Skip to content Skip to sidebar Skip to footer

Crypto Mixer Review: All You Should Know About Bitcoin Tumbler 101

Disclaimer: The text below is a sponsored article.

It is easy to get carried away by the excitement of the crypto space thinking that your transactions are anonymous. In reality, they’re not despite the fact that Bitcoin was originally made to be used anonymously. These days with mandatory KYC at most cryptocurrency exchanges, it is not too difficult to link Bitcoin wallets to the identity of the owners.

This has created privacy concerns among users and necessitated the need to enhance the privacy and security of users. This is why Bitcoin tumblers such as Bitcoinmix come handy in helping keep the transactions on the blockchain anonymous.

What is Bitcoin Tumbler?

A bitcoin tumbler is a service with which transactions on the Bitcoin blockchain are made anonymous. This is especially important because anyone with a copy of the blockchain can follow the movement of all the coins in a wallet. In fact, all the transactions made by a wallet could be viewed to determine its origin and destination wallets.

A tumbling service obfuscates these transactions, making it impossible to trace them. The tumbler accomplishes this by sending unique coins different from the ones sent to you to another address. This breaks the connection linking the incoming and the outgoing coins from the mixer, making it impossible to follow. The owner of the coin is untraceable and anonymous.

Why You Should Use Bitcoin Tumbler

There are many reasons to use a bitcoin blender such as A blender serves as a bridge to anonymity if you’re a user of Bitcoin and other cryptocurrencies. Even though blending services may not be available for all coin, Bitcoinmix has the service for Bitcoin and Ethereum which are the two most capitalized coins.

Enhanced privacy is the primary reason why you should use a tumbler for your transactions. If you’re making a payment with your Bitcoin wallet for instance, it exposes all your activities (transactions) on the blockchain. This makes it possible for unwanted scrutiny of your financial transactions by bad actors such as hackers.

We are aware that sometimes, even exchanges get hacked. This is incentivized by the fact that the Bitcoin blockchain is an open ledger which can be viewed by anyone with a copy of the blockchain or through block explorer. Hackers are able to ascertain that such exchange wallets bear large volume of coins when they breach its security.

Exposing your primary wallet to prying eyes could expose you to such risks, especially if you have large volume of crypto in it. When you make transactions, your wallet id is exposed to the merchant, partner or freelancer you’re making payment to but using a tumbler conceals it and keeps your identity hidden.

How To Use A Bitcoin Tumbler

To use a Bitcoin blender such as Bitcoinmix, first choose the coin you want to mix then paste the address of the wallet where you want your funds sent. Next set your custom time (min. 30 minutes), click on the ‘next’ button.

This would lead you to the next page where you input the amount of Bitcoin you want to mix, the next field would show the amount you would receive after the mixing service has deducted its service fee. That’s it. Just send the amount you want to be mixed to the mixer’s address displayed, you’d receive mixed coins just like new in your specified wallet.

BitcoinMix , 2019-11-18 10:56:00 ,

Source link

Leave a comment

NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.

While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock

Nick Chong , 2019-11-10 12:00:38

Source link