Connect with us

Bitcoin

Reaching true Bitcoin anonymity through the use of mixers

Published

on

Bitcoin anonymity
READ LATER - DOWNLOAD THIS POST AS PDF

There used to be a time when Bitcoin transactions were considered fully-anonymous. Back then, cryptos were only getting started, and Bitcoin was pretty much the only one that was used, apart from a handful of the first altcoins that followed. However, as the crypto industry continued to develop, current blockchain analyzers were created, and it became clear that Bitcoin’s transparency also includes tracking the coins’ movement, even when you are simply withdrawing them from your exchange to your wallet.

This is why it became necessary to use Bitcoin mixers, also known as Bitcoin blenders or Bitcoin tumblers, such as BitMix.biz, in order to reach true anonymity.

What are Bitcoin mixers, and why do you need them?

Bitcoin mixers, as the name suggests, are online services that mix Bitcoins in order to disrupt their traceability.

Let’s say that you have a certain amount of BTC in your wallet on your crypto exchange of choice. With all the exchanges having to follow KYC/AML procedures, that means that you need to verify your identity, so that the exchange — and therefore, the authorities — will know exactly who you are and how much money you earned through trading and investing.

Once you withdraw those coins to your wallet, blockchain analyzers can track the transaction, and so your wallet will no longer be anonymous — everyone will be able to find out that it belongs to you. This is a dangerous knowledge to leave out in the open, as hackers often hack the exchanges, and steal sensitive data. That way, they can also learn which wallet belongs to you, as well as how much money you have within.

They can then either try to hack the wallet or maybe try to infect you with ransomware and request that you send them your Bitcoins in order to leave you alone.

This is where Bitcoin blenders come in. They act as a middleman between your exchange wallet and your personal wallet. Simply put, you can withdraw the money from the exchange into a mixer. The coins then get mixed with those belonging to other users, and you leave the mixer with the same amount that you entered with, only with different coins.

That way, the coins cannot be traced, and from there on, you can safely withdraw them to your wallet.

Benefits of using Bitcoin tumblers

If you are interested in trying out a reliable and fast Bitcoin tumbler, we can recommend using BitMix.biz. This service is widely known for its efficiency, reliability, and speed. It offers support in a number of different languages, including English, Russian, Chinese, Hindi, Portuguese, Korean, German, Indonesian, Polish, and Dutch.

In addition to that, it doesn’t only let you mix Bitcoins, but also Litecoins and Dash, which are relatively new additions. For even greater security, it offers support for Tor, NoJS, and Clearnet, which might also be attractive to some users.

You can also use the service for mixing even the small amounts of BTC, such as 0.005 BTC (or LTC, or DASH). This is the minimum amount that you can enter and mix BTC. Meanwhile, it also lets you set a custom fee, between 0.4% and 4%. This is also very useful for improving anonymity, as having a fixed fee would allow bad actors to identify your transaction according to the fee you had paid. So, choose your own unique fee and cover your tracks even further.

Also, if you were worried about the amount of time that it might take in order to finish the mixing process and transfer your money back to your wallet — you can rest easy. The transfers are instant, and your funds will be sent to your wallet instantly, as soon as you get the confirmation of your transaction. This is possible because BitMix already has a number of mixed coins in its reserves, so you don’t have to wait for other users to bring their BTC into the mix.

Also, you don’t need to worry about your information being kept by the service, as all entries get removed within 72 hours from the moment of mixing unless you request instant removal. As for those 72 hours, the data will spend them stored on a fully encrypted hard drive, and that doesn’t even include any logs.

The service also provides other features, such as the randomize option that you can select for a minimum amount of 0.1 BTC or 1 LTC. This option lets you withdraw your money in multiple transactions, instead of a single one that would carry all of your mixed funds. That way, you can cover your tracks even further, and pretty much achieve full anonymity.

Lastly, there is a letter of guarantee that this Bitcoin blender provides you with, containing the address where your coins are sent to be mixed. That way, you will know that the address was truly generated by BitMix’s servers and that it doesn’t belong to another individual. 

Conclusion

Bitcoin mixers are a perfect way to hide your real wallet address and maintain some level of anonymity in the crypto world, which also increases your security. After all, it doesn’t matter if someone knows how much money you made by trading if they don’t know where that money has gone to. This is how you can stay safe in a modern crypto world, and why services like BitMix.biz are crucial to maintaining your anonymity.

Image by MichaelWuensch from Pixabay

Bitcoin

Cryptocurrency Fraud is Evolving; Bitcoin ATMs Mitigate Risk 

Published

on

Cryptocurrency Fraud is Evolving
READ LATER - DOWNLOAD THIS POST AS PDF

In one of the more overlooked aspects of the crypto ecosystem, it appears that the bulk of illicit activities are shifting from hacks and thefts to cryptocurrency fraud and scams.

CipherTrace, the crypto-surveillance, and analysis firm released a report at the end of Q4 2019 that revealed hacks and thefts had decreased by 66 percent in 2019 while fraud and misappropriation of funds surged by 533 percent. And beneath the COVID-19 hysteria of 2020, hacks in the crypto sector have been eerily isolated. 

Outside of a few exploited flaws in P2P exchanges and DeFi flash loan vulnerabilities, the headline-grabbing hacks of exchanges for hundreds of millions of dollars have been absent so far this year. Is the industry due for another massive hack, or are stringent KYC/AML processes, regulatory crackdowns, better security practices, and blockchain surveillance working? 

KYC/AML Improvements Are Reducing the Appeal of Crypto Exchange Laundering 

2020 is far removed from the no-KYC wild west days of the early-mid 2010s where anonymous altcoin casinos preponderated and the Dark Underbelly of Cryptocurrency Markets thrived. 

Today, bitcoin and the crypto ecosystem is becoming institutionalized with a surfeit of derivatives (e.g., options, futures, perp swaps, etc.) available on…

Continue Reading

Bitcoin

IE Option – 91% Profit on BTC Fluctuations in Every 60s

Published

on

BTC
READ LATER - DOWNLOAD THIS POST AS PDF

On Thursday, Bitcoin price broke below $6,700 and hit the weekly low to $6,480. Then, it rebounded back above $7,000 again with an increasing rate of 5%. At press time, based on the incomplete statistics, more than $720 million worth cryptocurrency futures contracts have been liquidated in this week. During the strong market fluctuation, investors are learning a hard lesson about the downside of cryptocurrency futures trading with leverage. 

Since we know that we cannot make money by investing in BTC spot trade during the bear market, and we notice the high risks of liquidation by trading leveraged bitcoin futures contracts, how can we hedge the loss in spot trade and profit from the BTC market volatility? 

BTC Option is a profitable trading product that you can turn to!

What is Option?

Option is a type of crypto derivative contract which enables investors to make speculative bet on price rising and falling. Call option means that trader long BTC at a given strike price, while Put option allows trader to short BTC at a given strike price. 

For example, if you predict that BTC price may surge, you can buy a call option. Suppose that you buy a call option at $7,000. As long as price exceeds $7,000, you can make profit. 

IE Option – Get…

Continue Reading

Bitcoin

4 things you should know about bitcoin casinos

Published

on

Bitcoin casinos
READ LATER - DOWNLOAD THIS POST AS PDF

Bitcoin Casinos are the ideas of innovation, firmly moving towards the goal of disrupting the whole Gambling Industry. Best Bitcoin Casinos are the true trailblazers of the new era of gambling. Their creators quickly recognized all the immense potential that blockchain and cryptocurrencies contained within themselves. Most of the top Crypto Casinos started operating in the first half of the past decade and are quickly moving towards being the dominant force, when it comes to online gambling. There are a couple of key characteristics and advantages that elevate BTC Casinos above the rest of the competition on the market.  

Trusted casinos have fast withdrawals

Only the Best Bitcoin Casinos offer players the benefits that come with using cryptocurrencies as the main source of finance. One of the biggest advantages that BTC Casinos have over the rest of the competition is speed. When using cryptocurrencies, players can deposit and most importantly withdraw their money with blistering speeds. Thanks to blockchain technology, all the financial transactions are completed within the minutes of request. Alternatively, standard online casinos operating under the guidance of classical banking intuitions, need several days to complete the same procedures.

In BTC Casinos anonymity matters 

Another amazing benefit of Bitcoin Casinos is the ability to stay completely anonymous during the transactions and gameplay. Thanks to the…

Continue Reading

Press Release