Blockchain doesn’t have your back, but a bitcoin mixer does
Here is the golden rule anyone getting involved in crypto:
Protect your wealth.
Wealth doesn’t necessarily mean you have millions of dollars. It could be less than $100, but that is still wealth. The point is, no matter what amount of money you have in your bitcoin wallet, you should do everything you can to protect it.
That’s where using a bitcoin mixer comes in. Mixers are tools used to make your bitcoin completely untraceable and anonymous, which is the most efficient and bulletproof way to keep your crypto wealth completely safe.
Or, as Binance’s CZ would put it, #SAFU.
Blockchains don’t have your back, meaning they aren’t built to be anonymous with the exception of a few (looking at you, Monero). Since that’s the case, you can’t count on a blockchain to be a safe haven for your wealth unless you are proactively taking steps to get the most out of that blockchain.
Let’s explain what that means so that you can really grasp the veggies of what we’re talking about here. It’s vital for you to understand what’s at stake because it might be the difference between you laughing all the way to the bank in a few years, or telling a sad tale at a bar a decade from now about how you lost your crypto riches.
Bad actors, public blockchains, and you
The crypto world is full of bad actors. Not trying to scare you, but it’s true. If you don’t know that by now, then you must be new here (which is OK, welcome!).
People out there are trying to figure out who you are, what you’re worth, and how to wrench your digital assets out of your wallet. The problem is, bitcoin’s blockchain makes that pretty easy for them. It’s a transparent ledger without any native anonymity options for users like you.
So, if you want to hide your wallet value, or who you’ve transacted with, you’re simply out of luck. That means anybody can roll up on your wallet and see literally every single transaction you’ve ever been involved with. If they’re smart enough, and many are, they can even create algorithms that can zero in on who you are in real life based on your patterns of activity on the blockchain. Yeah, not fun, right?
Which means that unless you take steps to resolve this now, you can easily be made the target of cyber-criminals or blockchain analysis firms trying to draw connections between illicit BTC and wallets connected with those coins.
Unfortunately, a lot of the people getting caught up in investigations by regulators have never done anything wrong in their crypto lives. They just ended up with the wrong BTC in their wallet. But, no matter, the authorities will take that from you regardless of what you have or haven’t done.
What’s a crypto investor to do?
Use a bitcoin mixer often
The best defense you can give yourself is to use a third-party tool to anonymize your holdings. This tool is a bitcoin mixer.
The way it works is downright simple – basically, you just send your old BTC in, designate a new address, and receive anonymized BTC sent to your new wallet.
Astonishingly, this simple process completely breaks the link between your old and new wallet, so nobody will be able to trace their way up to your newly stashed wealth.
Some bitcoin mixer startups like Tumbler.io have gone as far as making the entire experience completely painless and over within a few clicks. There’s no technical knowledge needed, and you definitely don’t have to share any personal data.
Another sweet spot about using a service like Tumbler.io is that they don’t stash any records related to transactions. This all means that after the transaction is over and your anonymized BTC is safe in your new wallet, there is no trace that the mixing event happened.
Now, why would you mix your BTC more than once? Well, for starters, anytime you receive bitcoin from an outside wallet source, you’re going to need to break the link from the sending wallet to your current wallet all over again.
It’s a bit like quarantine – you get new and potentially traced BTC, you’ll need to make sure it has been anonymized properly before it can play with the rest of your crypto stash. Same goes for any time you buy BTC from Coinbase, Binance, or any other big exchange.
Besides, you’ll especially need to mix your BTC after using an exchange since they do have your personal data. If you want to be absolutely sure of making it easy for hackers to find out who you are and steal your crypto, then keep buying from exchanges without using a bitcoin tumbler afterward.
If, on the other hand, you want to have the upper hand, then keep blending every time you receive BTC from a new source. It’s really simple, safe, and effective.
With the low fees associated with using a bitcoin mixer, there is virtually no reason to not guarantee your own financial safety for such a low price.
Don’t negotiate on financial safety
There is no middle ground when it comes to your financial well being. Even the smallest amount of BTC might be worth large sums in only a few short years, so why not protect it?
Only 21 million BTC will ever be made. Not only that, but several million of them are already lost or locked away forever, never to be retrieved. That means the effective circulation rate of BTC is much lower than the official numbers.
If you own bitcoin today, then you are already far ahead of the curve, so the best strategy is to keep it that way by making certain that no one can get to it, and prying eyes can’t figure out who you are.
The only way to do that is with a bitcoin mixer – but after making it this far in the article, you probably already know that.
Disclaimer: This article is not intended to provide financial advice or promote the use of Bitcoin and other cryptocurrencies. Its main purpose is to inform, explain, and educate. Readers must make their own decisions regarding the use of such services.