The growth in popularity of cryptocurrencies was promoted mainly by their nature that deliberately circumvents central banks’ overview. In fact, and primarily because of this characteristic, most earlier day literature and conversations touted cryptocurrencies as anonymous. But, what is the way forward if anonymity is out of questions, can a cryptocurrency mixer help?
Confirmations from the official Bitcoin website did show that Bitcoin is only pseudonymous and not anonymous. This should have been common knowledge, considering that all cryptocurrency transactions are recorded in a public ledger. Most earlier adopters chose not to see the almighty crypto as nothing else but wholly private. Probably because the premise of anonymity was too good to question.
In the case of Bitcoin, the public records mentioned above mean that anyone that has the right information (Bitcoin wallet address) can scrutinize your transactions, find out your balance and see every transaction you undertake. With further information such as a home address and name, the person can associate the crypto wallet with you, and target you for phishing.
Earlier Privacy Solutions
The conversations around Bitcoin transactions candidly highlighted the pseudonymous nature of the cryptocurrency. Further, these conversations suggested a few ways of heightening privacy when transacting in Bitcoin. A few of these measures that the earlier talks mentioned included:
- Using new addresses when making payments
- Practicing caution when transacting with the public using Bitcoin
- Protecting your IP address from clogging
- Using cryptocurrency mixing services
Of the four precautions provided, cryptocurrency mixing seems the most logical since it works more effectively. However, it also has a cloud of doubt over it since it has not been spared by the online scammers.
Every service online with a real demand has attracted unscrupulous individuals whose only intention is to scam people that need the referred services. However, despite such fraudsters, there are a number of genuine cryptocurrency mixing services online. This review looks at SmartMixer, one of the genuine platforms.
SmartMixer Cryptocurrency Mixer Defined
The SmartMixer platform is a tumbler, which means helps online operators make their transactions anonymous and a lot harder to track. It serves the needs of people who wish to increase their levels of anonymity and privacy whenever they are transacting online using cryptocurrencies.
How the SmartMixer Cryptocurrency Mixer Works
The tumbler has a pool full of cryptocurrencies. Some of these are the platform’s while others come from users. An individual that wants to obscure his or her cryptocurrency transactions starts by sending money into these pools. He or she then programs the platform by selecting the commission to pay for the mixing service as well as the delay duration. The service advises on longer delay times and reasonably large commissions for better mixing and heightened privacy.
Why the SmartMixer Makes Sense in Modern-Day Transactions (Practical Use Cases)
The importance of Bitcoin as a means of sending or receiving payment has increased over the past decade. It is more sensible and economical for making donations, P2P payments, gaming, and online purchases, especially because the transaction costs associated with it are considerably lower.
A mixer allows you to undertake the kind of transactions highlighted above while leaving no trail. In essence, the service dissociates your cryptocurrency wallet from that of the recipient. When you use the SmartMixer, whoever checks your transactions will only see that you sent out crypto. They are not able to follow the trail of the transaction or ascertain who it went to.
Because of this innovative characteristic, the SmartMixer can serve the following purposes:
- Enhance privacy when sending and receiving money
- Sanitize online purchases of both goods and services
- Help cryptocurrency enthusiasts to hold altcoins when residing in countries that have retrogressive regimes or dictatorships.
The use cases mentioned here above are standard for almost all the cryptocurrency tumblers available online. However, the SmartMixer differentiates itself because of the innovative features below.
Its transactions are wholly anonymous
When using the SmartMixer, you do not need to key in personal information. Instead, the only essential that the platform asks you to provide is the address of the recipient cryptocurrency wallet.
Keeps no logs
The platform keeps entries of transactions only for as long as they are necessary after which they are discarded.
Easy to use over the TOR browser
People that want heightened privacy will be glad to know that the SmartMixer interface is easy to use despite the browser on which you are accessing the net.
As the financial world witnesses more emerging innovations in the blockchain realm, cryptocurrencies are becoming mainstream as a result. However, because of the nature of blockchains, not much can be done to make the coins and their transactions private. For this reason, cryptocurrency mixers such as the SmartMixer play a very crucial role in giving privacy back to online operators. For its great features, reasonable rates, genuineness, and complete anonymity, the SmartMixer comes highly recommended.