from the raved and trusted reviews online.
Finally, some of the most trusted Bitcoin mixers in the market today have offered two methods to access them, in order to cater to users with different technical knowledge. More technically-savvy Bitcoin investors prefer to access the Bitcoin mixer from TOR browser, as this creates an additional layer of privacy protection for them in case if any bad actors did attempt to track their Bitcoin transactions from a cryptocurrency exchange. Regular Bitcoin investors would also be able to access these trusted Bitcoin mixers since they can access on normal web browsers. Additionally, Bitcoin mixers like MyCryptoMixer and Blender.io do offer comprehensive guides for beginners as well as articles that could keep their users in the loop of the cryptocurrency space.
Using MyCryptoMixer to achieve your goal of anonymity
Contrary to popular belief, a Bitcoin mixer is mainly used solely for the purpose of preserving the privacy rights of an individual. According to a report by blockchain analysis firm Chainalysis, a mere 10% of funds sent to Bitcoin mixers come from criminal activities, while the rest were mixed for personal privacy reasons. Thus, privacy-conscious individuals who have performed Bitcoin transactions amid the pandemic crisis have been increasingly turning to additional third-party privacy tools such as a Bitcoin mixer to ensure that their Bitcoin transaction is untraceable.
In particular, MyCryptoMixer has registered a three-fold increase in their Bitcoin mixing service since lockdown began in March across many countries worldwide.
Launched in 2019, MyCryptoMixer is a highly reliable and secure Bitcoin mixer designed to achieve full anonymity and privacy for anyone that engages with Bitcoin transactions. Within a year since its inception, it has seen a significant growth in the weekly mixing volume. As one of the most user-centric Bitcoin mixing service providers in the market, they are empowered to assure their privacy conscious users with a peace of mind amid tightening KYC and government surveillance in the digital age today.
According to testimonials made on Bitcointalk and other sites, MyCryptoMixer has kept an exceptional track record since its inception in 2019, most notably its customer support and user-friendly interface. As more Bitcoin holders look into buying more of the pseudonymous cryptocurrency, the relative growth of Bitcoin mixing usage is expected to continue throughout the second half of 2020.
Reliable Bitcoin mixers like MyCryptoMixer could offer an additional layer of privacy and anonymity not found in Bitcoin transactions today, since all transactions on the public Bitcoin blockchain are transparent and easily accessible by anyone through a blockchain explorer.
Furthermore, MyCryptoMixer is designed with a seven-step implementation process which aims to counter any shortcomings which may expose the user’s Bitcoin transaction to blockchain analysis firms and hackers. These measures include:
- Variable mixing fees (0.5-5%) to deny any chances of tracing via the transaction amount.
- Randomise allocated mixed coins to several (ie. five) unique destination Bitcoin addresses.
- Guarantee letter is provided to ensure that your funds are safe with MyCryptoMixer.
- An instantaneous Bitcoin mixing process, thanks to its large Bitcoin pool.
- Ability to delay sending time to refrain anyone from analysing the time of transaction.
- Automatic removal of transactional logs within 24 hours
- Ease of access to an active customer support
MyCryptoMixer is your trusted Bitcoin mixer
The success of MyCryptoMixer in the market could likely be attributed to its trusted and user-friendly platform when compared to other Bitcoin mixers in the market. Plenty of measures were put in place to ensure that every mixed Bitcoin transaction is untraceable, thus ensuring its users by upholding complete anonymity and privacy in the process. They have garnered a decent fanfare of crypto advocates who valued privacy through Bitcoin mixing. In recognition of individuals who are going all-out for a completely anonymous Bitcoin transaction process, MyCryptoMixer can be accessed in both clear web and TOR networks.
The trustworthy Bitcoin mixer does not require any account registration for obvious reasons, and that the log of every mixing process is automatically wiped off the database to further conceal each and every mixing done within MyCryptoMixer. Also, the user may select up to five unique receiving Bitcoin addresses for the mixed coins, and he or she may customise the time delay and fund distribution to each receiving address.
MyCryptoMixer is known to have the most straightforward mixing process in the market, the Bitcoin mixer enables the user to complete the entire Bitcoin mixing process in about five minutes or less. As mentioned in the earlier paragraphs, the user will have the option to select up to a maximum of five receiving Bitcoin addresses, adjust the time delay and fund distribution across the selected addresses. Unlike other Bitcoin mixers, the negligible service fee of between 0.5% to 5% is determined by the user.
Users are prompted to deposit a unique amount of Bitcoin based on the Bitcoin mixer’s randomised mixing algorithm to make the transaction and activity pattern difficult to track by blockchain analysis tools for every mix. Once that is done, the user could download a letter of guarantee which serves as a ‘warranty or status sheet’ on the exact details of the specific mix.
A healthy companion to your Bitcoin transaction.
Bitcoin, like many other cryptocurrencies, were never set out to become an anonymous cryptocurrency. However, as the likes of Vitalik Buterin and more crypto personalities advocate the mandatory privacy feature for cryptocurrency users, the space may see more enhanced blockchains with a better implementation of privacy and anonymity features for the people, although it will be an uphill battle with government and regulatory bodies before an actual focus of crypto users’ anonymity were accepted by central authorities. Meanwhile, there are still existing solutions that could complement what pseudonymous cryptocurrencies like Bitcoin are lacking. Paired with trusted and highly secure Bitcoin mixers like the four recommended Bitcoin mixers as mentioned above, users will have an option to ensure that their transactions are untraceable and anonymous at any time.
As crypto and bitcoin become more and more mainstream, the roots of privacy dig deeper into the ground in proportion to efforts by regulators and centralized exchanges to KYC the scene into standardized, custodial oblivion. Though data on the subject can be murky and speculation about issues such as user base, market demand, and security flaws on exchanges and wallets, it is through the usage of Bitcoin mixers like MyCryptoMixer that you can truly adjoin an additional privacy layer into your next Bitcoin transaction. The best Bitcoin mixer is one that is not only reliable, but also works anonymously and customer-centric. And that is MyCryptoMixer for you, the best Bitcoin mixer that is #SAFU for your Bitcoin funds.