Preserve your cryptocurrency with a bitcoin tumbler
Cryptocurrency, and more specifically bitcoin, has long been heralded as a safe haven asset. What safe haven assets do is give people a place to park their money when the going gets tough due to things like, say, a pandemic.
Bitcoin’s mettle as a safe haven asset was given a big boost when its value rose in early 2020. If you’re thinking of using bitcoin as a safe haven asset, then running it through a bitcoin blender is a step you can’t do without.
Basically, a bitcoin tumbler is a way to gain anonymity on the blockchain. Why would you want to do this? The answer is simple. If you want to preserve your bitcoin wealth, creating a true store of value, then you’ll need to protect it with anonymity.
The bad news is blockchains are public
The last thing anybody would want to do is walk down a busy street with their wallet or purse open and in full view, displaying how much you have on hand to onlookers. Now, imagine that same scenario with a wallet containing your entire net worth.
Well, it just so happens that if you haven’t used a bitcoin mixer to anonymize your bitcoin stash, then that is exactly what you’re doing. Blockchains are public, meaning anyone can come along and see inside your wallet. To make matters even worse, with enough skill, they can also take the contents of your wallet, or report you to tax agencies.
The sad reality is that every single blockchain transaction that a particular bitcoin has ever been a part of is fully traceable. If you click into any random wallet on a bitcoin block explorer, you can keep clicking through transactions to follow a particular bitcoin back through every wallet it has passed through.
So, let’s say you’re holding a particular bitcoin in your wallet that, many transactions ago, was involved in an illicit dark web operation. If authorities are investigating, there are good chances that their hunt will lead them to your wallet. Even though you had nothing to do with the illicit activity, your bitcoin can be taken from you – or even worse, the authorities may hold your entire wallet.
With cold hard cash, this isn’t such a problem. No one can really say where a particular bill or coin has been. However, with bitcoin, it is very simple to see exactly where it has been, and where it is now.
As the technologies surrounding blockchain become more powerful, one particular type of technology, called blockchain analysis, is getting even stronger. Blockchain analysis allows private agencies and not only them to conduct blockchain audits, which can tell them everything about a particular wallet that they want to know. That includes names, addresses, and IP addresses.
Cyber-criminals increasingly have access to this technology as well. That’s how well-known cryptocurrency projects, personalities, and exchanges have been hacked. If Binance, the world’s largest cryptocurrency exchange, can be hacked for $60 million, then why couldn’t your wallet be drained with easy?
But, there is a solution.
A bitcoin mixer can save your fortune
Cyber-criminals and blockchain analysts depend on one thing – following a trail of transactions to discover patterns and provenance. If there is no trail, then connections are impossible to make.
A bitcoin mixer is a tool for completely destroying the link between your old wallet and a new one, making it impossible to track your wallet or know where your bitcoin came from. Think of it as placing your bitcoin on a secret island. Even if people are eventually able to locate your secret island from a satellite view, they won’t be able to get there.
That’s because a bitcoin mixer is a tool that takes your current traceable BTC and filters it with other BTC before sending an admixture of BTC to your new wallet. There are a few bitcoin mixer startups out there, but Tumbler.io is notable because of its ease of use.
The way a bitcoin tumbler works is simple. You create an order then receive a one-time deposit address that is unique and must be used within 24 hours. You’ll also specify a new bitcoin address where your verified BTC will go.
After specifying the address and making a deposit to the unique address given by Tumbler.io, you’ll wait for a few confirmations before receiving new BTC. The entire process happens quickly as long as the bitcoin blockchain isn’t too full at that particular moment.
Once your new BTC is in your wallet, you’re good to go. No one will be able to detect where the new BTC came from, meaning you can safely store this bitcoin in your wallet for years to come without fear of discovery.
Who should protect their bitcoin?
The short answer is everyone. It doesn’t matter if you’ve got 0.1 BTC or 100 BTC; the importance of protecting your bitcoin is the same.
Some financial experts project bitcoin to be worth over seven figures during our lifetimes. If that is the case, then your 0.1 BTC will be worth a hefty amount, meaning it is very well worth your time to anonymize it with a bitcoin blender today.
To make absolutely sure that your bitcoin wealth is safe, the best thing you can do is use a combination of blending and a bitcoin hardware wallet. After using a bitcoin tumbler to anonymize your loot, store it safely in a hardware wallet for a one-two knockout in terms of crypto safety.
The mixing layer makes it impossible to detect your coins’ origins, and the hardware wallet makes it impossible for anyone to hack your private keys or otherwise get access to your wallet – even if they know your public address.
Bitcoin safety means being proactive and not letting anyone get in the way of your current or future wealth. However, no one can take the steps necessary to secure that wealth except you.
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.