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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.
Is it possible to protect your privacy and make your BTC transactions private?
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.
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
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
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.
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.
Find more information about it and how it works here in the FAQ section.
Why should I use a BTC mixer service?
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.
For more information about Bitmix.Biz visit:
TOR (Recommended): http://bitmixbizymuphkc.onion
Find other guides
- What is 2FA?
- Crypto volatility explained
- Best open source crypto wallets
- Dollar Cost Averaging explained
Hello and welcome to Go Cryptowise.
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.
NextGen Blockchain Platforms Self-Organize to Win Government Contracts
Over the past year, blockchain development communities have turned their attention towards winning government contracts.
Washington, DC. There is a huge opportunity presented by increased government spending on blockchain projects. According to Bloomberg Government BGOV200 Report, federal government spending reached $597 Billion in 2019. However, since new businesses face barriers gaining direct access to government contracts, many have joined the Government Blockchain Association (GBA) to introduce their cutting-edge blockchain platforms to the public sector.
Traditionally government program managers choose to work with the same few legacy companies. For example, there are currently over 4.1 million US Federal government contractors but of the $597 billion in prime contracts awarded in FY19, the top 10 government contractors received $173.4 billion according to Bloomberg Government. However, the COVID-19 Global Pandemic was a catalyst that necessitated governments from around the world look at bold and innovative new ways to solve problems from a more diverse community.
In March of 2020 the US Department of Health and Human Services hosted a virtual Pandemic Response Hackathon. This hackathon idea completely changed the former process of government acquisitions. The slow pattern of the past was rewritten to adopt to the chaos, uncertainty, and urgency of COVID. Government contracts went from a centralized channel to open and decentralized solutions coming in from completely new sources. A new way of doing business was introduced to the world stage, and in November 2020 the Indian Ministry of Electronics and Information Technology (MeitY), National Informatics Centre (NIC) held their own up a GovTech Hackathon. Throughout 2020, countless examples of crowdsourcing solutions contested the traditional procurement processes.
Along with new paradigms in acquisitions, 2020 brought explosive growth of decentralized development communities and platforms. Decentralized communities operate on independently run servers, rather than on a centralized server owned by a business. Initially, most blockchain solutions were private-permissioned blockchains dominated by a single vendor. One of the most popular government blockchain solutions is Hyperledger Fabric. Though it is technically an open-source project, almost 80% of software changes to Hyperledger Fabric came from IBM, demonstrating an ongoing dependence on IBM to maintain the code.
Lately, next gen blockchain solution providers have been self-organizing into working groups and communities to compete in the contracts space. The largest and most engaged of these decentralized communities is the Government Blockchain Association, with members in over 500 Government Offices, thousands of public and private sector members in 120 Chapters, and more than 50 Working Groups, and 25 Communities of Interests. They also host regular online and in-person events to introduce blockchain solution providers to government officials, promoting this new diverse community.
Some of these next gen blockchain leaders include:
- DragonChain – DragonChain is an enterprise and start-up-ready platform to build flexible and scalable blockchain applications. It has business-ready applications and developer-friendly integrations that support many applications including learning management systems, decentralized identity, and anti-fraud and compliance solutions.
- NEM – A community that has developed two blockchains. They are NEM NIS1 and Symbol. NEM NIS1 is the original blockchain offering from NEM, created by the community, and optimized to be a developer’s sandbox. With zero downtime or major outages since 2015, NIS1 is the blockchain you can trust for all your project needs. Symbol is the next-generation enterprise-grade blockchain solution from NEM, purpose-built to help businesses cut costs, reduce complexities, and streamline innovation. With major upgrades in flexibility, security, speed and ease of use, the Symbol platform is the best-in-class blockchain enterprise solution.
- Simba Chain – SIMBA Chain is a cloud-based, blockchain-as-a-service (BaaS) platform, enabling users across a variety of skill sets to implement decentralized applications (dapps). These apps allow secure, direct connections between users and providers, eliminating third parties. The easy-to-use platform is tailored for users, developers, government, and enterprises to quickly deploy blockchain dapps for iOS, Android, and the web.
- TON Labs – TON Labs is the core developer of Free TON, comprised of a decentralized team focused on developing the infrastructure and free software for TON OS. TON OS is a full-fledged, vertically integrated technology stack that helps developers work easily with the blockchain and makes it simple and intuitive for users.
Decentralized blockchain projects include the Government Business Blockchain Platform (GBBP). This multi-blockchain platform allows solutions built on any blockchain to connect and become available to governments around the world. Sub-set eco-systems include Emergency Management, Healthcare Delivery, and Citizen Services. Blockchain applications can interconnect on the GBBP, providing identity management, logistics, asset management, payments, and many other blockchain services.
These examples demonstrate how blockchain providers are working together, self-organizing into decentralized entities to build public-facing blockchain solutions. GBA groups regularly host online meetings to discuss their projects. Anyone interested in joining the discussion can find out more on the GBA Events Calendar or Events List. Later this year the GBA will be bringing World-Class Leaders to Washington, DC for Government Blockchain Week on Sept 27 to Oct 1, 2021.
Robinhood Reports 6 Million New Crypto Traders in 2021
In a blog post on Feb. 26 titled “Crypto goes mainstream” the retail trading app revealed that it had seen six million new customers on Robinhood Crypto so far this year.
The number of new monthly customers buying from its crypto platform in 2021 is 15 times the 2020 average.
“By comparison, this number peaked at 401,000 in a single month last year, with a monthly average of about 200,000 customers trading on Robinhood Crypto for the first time during 2020.”
Robinhood, which had to halt trading in late January due to overwhelming demand, offers just seven tradeable crypto assets; Bitcoin, Bitcoin Cash, Bitcoin SV, Dogecoin, Ethereum, Ethereum Classic, and Litecoin.
There are no trading size limits though it added that the average transaction size is around $500. The chart provided indicates that the average trade was around half of that at $200 to $250 for the previous year.
First-time buyer? Long-term #HODLer? 🚀 This year, six million of you used Robinhood Crypto for the first time to buy and sell #crypto. We fully intend to provide the ability to deposit and withdraw cryptocurrencies.💥 Learn more: https://t.co/8VQhKtWB32 pic.twitter.com/rwsVdlNIg3
— Robinhood (@RobinhoodApp) February 25, 2021
Retail Traders Surging
The app offers an intuitive user interface and educational articles that explain cryptocurrencies. It is targeted at newbies that may not have the technical knowledge to operate more advanced trading platforms.
It also offers zero-fee trading, but makes money on spreads between makers and takers.
The report reinforces the premise that retail has arrived after months of steady institutional investment which has pushed many high cap crypto assets including Bitcoin and Ethereum to their highest ever prices.
“The numbers are clear: 2021 has started with a crypto bang.”
In a Feb. 18 note from company CEO and co-founder, Vlad Tenev, it was revealed that the total value of customer assets on Robinhood (for all markets) exceeds the net amount of money they have deposited by over $35 billion. He added;
“While markets fluctuate, this tells me that our business model is working for everyday Americans.”
Crypto Correction Deepens
The Robinhood numbers are bullish for overall sentiment, but the crypto correction is deepening and March is usually a bearish month for markets.
Since its all-time high of $1.78 trillion on Feb. 22, total market capitalization has declined by 18% to $1.46 trillion today according to Coingecko.
Bitcoin has been leading the drop as usual with an 18.7% fall from its $58k peak last weekend to just over $47k at the time of press. Meanwhile, Ethereum has been hit even harder, retreating 27% from its ATH of over $2k to below $1,500.
Another 30% correction could be on the cards, echoing the one that occurred in early January when Bitcoin prices dropped below $30k before recovering to a new high. The bigger picture still paints a bull market.
Kraken Daily Market Report for February 25 2021
- Total spot trading volume at $1.86 billion, near the 30-day average of $2.08 billion.
- Total futures notional at $780.0 million.
- The top five traded coins were, respectively, Bitcoin, Ethereum, Tether, Cardano, and Polkadot.
- Strong returns from Lisk (+16%), Litecoin (+11%), Synthetix (+12%), Kyber Network (+11%), and Kava (+11%).
|February 25, 2021
$1.86B traded across all markets today
Crypto, EUR, USD, JPY, CAD, GBP, CHF, AUD
#####################. Trading Volume by Asset. ##########################################
Trading Volume by Asset
The figures below break down the trading volume of the largest, mid-size, and smallest assets. Cryptos are in purple, fiats are in blue. For each asset, the chart contains the daily trading volume in USD, and the percentage of the total trading volume. The percentages for fiats and cryptos are treated separately, so that they both add up to 100%.
Figure 1: Largest trading assets: trading volume (measured in USD) and its percentage of the total trading volume (February 25 2021)
Figure 2: Mid-size trading assets: (measured in USD) (February 25 2021)
Figure 3: Smallest trading assets: (measured in USD) (February 25 2021)
#####################. Spread %. ##########################################
Spread percentage is the width of the bid/ask spread divided by the bid/ask midpoint. The values are generated by taking the median spread percentage over each minute, then the average of the medians over the day.
Figure 4: Average spread % by pair (February 25 2021)
#########. Returns and Volume ############################################
Returns and Volume
Figure 5: Returns of the four highest volume pairs (February 25 2021)
Figure 6: Volume of the major currencies and an average line that fits the data to a sinusoidal curve to show the daily volume highs and lows (February 25 2021)
###########. Daily Returns. #################################################
Daily Returns %
Figure 7: Returns over USD and XBT. Relative volume and return size is indicated by the size of the font. (February 25 2021)
###########. Disclaimer #################################################
The values generated in this report are from public market data distributed from Kraken WebSockets api. The total volumes and returns are calculated over the reporting day using UTC time.
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