Bitcoin and Ethereum remain the two highest-valued cryptocurrencies by market cap. Despite their popularity and differences, they also have a crucial flaw in common. Neither of these currencies provides either anonymity or privacy. To achieve that goal, users often need to rely on third-party services. BitcoinMix has users covered, as this long-standing service lets users secure their identity at all times.
Pseudonymity isn’t Privacy
Both Bitocin and Ethereum have often been called anonymous, albeit they are only pseudonymous. Although no personal information is shared when making a transaction, it is still possible to identify the owner of a specific wallet address. This can be done through blockchain analysis, or by simply following the money trail. Bitcoin and Ethereum both have transparent blockchains where money flows can be followed by anyone in real-time. Users do not even need specific software to do so either.
Because of this lack of financial privacy, users have been flocking to a variety of solutions. Some enthusiasts venture into anonymous altcoins such as Monero, Dash, or ZCash. Other users prefer to dabble in Bitcoin and Ethereum, which requires them to use mixing services to keep their identity secure. Numerous mixing service providers have come and gone over the years. BitcoinMix is one of the few remaining bastions. This service has been around since 2015 and continues to grow and evolve as time progresses.
The Success of BitcoinMix
A cryptocurrency mixer is a service that allows users to shuffle their Bitcoin using algorithms and different wallet addresses. Most service providers in this space will only provide this solution for Bitcoin itself. BitcoinMix started out the same way, as the demand for mixing Bitcoin has always been present to some degree. In recent times, the company decided to expand its offering. Users can now shuffle their Ethereum balance to attain optimal financial privacy.
Any cryptocurrency mixer will stand or fall based on how it operates. BitcoinMix prides itself on a few key aspects. First of all, they will not store any logs. Any incoming and outgoing transactions simply occur, with no further information being stored by the team itself. If a government organization or tax revenue agency would ask about specific transactions, Bitcoinmix will not be able to help. Offering users proper anonymity is the primary objective for this team. The secondary purpose is how not logging this information cuts down on overall system storage costs.
Secondly, the team is not interested in collecting personal data or email addresses. Although users can submit their information through the contact form, all relevant information will be deleted after 24 hours. This adds another layer of privacy of anonymity for users looking to shuffle their Bitcoin and Ethereum balances. Last but not least, BitcoinMix is a fully automated service. Once a transaction is shuffled, all information related to these transactions is removed automatically without requiring human intervention.
Random Commission Rates
Using a service provider which will shuffle one’s Bitcoin or Ethereum balance is not free of charge. In the case of BitcoinMix, clients will pay a commission that ranges between 2% and 5% per transaction. This is in line with how much most service providers in this particular industry charge. It is a fair price to pay for those who want to attain financial privacy and anonymity in this day and age.