Many people are of the view that Bitcoin is anonymous and untraceable.
This is simply untrue. In fact, given the nature in which Bitcoin was designed, it is anything but untraceable. Yes, it is anonymous but only up until the point that someone can attach a wallet address to a name.
Indeed, many in the cryptocurrency community have started moving to other more privacy conscious coins. They are of the view that Bitcoin transactions can easily be traced using advanced tracking technology.
However, there is another solution that is staring them in plain sight.
This is a service called a “Bitcoin Mixer” or “Bitcoin Tumbler”. These are essentially websites or services that will take your coins and mix them with a host of other users. Tumblers were in use for a number of years and can be highly effective in breaking the proverbial links in the Blockchain.
In this post, we are going to take a look at one of the newest cryptocurrency tumbling services on the market. This is BestMixer tumbler service.
What is a Tumbler?
Image via Fotolia
Simply put, a tumbling service is someone who will take your cryptocurrency along with numerous of other people. They will then use advanced algorithms that will send these Bitcoin between a host of wallets in the tumbler.
This is where the term “tumbling” or “mixing” comes in. The coins are mixed between each other.
Once the mixing is complete at the website, the coins will be sent back to you less a service fee. This fee will usually depend on a number of things that include the amount of times spun as well as the amount of coins sent.
If the tumbling was completed effectively, then the coins that are coming out of the tumbler’s wallets cannot be linked back to you.
This is of course the theory. There are a number of problems with traditional tumbling engines though.
Problems with Traditional Tumblers
There are a number of problems that one can encounter with a traditional tumbler. One of the most common of these is the fact that they are not that effective.
For example, if you were to take a look at readings of Coin Anonymisation Event (CAE) checks, you will see that many of the most widely used tumblers can still be deciphered.
In many of these cases, the checks will confirm that the probability of determining the origin address from a receiving address is as high as 95%.
Why is this so easy? Well, this simply comes down to technique called “Clustering analysis”.
Companies such as Chainalysis and Bitfury have developed advanced algorithms that are able to identify addresses that are related to each other with a high degree of accuracy.
They are also able to use these techniques to neuter the effectiveness of the mixing algorithms. This, in fact, places you in a more precarious position as not only have you being identified but you have also being identified to have used a mixer.
The BestMixer Solution
Bitcoin mixer Bestmixer.io is approaching cryptocurrency tumbling in a new way.
When you send your funds to Bestmixer, they will mix them with a large collection of anonymous cryptocurrency that is held in a special reserve account. The coins that are paid out into your recipient address are hence also anonymous. This is viewed in the below image.
Unlike other mixers, they use a unique mixing algorithm. They will send a random split of 0.1% of the intended funds to a multiple number of client wallets. Moreover, they will not send all of these transactions at the same time and they will use custom service fees.
What BestMixer is in effect doing is eliminating all of the tell-tale signs that a collection of wallets could be tied to mixing. They have developed an algorithm that has a large degree of randomness.
So, in effect, instead of having “pseudo-anonymity”, you will have absolute anonymity.
They also offer you the option to receive your funds in up to 10 different addresses. This means that you can further spread the coins out and make the outputs more random.
Other BestMixer Features
Apart from the mixing technology, there are a number of other features that could interest you.
For example, apart from having an SSL encrypted clear net website, they also have a .onion version of their site which can be accessed via Tor. This could be beneficial for those users who are extra cautious about privacy.
BestMixer.io is also a multicurrency mixer. This means that they will not only be mixing Bitcoin but they will also mix your Litecoin and Bitcoin cash should you wish. They will also be launching an Ethereum mixer in due course.
If you are a developer and would like to take advantage of the technology behind Bestmixer then you can also make use of their API. BestMixer.io offers this service for no cost.
If you were slightly uncertain about using BestMixer.io, then you can ask for a “Letter of Guarantee”. This is basically a digitally signed confirmation to verify that the address was generated by the BestMixer servers and not a malicious actor.
However, one of the most important things about them appears to be their ease of use. The website is available in a range of different languages and is intuitive. You can see the status of your mixing live. They also offer support 24/7 which is a helpful touch.
Below are some other interesting details about BestMixer:
- Minimums: 0.005BTC, 0.005LTC, 0.005BCH
- Fee: 0.5% of Amount
- P2PKH Support: New Bitcoin Cash Address Format
- Advanced Security: SSL encrypted with no client data stored
If there is one thing that is clear, it is your current Bitcoin transactions.
Blockchain technology was revolutionary precisely because of its transparency. No one can manipulate the immutable ledger that is open for all to see. While this is great for decentralisation, it does havoc for private transactions.
As cryptocurrencies and blockchain technology is advancing, so are the tools that were designed to study them. If you really want to make sure that your crypto payments are private, you either have to use a privacy coin or resort to a mixing service.
The BestMixer is one of the better services that we have found. They appear quite transparent and their product is technologically refined. Of course, you should do your own research to make sure that you are comfortable.
It is also essential that you follow best practices for personal security and mixing. Make sure that you are on the lookout for phishing scams and always ask for a letter of guarantee.
Featured Image via BestMixer.io