Absolutely everyone knows what a cryptocurrency is. But not everyone has heard of the Bitcoin mixer. These are resources located on the Internet, designed to erase the traces of transactions performed with cryptocurrency, in particular, with bitcoin.
They allow crypto holders not to draw attention to digital money activities.
The very first official site offering services of this kind was ChipMixer, which disappeared relatively recently, but other official resources have come in its place, which this article will talk about.
Many ordinary people naively assume that it is not possible to track all transactions carried out with cryptocurrency, which is completely wrong. It’s just an imaginary anonymity.
The main purpose of a bitcoin mixer (or bitcoin tumbler) is to create anonymity for persons receiving or transferring cryptocurrencies from account to account. Such sites perform only legal transactions. Their principle of operation is to collect a certain amount from several users and break it into parts. The operation is carried out anonymously, breaking the link to the identity of the owner. Then, the funds, minus the commission, are returned to the holders.
How Bitcoin Mixers Work: What You Need to Know
A crypto mixer is a website or application that helps users cover their tracks when conducting crypto transactions. It should be noted that these resources do not commit illegal actions. They work according to the following principle:
- deposits of several users who agree to take part in this event are summed up;
- the amount received is divided into small parts;
- mixing the received parts in a random way (this is the mixing process);
- return to the account of the owner of the amount minus the commission for the service provided.
The returned funds are the result of mixing parts of the amounts of different users who are unfamiliar with each other. It turns out that the crypt is not tied to a specific user and it is not possible to track all the particles.
Bitcoin tumblers gained wide popularity very quickly, as clever dealers began to launder money through this service, but the developers of the program are purposefully fighting this phenomenon. The bulk of users are businessmen who want to protect their funds from theft by intruders.