Unlike other altcoins, the world’s king coin Bitcoin (BTC) is not completely anonymous cryptocurrency. This implies that, contrary to most users’ assumptions, you can monitor the sender and recipient of tokens that are sent to the network through connecting the cryptocurrency wallet and your identity.
You can, for example, find out personal data easily if you have ever purchased the BTC utilizing different payment systems that need KYC authentication or bank cards, Crypto News Flash website reported.
However, the deanonymisation approaches utilized by governments and other organizations do not end there. For this purpose, many crypto enthusiasts utilize special services – crypto mixers.
What is a Bitcoin tumbler? What is its role?
Bitcoin mixer, sometimes called Bitcoin tumbler or blender, is a special service or application that is developed to mix Bitcoin and others to maintain the anonymity and confidentiality of the transaction.
BitMix.Biz is an example of Bitcoin tumbler as it offers an easy way to anonymize Bitcoin transactions.
It is almost impossible to trace the transaction after blending depending on the cryptocurrency mixer. Yet, they are being fought in several countries around the world, especially as the governments claim the full confidentiality is used for fraudulent activity, money laundering and drug trafficking. However, this is far from being true as transaction secrecy is important only to defend against honest crypto holders from different illegal activities.
Bitcoin superior to gold amid Coronavirus
Coinbase, one of the leading U.S. crypto exchanges, has recently released a report, in which it stated that Bitcoin (BTC) managed to outperform the precious metal Gold during the coronavirus pandemic.
According to the report, the exchange claims the BTC has a substantial advantage over Gold. Coinbase added that the cryptocurrency reached this leading position due to lack of reliance on physical supply.
The platform went on to say:
“Bitcoin and gold are fundamentally similar as scarce and globally accessible units of value.”
However, there was a decline in the recent supply of gold, due to the spread of corona