A cryptocurrency is a digital form of currency. There is no central issuing or regulating authority. It instead makes use of a decentralized system to manage and record transactions. The system uses cryptography, a computerized encoding and decoding of information to prevent fraudulent transactions. Bitcoin is a popular type of cryptocurrency with blockchain technology. Bitcoin promises private and accurate transactions through blockchain technology. However, blockchain analysis tools and investigators can trace back the transaction to the Bitcoin owner.
The launch of mixer Bitcoin or tumblers bitcoin offer guaranteed anonymity and privacy for Bitcoin users. It is a service that mixes the cryptocurrency tokens to cover up their origin. The Bitcoin mixer operates by involving third-party software such as Coinomize, where users can send their coins. The third-party software then collects the coin from each user, swaps the coins, and sent it back to users in the same amount. The swapping or mixing of coins breaks the Bitcoin transactions trail and replaces it with a new coin. After the process is completed, each Bitcoin will have a separate trail. There are charges involved in return for the service, depending o the total amount, 1% – 5% charges are requested.
Most people assume that the concern over anonymity is only for criminals. However, anonymity is something every Bitcoin user needs to be aware of. Advertising firms who analyze the people’s buying behavior for advertising purposes will have a clear picture of how much a Bitcoin user spent, where they spend it, and how much Bitcoin he/she owns. Through the blockchain network, third-parties and even criminals will gain access to a Bitcoin user’s transaction history, which can be alarming.
Despite the strong promises, cryptocurrencies are not completely anonymous. Every user must make use of the available software to protect their transaction history and privacy. Coinomize is the next generation Bitcoin tumbler service. It is accessible for mobile use available for Android devices. It is currently working towards developing it for the iOS operating system as well.
Cryptocurrency guarantees privacy and accuracy. But, there are loopholes in which Bitcoin analysis tools and researchers can track the Bitcoin transaction to its original user or Bitcoin wallet address. Tumbling of all Bitcoin services like Coinomize have been established to make a layer of protection between the consumer’s identity and their Bitcoin. Tumbling of all Bitcoin, especially Coinomize was designed for mobile platforms. It’s created for the Android operating system and is soon to launch to the iOS feature.