Bitcoin has gained a lot of popularity in recent years and a lot of people are using them for various transactions. While carrying out trade with bitcoins is still a bit tough, it was never so easy as it is in recent times. In fact, you have some additional services accompanying you as you think about making a transaction via bitcoin. One of the most popular ones include the coin tumbler or coin mixer service.
What is coin mixing?
A coin mixing is a service that helps in adding a layer of anonymity to your bitcoin transactions. While many people refer to the cryptocurrency as totally transparent, the fact that all information about your account is stored in an open ledger in blockchain as you carry out the transaction makes some people doubt over their privacy. Although it won’t have the names or addresses written clearly, the transaction details may contain information like this “7Hkiji79767nnsoijs79rk55kn4mm,” which many think that would their privacy and anonymity as hackers may somehow crack it and reach their accounts.
While the above is very unlikely, still people use the sources like https://bitcoinmix.org/ and mix the coins before they send it to a third party. You will send the coin to the address provided by the mixer and he will break it down into several pieces. Then the coins are mixed with pieces from other individuals to make up the amount required and are sent to your given address, which makes it highly complex to analyze and trace the individuals who are sending and receiving the coins.
Who should use the mixers?
There is a common perception about bitcoin anonymity and using mixers as people are likely to associate them with criminals and black hat. While there is no doubt that criminals and black hat hackers might be using them, there are many other reasons why you must mix the coins before sending them.
Anyone who is looking to make large transaction and don’t want to come under the spotlight should use mixers. Companies tend to do it because they want to keep their dealings secret from the competitors as knowing what they are buying and in what quantity can be very useful information for their competitors. So, the business secrets should be kept undisclosed!
Moreover, as a wealthy person, you may not be looking forward to come under the eyes of public, or in worse cases, hackers. There are individuals who would always be on the hunt of people that have good amount of coins in their wallet. Once they get to know who it is, they would try to hack his or her system and steal the coins. Considering that, it is always good to make yourself as anonymous as possible and assure that you are not tracked back by any hacker.
Lastly, we have the idealists who have strong support for decentralized currency. These are the people who believe in the fact that governments and institutions should not keep a check at their use of money. They want their dealings to be private and look forward to individuals respecting it. While this is hardly possible with the regular banking system, the bitcoin, along with mixer, allows them to have as much anonymity as possible and let them spend their money according to free will.
