Many users do not go into technical details of Bitcoin’s blockchain. However, they have heard about the confidentiality and transparency of its operation. At the same time, without thinking one actually excludes the other.
To clarify, while Bitcoin’s blockchain is inherently transparent with every transaction being public and verifiable, achieving user anonymity requires the use of additional tools and services like bitcoin tumbler Tumbler.io.
Various programs, tools and services can deanonymize transaction participants in blockchain. Today, a huge number of companies are analyzing the blockchain. These include Chainalysis, Elliptic and others.
To achieve anonymity, users have to use various services, specifically coin mixer. They mix tokens, erasing UTXO traces, thereby breaking the link between the transaction and the sender’s address. Bitcoin tumbler are found in two types: centralized and decentralized. The latter use CoinJoin technology.
- Who is useful to mixing tools
Despite the fact that Bitcoin appeared in 2009, many Internet users are still convinced that the first cryptocurrency is popular exclusively among attackers. In reality, millions of ordinary people use it in everyday life to remain anonymous online.
In 2019, Chainalysis conducted a study that states that bitcoin mixers use ordinary users who value their own privacy and do not want to disclose the details of their operations.
They are convinced that this can hide from the eyes of attackers who are interested in the possibility of theft of their funds. Also, companies often use anonymous cryptocurrency to make international payments with a lower commission.
In addition, the service analysts were able to find out that only 8% of the coins used in the mixers were stolen. Only three percent of the total turnover were bitcoins, which were used for transactions on darknet platforms. Over 40% of the coins were obtained from the wallets of anonymous cryptocurrency exchanges. In 2020, Elliptic conducted a similar study. The results became not just the same. They showed that the use of cryptocurrency tumbler for criminal purposes has significantly decreased. The indicator fell strongly.
- The work of centralized Bitcoin mixers
Classic crypto mixers or centralized mix coins from all participants before distributing them to the specified addresses. At the same time, if there are many users, then it becomes incredibly difficult to tie transactions.
However, it is quite possible. Therefore, traditional crypto mixers have developed a number of tools to minimize the risk of tracking the sender of the transaction from the transaction service.
It is worth noting that it is crucial for users to select a trustworthy cryptocurrency tumbler to safeguard their funds. The problem is that there are scammers who may pretend to be a similar service, collect bitcoins and not return them to users. The second problem is that some crypto mixers collect user data and can transmit it, violating the confidentiality of the provision of services.
Tumbler.io is a bitcoin tumbler, offering three levels of user protection and privacy. Provides a huge selection of transaction protection mechanisms from analysts and identifying the connection of the sender and further recipient.
- The work of decentralized crypto mixers
Unlike centralized ones, where the Unified Center controls everyone, these crypto mixers do not have a central manager. They work using CoinJoin technology, which is also aimed at ensuring anonymity.
Usually, in order to send a transaction with bitcoins, it is necessary to indicate the entrances (senders) and outputs (recipients). The user needg the outputs to which bitcoins will be directed in the future. In this case, each entrance must be signed by a private key.
When using CoinJoin, users can combine their entrances into one common transaction. As a result, even the coin mixer operator cannot determine which of the participants owns the release of one or another part of the transaction. In addition, the operator will also not be able to leave bitcoins for himself, since for the transaction, all participants are required to sign the entrance with a private key. After that, it is impossible to make changes to the operation, otherwise the blockchain system recognizes it invalid.
Bitcoin tumbler Tumbler.io stands out by offering superior security measures, user protection mechanisms, and advanced tools for obscuring transaction details, setting it apart from decentralized options.
- Is CoinJoin able to become a full replacement for centralized crypto mixers?
The plus of CoinJoin is that you control the process, since without your signature the operation will not be continued. However, this is a minus. Not only do you need to find a sufficient number of participants to conduct a common transaction, but still wait for confirmation from them.
Moreover, CoinJoin is subject to an attack type Sybil, in which one attacker may have control over most of the addresses. In this case, it can make the necessary adjustments to claim all the bitcoins.
CoinJoin, despite its appeal, cannot reach the same level with traditional crypto mixers. They offer enhanced transaction protection functionality and more advanced tools to prevent tracking.
In the context of safeguarding funds and ensuring anonymity, bitcoin tumbler Tumbler.io rise to the occasion, providing robust security measures and user protection mechanisms that are unparalleled in the industry.
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