A huge proportion of individuals that transact using cryptocurrencies do so without disguising or obscuring their transactions. This horrifying fact should not come as a surprise because these individuals are under the illusions that crypto transactions are secure, private, and anonymous! If anything, this premise is the first idea of cryptocurrencies that they were sold and they took it running.
The truth, however, is that cryptocurrency transactions are just as vulnerable to infiltration as are fiat currency deals done via banks and credit cards. The good news is that the cryptocurrency space gives you solutions such as crypto mixers that make such transactions wholly anonymous and completely private: The fiat currency space does not!
Safety in the Cryptocurrency Transactions Space
Ever since the launch of Bitcoin in 2009, the online transaction environment has changed substantially. Granted, a lot many people still transact using the combination of Visa cards and e-commerce sites but the proportion of people that now use cryptocurrencies for such transactions has grown several folds.
Such growth has two implications; a lot more value or wealth is flowing through space, and even more, people now look at the transactions with interest. The first bit of this statement is okay. The second bit, however, is worrying.
An increased amount of interest in the transaction undertaken in the cryptocurrency space could come from anywhere. In most instances, the chances that the interest may emanate from individuals with questionable intentions are always overwhelming.
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The Dangerous Scenarios of Dealing in Crypto While Undisguised
The last decade has seen a lot more people migrate to the cryptocurrency space. The ease of making payments online using this payment method as well as the convenience of transferring value makes cryptocurrencies unrivalled. This growing popularity, however, has come with increased risks. Take the following scenarios, for instance.
Transferring Value to Relatives and Friends
Cryptocurrency enthusiasts like the fact that digital cash allows them to transfer value between themselves without invoking a third-party. What many of these individuals do not know, however, is that their recipients, using the Blockchain, can decipher not just the amount sent and the amount remaining in the sender’s cryptocurrency wallet but also the history of transactions in the said wallets.
Private information such as the balance in a wallet as well as transaction history is invaluable information in the hands of a person with ill motives.
Shopping or Paying for Services Online Privately
If you have heard of darknet shopping sites such as Agora and Silk Road, then you know just how important private transactions are. Buying goods and services from the sites mentioned above may attract unnecessary scrutiny. You see, they are embedded on the darknet for a reason; not everything they hawk is legal!
A huge chunk of people would want to complete transactions online without necessarily attracting a trail of unnecessary marketing material and literature after completing the transactions.
However, when you use conventional payment methods, you are prompted to provide certain information such as email addresses and even physical addresses, especially if the provider offers to do door-to-door delivery.
Shopping online without the help of tumbling Bitcoins in a crypto mixer compromises your privacy and exposes you to scrutiny. Businesses get the liberty to include you in their annoying sales campaigns. Crooks, too, get information they can use to mark you as a target for phishing.
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Hiding Huge Balances
Take the case of an entrepreneur who does business in the cryptocurrency space. If such a person prefers to pay his workers in cryptocurrency, he or she derives several benefits. First, such transactions are cheap. Second, they are fast. Lastly, the entrepreneur does not require to use an intermediary like a bank or any payment processing platform.
However, doing such transactions also leaves you vulnerable and trades away your privacy for a dime. You see, cryptocurrency transactions are open for everyone to see as long as you can access the public ledger upon which they are permanently embedded. And, accessing the records is as easy as clicking the transaction code from the sender.
If, for instance, you have recipients that harbor ill intentions, then the information they unearth can be detrimental to your business. They can either share it with hackers that then target you, or they can themselves hack your crypto reserves.
Many people have been targets by making payments without clouding their addresses. Some have even lost their lives following botched kidnap attempts.
Investing Anonymously
The past three or four years have revealed to the world what the cryptocurrency space is; an investment environment with little boundaries, if any. Unfortunately,
there are governments and jurisdictions that are indifferent to the idea of investing in this space.
The pseudo-anonymous nature of cryptocurrencies threatens central banks. A few of these have banned certain activities that are related to cryptocurrencies. India, for instance, banned cryptocurrency trading until just recently.
China, the leading destination for cryptocurrency mining, frowns upon individuals that undertake cryptocurrency trading. This fact probably is the single biggest irony in the space.
The restrictions, however, should not deter you from holding crypto or participating in the activities that these administrations, whatever their reasons are, from participating in any beneficial venture in the blockchain and cryptocurrency environment. All you need is the services of the best Bitcoin mixer available.
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The Process of Obscuring Transactions
The internet has several proven and reliable crypto mixers. Any of these offer users an opportunity to obscure their transactions and go about transacting online without the fear of detection or being trailed.
The best Bitcoin mixer, however, has to have certain qualities. First, it needs to be anonymous, that is, it should not keep logs of transactions for an unnecessarily long period. Second, it should be smart. This feature means that the crypto mixer should not insist on unnecessary information from users.
Importantly, a Bitcoin tumbler should be easy to use, have straightforward procedures and use only convenient payment methods.
It should be reliable and where possible, incorporate additional privacy features such as the use of private browsers such as TOR. A good number of such crypto mixers available online.
The process or procedure of mixing cryptocurrencies using these crypto mixers involve the following:
- The user navigating to the crypto mixer.
- Enter the chosen discreet cryptocurrency address where the mixed coins shall be sent.
- Choose the mixing preferences including the wait time and amount of commission.
- Receive untraceable coins in the designated discreet cryptocurrency address.
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Auxiliary Uses of Crypto Mixers This far, crypto mixers have stood out as reliable means of trading or transacting online both safely and privately.
If you transact in cryptocurrency and have coins stored externally, for instance, you can withdraw these in the form of fiat using a crypto mixer. The whole procedure can be reviewed here.
