Bitcoin is not completely anonymous. The sender’s address and the receiver’s address is public information and is visible to everyone. With the majority of the transactions taking place through exchanges and third-party wallet, it is easy to point a bitcoin address to a particular individual. Because of this reason, the Bitcoin network analysis business is booming.
Bitcoin Mixers (or Tumblers or Launderers) are special services which break the connection between a sender address and a receiver’s address. Using these services a sender essentially is able to hide their transaction from the public.
Bitcoin Mixing services essentially work by taking Bitcoins and breaking the transactions down to multiple small transactions from unknown and unique addresses and sending the Bitcoins through multiple addresses.
Example: Imagine you want to send 5 BTC to address XYZ. You send the Bitcoins to a mixer and enter the receiving address. The mixing service will take their fee (1-5%) and send the remaining Bitcoins to XYZ. But instead of sending 5 Bitcoins directly to XYZ, Bitcoin Mixers would send ten o.5 BTC to XYZ from different addresses. This essentially ensures that the transactions cannot be tracked.
The biggest advantage of Bitcoin Mixer is it adds privacy. Many major exchanges such Coinbase do not accept Bitcoins transferred from Casinos (reason given is due to money laundering). To send Bitcoins from a Casino you would be using a Bitcoin Mixer. Some advantages are,
We are going to use Bitcoin Mix, a Bitcoin Mixer, to send Bitcoins privately to an address.
Step 1: Go to Bitcoinmix.org.
Step 2: Go down to Start Mixer.
Step 3: Enter the receiver’s address and as well as the Custom time delay. Custom time delay is the time between each small transactions. And select Next.
Step 4: Send the Bitcoins to the address given a relax. You can also calculate the service fee by entering the amount of Bitcoin you are sending in the below text boxes.
It’s that simple. Word of caution though, test the mixer by sending a small amount of BTC first instead of the entire amount. Once the transaction is confirmed then send the entire amount. This step ensures that you do not fall prey to a scam.
Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity
Did you like the news you just read? Please leave a feedback to help us serve you better
Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.
In the rapidly evolving landscape of web-native payments it has become clear that new infrastructures…
A New Era for Global Trade: Alibaba Taps JPMorgan's Blockchain Global commerce has long been…
The Promise of Web3 Meets a Centralized Reality Web3 was built on a revolutionary promise:…
Bitcoin's Sudden Plunge Shakes the Crypto Market The cryptocurrency market is awash in red after…
Macro guru and Real Vision CEO Raoul Pal shone the spotlight on a rising layer-1…
As the technology landscape transforms at lightning speed, AI Companions has positioned itself as a…