One of the greatest financial chronicles of the past decade has been the extraordinary rise of Bitcoin (BTC) and its underlying blockchain technology. The digital currency was designed to revolutionise peer-to-peer transactions in a decentralised manner, in which the exchange of personal information and financial transactions no longer require an intermediary to process these data.
With the ongoing pandemic of coronavirus (COVID-19), many people around the world had to resort to working from home, social distancing, and self-quarantining to prevent the spread of coronavirus. Since March this year, online searches surrounding cryptocurrencies have gotten a considerable jump in searches, according to data indices offered by Google and Baidu. This renewed wave of interest could also be fuelled by the upcoming Bitcoin halving, a highly anticipated quadrennial event in the cryptocurrency space.
Dealing with a Pseudonymous Cryptocurrency
For several years since the first ledger of Bitcoin started in January 2009, the public image of Bitcoin was often thought to be the preferred currency used for illicit purposes due to its anonymous and untraceable nature by law enforcement agencies. However, the high-profile case of the closure of the darknet marketplace Silk Road and subsequent arrest of Ross William Ulbricht had exposed a major misconception about Bitcoin; all transactions on the public blockchain of Bitcoin is traceable through conventional blockchain analysis tools such as the publicly-accessible and free blockchain explorer. It is in fact, the most transparent payment mode ever created and has the potential to become a powerful tool in the fight against financial crime.
The growing concern about the use of Bitcoin and other cryptocurrencies for illicit activities led governments and relevant authorities to apply Know your customer or KYC on the cryptocurrency market and services. Although KYC has its advantages as it can help with fighting the funding of terrorism and money laundering, the move would have grave repercussions for the privacy rights of Bitcoin and cryptocurrency users. According to the report by the UN Declaration of Human Rights, the International Covenant on Civil and Political Rights (ICCPR), privacy is the fundamental of human rights especially the right to privacy in the digital age. Thus, such legal implementations are deemed as pervasive by system and may not be well received by the cryptocurrency community. It is through the complication brought about by these aforementioned points that prompted Bitcoin users to look for counteractive privacy protection measures, among which is the popular Bitcoin mixing service.
Bitcoin Mixing is Necessary for Privacy-conscious individuals
Not only can KYC and Anti-Money Laundering (AML) compliance infringe on an average, law-abiding user’s right to privacy, many feared that such enforced regulations on cryptocurrency entities can see governments and private organisations using this opportunity to institute surveillance practices on all users using Bitcoin and other cryptocurrencies. As a result, more Bitcoin users have chosen to utilise privacy solutions like Bitcoin mixers to add an additional layer of privacy and anonymity into their everyday Bitcoin transactions.
In particular, since the launch in 2019, MyCryptoMixer (MCM ) has seen a surge in mixing volume amid tightening regulations from governments seeking to comply with Financial Action Task Force (FATF) recommendations and enhanced AML requirements on regulated centralised exchanges like Binance and Coinbase. It is important to note that privacy should not be strictly associated with illicit use. According to the blockchain analysis firm Chainalysis, their report states that a mere 10% of funds sent to mixers come from criminal activities, while the rest were mixed for personal privacy reasons.
For the uninitiated, a Bitcoin mixer is basically an additional privacy layer protecting your identity by mixing the transaction trail to and from your Bitcoin wallets, making these transactions untraceable and anonymous. The centralised mixing service such as MCM held custody of the user’s Bitcoin during the scrambling process and returned the user with a freshly mixed of bitcoins through a randomised, anonymous and fail-safe algorithm.
The Best Bitcoin Mixer of 2020
MCM is also one of the few mixers in the market that offers access through ordinary clear web service and anonymous-based TOR browser, offering privacy-oriented users access to the mixing service through the anonymous network. Also, it is worth noting that there is absolutely no account registration required for their service, making the transaction much harder to be traced later on, while keeping the anonymity of the user intact. Users may also distribute the mixed Bitcoins into five destination Bitcoin addresses at every mixing process, further complicating the tracing process performed by blockchain analysis and unwarranted entities. Due to security reasons, logs are only held for up to 24 hours before they are automatically deleted by the provider, in the unlikely events where the database is compromised which results in the leak of their users’ transaction activities.
Simple Steps to using the Best Bitcoin Mixer of 2020
Perhaps the most compelling reason for MCM being the best mixer of 2020 is the gradual learning curve of using this mixer. It has one of the most straightforward and sleek interface, and anyone could mix their Bitcoins in four simple steps:
Step 1: Ensure the Web Address is Correct
First, the user shall navigate to the Bitcoin Icon which can be seen on their homepage
Step 2: Configure your Destination Address(es)
Next, configure up to five destination (or receiver) Bitcoin addresses, Transfer Time Delay, Funds Distribution, and the user-defined service fee (between 0.50% to 5.00%). MCM’s straightforward interface allows the user to complete the relevant fields easily, either by text input or adjusting the values through a slider. Interestingly, the mixer will generate a randomised “MyCryptoCode”, which allows the user to strengthen the privacy process by preventing previously mixed coins from reappearing in their subsequent mixed wallet addresses.
Step 3: Send the Bitcoin to the mixer
In order to enhance the anonymous process, users would be shown the required BTC amount as indicated by the mixer. This is to ensure that every transaction is unique, eradicating any possibilities of tracking these transactions through the user’s activity pattern.
Step 4: Processing your mixed coins
Finally, the user would be shown a status page that reflects the mixing status. No action is required from the user end at this point. As long as all information as furnished by the user is accurate, the mixing process is deemed as completed.
Choosing the right Bitcoin mixer for Privacy and Anonymity
Bitcoin mixing services allow users to mix the transaction for the primary purpose of achieving full anonymity as governments and regulators tighten their grips on KYC and AML compliances on cryptocurrency markets and services. In addition to other privacy solutions such as privacy wallets, VPNs and anonymous browsers, a Bitcoin mixer is highly crucial to users who are dealing with Bitcoins, as they could ensure that one’s personal information and Bitcoin transaction activity cannot be traced by unwarranted entities or individuals.
MyCryptoMixer (MCM) stood out of its competition in 2020 based on not just the affordability and reliability that MCM has to offer, but also the impeccable customer service standard which they have set across the mixer industry.