Mixers have been an important part of the cryptocurrency ecosystem to improve user privacy and erase ties to criminals who have held those BTC before. As the need for privacy continues to be a hot topic of debate, every crypto enthusiast should be well versed with mixers.
Pushing for Privacy
For many cryptocurrency users, privacy is a must have and is not so easily achieved anymore. Exchanges such Coinbase implement pseudo-Draconian policies including reporting the activity of a user to regulators if the coins they sent to the exchange have ever been associated with criminal activity.
Cryptocurrency is driving a stateless economy that transcends borders and governments. The creation of this system can be attributed to Satoshi Nakamoto’s desire to create sound money that is unaffected by monetary policy and the stability of the traditional economy.
However, this is a utopian scenario that involves a great deal of awareness propagation to come close to being realistic. Until then, Bitcoin and decentralized currencies are simply a hedge to the over-levered economies of today.
To facilitate the growth for a privacy-enhanced system, the people have to take back control of their data and establish their own privacy – mixers help do this for economic and financial data.
Bitcoin Mixers and Their Effect on the Ecosystem
Avoiding misuse of personal data is one thing and having a company report the transaction history of your address, and all corresponding addresses that have sent money to it, is a gross violation of personal liberty.
While it’s easy to sympathize with regulators for doing this considering the number of crypto scams that take place; Bitcoin is transparent money that can be used by anyone for any purpose.
If someone bought drugs on the deep web with BTC, and the person who sold them the drugs used the BTC to buy a car, and the person who sold the car then deposits their BTC on Coinbase, they will be flagged to regulators. Unfair scenarios like this make mixers an important part of the ecosystem. Because while they do protect criminals, they also protect average citizens from the regulators who abuse their power.
Mixers are being targeted by regulators worldwide so it’s important for users to ensure they use a mixer that doesn’t store their personal data or any transaction history to make it near impossible for anyone to find out who used the service.
There is staunch criticism for such services from regulators and other industry participants, but since regulators themselves do not want to be reasonable in hearing out explanations, people are left with no choice but to shield their individual liberties.
Why Use BitcoinMix?
BitcoinMix has many added advantages to other mixing services that make it a great platform to use. For starters, the service is completely automated to increase efficiency and create a better experience for users. Email ID’s, transaction histories, and other personal data are not stored by the company, although they do store data for transactions that are being processed and not completed yet. This allows them to keep an eye on unconfirmed transactions and help users who raise queries with them about the same.
Using a mainstream mixer like CoinJoin has a lot of privacy benefits, especially if it’s used with Samourai. One huge drawback is that the minimum amount is 0.1 BTC, which is $1050 at the time of writing. In comparison, BitcoinMix requires a minimum of only 0.02 BTC, which is $205 at the time of writing.
These advantages make it an ideal platform for beginners and those are who not tech savvy. BitcoinMix also has an affiliate program that allows users who refer their friends to earn 50-65 percent of the total commission.
To summarize: no personal data stored, no transaction logs, five times lower minimum mixing amount relative to CoinJoin, and easy to use UI.
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