Back when Bitcoin originally emerged, over 11 years ago at this point, cryptocurrency transactions were believed to be fully anonymous. This belief stuck around for years to come, but today, we know that, in most cases — this is no longer the truth.
Since the invention of blockchain explorers, it became possible to track every Bitcoin transaction, all the way back to the genesis block. This came as a part of blockchain transparency which promises to eliminate corruption, theft, and other such issues.
However, there is still a need for a certain level of privacy, as people like to keep their wealth to themselves, and not let everyone know how much money they have, or how much they sent for whatever purpose. This is why many are now using crypto tumblers, or mixers.
What do crypto mixers do?
As the name suggests, crypto mixers/tumblers mix up the coins in order to hide/disguise/make it difficult to discover where the coins came from. Things like the amounts, transactions, and wallet addresses to and from which the coins travel are fully traceable, which is why tumblers exist.
In a way, you could say that mixers can add an extra layer of privacy while using Bitcoin, Ethereum, Litecoin, and many other cryptocurrencies. There are many Bitcoin mixers, as well as mixers that focus on these other cryptos, specifically, such as Ethereum mixers. There are also services that offer mixing for multiple coins.
But, they all work in the same way. When you obtain your coins through purchase within exchange (where your identity is known due to current regulations), the exchange knows exactly who you are and how much money you have. The same is true for everyone else who has the authority to request such data from the exchange.
If you simply transfer the funds to your private wallet, anyone will be able to track this transaction. They will see where the funds came from, where they went, and what amount made that trip. With your identity known on the exchange, it is easy to conclude that the wallet address belongs to you as well.
If you send the money to a mixer first, however, it will still deliver the money to your wallet, but it will change the time of the second part of the transaction, as well as the amount that arrives, and the path from the exchange to the wallet will be interrupted.
This brings additional security and privacy, and makes your use of crypto difficult to track.
Keep your identity safe with cryptocurrency tumblers
Using tumblers for cryptocurrencies has a number of benefits. For example, it allows you to stay anonymous. It can also discourage hackers, who would otherwise be attracted by your wallet if they knew that significant amounts are going in and out. It would also allow you to stay private, as people would be able to see that the coins are entering or leaving, but they would not know whose those coins are. As a result, you can spend them without the transactions being traced to your name.
Not to mention that you still need protection from the real-world criminals, who might go after you if they discover that you own a wallet filled with coins that have become highly-valued.
Shopping with crypto is also becoming more and more popular, with the number of merchants accepting coins growing almost on a daily basis. With additional privacy that comes from the use of Bitcoin tumblers, you can easily purchase anything online without people knowing that it was you.
Finally, you can also use crypto tumblers to make your Bitcoin more fungible. The fungibility issue has attracted the attention of many, as people ask the question of whether a certain quantity of BTC can be swapped for another of equal value. Of course, the answer is yes. All Bitcoins come with the same value, regardless of whether the coin you gave is the same that you got back or not.
But, due to the protocol that makes each coin have its own unique hash and signature, it is still possible to track a particular coin. That is why using mixers to give away your particular coins and get others that have the same value can help you stay truly anonymous. No one will know who you are, even if they know where your coin came from, which gives you the ability to hide your identity completely.
Blockchain technology outshines Bitcoin and Gold during global pandemic
As the popularity of cryptocurrencies such as Bitcoin begins to level up with investments made in metals such as Gold, together they have both made significant advantages for investors who have taken a leap to invest in them.
However, thanks to the pandemic and the dynamic shift in investing and the economy, many investors have seen fluctuating losses and gains thanks to the uncertainty of the current business world.
Many investors that backed companies who have exposure to blockchain technology have seen an approximate amount of 54% return on investments over the past year. This is even after considering how hard the global tech market and companies have been hit since the beginning of the pandemic.
What is blockchain technology?
Blockchain technology was first introduced as a supportive technology for Bitcoin. A blockchain is a simple, unchangeable and un-hackable digital ledger that holds transactions in little blocks attached to a chain. The transaction is duplicated and distributed across the entire network of systems on the blockchain, making it available for everyone on the network to see.
Each block in the chain contains various transactions which are recorded on the participant ledger every time a transaction takes place. The database is decentralised and is managed by multiple participants known as Distributed Ledger Technology (DLT).
Although blockchain technology was birthed from Bitcoin and was widely adopted for the use of cryptocurrencies, the way it works and its security has made…
Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC
The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.
The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.
Musk’s Tweets also impacted Dogecoin’s price
Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.
He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.
ur welcome pic.twitter.com/e2KF57KLxb
— Elon Musk (@elonmusk) February 4, 2021
Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.
But for Tesla, the company decides to diversify its funds and increased its cash returns. However, Tesla also warned investors about the volatility of Bitcoin’s price in its SEC filing. According to the SEC…
XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.
NFTs are already being actively traded in markets globally. For…