Bitcoin has always been seen as an anonymous way to spend money. However, new firms have developed ways to track the movement of coins on the blockchain.
In this article, we look at who is tracking your bitcoin and how to prevent tracking with bitcoin mixers.
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How Bitcoin Transactions Allow Tracking
Bitcoin transactions are pseudo-anonymous. Every user creates a wallet that contains addresses. These addresses can be monitored on the blockchain and traced.
Since the blockchain is not private, any money received to or sent out of your wallet can be seen. This means with careful tracing your account to be linked to your real-world identity.
Who Is Tracking You?
Companies like ChainAnalysis have made it very easy for tracking of transactions on the bitcoin network. A surprising statement from the company alludes to the fact that it is not really anti-privacy as far as digital currencies are concerned.
Jonathan L., who is a co-founder of the company, stated that privacy cannot be considered bad by highlighting that transparency should not get to the point in which the privacy of the individual user is compromised.
Beyond these firms, hackers and other bad actors track bitcoin transactions for malicious reasons. A hacker may track your transactions with the intention of finding a way to compromise your wallet or send a phishing attack.
What’s more, financial privacy is essential online. As we may not want people to know what we spend our money on.
The best alternative to ensuring absolute privacy while using bitcoin is through bitcoin mixers.
Bitcoin mixers, also known as bitcoin tumblers, are applications that make bitcoin transactions anonymous by mixing funds multiple times in an untraceable way.
BitcoinMix – Send Bitcoin, Litecoin and Ethereum Transactions Privately
BitcoinMix.org is one of the most popular bitcoin tumblers in the market. The platform takes coins you want to send anonymously, mixes it and makes the transaction for you.
Bitcoin Mix will take your coins and send fresh ones to the address you provided. The platform sends the new coins from a random Bitcoin address that cannot be traced back to you.
To ensure the true anonymity of users, BitcoinMix does not store logs of transactions on the site, deletes emails that use contact channels after they are attended to.
This process means that, if the bitcoin tumbler service is asked to provide details on transactions by any organization, there will be no data to offer.
How to use BitcoinMix:
- Visit https://bitcoinmix.org/
- Select a currency to mix
- Enter the receiving address
- Select custom time delay
- Click “Next”
- Choose the amount of BTC/LTC/ETH that you want to mix. The minimum amount you can mix is 0.02BTC.
- Send bitcoins to the address provided.
- Coins will be mixed and sent to the receiving address.
You will have to take no extra steps at this point since the mixing process is automatic.
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The post These Companies Are Tracking Your Bitcoin Unless You Use Bitcoin Mixers appeared first on BlockNewsAfrica.
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