Bitcoin is a cryptocurrency which is now used worldwide. It was basically known for its anonymity and safe transactions. In the very beginning, people often used Bitcoin for transactions because it was considered safe and anonymous. But to be honest, it really isn’t.
All the bitcoin transactions are permanently stored on the network, which clearly indicates that anyone can see your transactions and balance of the Bitcoin. Anonymization is never possible with such developed technology.
According to Satoshi Nakamoto, the founder of Bitcoin currency:
“The possibility to be anonymous or pseudonymous relies on you not revealing any identifying information about yourself in connection with the bitcoin addresses you use. If you post your bitcoin address on the web, then you're associating that address and any transactions with it with the name you posted under. If you posted under a handle that you haven't associated with your real identity, then you're still pseudonymous.”
There are several reasons which indicate that Bitcoin is not completely anonymous after all. Some of those factors are listed below:
- Connecting points: Now it is possible for the hackers to connect to multiple nodes and reach the depth of the transactions and explore its source.
- Using the Personal Identity: The other reason which indicates why Bitcoin is not anonymous is that it uses the personal identity of the owners.
- Keeps Transactions Record: Bitcoin transactions are visible to all which means that if the address is linked to the owner’s personal identity then others in the group can also be linked. Which means Bitcoin is not anonymous.
- Web Cookies and Trackers: the main culprit behind this are the web trackers and cookies which send every minute detail to the social media accounts and Google, which decreases the chance of anonymity of the Bitcoin owners.
There are several ways to secure your identity though. To prevent any future inconvenience make sure you know how to use Bitcoin anonymously.
How to use a Bitcoin mixer or tumbler?
It is very clear that Bitcoin is not as anonymous as it seems to be. That is why in order to improve your financial privacy Bitcoin mixers are used. Mixers are also known as tumblers. Also, you could read some information about Bitcoin Mixing Services on Wikipedia.
Without further delay, let’s just get to the point. The word ‘mixer’ clearly indicates that there is something related to mixing. Well yes, coin mixer is also the same thing. Cheap Bitcoin mixers literally mix the payment with payment of other users. This makes it difficult for the observer to find out who is making the transactions.
The mixer should be mainly used by the person sending money because the payment is initially sent through the mixer and then on to its destination. Sometimes, you can also get coins through the mixers. The mixing service is provided by various websites and companies. You can choose whatever you like, but we recommend you to use our trusted service ../.
Bitcoin shuffle became a trend ever since the Bitcoin owners found out that the Bitcoin is not entirely anonymous. So, if you too own Bitcoin, never forget to use mixers to secure your privacy.