For years we suspected it would come one day, and one day it did. It was named “Chainalysis,” a method of destroying the fungibility of bitcoins by tying them to what their owners do with them. Long before anyone knew what Chainalysis was, people knew that the blockchain was only pseudononymous. They knew there would need to be a way to obfuscate transactions even further, and thus the earliest “mixing services” were created. One such service, who is the subject of this article today, is called BitMix.biz, and they managed to help over $200,000 worth of bitcoins traverse the blockchain without leaving a trail.
Legal Benefits
The concept of a mixing service is simple – you send your coins to the service, and you get back a slightly less amount of coins which have a completely unrecognizable origin from the original coins. While other currencies have come along in the meantime which claim they can do all this and more by default, the simple fact of the matter is that Bitcoin is still king, and as long as it’s king, it needs to be clean and usable.
Privacy Benefits
Even if you’re not concerned about the provenance of your bitcoins, you may still be concerned about the privacy of the coin. The rapid appreciation in the Bitcoin price over the past couple of years has meant that a lot of people found themselves suddenly far wealthier than they expected to be. We can assume that most of these people lead peaceful, law-abiding lives, but there’s no better way to become the target of a financially-motivated crime than for it to be very obvious how much you have and where it is stored.
The BitMix Option
There are many mixing services around, but not all of them are either 1) legitimate or 2) affordable. When considering such services, we have to consider the fee they take, the speed with which they deliver the coins, and other things which affect our experience.
Auto-Mixing Wallet & Other Features
In BitMix.biz, we find a service which has a highly-competitive fees as low as 0.8% on transactions, a wallet which automatically mixes coins in the same way that Dash’s core wallet does, a referral program, TOR access, and an API for developers looking to do more with their technology.
BitMix also recently created a Telegram bot for mixing services, as seen below.
BitMix plus the added privacy of Telegram, combined with something like a paper wallet for the coins to arrive to, must certainly give Chainalysis a run for its money. As you can see, you’re able to add in multiple input addresses when putting together a mix. For advanced users, Coinb.in’s functionality for manually generating transactions may come in handy for funding an initial BitMix wallet.
Whether you’re a beginning Bitcoin user or a long-term hodler, Bitmix.biz is definitely a service to consider when you’re worried about the privacy or legality of what composes your Bitcoin wallet.
