What Are Bitcoin Mixers and How to Stay Incognito with Their Help?

Bitcoin Mixer

The vast majority of people that are not really into cryptocurrency topics believe that all transactions on the Bitcoin network are anonymous. But actually this statement does not correspond to reality. It is worth noting that you can still send Bitcoins relatively anonymously. In this article we will tell you what are the ways to do this, and how to use them correctly.

Contents:
(please, click the topic to scroll down to it)

  1. Briefly about bitcoin transactions
  2. How to make anonymous transactions on the Bitcoin network?
  3. Anonymous transaction instruction
  4. Disadvantages of bitcoin mixers
  5. Conclusion

1. Briefly about bitcoin transactions

We have already published a detailed article on how the blockchain transactions work. But in order for this article to be an autonomous one, let’s briefly go over the main aspects:

– the time of a Bitcoin transaction depends on the workload of the network and the specified commission, it may be delayed up to 72 hours;

– transactions are carried out by recalculation of wallet balances, data on it are entered in the public register, afterwards it is not possible to cancel the transfer;

– all users have the opportunity to track a Bitcoin transaction, and though there are no names in the register, you can not call those financial transactions anonymous anyway.

How, then, can you leak info by carrying out bitcoin transactions?

– by paying for goods with Bitcoins and mentioning the real delivery address;

– by withdrawing funds from exchanges to credit or debit cards.

2. How to make anonymous transactions on the Bitcoin network?

There are several ways to make a transaction more anonymous:

  1. use encryption services for IP addresses (VPN, proxy, TOR etc.);
  2. generate a new address for each new transaction;
  3. do not pay in Bitcoin for those goods on the Internet, where you need to enter the physical address of delivery;
  4. use Bitcoin mixers.

Third-party developers who are not related to Bitcoin network support have come up with ways to make a transaction and “not leak” the address of the wallet. The most popular method to remain incognito is to use the so-called “Bitcoin mixers”. These are special Internet services that act as a mediator and mix the transaction (break it into an unlimited amount of parts), and eventually send it to the recipient’s wallet. The larger the amount is, the more parts the transaction can be divided into, and, correspondingly, made even more anonymous.

It should be noted that confirmation of the Bitcoin transaction may not occur when using such resources, as Bitcoin mixers are very often closed. You can use them only at your own risk.

Also, in order to perform an anonymous BTC transaction, you can use certain applications that you can find in Darknet (the “dark” part of the Internet where illegal activities are usually performed).

3. Anonymous transaction instruction

For obvious reasons, we will not advise you to use a certain Bitcoin mixer, since there are simply no reliable and durable ones. Until the July of 2018, coinmixer.se was quite a popular service, but now it is closed, and such a trend is traced in most of these services. The interface of all these resources is pretty much the same, so we will only mention the basic steps and some nuances that must be taken into account when working with them:

  1. create a new transaction on the official site of the resource;
  2. enter the wallet addresses (yours and the recipient’s), specify the number of coins and the delay time (it is very important to understand that the longer the delay is, the more secure and anonymous the transaction will be);
  3. as a rule, you must then fill in the captcha;
  4. then you need to choose the method of sending funds to the service account;
  5. as a confirmation of the transaction you need to save a special guarantee letter.

That’s all, after this, you must be patient and wait for the operation to be completed.

4. Disadvantages of Bitcoin mixers

The main disadvantage of this kind of services is the dependence of users on third parties (owners of mixers). In fact, in order to use the Bitcoin mixer services, it is initially necessary to transfer coins to their wallet. That is, you can not independently follow the Bitcoin transaction during its execution. You have to trust the service and hope that it will not close, and its creators will not disappear with your money.

5. Conclusion

Thus, transactions in the Bitcoin network are not anonymous by default, if you have the desire and certain resources, you can easily track them. But anonymization of the financial operations with BTC is possible, for this you can turn to the special services – Bitcoin mixers. They mix your transaction among hundreds of thousands of others for a fee, about 1-3% of the total amount, after which it will be almost impossible to track it. But you need to understand that such services are not entirely reliable, and transactions take a long time to be completed.

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Bank of America Has Officially Patented A System for Saving Crypto Actives for Significant Corporations

One of the major USA banks has been approved the patent for a system of saving crypto assets. The application for the patent describes a method for safekeeping cryptocurrency assets of users of the system. It also stated that the bank will cooperate only with major corporations.

The popularity of using cryptocurrency has turned into a trend that many companies are aiming at. The biggest part of major corporations serves their clients with the help of cryptocurrency. Because of this, there is a need to convert the cryptocurrency into any currency deposit, which has to be placed in a storage.

It is possible to improve the security and safety of deposit funds with the help of single corporate accounts that maintain the cryptocurrency storage.

At the same time, the clients will receive credit funds, the amount of which is equal to the crypto deposit. This concept was introduced by Bank of America.

The patent spelled out a storage system specially designed for the banking system, which processes and stores the secret key. The system is demanding to high throughput of a channel and the amount of calculation capacities.

When required to complete a transaction, the system will provide customers with access to Member’s personal account.

It should be reminded, that previously Bank of America approved the patent for close system private keys, that supports remote management.  

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Crypto Master Minds That Made It Into Forbes’s 30 Under 30

One of the most famous editions in the world, Forbes, came out with its annual rating of the most influential people under the age of 30 in different spheres of activity, including healthcare, music, art, retails and many others. This time the section of “finance” was replenished with a couple of blockchain and crypto personalities, namely:

1. JB Rubinovitz (26) is a crypto entrepreneur whose goal is to incorporate crypto mining as a way to provide bails for arrested people.

2. Olaoluwa Osuntokun (25) is one of the founders and a Chief Technical Officer of the company Lightning Labs. He raised $2.5 million to develop Bitcoin as a fully usable means of payment.

3. Hunter Horsley (28) is a CEO of the company Bitwise Asset Management. His firm specializes in creating crypto indexes.

4. Nader Al-Naji (26) and his company Intangible Labs are currently working on a concept of a cryptocurrency that could easily replace the usual banks.

We remind you:

Forbes Launches Its Own Version of the CoinMarketCap

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A Major Twitter Scam Made Target Promote a Bitcoin Giveaway

Twitter scammers are getting more and more intricate to make their fraud look like it’s not fraud. This time another scam involves a couple of popular brands (and, surprisingly, not Elon Musk).

A couple of unknown crypto criminals started spreading a tweet, encouraging the community to participate in a BTC giveaway. The scammers promised to give out $30 million worth of crypto. The tweet were quickly deleted, but some members of the crypto community managed to capture it.

The most interesting part of this whole scam is that its organizers allegedly hacked account of such popular companies as Target, The Body Shop, AHDB etc. and used them to endorse their endeavour.

There seem to be no other details on the victims of the scam or whether the hackers were caught or not.

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Cryptocurrency Prices Today, November 14: Cryptocurrencies Continue to Decline in Price

crypto prices

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA, Dash, Monero: Cryptocurrency prices

According to the Coin360 online platform, Bitcoin (BTC) lost 0.16% over the past 24 hours. The price at the time of writing is $6356 per coin.

Almost all cryptocurrencies are in the red zone:

Bitcoin Cash lost 0.66% over the past 24 hours and costs $502 per coin;

Ripple fell by 2.29% and is $0.51 in price;

EOS minus 2.40%, and its rate is $5.30;

Litecoin decreased by 0.95%, and its price is $49;

Cardano dropped by 3.02%, and its cost is $0.072;

Stellar lost 4.23% and costs $0.25;

IOTA added 0.37%, and its value is $0.48;

Dash plus 0.15%, and its price is $164;

Monero lost 0.99% and costs $106.

Ethereum lost 1.03% over the past day. The cost of the coin is $206.

The total market capitalization is $209 billion. Bitcoin accounts for 52.8% of the total. In monetary terms, this is $110 billion.

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The Real Estate Market Switches to Blockchain

The power of countries depends on the economy, which real estate market is a significant segment of. More than 50% of global finance belongs to it. An impressive share, isn’t it? This market segment is most adapted to reforms and crises.

However, this does not mean that it cannot be slightly improved by innovations, such as the blockchain. Technological upgrade will allow the real estate market, as well as the economy in particular, to move to a new stage of development.

While the real estate market is “collecting its belongings” and is preparing for a full-fledged move to the blockchain, a Japanese company has launched the sale of real estate for cryptocurrency. A couple of Bitcoins can buy you a paradise on an island somewhere in the Caribbean. The world of real estate is gradually becoming digital.

Definitely, the “relocation” of the housing market onto the blockchain will have a positive impact on its development. This promising combo will improve and facilitate the purchase of real estate as follows. It will allow to:

  • exclude intermediaries who charge a commission in the course of transactions;
  • reduce the time for the preparation of transactions and references;
  • reduce the risk of fraud;
  • simplify the process of checking property before selling:
  • customers can buy property at any time of the day;
  • opportunity to track the entire history of the transaction.

All this makes the purchase of real estate easier and safer, but not publicly available. The latter and the above mentioned benefits can be offered by Elements Estates.

The project provides an opportunity to buy housing not only to reserved players. Owing to blockchain technology the national boundaries are disappearing as assets can freely move from one country to another.

It is time to improve the global economy by reinforcing the real estate market with blockchain and cryptocurrency.

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Trading Bytecoin On Poloniex Requires 2000 Confirmations and 3 Days of Waiting

One of the biggest news outlet media CCN decided to conduct an investigation how much time a person needs to trade Bytecoin on Poloniex, and was abashed by the received results.

The reporter entered the exchange and was willing to use his Bytecoin holdings, thus, he made the deposit complying with all requirements of Poloniex exchange, like using payment ID and paying the transaction fees. After some hours, his assets were converted into pre-fork BCHABC and BCHSV tokens, yet there were still no Bytecoins.

Usually, Bytecoin requires 10 confirmations. The number is high due to unreliable mining network. After 6-10 hours, the reporter began worrying and decided to contact Poloniex support.

He received the following response:


Source:
https://www.ccn.com/

When CCN published this investigation Bytecoin had about 24 blocks in one hour. If 24/hour is a standard rate, then it means a deposit time requires nearly 84 hours – 3 ½ days – to complete all 2000 confirmations.


Source:
https://www.ccn.com/

We remind you

Bytecoin Cryptocurrency: What Rate Should We Expect in 2018?

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