- Bitcoin Mixers, in layman’s terms, can be seen as the firewall that protects an individual from having their crypto transactions used against them.
- Bitcoin Mixers are services that act like firewalls protecting your identity in the crypto world.
- This is where BitMix comes in with its excellent track cryptocurrency mixing services record and its wide array of features.
The fundamentals of cryptocurrency have been built upon some basic cornerstones that have governed its success and deemed it the successor to traditional currencies and credit: its openness, accessibility, censorship-resistance, decentralized governance, simplicity, security, and privacy. And over the past couple of years, since the rise of the first cryptocurrency Bitcoin in 2009, the world has focused their eyes more and more on this emerging field of finances and the potential that cryptocurrencies hold in the economy of the future. But as more and more eyes fall upon crypto, actors in the system have inevitably found ways to sabotage and hurt this booming sector, cornerstone by cornerstone; and one particular target has been the privacy that cryptocurrencies have offered.
How can the privacy of Bitcoin be challenged?
Bitcoin Mixers, in layman’s terms, can be seen as the firewall that protects an individual from having their crypto transactions used against them. Hackers and other ill-meaning individuals utilize the open nature of Bitcoin and other cryptocurrencies to gain access to the transaction records and then illegally find ways to connect those transactions to the real-world identities who conducted those transactions. Even though Bitcoin addresses are themselves discrete and random and in no way represent the owner, cryptocurrency exchanges that provide those addresses hold the connection between those addresses and the real-world identities of the individuals through various means like KYC and AML. This puts the identity of the crypto user at risk.
What are Bitcoin Mixers?
Bitcoin Mixers are services that act like firewalls protecting your identity in the crypto world. They do this by creating a pool of Bitcoins that users deposit their coins into and they receive back the coins that they deposited, but, spoiler alert, they are from a different part of the blockchain thus breaking the trail of ownership over the coin. Or in layman’s terms, you put in your money that is linked to your name and receive back another individual’s money that is linked to their name. This way, no individual can track those transacted coins back to you, thus protecting your online identity from bad actors.
What’s a great Bitcoin Mixing service that I can use to protect my crypto identity?
This is where BitMix comes in with its excellent track cryptocurrency mixing services record and its wide array of features. BitMix does the same as other Bitcoin mixers by taking the user’s bitcoin, mixing it with its pool of user deposits, Bitcoin Mixer, and gives the user back the same amount of Bitcoin they deposited, but now without the chain of ownership that was linked to them.
The catch here is that BitMix does the job of being a Bitcoin Mixer well while adding more bells and whistles to their service like multi-language support, code locked coins to ensure the user does not receive back their own coins, split return transactions, flexible settings to ensure the extent of mixing, and many more. Some features like split up return transactions ensure that the coins are returned to the user in more than one transaction making it even more difficult for chain analytical firms to trace back transactions.
BitMix also has the ability to support instant transfers due to the storage or pre-mixed cryptocurrencies. Users need to fill in the application for their details and the address they need to have the mixed coins sent to, and BitMix uses the pre-mixed coins to make the transactions happen instantaneously, allowing for very streamlined and stable user experience.
They also support different cryptocurrencies like Dash and Litecoin besides Bitcoin. BitMix also offers a custom fee rate between 0.4-4% for using the service, which also surprisingly turns out to be the lowest rates for a mixing service in the industry. They also have an industry competent minimal deposit amount of as low as 0.005 BTC or 0.015 LTC. Users can also take their privacy one step forward and have their details deleted from BitMix as soon as their transaction is over to maintain full anonymity.
They also offer a digitally signed guarantee of mixing and authenticity to ensure that the user is sending in the coins to be mixed to the right address. Paired with good API support and multiple partner programs, and such a wide plethora of features, BitMix stands out as a strong competitor in the field of cryptocurrency mixing services.