Disclaimer: The text below is a press release that was not written by Cryptonews.com
Croydon, London, Great Britain. January 29, 2020. – The world is moving towards mass adoption of cryptocurrencies. While the financial segment of the economy makes these strides, the risks associated with using crypto are becoming more blatant. In 2018 alone, more than $1.5 billion worth of cryptocurrencies was pilfered. In an environment where more than 75% of the people that use cryptocurrencies to transact are at risk of being defrauded, these figures are worrying.
The situation is even worse now that cryptocurrencies have sparked the interests of everyone including governments and Federal agencies. The need to broaden the tax base has pushed governments to draw up policies and regulations that only enhance their agenda. As a result, scrutinizing crypto transactions and undertaking the process of blockchain analysis is now normal among these bodies.
It is worrying that some of the analysis is conducted even without the knowledge of the cryptocurrency address owners.
Because of the issues highlighted here above, cryptocurrency users feel like they have completely been robbed of their privacy. Luckily, there are innovations that can reverse the situation and restore whole anonymity and privacy.
The Bitcoin tumblers that are available online now ensure that every transaction you carry out is obscure.
The Process of Cryptocurrency Mixing
A crypto mixer is an online service that helps to make your cryptocurrency transactions indecipherable. The Bitcoin tumbler achieves this obscurity by cutting the connection that exists between your wallet and that of the recipient of the coins you send out.
To achieve the said objective, your coins are stashed in a pool full of other cryptocurrencies before it is mixed. The platform, then sends out clean coins into a secret address of the user’s choosing.
The procedure described above seems all to simple and with not much impact. However, if you get a good grasp of the use cases, then you will understand why Bitcoin tumblers are a very essential aspect of a cryptocurrency user’s life.
Applications of Cryptocurrency Mixing
An increasing number of people now use Bitcoin and other altcoins to send or receive as well as transfer value. In other instances, these coins are used to complete online purchases. Besides, altcoins are a convenient and relatively private means of storing wealth. Whatever the use case, cryptocurrency is drawing increased attention from bad quarters. Crypto mixing helps prevent the following situations:
Unwanted Exposure from Day-to-Day Transactions
Every time you transact in cryptocurrency, you share information with the recipient that may compromise your privacy. Your cryptocurrency address, which the recipient gets when the transaction is complete, is a window through which anyone can monitor the dealings of your wallet.
Transacting via a cryptocurrency mixer, however, does put you at an advantage since the recipient will receive money but from a point that he or she cannot probe. If such a person were to attempt an analysis of the blockchain, the effort would not yield much because transactions that go via a Bitcoin tumbler do not have any connection with the real sender.
Accumulating Wealth in Cryptocurrencies
Cryptocurrencies are very volatile. It is the reason many people have managed to make reasonably huge wealth out of speculating on the coins. Some of these individuals that have benefited from the coins’ volatility want to keep their wealth in a familiar form and not far from where they can use the said wealth to make even more.
In the light of the geopolitical tensions, however, some countries are limiting the ability of its residents to hold crypto. In other instances, government and Federal bodies are becoming overly aggressive in pursuing cryptocurrency deals for the purposes of taxation. All such intrusion can be limited by using a Bitcoin tumbler.
Undercutting Overbearing Governments
Currently, the residents of China are not allowed to hold cryptocurrency freely. For a country that does the bulk of cryptocurrency mining, such a policy limits the residents. The way out, however, is for such nationals to hold their cryptocurrency wealth in confidential addresses funded via Bitcoin tumblers.
How the SmartMixer Addresses These Challenges
The SmartMixer platform was invented to solve the above problems and more. Transacting via the platform allows you to put in your coins and mix them with the large pool of crypto coins in SmartMixer sourced from various places. The Bitcoin tumbler, then sends sanitized coins to a new cryptocurrency address that you have provided.
SmartMixer adopts a unique mode of operation that ensures whole anonymity to users. Besides, the platform does not keep the transaction logs for any longer than it should. You can opt to delete them immediately after cleansing your coins or the platform will incinerate them not later than 24 hours after the completion of a mixing exercise.
The beauty of this platform is that you can use it alongside the TOR browser thus improving your privacy.