BitcoinMix Adds Ethereum Support to Make Crypto More Private
Bitcoin and Ethereum Aren’t Inherently Private
If you’ve followed the Bitcoin industry at all over the past few years, you’ve likely heard that BTC is a “private” and “anonymous” cryptocurrency. While this is partially true, in that it can be nigh impossible to track users and their coins if the proper measures are implemented, Bitcoin in practice is widely pseudonymous and traceable. It’s the same (and arguably worse due to the non-UTXO accounting system the blockchain uses) with Ethereum, which is also susceptible to the same traceability that BTC is susceptible to.
Enter mixers. For those unaware, mixers are online services that allow users to obfuscate the origin of funds for privacy purposes. As BitcoinMix.org puts it, “You want to hide your coins from hackers, [and mixers help to do that]. They can do a blockchain analysis, they may be able to track your personal data to steal your bitcoins. With our bitcoin tumbler, you don’t have to worry about that anymore.”
To put it short and sweet, mixers allow for semi-private cryptocurrencies to actually be used as if they were entirely private.
One top mixer is Bitcoinmix.org, a mixer that has been operating since 2015.
Bitcoinmix.org is a mixing service that “helps you to shuffle your bitcoins using our algorithms and to secure your identity.” Through its minimalist and easy-to-use website, users can deposit their coins to mix at a “random commission” of 2-5% for every transaction. While this may sound like a lot, it isn’t considering the benefits that can be had through mixing.
The mixing is an entirely automated process that works without human assistance, allowing for no biases to shine through and for no human error to take place in the privacy-enhancing process.
Due to its success offering Bitcoin mixing to its clientele, the service recently expanding its operations to Ethereum. Bitcoinmix’s premise with the new Ethereum service is identical to that of its BTC offering: to provide cryptocurrency users to their right to digital privacy, “even when transacting, trading or donating Ether.”
So what’s so good about Bitcoinmix?
Well, it offers customizability in terms of the mixing process itself. For those looking to optimize their privacy, they can choose time delays in the tokens sending from 10 minutes to 1,200 minutes for Ethereum and 30 minutes to 1,200 minutes for Bitcoin.
Another benefit is that Bitcoinmix is one of the sole mixing services still online. Its compatriots Bitblender. BItmixer, and Coinmixer — which all offered similar privacy-enhancing solutions to Bitcoinmix — have all been shut down over recent years due to a variety of reasons.
Finally, the service has pledged to ensure that it ensures the anonymity of clients, revealing on its website that it does not store logs so it cannot ” help any organization or individual with their questions about users activity” and does not collect emails or personal data for the same aforementioned reason.
While some have their reservations about mixer platforms, they work. Really. In a recent webinar hosted by cryptocurrency tracking company Chainalysis, which was titled “Cryptocurrency Typologies: What You Should Know About Who’s Who on the Blockchains,” they claimed that they were unable to decipher the origins of mixed coins. Hannah Curtis, senior product manager of data at the firm, said:
“We can identify funds going into services, including mixing services. A common misconception is that one can trace the path of funds through a service.”
To put it shortly, mixing coins is effective. And Bitcoinmix is one of the best of these services out there.
Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of EWN or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.