Bitcoin is a type of digital currency or a form of an electronic cash, wherein you can make transactions without the interference of a middle man like banks. However, the use of ID and bank account in your own name is required in most bitcoin exchanges when you buy coins. But with a bitcoin tumbler, breaking the connection of your identity from any bitcoins you buy is now possible.
Also known as Bitcoin Mixing or Bitcoin Laundering, Bitcoin Tumbling is the use of a mediator to break the association between the bitcoin sender’s address from the receiver’s address. But, is bitcoin tumbling really necessary?
Why Do Bitcoin Tumbling?
In bitcoin, trusting anyone is not needed. Your identity is unknown, you pay less, and you can make transactions in matter of minutes. However, because Bitcoin Blockchain keeps record of all transactions publicly, your coins movement can be traced by anyone with a copy of the full blockchain.
The use of a bitcoin tumbler is best for those who wants their identity to be protected. First they need to send their Bitcoins to the mixing service. Then the mixing service will exchange someone else’s coins with the same to theirs. Letting the users to withdraw their new bitcoins from the mixing service to their new wallet.
With just a small commission for the mixing service, connecting your identity to your bitcoins would really be difficult. For example, Take your Crypto Trading Game to the Next Level Through BitAlpha AI. Use our state-of-the-art Tools to Build a Powerful Crypto CFDs Trading Plan and Manage Trading Risk!
User Guide on Tumbling/Mixing Bitcoins
For those who are new to bitcoins, properly mixing coins might be a bit frightening. So, here is a simple guide on how to effectively do bitcoin tumbling:
But before you proceed, remember that you must have bitcoins; or the ability to buy them and the Tor browser. Be sure that you’ll be able to get all the onion link and each hidden service for this from a safe place.
- Make a wallet on the clearnet. (wallet #1)
- Purchase bitcoins and then send your desired amount to mix on wallet
- Make another wallet, this time on the Tor network. (wallet #2)
- Directly send your bitcoins to wallet #2 from wallet #1
– The main reason for doing this is to add mo4e credible stability among your clearnet wallet and in-person purchases.
- Make a third wallet, again on Tor network
- Choose on which tumbler you will use
– Using your address in wallet #3, make a transaction there.
- From wallet #2, send your coins, over Tor to the given address by the mixer
- Receive your coins
You can now manage to see your bitcoins arrive from the mixer by using blockchain.Info’s Tor hidden service
Always keep in mind to carefully choose a reliable and trustworthy bitcoin tumbler, if you don’t want your coins to go to waste.