There is no need to reveal the identity while transacting with bitcoins. Anybody can generate a BTC address with private keys to send and receive bitcoins and no private information is needed for this. The best example of that is the mysterious bitcoin creator, Satoshi Nakamoto, who was able to remain anonymous. However, most of the bitcoin users are identifiable because their personal information can be tied more easily to their bitcoin transactions.
The way the blockchain technology works is that every transaction is recorded on a public ledger and if you reveal your address anywhere online then all your transaction activity can be seen by anybody. Even if you do not reveal it directly, can tie it to your private information without knowing. Despite that, bitcoin transactions are more private than the credit or debit cards we use these days.
In the traditional financial world, there are banks in certain countries that offer a high level of anonymity to hide the funds’ source. In the cryptocurrency world, the same level of anonymity is offered by Bitcoin mixers which offer the same service these banks offer.
The way these bitcoin mixers preserve the anonymity is by mixing the funds so the original source is impossible to be tracked back by third parties. Using bitcoin mixers helps to protect more the security of your bitcoins.
Bitcoinmix.org is a bitcoin mixer that helps to preserve this anonymity making it difficult for third parties to track your transactions.
The way this mixer works is, that you send bitcoins to Bitcoinmix.org and they send you the same amount of bitcoins, minus the commissions from another bitcoin address to a new secret bitcoin address of your choice. The commission for this service is between 2 and 5 percent. Choosing to pay a higher commission moves the transaction up un the priority list.
Bitcoinmix.org doesn’t store any of the clients’ information. When the transaction is being processed, some data is stored temporarily and it is completely deleted when the transaction is over. The maximum time these data are stored is 3 days and this happens when the fee paid is very small. Also, all email communications are deleted 24 hours after being read.
All these measures are in place because even in a scenario when Bitcoinmix.org is hacked or a third party has access to it, no user data will be found to track the mixed transactions.
With the increasing online activity, major problems have arisen and one of the biggest ones is the online security and privacy and when it comes to the security and privacy of the money the concern is even bigger. Preserving privacy means being more free and secure.
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