What is a Bitcoin Mix? A mix is a type of service that mixes different types of digital currencies in one transaction. The only goal of the Bitcoin mixer is to enhance the privacy of the transaction since it makes it very hard to track the previous or current Bitcoin transactions. It also helps the user to avoid the risk of being scammed or cheated by other users of the system. Also, the mix ensures that you can easily convert one currency into another currency.
How it works: Suppose we have an online merchant account, which accepts different credit cards and debit cards. If we want to transfer funds from our regular accounts to our merchant account, all we have to do is click on the ‘pay with credit/debit card’ option and fill in the information requested by the website. In a few second, the website will generate a bitcoin mix with the necessary balance. The next time we come to make a payment, the money will automatically be converted to the merchant currency without anyone really knowing that he is using his credit card to make the payment.
This has made the conventional way of sending large sums of cash very slow because the number of possible transactions to be made is quite huge. Even if a large number of individuals try to use the credit card at the same time, it is not very likely that you will get a successful transaction. In order to combat this problem, people started using the bitcoins. These bitcoins are special virtual currency that is generated by a network called the ‘bitcoins’ or ‘Bitcoins’ network. The bitcoins are stored in a ‘bitcoins wallet’.
Now let us see how does a typical bitcoin mixer work. The website, which is used for the mixing transactions of several currencies, usually starts with a set of’bitcoin mixers’ that have different currencies being traded. There is a certain fee charged by these mixes for providing their services. Sometimes these fees may be hidden from the customer.
The main objective of these mixes is the maintenance of anonymity. Basically, this can be achieved by developing the special kind of chain, that can be considered as the backbone of this type of mixing services. The main objective of this is to hide all the user’s financial data and personal information. However, some blockchains that are used for anonymity are not very reliable because there are certain backroom dealings going on between some countries.
This is a very dangerous thing, because your privacy can never be assured while using these coins. The mixing services usually keep the list of clients which are allowed to open a particular account. The software which is used for generating the list of tumblers and the addresses of these clients must be kept confidential. Only a few persons have the ability to break these encryptions and gain access to the information of clients. Also, it is very difficult to track the activity of these anonymous coins.
As the popularity of this new kind of Cryptocurrency continues to grow, various companies are coming up with different varieties of mixers. They are all trying to provide better services so that customers will keep coming back to them. However, most of them are just copied from the other company or worse they are just based on the previous one. Thus, it is very important for you to make sure that the service provider you choose can provide you with real privacy and anonymity. The best mixer will definitely give you the best quality coins without any problems.
The last thing you need to know about is that some of them may charge you with a monthly fee, so you need to make sure that you read carefully the terms of using their service before selecting a suitable mixer. This is also the right time for you to choose a suitable wallet that will enable you to complete the tasks for you while being protected and secure from hackers and other unwanted identity thieves. If you do not want to spend your money on a mixing service then you can always go for a centralized wallet which offers all these features for free. In my opinion, a free mixing service is not worth the money you are going to spend, because in the end, you will have to spend some money to protect yourself and your transactions, so it is always better to use a professional wallet service and enjoy the protection it offers to complete your tasks as well as your privacy.