Shockingly, Bitcoin is not as anonymous as people think. Perhaps you were not aware but Bitcoin transactions are clearly viewable on the network’s public blockchain. This is to say that transactions can easily be linked to the real-world identities. Hence, we can say without doubt that Bitcoin is not (yet) fungible and does not protect individuals’ financial sovereignty as much as it should normally do. Luckily enough, there is something referred to as a Bitcoin Mixer that enables all Bitcoin Users to increase their financial privacy. It is in the light of guiding you into understanding what a Bitcoin Mixer is and how you can use it to protect your digital financial transactions that we hereby put-up this piece of writing.
How anonymous are regular Bitcoin transactions?
The whole truth is that regular Bitcoin transactions are not anonymous. It is without doubt that Bitcoin addresses are pseudonymous. That is, they do not reveal your identity as a user but the issue is that they can be linked to your identity. For instance, a good number of exchanges require you to verify your identity with Legal Identification (ID) documents. Hence, in a situation where you withdraw funds from an exchange into your wallet, your identity can easily be linked to the wallet in question. Also, all your linked transactions can be tracked thereby compromising your privacy.
Never forget that Blockchain analysis companies can use information from your linkable transactions to track and know exactly how many Bitcoins you own, who you transact with, and how often you spend. Thus, if you are serious about protecting your privacy, you’ll need to go for a Bitcoin Mixer.
What is a Bitcoin Mixer?
In simple terms, a Bitcoin Mixer allows you in all ease to mix your coins with other users. This action is one that obscures the ties between your personal identity and bitcoin transactions. The Bitcoin Mixing service has as main goal to create a misleading trial of transactions that makes it difficult to track your transactions. This is actually achieved by breaking down your Bitcoin into smaller parts and then mixing them with coins from other digital financial transactions. It is important to note here that most Bitcoin mixers are non-custodial, run on the Tor network, and do not keep records of users after a couple of hours. By so doing, it reassures you of the security of your privacy.
Why do people use Bitcoin mixers?
The primary or main reason why people use Bitcoin mixers is to increase transactional privacy. You may no want “the whole world” to be able to have access to or see what you are doing with your Bitcoin.
If you have made-up your mind to mix your coins so as to protect your financial privacy or sovereignty as a Bitcoin user, checkout Bitcoin Mixer.