In this day and age, where people do almost everything using their personal computers and smart devices, privacy has become one of the most important principles that majority of internet users uphold. The overall emphasis on privacy and data security followed instances where businesses, the government, and Ill-intent hackers have been exploiting user data for their own benefit.
One of the most common targets of these exploits are users’ financial information. Understanding how people behave financially has become crucial in different industries like advertising, social engineering, and identity fraud. This is the reason why many people has started to embrace cryptocurrencies like Bitcoin. Basically, cryptocurrencies are relatively anonymous as compared to other more traditional payment methods because of the fact that they don’t require users to validate their identities before making a transaction.
Amidst the popular belief that Bitcoin (among other cryptocurrencies like Etherium and Litecoin) provide complete anonymity to users, it is not the case. The way Bitcoin works is that instead of using users’ name to link to a transaction, it replaces it with a Bitcoin address. With this being in place, if someone knows your bitcoin address, that person can certainly know which transactions are linked to you. Recent technological advancements also made it easier for people to trace anything online through the IP address.
To make matters worse, Bitcoin and other cryptocurrencies operate with the blockchain network. It an open source database where transactions are being recorded and kept. Since it is an open-source network, it is accessible by anyone. This means that anyone can have access to the transactions you made and how much Bitcoins you have.
Currently, there are a few ways that could help you improve your privacy when using Bitcoin to make online transactions. One of these ways is Bitcoin Mixing. It uses a third-party service provider that mixes your coins with the coins of other users in order to cut the ties that links you to the coins and the transactions made with it.
In this post, we will be reviewing about FoxMixer, an online Bitcoin mixing platform that has been getting popularity within the Bitcoin community
What is bitcoinmix.net?
Like other Bitcoin mixing platforms, FoxMixer allows users to send in their BTCs and mix them with a pool of coins sent by other users. By mixing the coins, the platform is replacing your coins with random coins from other users to make it appear in the Blockchain that you did not make a specific transaction. This makes it harder for those who are snooping into your business to trace a specific Bitcoin transaction back to your wallet address and ultimately to your real-life identity.
FoxMixer is one of the smartest Bitcoin mixers available to users at this point. It uses a state-of-the art algorithms to automatically mix coins and replace them with fresh and untraceable new coins. It also actively monitors the volume of current transactions in the bitcoin mempool and shifts payouts to the perfect timeslot, if necessary
Mix your coins with Bitcoinmix.net
Transaction Origin Randomization
Most of the modern blockchain analysis services analyze the broadcast origin of a transaction. Operating multiple nodes in multiple countries allows them to trace where a transaction arrives first and by what IP address it is broadcasted. By using FoxMixer, you can randomize the origin of the coins you send to the platform so that it will be harder for those who can see them to trace them back to your IP address and your physical geolocation.
Deep Mempool Analysis
As mentioned earlier, FoxMixer actively monitors the volume of current transactions in the bitcoin mempool and shifts payouts to the perfect timeslot, if necessary. They do this in order to prevent your transaction from standing out in the Blockchain – thus making the transaction more discreet. For example, if you expect a payout of 4 BTC and at the time of the payout, only transactions of 0.01 BTC get done, it is evident that analysts will focus on your transaction first. With FoxMixer, if at one minute mainly transactions in the order of 0.01 BTC get done, your transaction will be preponed or delayed by some minutes and by that shifted to a timeslot where more transactions around 4 BTC occur on average.
Letter of Guarantee
FoxMixer provides a Letter of Guarantee, which is a digitally signed confirmation that this address has truly been generated by their server. The signature will directly be originated from their main Bitcoin account to provide users a level of confidence in the transaction. As proof of obligation, the Letter of Guarantee also serves as a receipt that users can use to report problems regarding the mixing process.
Automatic log removal
One of the unique features that only Blender. Io is offering is their “No Data Retention” policy, which deletes all the log within 24 hours after the transaction has been completed. Those mixers who keep their logs longer has the potential to be de-anonymized and be subjected to attacks that could ultimately reveal their users’ identities.
Unique Mix Code
While FoxMixer has a huge pool of Bitcoins to mix, it is still possible that you will be getting the coins you deposited in previous transactions to your new transactions. In order to prevent this from happening, you will be provided by a unique mixing code which you can use to signal the platform that it’s you and that the coins sent by you before should not be sent back to you now.
Bitcoinmix.net - how much is the fee?
FoxMixer has a pretty straightforward and fixed fees for their services. For each transaction, they deduct an overall fee of 1 % as well as 0.00100000 BTC for every output address you use.
How long does a mixing take on Bitcoinmix.net?
According to their website, every mixing transaction can take up to between almost immediately up to 48 hours. Users can also choose to delay payouts to add more layers of anonymity to their transactions. They only need six (6) blockchain confirmations before starting the mixing process.
Why use Bitcoinmix.net?
You can start mixing even by using your smartphone
The FoxMixer platform has a very responsive website design. This means that it adjusts to your display screen so you can make transaction even by using your smartphones and if you don’t have access to a computer.
FoxMixer platform is highly optimized and works 24/7, this means that they will be able to respond to questions and complaints faster. You can contact their support team anytime within a 7-day period after a mixing transaction.
Automatic and Manual Log Deletion
In order to maintain utmost privacy of their users, the platform deletes all transaction logs after seven (7) days from the transaction. However, users will have the option to manually delete their own transaction log anytime after the transaction has been completed.
What are the disadvantages of Bitcoinmix.net?
It charges a relatively high fixed fee
The platform deducts an overall fee of 1 % as well as 0.00100000 BTC for every output address you use, which is relatively higher than what other platforms are charging. Also, FoxMixer charges a fixed fee while others allow users to choose their own fee within the range of 0.5% to 5%.
Contacting support via email is a dangerous way to deal with user privacy. As we all know in the past, emails are vulnerable to data scraping and cyber attacks. While FoxMixer provides 24/7 Support to their users, they only have email as a support option.