Top 5 Useful Bitcoin Coin Mixer Facts Every Cryptocurrency User Should Know
Five Facts About Bitcoin Coin Mixer
Though there are many benefits associated with Bitcoin, there is a major drawback for many, which is the lack of privacy. Mixing services may counter the problem by providing a bit of privacy. Those who are considering a mixer may want to keep these five points in mind:
Coin Mixers are Used by Everyday People
Contrary to popular belief, coin mixers are not only used by criminals looking to commit money laundering. The services are also used by everyday individuals to remain anonymous. The enhanced privacy ensures that the bitcoin holdings need not be traded back, which can lead to unwanted attention.
Coin Mixers are Used by Companies
In addition to everyday individuals, companies use mixers as well. Companies embraced the technology for payroll, keeping client-related information private, and even to mask the amount companies pay their employees.
Trust is Important
A prime point about coin mixers is that the person using the mixer needs to trust that the mixer will send the funds to the specified address. Thus, it is important to choose a coin mixer that has received positive feedback and that is known for being a good option in the industry. Those who make the right decision can mitigate the risk involved.
Mixers are Not Free
Using a bitcoin mixer has a cost attached, and it is often a high one. Not only is there a transaction fee, but service providers can change anywhere from 1 to 3 percent in fees, which is based upon the amount being mixed. To illustrate, mixing 100 bitcoins has a fee of 3 BTC.
Governments often scrutinize such transactions due to their common use for money laundering. On the other hand, one may also want to take into account that mixers are on the deep web and the government may have trouble reaching them.
A final point though – would you really want to use a technology located on the deep web? Usually, such technology is found on the deep web because it is isn’t accepted by mainstream society, is perceived negatively, or has negative qualities associated to it. At the end of the day – you may want to avoid a mixer.