Categories Finance

The purpose of using mixing service

Cryptocurrencies and other blockchain technologies are being actively introduced into various spheres of life nowadays. In particular, speculators earn on digital coins, they are used for online purchases, money transactions, etc. Although bitcoin is considered anonymous, it stores information about past transactions, to whom and where the coins were transferred, and anyone can track you.

Thanks to innovative technologies it has become possible to decrypt all the links in the blockchain of most cryptocurrencies. Therefore, experts have developed a new type of service, a mixing service, through which you can get rid of personal data before a transaction or conversion. A good example of such a service is .

How does it work?

The principle of operation is simple – the site accepts the cryptocurrency of many people, then uses algorithms to blend and send bitcoins to different wallets. Once the mixing is complete, the coins will be sent back considering the service fee. This fee usually depends on several factors, including the number of mixes as well as the number of coins that were sent. If the toggle switch succeeds, then the coins cannot be associated with you.

The preferences of the service are:

  • This service charges a periodic commission from 0.8 to 3%, which the user can set independently during the exchange process. All incoming bitcoins are assigned a unique label and the user will never get their bitcoins back;
  • Bitmix allows mixing operation over the public Internet, but mixing without anonymous transfer of data significantly increases the risk of disclosing user information. It does not require registration and identity verification;
  • The history of bitcoin transactions will be removed after two days. The randomization function makes it difficult to analyze the blockchain several times;
  • The user can select multiple addresses for the recipient of cleared cryptocurrencies, which also increases anonymity.