The functionality of bitcoin mixers
Following the introduction of bitcoin to the digital market, there has been a sudden surge in its popularity. The tech world, in particular, embraced the use of this digital currency due to its anonymity and ever-increasing valuation. In order to get a better idea of what all the rave is about, we would have to look at the introduction, definition and usefulness of bitcoin.
Bitcoin is a digital cryptocurrency that runs through a decentralized system. The idea of this cryptocurrency was developed by programmer Satoshi Nakamoto, who wrote and released a paper on peer-to-peer electronic cash transfer in 2008. Now, let us take a trip in our time travel machine. You can create one in your mind and launch it to the time when it became widely acceptable. By 2011, bitcoin had risen to the top of transactional tenders, with almost $99 million being used in business transactions.
The system allows the users to hide behind an online identity to have access to their bitcoins, as virtual wallets store their coins. This system allows for any transaction that is taken by the user to run through a public blockchain, which restricts users from re-spending their coins. This article is aimed at creating an avenue through which users can protect their data and coins while using bitcoins, and the introduction of a new system through which users would have their data and identity protected without having to look over their necks.
What are bitcoin mixer?
Bitcoin mixer are a tool developed by institutions that seek to help eradicate the daily theft and identity reveal of coin owners. They are services which provide means through which users claim or withdraw bitcoins anonymously. Bitcoin mixers or tumblers were mostly introduced by the service companies to bypass the routines that most cyber-criminals and regulators take in tracking down users.
Most of the bitcoin wallet providers/exchanges require that personal information such as national ID, debit cards, bank account to verify the payment with fiat currency and verify the users' identity, which helps reduce the fraud risk usually experienced by exchange companies. Most exchanges are typically subjected to external attacks by cyber-criminals who always attack or try to breach their system defenses through blockchain analysis, and leaked information can lead to loss of wallets and funds.
Most users of bitcoin mixing services prefer anonymizing their bitcoin through this secure service to keep themselves secure and reduce the risk of theft. The large userbase that most mixers services such as Tumbler.io possess alleviates the fears of their users and can guarantee a safe transaction.
How are you being detected?
In an ever-advancing world, the tools needed to do anything is available. Be it looking for your distant lost grand-aunt, or finding the right coat size for your dog. The ever-growing vortex known as the internet, has got you covered. Yes, we are now in a more open and easily accessible world, and the right person who wants to know everything about you has everything they need up their sleeve.
Bitcoin was built on a centralized system that keeps the record of every transaction. The bitcoin blockchain was initially developed as a public ledger; the chain of blocks which was implemented allows for each hashed block, which was previously part of a genesis block of the chain — the blockchain which is maintained by bitcoin software with a network of communicating nodes. Readily available software applications are used to gather data that are broadcasted to the network. For every validated transaction, the network nodes attach copies of these transactions to their ledger and then distribute these new attachments to other nodes.
Periodically, a new list of concluded and verified transactions, also known as blocks, are created and then added to the blockchain, without undergoing any centralized supervision. Consequentially, each network node saves its own copy of the blockchain in order to verify ownership. So, any hacker who sits conveniently in the comfort of his home and has the right access can follow the string of data back to you.
Choosing the right bitcoin mixer
Now that you know that even the laziest of hackers has access to your data and coin transactions, it would be paramount to get a safer means to protect your identity and coins. There are series of bitcoin mixers and shufflers out there, most of them do not provide enough security and extra services that could protect you from malignant predators. Arguably one of the best bitcoin mixers available, the Tumbler.io, is the most used bitcoin mixer out there that takes you from the spotlight to deep anonymity. They offer the best services when it comes to mixing and shuffling your coins.
One of the options that the Tumbler.io tumbler offer is their zero log policy. This fact alone clears all the possible trails that could have been brought from the wallet providers. Another offer that users of the Tumbler.io mixer enjoy is the minimum service fee of 0.001 BTC. Now this gives you the chance to send or clean your bitcoins even at its littlest value. Tumbler.io user control time delay makes it stand out from the pantheon of bitcoin mixer services as you have access to more than 24 hours of bitcoin tumbling.
This also means you can use the service rest assured that you are incognito on the ever increasing blockchain database. After a successful tumbling, your coins can be sent to any of the ten ascribed additional addresses, from which you can then disburse the cryptocurrency as you deem fit. It is essential to always run your mixer or tumbler through a secure process preferable through a virtual private network (VPN) and preferably a TOR browser.
To wrap it up
Whatever the reason for mixing your coins might be, it is vital to have a concrete understanding of how the process work. This article aimed to highlight the advantages of using mixer services for your bitcoins.
Tumbling coins, for now, may be the best way to protect your data and identity.
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.