One of the pillars of Bitcoin’s popularity is likewise ane of its biggest misconceptions together with that is anonymity. It is truthful that Bitcoin is to a greater extent than hard to delineate than other types of transactions but it is non genuinely anonymous. Because of this, bitcoin users are continuously searching for novel together with improve ways to anonymize their transactions. [Note: This is a sponsored article.]
BITCOIN MIXERS AND TUMBLERS
Traditional bitcoin mixers together with tumblers combine your bitcoins along alongside many other people’s bitcoins together with the mixer’s ain reserves equally well. Then they mail the equivalent of your master copy deposit inward someone else’s bitcoins to the BTC address yous specify.
The work alongside this method is that because all of the transactions are bitcoin transactions, they are all recorded on the blockchain together with are hence traceable. There is likewise an added opportunity that if the bitcoins yous have were used for something illegal, that can, inward theory, live on traced dorsum to yous equally well. WHAT IS CHIPMIXER?
ChipMixer is dissimilar than whatsoever other bitcoin mixer that has come upwards earlier it. Instead of but combining your bitcoins alongside those of other users, they own got developed a chip-based organisation that ensures a much greater aeroplane of privacy. Here’s how it works: When a user deposits bitcoin they have the equivalent inward chips. Each chip has a pre-determined value that is backed past times Bitcoin addresses that own got already been ready together with pre-funded past times ChipMixer. There are chips worth .001 BTC, .002 BTC, .004 BTC, etc… all the way upwards to 4.096 BTC.
If yous were to deposit 0.1 BTC, for example, yous would have 3 chips worth 0.064, 0.032, together with 0.004 BTC respectively. Since those chips were already pre-funded earlier your deposit, in that place is no link betwixt them together with your deposit on the blockchain. That is the showtime pace inward securing your privacy.
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Once yous own got received your chips in that place are several things yous tin exercise that volition farther increase your anonymity:
1. Split Your Chips
By splitting a chip yous exercise 2 chips each alongside one-half the value of the master copy chip. One 0.032 BTC chip would larn 2 0.016 BTC chips, for example. Any chip tin live on divide except for the lowest denomination which is 0.001 BTC.
2. Merge Your Chips
The contrary of splitting, merging takes 2 chips of identical values together with combines them into ane chip alongside twice the value of either master copy chip. For example, merging 2 0.032 BTC chips would number inward ane chip worth 0.064 BTC. It is of import to banker's complaint that alone chips of identical value tin live on merged inward this way.
3. Bet Your Chips
Betting adds a completely random chemical component to the mixing procedure that helps obfuscate your bitcoins fifty-fifty further. You tin lead to bet a chip for double or nothing. That agency that either yous win together with yous have twice the chip’s master copy value or yous lose together with yous larn nothing.
4. Donate Your Chips
Donating a chip transfers it to ChipMixer’s ain account. Since they don’t own got whatsoever fees or commissions for the service they provide, the donations are ever welcome. You tin donate whatsoever chip amount yous lead except for those that are 1 bitcoin together with higher. Using the initial deposit illustration from above, yous could lead to donate the smallest chip denomination yous own got (which inward this instance would live on 0.004 BTC) or divide it together with donate equally much equally yous want.
5. Withdraw Your Chips
The whole betoken of mixing your bitcoins is to larn them dorsum ane time to a greater extent than together with so when yous are cook to withdraw, your chips are removed from your listing together with yous are issued a someone cardinal for each chip alongside an address containing its value inward bitcoin.
Chip withdrawals are non visible on the blockchain together with since the chips are pre-funded they tin ofttimes look to own got been created days earlier your deposit was made. This adds nonetheless to a greater extent than or less other layer of privacy to your bitcoin transactions.
Images courtesy of ChipMixer, AdobeStock
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