Bitcoin mixers have become a part of the crypto sphere and many different types of bitcoin mixers are used to anonymize the source of different cryptocurrencies in the wallet. I
Initially, bitcoins were created to be anonymous but with the implementation of the KYC rules by the governments, the storage and transmission of your coins can be traced. Many blockchain analysis companies perform this task of tracing the owner of the coins with the development of different modern technological tools.
In order to make them untraceable and to maintain their anonymous nature, bitcoin mixers are used in the crypto market.
What is the purpose of using Bitcoin Mixers?
All the transactions on the blockchain are recorded and visible to the analysts. Analysts companies like Chainalysis can simply trace ,these transactions back to you if you have linked your wallet to your KYC at some point of time.
With the help of Bitcoin mixer, you can mix your coins effectively and eliminate the possibility of the transactions being traced back to you or your IP address. The main motive of using a Bitcoin mixer is to protect the privacy of the user.
How does Bitcoin Mixer work?
In the process of Bitcoin mixing, an equal number of bitcoin owned by you are sent back to you in order to make them untraceable.
These coins which come back to you come from other sources instead of your original coins. So if anyone is closely tracking your coins, they won’t be able to trace the destination of your original coins and neither would they be able to trace any of the new coins back to you.
Beware of Scams
Not every bitcoin mixer available is reliable and you should be well aware of the frauds and scams. One of the oldest and most trusted bitcoin mixers are bitcoinmix.org. You should be cautious about using the right bitcoin mixers otherwise, you will end up losing all your hard-earned bitcoins.
Is Bitcoin Mixing worth the trouble?
The blockchain is like an open ledger and everyone can see who has bitcoins and who does not. You are subjected to thefts and hacks if scammers have your personal information and know that you own quite an amount of bitcoins. Thus, you can use the mixer to cover the trail of your bitcoins. Keeping your privacy is very essential to keep your coins and your identity safe and secure.