Report Claims Crypto Transactions Privacy Is In High Demand As Mixing Services Up By 300%

Report Claims That Mixed Crypto Transactions Have Gone Up By 300%

According to data released by Longhash a couple of days back, mixed cryptocurrency transactions now represent more than 4% of all BTC payments that are facilitated across the globe.

In this regard, it should also be pointed out that over the course of the past 270 days, the employment of techniques such as ‘coin-joining’ has seen an increase of over 300%. For those of our readers not familiar with this term, a coin-join basically refers to a method wherein a user ‘blends multiple transactions together’ before sending the final payment to the recipient. This technique is a well-known way of increasing one’s privacy as well as securing one’s tx details in an efficient manner.

A Closer Look At The Matter

The aforementioned data was procured by Adam Fiscor, the CTO for Wasabi Wallet — a platform that deals with providing clients with greater levels of BTC anonymity.

• Fiscor points out that since 2014, the number of CoinJoin transactions have reached their all-time-high levels this year.
• Over the course of the past 12-24 months, more and more people have begun to make use of ‘CoinJoins’ — since a host of government organizations across the globe have started to clamp down on various blockchain/crypto-based firms.
• To help law agencies in their pursuit of clearing up the crypto sector, specialist firms such as Chainalysis have gained immense traction recently.

Final Take

In closing out this piece, it should be clearly pointed out that over the last 4-6 months, privacy coins have been receiving a lot of pushback in countries like France and China. This is because, these financial offerings present users with a very high degree of anonymity — so much so that it can become hard for even law enforcement agencies to keep track of these transactions.