BitcoinMix.org is providing a unique solution; to the Bitcoin traders, that is in line of the Satoshi Nakamoto vision for the King of cryptocurrencies.
Privacy has been a real concern for people using cryptocurrency especially in this particular era that’s now governed by Financial Action Task Force (FATF)’s regulations that the Coinbase also follows to keep track of who the coins are from and to which set of hands will these coins be next landing in.
Satoshi Nakamoto envisioned cryptocurrency to be the holy grail unbound by the governmental regulatory chains that restrict cross border transactions and affect the economical stability.
But, the idea of such a thing existing sits too perfect to be true in a world governed by variables as our own. Not everyone in this big wide world likes things running in the white. The dark side exists and hence to curb the finance mafia’s moves, regulations exist and apparently, these regulations get to have a big cut of privacy from the people who actually demand it- the crypto users.
While it is morally fine for coin trading firms to trying to cope with the crimes that may arise with the use of Digital Ledger Technology (DLT) but to pull up whole transaction histories is just not an Ok thing to do. That is straight up policy violation.
With scams spawning in numerous numbers, ripping people off, it’s quite understandable for trading firms to be trying to save the people from such calamities and using certain measures that aren’t that savory.
Mixers are a great way for law offenders to get rid of Bitcoins used for illegal transactions. However, they serve another purpose. The Bitcoins that are illegally incorporated into the system aren’t pulled out, they stay there until an innocent buyer picks them up.
Thus the regulations governing those Bitcoins might get the new buyer in trouble as well. Mixers come in play here and act as a savior for the average consumer from the regulators.
BitcoinMix is good in this regard with an automated service, a lower charge fee of two hundred and five dollars ($205) compared to one thousand and fifty dollars ($1050) that the Coinjoin firm charges for the mixing process. Of course, they don’t keep user data as that would prove to be a liability.
Instead, some of the user info stays in their database as long as the transaction gets done so that any arising queries may be addressed and of course, the transaction gets done successfully.