Bitcoin mixing like blockchains themselves, is riddled with many misconceptions. For instance, a lot of people think that mixing Bitcoin is only useful for those who use them for dark net marketplace activities. There are tons of other reasons why an ordinary bitcoin user may want to tumble coins such as maintaining anonymity when paying for goods and services, making donations, and sending P2P payments across an entire spectrum of interests. Since Bitcoin activities are publicly available through blockchain ledgers, your transactions may be vulnerable to scrutiny and analysis by any interested party. Not only will this be an unnecessary and unwanted intrusion on your personal privacy, it could also make you a ripe target of hackers and cybercriminals who may get tempted to track your growing Bitcoin balance down. Coin mixing is a good precautionary step against these kinds of activities.
This said, the popularity of Bitcoin mixing services has grown exponentially over the last couple of years and with it, the number of services are offering Bitcoin mixing. Here are the things you should watch out for when selecting the best Bitcoin mixing service:
- Avoid services with bad reputation, especially for running away with users’ coins. Do advance research and look for reviews and discussions if you are unsure about a particular service.
- Some mixing services have also been tagged and identified via blockchain analysis. This means that analysts and researchers have somehow managed to associate certain wallets and addresses with particular services. With enough work, this could help track you down. Check thoroughly if the service you are considering has been tagged through blockchain analysis.
- It is also the best to avoid new services that have small coin pools or reserves, especially when mixing large quantities of coins, as you could end up with all or a part of the same coins you have deposited upon withdrawing.
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