Bitcoin is thought to be the most anonymous cryptocurrency that is widely used due to its promised anonymity. As the transactions remain kind of public, hence, the bitcoin transactions are not truly anonymous. Bitcoin (BTC) is used in various types of transactions and even widely used in the dark web. Thus, the law enforcement agencies reach out for such loopholes that make the tracing of identities dealing with the illegal stuff easier. The only thing that could save one from getting into the hands of the law enforcement officers is “bitcoin mixing” or also termed as “bitcoin tumbling”. This can be done using a bitcoin mixer or a tumbler.
What Is A Bitcoin Mixer or Tumbler?
Bitcoin mixers or Bitcoin tumblers are services that mix various streams of potentially identifiable cryptocurrency. The only aim of the Bitcoin mixing is to improve the anonymity of the transaction as it makes it really difficult to trace the Bitcoin transactions. In Bitcoin mixing, a set of Bitcoin is mixed with another group of Bitcoin having similar value. Thus, the original identity of the Bitcoin is lost through the tumbling process, and this is what makes the Bitcoin untraceable.
When any cryptocurrency coins are mixed through cryptocurrency tumbler or crypto mixer, it is known as cryptocurrency tumbling. The coin mixing services usually charge a fee of around 0.25 and 3% of the total amount to be mixed.
What Is The Difference Between Bitcoin Mixers and Bitcoin Tumblers?
There is no such distinction between bitcoin mixers and bitcoin tumblers. Both refer to the same thing which is a process to clean the cryptocurrency or BTC. However, there are some other terms that are used interchangeably such as scrambling and blending. And as such, the place where the process is carried out is termed as scrambler and blender. In short, all the terms serve as synonyms to each other, keeping the meaning intact.
What Is Coin Mixing?
In cryptocurrency, coin mixing refers to as a service that is provided by a third party. The service providers take the coins from the users along with a small fee and return the coins that literally have no connection to the sent ones.
However, the security and anonymity of these centralized services are questionable. Users have no guarantee that their money will be returned to them by the mixer for the coins that have been returned to them are not tainted in any way. Another thing that needs to be considered is that when using a mixer, IP and the Bitcoin addresses might be locked by a third party and the users give up their control of the funds in the high hopes of receiving unlinked funds back. The mixed funds are used in various places on the dark web including the dark web markets and darknet forums.
How Will I Mix My Coins In A Bitcoin Mixer?
Bitcoin can be mixed, taking the help of the popular Bitcoin mixing services or crypto tumblers. Always choose the best Bitcoin blender that you trust. Here is how you can make your coins in a bitcoin scrambler. Also, Bitcoin mixing is done after you on a bitcoin wallet or crypto wallet, buy Bitcoin and store them in the wallet.
- Find the best Bitcoin tumbling services and choose the one you would like to go for.
- Next, you need to configure the destination or the receiving Bitcoin wallet address, the transfer time delay, fund distribution and the user’s preferred mixing fee. Also, note that some of the data that you need to enter before you proceed might differ from one cryptocurrency tumbler to another. The users are generally allowed to send their mixed coins into a maximum of five Bitcoin addresses. However, this varies from one Bitcoin mixer to the other. BTC mixers like MyCryptoMixer.com provide the users with MyCryptoCode, which is a unique code permitting the user to strengthen the privacy process and prevent previously mixed coins to reappear in their subsequent mixed wallet addresses.
- Now you would need to send the required amount to the Bitcoin mixer after completion of the input of the mandatory fields. The users would be displayed with the required BTC amount as indicated by the Bitcoin mixer. This will ensure that every transaction is unique and devoid of any possibilities of tracking these transactions by the users’ activity pattern.
- The final step is to patiently await the confirmation stop before you complete the mixing process the users will be brought to a status page that displays transaction status. At this point, the user is not required to take any action.
Are Bitcoin Mixers Safe?
Well, to answer that cryptocurrencies are no safe haven while Bitcoin mixers and darknet markets are believed to be falling in the same category. Although Bitcoin mixers or Bitcoin tumblers are used in the Bitcoin mix service to make the transactions untraceable, there is no guarantee that your transactions will not be traced or you will not get in the hands of the law enforcement agencies anytime.
The well-known incident that portrays Bitcoin mixing or cryptocurrency mixing is not safe is the arrest of the Ohio resident Larry Harmon. He had utilized the Helix coin mixer or coin tumbling service along with the Grams darknet market search engine allegedly. He has been indicted owing to the money laundering conspiracy.
What Is Bitcoin Laundry or Money Laundering?
Money Laundering is termed as a criminal procedure of concealing the origin of the money (in this case cryptocurrency or Bitcoin) by passing it through a complex sequence that would clean the funds returned by destroying its original identity.
Bitcoin laundry is the other term for bitcoin mixers.
This is all about how to mix coins using the best bitcoin mixers of 2020. Although BTC mixing is illegal and not a guaranteed way of anonymity, yet there is no other way to clean the coins and block the tracing route. You need to do thorough research on which Bitcoin mixing services you must go for before you jump into the crypto tumbling procedure to avoid mishaps.
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