When Bitcoin and other cryptocurrencies became widely used, one of the reasons for their mass adoption was that they enhanced anonymity and allowed users to transfer money without revealing their identity. However, this is not entirely true. Thinking that the mere fact of using crypto instead of fiat money is enough to anonymize your transaction, can be the reason for additional risks. If you want to better protect your identity and buy crypto anonymously, you need to make active efforts to do so and use specialized tools that obscure information about your transactions for the outer world.
Is Bitcoin Anonymous?
Thinking that Bitcoin is anonymous by its nature, is a common misconception. You do not need to present any identification documents or enter your real name to create a wallet. However, all Bitcoin operations are stored in the blockchain, which is transparent. Anyone can view source and target addresses for any transaction and use this information however they like. For example, if someone knows what purchase and when you were planning to make, they can use transaction analysis to find out which of many transactions stored in a public ledger is yours. This data can be further used for targeting cyber-attacks, which are especially dangerous if you operate large amounts of money. Consequently, you need to employ several methods which help you to sell and buy Bitcoin anonymously.
Reliable Methods to Protect Anonymity
There are several ways to trade crypto anonymously. One of the most important tools for achieving this purpose is Bitcoin Mixers. These services, also known as coin tumblers, allow to hide the initial address from which the transaction came. However, they will be the most effective, if you use them together with other protective measures. The advice below will help you to ensure that your transaction will not be tied to your identity, and you will be able to use cryptocurrency anonymously.
- When possible, buy and exchange crypto using services that do not require to provision of personal data. Purchasing crypto directly from your bank card may seem like the simplest way, however, this live digital trace you may like to avoid. To anonymize your transaction, you may use Bitcoin ATMs or find out about ways to buy crypto with cash. If such options are not available, look into P2P crypto exchanges, which allow you to buy crypto anonymously and do not store your data.
- Use a VPN or Tor Browser to hide your IP. By default, your internet provider and the websites you visit “know” your location. If you connect through a secured tunnel, such as via the Tor browser, the destination of your connection is hidden from anyone. Tor is a free resource, however, it requires some technical knowledge to set up a connection. If you want to simplify things, use a reliable VPN as a paid alternative.
- Learn about various types of crypto wallets and their differences. To transfer crypto anonymously you need to use appropriate tools for your purposes.
Last but not least, use Bitcoin Mixers to obscure your transaction data. Coin tumblers split your transaction into multiple parts which then are transferred through multiple addresses. As a result, it becomes impossible to figure out where the transaction comes from.
Why Are Bitcoin Mixers Essential?
Coin tumblers are one of the most important tools to protect your identity and transfer Bitcoin anonymously. Here are several benefits of putting your transactions through such a service:
- You prevent tracking and monitoring of your crypto transactions by any third parties.
- You add a level of security, enhancing the anonymity of your purchases.
- You lower the risk of encountering fraud because illicit actors often use transaction analysis to identify their next target.
Using coin tumblers involves some additional expenses because you will have to pay a service fee. Moreover, the transaction is processed slower, because it requires going through multiple addresses before it reaches the target one. However, these disadvantages are minor in comparison to the benefits the BTC mixer gives.
How to Choose a Bitcoin Mixer?
It is worth noting that all benefits mentioned above are true for well-established, reliable Bitcoin mixers. Because the demand for their services is high, phishing sites can try to pass as legitimate coin mixers to get users’ data or even steal their coins. To avoid such risks, gather information about the tumbler you want to use before you give them any money. Here are the most important questions you need to answer:
- How long does the Bitcoin Mixer exist? Are they well-known on the market?
- What do other users say? Read reviews or several websites.
- What are the terms of service? What support will the service provide if something goes wrong?
- What is the type of mixer? The main difference is decentralized vs. centralized ones, and decentralized are considered better.
Armed with these questions, you will be able to choose the best Bitcoin mixer and protect your anonymity for whatever purpose you use crypto for.
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