Protecting our privacies, and keeping our Bitcoin transactions and wallets private is a highly desired feature. Bitcoin is by default not anonymous. Did you know that every transaction on the Bitcoin network is broadcasted to a public ledger. And this ledger visible for anyone to inspect and also trace. If you know the wallet address […]
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Protecting our privacies, and keeping our Bitcoin transactions and wallets private is a highly desired feature.
Bitcoin is by default not anonymous. Did you know that every transaction on the Bitcoin network is broadcasted to a public ledger. And this ledger visible for anyone to inspect and also trace.
If you know the wallet address of someone you can then easily trace all their previous transactions and find out who they are transacting with. You could potentially even find their exchange wallet addresses.
This is of serious concerns for people that demand privacy and that wants to both transact confidently, but also keep their BTC wallets hidden from others.
Yes, through a Bitcoin mixer service this is possible. And one of the popular alternatives on the market for this is bitmix.biz.
To shed some light on how this exactly work, and to answer common concerns that newcomers might have, is Bitmix.biz legit? And is it safe to use? I decided to try this service out.
About BitMix.Biz
What BitMix.Biz and other mixer services do is perhaps not too hard to guess if you go by the name. They mix your coins together with other coins and send you back ‘clean’ coins. That have no previous trace back to you.
Basically a BTC mixer service is a cleaning service, used to remove any traces from your Bitcoins back to you.
Are they legal you might ask? Because it sound a lot like money laundering. Without being able to speak for every country’s view and regulations affecting Bitcoin mixers, they are yet legal in the US and in many other countries.
But we know that they’ve been under the focus from legal discussions, with talks about banning them in the US (read more). But nothing has yet come of those discussions.
This is how BitMix.Biz work
So you would send your Bitcoins (or another cryptocurrency) to a given address by the mixing service. And then they would do their part, and later on you would receive back your coins ‘cleaned’, less the fees.
You need to provide the mixing service with a fresh BTC address, that has no trace back to you for this to work of course.
But that is the overall process of how it works.
Is it foolproof? I am not a analyst, nor experienced enough in tracing data and transactions to make that call. If enough resources and time maybe even the best of mixing services would fall short.
But yes, mixing services work and they can make what is otherwise public data and transactions private.
You can also use the private Tor browser that makes your entire browser sessions impossible to trace in combination with a mixing service. This will further help to protect your privacy online.
If you are concerned about what data and information they store about you, then you can rest assure that all logs from you using the service is deleted within 72 hours.
Step by step guide to using BitMix.Biz
Now I am going to walk you through the service of BitMiz.Biz step by step, I will send some of my own BTC coins to illustrate how it works. And so that you can see for yourself it is safe to use and legit.
The overall process how BitMix.Bix works is:
Fill out the form
Send your BTCs to the given address
Receive back new and clean BTCs
Step 1
First, you go to its website https://bitmix.biz/ and click on the cryptocurrency you want to mix. They have Bitcoin, Litecoin and Dash. I will use Bitcoin in this example.
After that you will see form to fill out.
Here you can/need to enter information such as a destination address (must), which is where you want your coins sent to after they’ve got mixed.
You can add several destination address if you want
And then you can enter a unique code, this is if you’ve used this service before. This way BitMix.Biz can make sure you don’t receive coins that you sent in the past.
You need to then set a delay. This is after how long your coins will sent to you, after they’ve been mixed. It is recommended to go above 1h at least.
Preferably longer than so to maximise your privacy potential.
And then you can also set the service fee used. Between 0.4% and 4%. BitMix.Biz says you get ‘cleaner’ coins the higher fee you set.
Depending on your inputs (delay + service fee) you will see a rating of how private your coins will get. It goes from a red average up to a green ‘best’ rating.
If you are unsure what to put in and you want maximum privacy I recommend you click on Auto adjust button and let BitMix sort it out for you.
When you are ready you click on start mixing
Step 2
Then you will see a complete receipt of your order form, based on what you entered in the last page.
To complete the mixing part from your side you need to send your BTCs to the address provided by BitMix.Biz.
To complete this order you will have 2 days and 23 hours to complete the transaction. Otherwise, your order will fail.
If you entered some information wrong here, then you can cancel your order and start again.
This is how the order form looks like when you’ve started the mixing service.
If you want to use this mixer service again then I recommend that you save the Code given to you. Copy and save that somewhere safe. You can also screenshot this page if you like.
You can also keep this page up after your sent your BTCs, as it will show when the incoming transfers has been detected.
Step 3
Wait for your clean BTC to arrive. This is the last and final step on how to use BitMix.biz.
Depending on the delay you set in the first step, this is how long it will take for your to receive your new BTCs.
If you don’t trust this service yet, then you can request to get a letter of guarantee.
Why would I ever use a mixing service? Isn’t it just something that criminals engage in? Yes I can speculate that such a service would attract people that are trying to hide from the law. But is that the only use case? No I bet it’s not.
As I said earlier all BTC transactions are stored on this public ledger, and that is permanent. If I knew your wallet address I could with the help of a block explorer trace all your previous transactions.
Now, why would that be a problem? For some it’s not, but for others it is. And not for any illegal reasons, but for reasons such as:
They want to protect their privacy, and not have their data and information shared with others
They want to maintain their holdings private. And not flash their BTC portfolio to the world
They want to keep their wallets secret. To avoid hackers and thieves to trace their wallets and holdings
Those are some of the reasons for why ordinary, non-criminals would prefer that their transactions and holdings were kept private.
I mean would you like someone to have access to view your bank account details. How much money you store there? Who you send money to, etc?
Probably not, so why would you want that when it comes to Bitcoin and other cryptocurrencies?
Conclusion – should I use BitMix.biz?
Now, I don’t know your reasons for wanting to use a cryptocurrency mixer service.
But if we are hypothetically speaking about cleaning your BTCs, or other cryptocurrencies for legal reasons then I think BitMiz.biz offers a service that is easy to use and straightforward enough.
I found it to be easy to use, and my transaction came through to my destination address after my desired delay time.
Can I promise that BitMix.biz will work forever? No, of course I can’t. But it did deliver this time for me. As always if you are unsure try sending smaller sums instead of one big transaction.
Another thing that I wasn’t sure of when using this mixing service is what the difference was between average – high – best ratings?
I think they could make that part clearer. And I guess it depends on your need for 100% privacy, or if you could sacrifice lesser privacy for smaller fees?
The smallest fee possible is 0.4% which seems fairly good.
You can use the BitMix.Biz in ten different languages. At the same time, API keys are available so that it can be embedded on your website for your customers.
There is also an affiliate program that allows everyone who wants to receive additional income from referring other users to this service.
My name is Per Englund and I’m a long-term fan and investor of Bitcoin and other cryptocurrencies. I’ve been around the space for a good few years, learning how it all works and to be a part of this engaging community.
Now it’s time for me to share my experience with others. I am also a business and product developer so I know first-hand what it takes to create a successful product, brand and customer experience.
And I am bringing this vision to my writing and how Go CryptoWise work. Connect with me on LinkedIn. Ask me anything on here.
Get in touch with me to find out more about Go CryptoWise and what we care about.
Price of XRP Increases By 17% Bringing Stellar To A New Peak
Rate this post On a typically lazy Sunday, XRP and Stellar are performing impressively. The price of Stellar and XRP are continuously increasing. In the last 24 hours, XRP has increased by 17% to $1.6, its highest price since Monday, and Stellar has risen 18% to $0.7, its highest price ever. The XRP and Stellar Connection Considerably, these two coins are related as Jed McCaleb worked on these two coins. McCaleb was one of the creators of the Ripple protocol, which runs on the XRP cryptocurrency. To focus more on Stellar (XLM), he left Ripple in 2013. Stellar’s payments network is quick, inexpensive, and easy to use, similar to Ripple. XRP is a cryptocurrency based on Ripple’s market capitalization is $57 billion, while the market capitalization of Stellar is $18 billion. Comparatively, Stellar has performed much better than Ripple in the past few weeks. It has increased by 31.9% in the last seven days, while XRP has only increased by 4%. Elon Musk’s economic tweets, in which he slammed Bitcoin as unfriendly to the world, contributed to both companies’ growth. Musk depressed the price of Bitcoin from the mid-$50,000s to $49,000 in a single tweet this week. Why Does Bitcoin Consume Too Much Energy? Both Stellar and XRP use less energy as compared to Bitcoin; to authenticate users, they depend on a small number of blockchains, whereas Bitcoin relies on a large network of power-hungry computers. Other, less environmentally harmful coins have risen in popularity as a result of Musk’s withdrawal of Bitcoin. Hedera Hashgraph has increased by 16.37% to $0.36, Solana has increased by 15% to $47, Cardano has increased by 10% to $2.39, and Algorand has increased by 8% to $1.53. The majority of the above are based on proof-of-stake, a consensus algorithm that allows those who own the most coins to validate transactions.
On a typically lazy Sunday, XRP and Stellar are performing impressively. The price of Stellar and XRP are continuously increasing. In the last 24 hours, XRP has increased by 17% to $1.6, its highest price since Monday, and Stellar has risen 18% to $0.7, its highest price ever.
The XRP and Stellar Connection
Considerably, these two coins are related as Jed McCaleb worked on these two coins. McCaleb was one of the creators of the Ripple protocol, which runs on the XRP cryptocurrency. To focus more on Stellar (XLM), he left Ripple in 2013. Stellar’s payments network is quick, inexpensive, and easy to use, similar to Ripple.
XRP is a cryptocurrency based on Ripple’s market capitalization is $57 billion, while the market capitalization of Stellar is $18 billion.
Comparatively, Stellar has performed much better than Ripple in the past few weeks. It has increased by 31.9% in the last seven days, while XRP has only increased by 4%.
Elon Musk’s economic tweets, in which he slammed Bitcoin as unfriendly to the world, contributed to both companies’ growth. Musk depressed the price of Bitcoin from the mid-$50,000s to $49,000 in a single tweet this week.
Both Stellar and XRP use less energy as compared to Bitcoin; to authenticate users, they depend on a small number of blockchains, whereas Bitcoin relies on a large network of power-hungry computers.
Other, less environmentally harmful coins have risen in popularity as a result of Musk’s withdrawal of Bitcoin. Hedera Hashgraph has increased by 16.37% to $0.36, Solana has increased by 15% to $47, Cardano has increased by 10% to $2.39, and Algorand has increased by 8% to $1.53.
The majority of the above are based on proof-of-stake, a consensus algorithm that allows those who own the most coins to validate transactions.
Binance Coin headed south towards $500-$510 support – a region bolstered by the 50-SMA (yellow). XRP jumped by 16% on strong volumes but its technicals were yet to reflect a strengthening bullish trend. Finally, Dogecoin could see further dips before a rise above $0.569-resistance.
On the 1-day chart, Binance Coin slipped below $600 and its 20-SMA (blue) and headed towards $500-$510 support – an area that clashed with the 50-SMA (yellow). With large-cap alts trading largely in the red after bearish cues from the market leaders, BNB was no exception. Warning signals came in the form of a bearish twin peak setup on Awesome Oscillator.
Furthermore, bearish divergence on RSI indicated weakening prior to BNB’s dip. At the time of writing, RSI traded in neutral 50-territory. On the 4-hour chart, BNB moved below its 200-SMA and although traders could go long at the current price level, a further pullback towards $500 could be on the cards depending on broader market cues.
XRP bashed away multiple bearish signs and jumped by 16% in the last 24 hours. Bullish sentiment may have stemmed from Ripple’s response to the SEC’s request of an informal conference to discuss all legal advice that Ripple has solicited during the past.
A series of successive green candlesticks were spotted on XRP’s daily chart and underscored buying resurgence. According to XRP’s technicals, bulls were yet to fully assert control. MACD was close to a bullish crossover, while RSI headed towards the 60-mark. A break above $1.75-resistance could spur some additional buying, while $1.31-$1.22 would provide support in case of further pullbacks.
Even though Dogecoin was slightly bullish, the price remained below a key resistance level at $0.569. In fact, Squeeze Momentun Indicator noted weakening buying pressure and it seemed unlikely that $0.569 would be toppled over the coming days – barring any social media anomalies. Support marks stood at $0.37 and $0.44.
MACD line remained below the Signal line- underlining recent woes for DOGE. On the lower timeframe, a degree of equilibrium was noted between the buyers and sellers. If this continued over the coming hours, some consolidation can be expected before the next upswing.
Diem, the cryptocurrency project headed by Facebook originally known as Libra, recently announced its plans to launch a stablecoin with its focus scaled back to the United States.
The company stated earlier this year that it would be relocating its primary operations from Switzerland back to the United States, and would withdraw its payment system license application from Switzerland’s financial regulators. “Diem is simplifying its plans for [its] USD stablecoin issuance by shifting its main operations from Switzerland to the United States,” they said.
Stablecoins are digital currencies pegged to a fiat currency, with Tether (USDT) and USD Coin (USDC) being two prominent examples. California-based Silvergate Bank will become the sole issuer of the Diem USD, while also managing its dollar reserves.
1/5 Exciting day @DiemAssociation! We are pleased to announce a partnership with @silvergatebank. @silvergatebank will become the exclusive issuer of the ≋USD stablecoin and will manage the ≋USD reserve.
Diem to Launch Wholly New Subsidiary Diem Networks US Alongside Crypto Bank Silvergate
In a strategic partnership, the two firms have created a new subsidiary called Diem Networks US — which will run the Diem Payment Network (DPN) to facilitate transactions of Diem stablecoins within its network.
“Silvergate is a leader in financial innovation and an ideal partner for Diem as we move forward with a blockchain-based payment system that protects consumers and enhances the integrity of the financial system,” said Stuart Levey, chief executive officer of Diem.
“We are committed to a payment system that is safe for consumers and businesses, makes payments faster and cheaper, and takes advantage of blockchain technology to bring the benefits of the financial system to more people around the world. We look forward to working with Silvergate to realize this shared vision.”
Diem’s strategic shift to the United States comes at a time of a rapidly evolving regulatory environment for cryptocurrencies and blockchain technology.
Some municipalities and states such as Miami and Wisconsin have embraced the recent innovation, whereas regulators such as the newly-appointed SEC Chair Gary Gensler have critiqued the autonomy of the crypto industry.
With crypto ETFs and related financial products under intense scrutiny by the SEC, it remains to be seen whether Diem’s decision to relocate back to the United States will bear any fruit.
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