Here are some of the most important factors to Look for when considering a bitcoin tumbler to conceal your identity and attain complete anonymity in the process
The third Halvening (also known as ‘the halving’) event of Bitcoin (BTC) is slated to occur on 14th of May, 2020. This is a monumental event not only for the Bitcoin community, but for the entire crypto space, as the mined rewards of miners who are contributing to the Bitcoin network will be halved, further extending the time required to mine each block. If history repeats itself, this event will also impact the BTC price greatly after the halving. New and existing investors are looking at it as an opportunity to enter the market. At the same time, public interest in Bitcoin has peaked since the start of 2020, with many exploring methods to ensure a safe, secure and anonymous transaction process while purchasing BTC in the cryptocurrency market.
One of the more effective privacy-oriented services have gained traction in search and usage - Bitcoin Mixers.
To put it simply, Bitcoin mixers act as a proxy between an exchange’s wallet and the user’s preferred storage wallet for the BTC that they have purchased, by mixing their BTC with a large pool of BTC funds from other users and miners. The user will receive the exact same amount of BTC in their storage wallet after the process is complete. The reason that more users are willing to go that additional step through mixing, is to ensure their transaction remains fully anonymous and untraceable by anyone who may have got hold of their exchange (or receiving) wallet of the purchased BTC. Bitcoin is a ‘pseudonymous’ cryptocurrency, where all immutable transactions can be seen by anyone through a blockchain explorer. This feature has bothered a growing number of people who are valuing anonymity in their online wealth.
A relatable scenario will be that of a bank account. If BTC were like US dollars, the user’s Bitcoin wallet would be comparable to a bank account, and the BTC wallet address is similar to a bank account number. It would be highly pervasive to all bank account holders if anyone who holds someone else’s bank account number would be able to view the entire transaction record, and balance of the bank account. In today’s context, BTC is a valued asset, and holders of BTC would certainly not prefer disclosing their transaction record and balance to any unauthorised entities (such as blockchain analytics firms) or individuals, risking their wealth exposure and even personal activities based on analysis on transaction movements.
This is why privacy tools like Bitcoin mixers are pretty important to both new and existing Bitcoin investors. By mixing their coins, users can obscure the ties between their Bitcoin addresses and real-world identities. This allows them to use Bitcoin more privately.
Identifying the Best Bitcoin Mixer
Today, the largest source of information and knowledge is derived from the hyperconnected internet. A quick search online could gain us insights to various cryptocurrency mixers (also known as bitcoin tumbler or bitcoin mixer), catering to popular cryptocurrencies (such as Ether and Litecoin) other than Bitcoin. Unfortunately, there are many scam mixers that are out to trick users of their hard-earned Bitcoins. Similar to stories about ‘bogus’ websites impersonating Facebook, Paypal, etc… Some of these mixers were even created to trick users into thinking that they have found the link to reputable mixers. Thus, it is important to perform due diligence checks before depositing your BTC into any of these mixers. One has to ensure that the mixer site that they visit matches the URL or addresses provided by authentic mixers. This is why at MyCryptoMixer, we have advised our users through our ‘Getting Started’ guide and other articles, to validate the authenticity of the web address before performing the mix. Alternatively, you may verify through reviews from popular websites and forums (like BitcoinTalk.org). Reviews are not always the right method to go with (as some review sites have ‘fake’ reviews), but they can be an indicator to show the general consensus of the community on the particular mixer. If people have problems or are unhappy, there will be more of these people to spread the word about the bad experience. You should only use reviews to gauge general opinions, not the actual performance.
A good Bitcoin mixer will place an utmost importance to any users utilising their service. However, a good mixer with a reliable pool of Bitcoins will charge a small amount of fee (between 0.5 to 5%) which is required for their service upkeep. It is comparatively better than those who offer insanely low or even free services, as they are very likely scam mixers that are out to steal users' funds through a ‘fake’ mixer on their websites. Additionally, the best mixer in the market has a reliable proof of delivery (such as the issuance of a letter of guarantee) and does not store any logs (mixing records) for more than 24 hours. A letter of guarantee is usually generated before the user deposits their BTC into the mixer’s address, and acts as a warranty for the user. It is highly recommended for users to download the letter of guarantee, which could well serve as a receipt for customer support.
Although each Bitcoin mixer has different features and serves different needs, the most preferred bitcoin mixer is usually the ones that place service as its utmost importance, followed by the quality of the mixed coins. There are no signups or accounts required to use any of such mixers, but reputable mixers such as MyCryptoMixer.com have comprehensive customer service (CS) support around the clock. This is to make sure that users from different time zones could receive the quickest and most responsive answer from the mixer anytime, anywhere. For scenarios that require a CS support, users will have to furnish the letter of guarantee to the support team in order to better facilitate the right support that is required.
Is It Illegal To Use Mixing Service?
Just like Bitcoin and the world’s most precious commodity - gold, Bitcoin mixers were created to address the privacy concerns among many Bitcoin users who wish to acquire BTC but would prefer to conceal their identity and prevent their transaction records from being publicly viewable. It is only fair to say that in this modern era of communication, where the world is hyper-connected digitally, people are increasingly viewing privacy as a fundamental of human rights. In fact, a privacy right was established in the Universal Declaration of Human Rights (article 12) back in 10th December, 1948.
Inevitably, the appealing investable nature of Bitcoin has also attracted criminals and questionable regimes, who do benefit from any form of privacy, as they perform any illicit activity using Bitcoin. In some cases where Bitcoin is banned in certain countries, investors from these countries have also found Bitcoin mixers useful as they do not wish to capture the attention of their government, just because they do speak the truth or hold a certain belief which may not be deemed as ‘legal’ in the country.
According to a research by renowned blockchain analysis firm Chainalysis, mixers are mostly used by regular Bitcoin users that simply value privacy and do not wish to risk their personal information to be disclosed to unwanted entities or individuals. BTC that has been used for illicit purposes actually represents a minority of all mixed coins. Therefore, mixing service is not considered illegal by any means.
The Best Bitcoin Mixer Values Your Privacy
All in all, as a new wave of people flock to invest in Bitcoin prior to the upcoming Halvening, more people are going to realise the flaw in Bitcoin, as a pseudonymous cryptocurrency. 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 customer-centric. Although there is no account opening required for such service, the right mixer will actually offer a warranty, in this case a letter of guarantee, to protect your Bitcoin assets. Also, no one loves to be tracked by the government or individuals for their transactional activities, therefore Bitcoin mixing services serve as a good option to complete a good Bitcoin buying process.