We asked the CoinMixer team about Bitcoin mixes and the anonymization of Bitcoin payments.
CoinMixer.se exists since 2015 and anonymizes Bitcoin trader payments
In the German Bitcoin trader community the knowledge is full of gaps in many places. Many comments reveal that a lot of users can use Bitcoin, but they don’t really know how Bitcoin trader works and what traces it leaves behind.
CoinMixer says that everyone has the right to make their payments private. Bitcoiners must take measures to improve Bitcoin’s anonymity. After all, traces cannot be removed later.
We wanted to get to the bottom of the matter in more detail and therefore turned directly to the team at the German-language platform CoinMixer. In the following interview you will learn everything you wanted to know about CoinMixing:
How did the idea to create a crypto trader CoinMixer come about?
The emergence of new companies to analyse and evaluate crypto trader transactions has caused us great concern. We believe that Bitcoin should bring the freedom to use money without censorship. No one needs to know who I’m paying money to, and no one needs to justify not wanting to become a transparent crypto trader.
BTC-ECHO: What is your goal?
We want to enable our users to anonymise their Bitcoin in an uncomplicated way. We respect the privacy of our customers and delete logins as quickly as possible. There is also no need to create an account.
BTC-ECHO: How many people are working on the project?
We are a well-rehearsed, international team.
BTC-ECHO: For which markets are you available?
Everywhere. Any Bitcoin user can use CoinMixer.se.
BTC-ECHO: How exactly does mixing work?
Quite simple: We exchange Bitcoin of our users for Bitcoin in our „pool“. There are already mixed Bitcoins in the pool. The user is paid out in Bitcoin, which can no longer be specifically assigned to anyone by our internal mixer. In addition, these paid out Bitcoin have no connection to the Bitcoin address from which the Bitcoin was paid.
BTC-ECHO: What advantage does the service give me?
It prevents a blockchain analysis of payments. Many people want to purchase services anonymously, for example a VPN. It would be insane to buy it with Bitcoin, which are confused with one’s own identity. However, many of our users are convinced that all Bitcoin payments should be made anonymously.
BTC-ECHO: Bitcoin is „anonymous“ by nature, isn’t it?
Bitcoin is pseudonymous. If a Bitcoin address is linked to an identity, a blockchain analysis can be used to determine where payment was made. For example, it can be tracked if a Bitcoin exchange has paid out. The Bitcoin exchanges naturally store who pays where. Any Bitcoin address could sooner or later be associated with a service. Persecution is still in its infancy. Bitcoin leaves traces forever, only caution can prevent this. Retroactively it is no longer possible.
BTC-ECHO: Is it safe?
Security is a matter of trust. The most important resource for a Bitcoin mixer is its good reputation. We take the following measures:
– A „Letter of Guarantee“ is created for each mix. This is a letter signed with our PGP key that says „If you send x Bitcoin to Bitcoin address 1, then after y hours we will send your Bitcoin to Bitcoin address(es) 2,3…“. With this Letter of Guarantee you can cryptographically prove that CoinMixer.se has to send the Bitcoin. If a Letter of Guarantee should ever appear which was not followed by corresponding payments in the blockchain, our reputation would be ruined.
– Trust only develops with time. You can also mix small amounts of Bitcoin. If you have to mix a larger amount of Bitcoin, you can do so in small steps for your own safety.
BTC-ECHO: What does anonymisation cost me?
CoinMixer.se charges a random fee of 1-3 %. On the one hand we pay for the service and the costs of the large amount of internal Bitcoin transactions. On the other hand, the fee also protects against traceability: Finally, a blockchain analysis can also be done by the payment amount. Example: First 1.15827 Bitcoin is deposited in one place, and one hour later 1.15827 Bitcoin is paid to another address. We always advise to use multiple payout addresses, the fee helps with further obfuscation.
BTC-ECHO: Thank you very much for the interesting interview.
Do you already have experience with mixing and anonymizing Bitcoin payments? Would you like to share it with us in the comment function m