Cryptocurrency mixing services, also known as cryptocurrency tumbler services, play an important role in ensuring the privacy and security of cryptocurrency holders. The use of such services and their benefit to a regular cryptocurrency user must be first understood before going by the popular belief that crypto mixing services encourage illegal activities. While there have been few instances where such services are misused, but that doesnâ€™t mean the entire concept has to be painted with the same brush.
How Cryptocurrency Mixing Works
Cryptocurrencies, especially Bitcoin is known for its transparency, as all the transactions happening on the network are recorded on the blockchain and can be queried using a block-explorer to retrace the flow of funds. While transparency is welcome, the very feature has also made the network pseudonymous, which allows one with the right set of tools to track any transaction to its origin and even identify the person executing the transaction by comparing it against other data sets. What does that mean? It means that even an innocent transaction can possibly be traced and linked to some questionable transaction that might have happened somewhere along the line which the person has no connection to, causing hassles. Also, there is always a risk of someone tracing the account balance and activity with the malicious intent of stealing funds (which is highly unlikely unless the victimâ€™s computers or private keys are compromised).
The cryptocurrency mixing services help users shuffle their crypto assets using intelligent algorithms, making it virtually impossible to trace the transaction history beyond that point. There are many platforms like Bitcoin Mixer that offers crypto mixing services, which can be availed by the community for a very small fee. The fees charged by these services varies from platform to platform. However, using a reliable mixer to safeguard the funds and reputation is worth the money spent, especially by those handing cryptocurrencies on a regular basis.
How to Use a Cryptocurrency Mixing Service
Using a cryptocurrency mixing service is a simple and straightforward process where the user should know how to set up and operate a wallet to make and receive transactions and the respective cryptocurrency they want to mix. Rest of the operation will be handled by the platform itself.
On Bitcoin Mixer, the entire tumbling operation is a 5-step process. In the first step, the user will have to enter their BTC withdrawal address on the main page, then they will have to set a custom time delay where the user can specify when they want the bitcoins to be forwarded to their address after the tumbling process. The third step is simple - just click on the “Next” button after setting the time delay. After the third step, the user will be directed to the second page with the wallet address where they will have to send the coins they wish to tumble. The fourth step will involve sending the funds to the given wallet address. Once the first four steps are completed, and the transaction confirmed, the fifth step is to wait for tumbled funds minus the fees to be deposited into the new wallet address (provided in the first step) after the expiry of time delay.
In order to provide added protection, Bitcoin Mixer also randomizes the tumbling fee which ranges from 2-5%, instead of charging a fixed fee.
Bitcoin Mixer is a completely automated system with no human interference in the tumbling process. All the operations are carried out by algorithms, which not only minimizes the potential for error but also prevents anyone from accessing any information related to transactions carried out by any particular wallet. In addition, Bitcoin Mixer doesnâ€™t collect any identifiable personal information or email addresses. Even the email addresses entered by users on the platformâ€™s contact forms are purged from the system within 24 hours of opening them.
Recently, Bitcoin Mixer has launched support for Ethereum as well, allowing users to tumble their ethers the same way as bitcoins.
Learn more about Bitcoin Mixer at - https://bitcoinmix.org
The post Bitcoin Mixer for Added Security and Privacy of Crypto Transactions appeared first on Live Bitcoin News.
Cryptocurrency is a digital currency that uses encryption (cryptography) to regulate the generation of currency and verify the transfer of funds, independently of a central bank. Cryptography is the practice and study of techniques for secure communication in the presence of third party adversaries.
Blockchain 101 · Crytpo Currency Market
Trezor: Hardware Wallet
Binance: Exchange for Traders
Ledger Nano S: Hardware Wallet
Coinbase: Exchange for Investors
CoinSwitch: Wallet-to-Wallet Exchange