Satoshi Nakamoto is the infamous founder of Bitcoin yet no one knows who he/she/it is. Nakamoto holds the ability to keep your dealings private but despite never revealing themselves, most holders of Bitcoin are much easier to track down.
Cryptocurrency is seen as being decentralised and anonymous but the leading cryptocurrency isn’t as anonymous as many people think. In fact, it could be pretty easy to track an address and connect identity to it. In fact, Nakamoto even said the different ways that people could get outed on the blockchain.
“The possibility to be anonymous or pseudonymous relies on you not revealing any identifying information about yourself in connection with the bitcoin addresses you use. If you post your bitcoin address on the web, then you’re associating that address and any transactions with it with the name you posted under. If you posted under a handle that you haven’t associated with your real identity, then you’re still pseudonymous.”
All the transactions submitted on the blockchain are visible for anyone to see. In addition, if you allow your address to be seen by the public, your transactions will able to be viewed too.
This is when Bitcoin Mixers come in handy when it comes to this. Often referred to as tumblers, Bitcoin Mixers are like tools which allow users to help users to hide their identity and get that extra bit of financial security when it comes to cryptocurrency. Outside parties won’t be able to see your transactions because they will get mixed in with the others (hence the name).
When you send your Bitcoin to websites to certain websites that specialise in this, they will take a small fee in order to send you an equivalent amount of Bitcoin from other transactions to a new secret address only known to you. The fees can go up to five percent and users but users are able to choose how much they pay to move up transactions up on the priority list.
So if privacy is a big thing for you then it’s worth taking a lot into these kinds of sites in order to get that extra slab of security on your crypto transactions.