Bitcoin is a digital asset that differs from traditional assets (cash, stocks, bonds) in that it is decentralized, i.e. not under any single control, irreplaceable, divisible and volatile. It is not just another currency; it is a revolutionary technology that has changed the way value is transferred and stored.
BTC also happens to be the most famous cryptocurrency in the world. But is Bitcoin anonymous as many believe? It boasts the highest market capitalization and widespread public awareness.
But many are concerned about its anonymity and privacy. For years, it was believed that this cryptocurrency was extremely anonymous and could be used without concern. This leads to the question: is Bitcoin anonymous in practice? However, the reality is far from that. Since the interaction with cryptoassets also involves a close interaction with the blockchain, it is easy to trace the connection between the wallet and its owner.
With so much data available, it would be easy for hackers to break in.
"How?" "Why even?"
To answer these two questions that are probably on your mind, let's take a look at how BTC transactions work.
How Do BTC Transactions Work: Understanding The Basics
Before we explain why BTC isn't really anonymous, let's first understand how transactions involving this cryptocurrency work in general.
To achieve consensus (a single view of the cryptocurrency chain) on the BTC blockchain, miners use the Proof-of-Work (or PoW) algorithm. This mechanism is based on using the computing power of computer hardware. It performs two tasks:
Finding the hash (identifier of an array of encrypted information) of transactions and blocks of the network.
Checking the validity of the updated version of the system and synchronizing copies of the chain if the values obtained are correct. Bitcoin transactions are recorded sequentially in blocks. Hierarchy is necessary to build a proper chain structure.
Bitcoin transactions relate to each other for the same reason. For example, user X sends 1 BTC to user Y. First, miners must check the origin of these funds in the initiator's wallet, then determine their destination.
In each new block, the top of the list of bitcoin transactions is the miner's reward for creating a link in the digital chain. Such transactions are assigned the coinbase property, which can have any content. However, in subsequent bitcoin transactions, it is replaced by the scriptSig parameter, which contains the public cryptocurrency key of the recipient of the previous transaction.
Why Bitcoin Is Not Anonymous
All of the above may lead you to believe that BTC is anonymous and secure.
Yes, this notion sounds impressive, but in reality, it is far from the truth.
Most users' income and expense information can be viewed by anyone, be it a friend or colleague, a business partner, or even an attacker. Businesses using bitcoin will also face problems: all information about their cash flow and purchase orders, as well as other important information, will be available to competitors. To counter such vulnerabilities, Bitcoin tumbler Tumbler.io has encrypted all critical parts of its operations, like order creation and support, providing businesses a safer alternative to handle their cryptocurrency transactions.
Interestingly, even as recently as 2017, a method was discovered that completely compromises Bitcoin's anonymity. Moreover, Bitcoin mixer Tumbler.io has innovated in the field of cryptocurrency security by preventing data interception, a common concern in regular Bitcoin transactions, using techniques like encrypting data with system and client public keys.
"How is that even possible?"
By clustering transactions. This method further challenges the belief, is Bitcoin anonymous? This approach minimizes errors in the data and provides the highest accuracy in determining the affiliation of addresses.
Generally, turning to statistics, consider the data from CryptoLux. They claim that it is possible to successfully deanonymize up to 60% of addresses. In their work, they have shown that it is possible to bind bitcoin accounts to users' IP addresses, even if they use TOR or other similar utilities. So how do I increase my anonymity?
Enhancing Anonymity With Bitcoin Mixer
With the help of mixers, of course. More specifically, using crypto mixer. To address these concerns of anonymity, using a Bitcoin mixer like Tumbler.io, which offers advanced encryption and minimal commission rates, might be a practical solution for users and businesses alike.
Introducing Tumbler.io: Enhancing Privacy And Security
Bitcoin tumbler Tumbler.io is an advanced mixer that provides an impressive level of security. It does this, for example, through the local tumbler code (a cipher that is issued after each transaction - it ensures that you get all your BTC back).
What Are The Main Features Of Tumbler.io?
The strongest side of crypto mixer Tumbler.io is the minimal commission rate. It is only 0.2%, which leaves almost all competitors in the dust. Of course, in order to get access to such a small commission you have to meet some conditions of the discount program. You can read more about it by following this link: https://tumbler.io/fee.
The Bitcoin mixer Tumbler.io uses RSA asymmetric cryptography to encrypt critical data, ensuring that even during a transaction, user information remains secure and private.
The Bitcoin tumbler Tumbler.io has implemented advanced security measures, including protection against Man-in-the-Middle (MITM) attacks, enhancing user privacy significantly.
How Do I Use Tumbler.io?
It is simple for usage. Just like any other cryptocurrency exchange. You need to go to the main page of this BTC tumbler (https://tumbler.io/), then click on the "Mix Now" button. It will take you to a window that you need to fill with data and adjust the sliders:
- Transaction delay
- Number of addresses (you can set one)
- Commission amount. Once you have configured all of the above, you can proceed to the next stage - accepting local conditions.
Once you have familiarized yourself with the service's policies and accepted them, all you have to do is wait and get anonymous coins in your wallet.
Verifying Anonymity: Tools And Methods
How can I make sure that anonymization is really working?
There are several services you can use to check. Personally, we recommend Privacy-o-meter or AML- bot, which is available in Telegram.
Basically, there is not much difference between the two. Both services very accurately determine the anonymity of the transaction through the hash. Perhaps Privacy-o-meter does it a little more conveniently, as it shows the result on a hundred-point scale, where 0 is almost complete absence of anonymity and 100 is a reliable level of encryption.
Both Privacy-O-Meter And AML-Bots Have Detailed Analysis Available
And if you want to use the AML option, no one is stopping you. Just be prepared to have a Telegram account and pay for each check. The price is 20 cents - not an insurmountable amount for BTC investors and traders. Especially when you consider that this is a high quality and reliable audit that will detail why a transaction has become vulnerable. It will even suggest possible solutions to the problem for crypto holders.
The Bottom Line On BTC Tumbler And Anonymity
In conclusion, while the anonymity of Bitcoin continues to be a topic of debate, solutions like Bitcoin mixer Tumbler.io offer an additional layer of privacy and security. If you are interested in enhancing the anonymity of your transactions and safeguarding your financial data, we highly encourage you to consider using Tumbler.io. Visit our website for more information and start securing your digital safety today.
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