As more exchanges make it mandatory for users to comply with their KYC policies, transacting with Bitcoin is no longer anonymous. A business deal or a purchase on sites that accept Bitcoin can be traced back to you, especially if it’s a large amount of bitcoin.
Also, since every Bitcoin transfer is kept on a public ledger, anyone could have access to them and easily track them back to you. But there is a cool way out of this mess, by simply using a Bitcoin mixer. But are Bitcoin mixers legal?
What are Bitcoin mixers?
Bitcoin mixers are third-party software services that help you keep your Bitcoin transactions anonymous and safe. They sever the transaction trails coming from different Bitcoin addresses by pooling the coins together, before re-sending them to various addresses. By this singular act, these companies make it nearly impossible for the government and private agencies to trace back a transaction to a particular person.
Are Bitcoin mixers legal?
Bitcoin mixers are legal in most countries of the world. Although their activities are widely regulated and scrutinized by the government. Yet, they still function within the confines of the law to help you stay anonymous.
These mixers not only have the resources to make this possible, but they also have the expertise to get large transactions done within the shortest time possible.
Before you transact on their sites, you must be willing to part with a certain percentage of your coins as a transaction fee and commission for their service. And after each Bitcoin transfer, most mixers leave the log for 24 hours before deleting it completely.
Transaction fees on these Bitcoin blending sites range between 0.5% to 5%. As a rule of thumb, ensure that you check and verify the credibility of each Bitcoin tumbling service provider before engaging their services.
Why You Should Use Bitcoin Mixers
Different users have reasons for mixing Bitcoin. These reasons range from anonymity to clearing up transaction records, to breaking the transaction trails and transacting large sums of Bitcoin. Whichever might be your reason for mixing Bitcoin, it’s advisable to use a trusted and verified third-party service.
Best Bitcoin Mixers
There are lots of third-party Bitcoin tumblers who specialize in mixing your coins. These companies have the tools and resources required to help you mix your crypto coins with other users. Plus, they have registered agencies that can be trusted. But, before transacting on a mixing site, be sure to check and verify the firm’s services and trustworthiness. Here’s a list of the popular Bitcoin tumblers:
Every Bitcoin user has a right to remain anonymous either when transferring coins or purchasing items that accept coins. Hence, there is a need for Bitcoin blending to stop attempts by government and private agencies to link transactions to individuals.
There are several tumbling service providers on the internet. Be sure to check out and verify the credibility of any company you decide to patronize. Plus, you can join popular crypto forums to read reviews about the different Bitcoin mixers available that are legal for you to use.