What exactly is a crypto tumbler?
Crypto Tumbler: What You Need To Know
One of the most attractive features of using Bitcoins is that users can remain anonymous when making transactions. Users like the fact that crypto space was private and secure. However, things changed, and that left a lot of users feeling uneasy. Unfortunately, it is easy to trace transactions back to the owner because they enter all transactions into a public ledger. This lead to the creation of a service that would still assure that people can remain anonymous. This is how Crypto tumblers came to be.
What is a Crypto Tumbler?
A Crypto tumbler is also known as a tumbler bitcoin amongst crypto geeks. It is a platform that enables you to mix your bitcoin transactions. Why is this a good thing? By mixing the transactions, users will remain anonymous because the transactions can no longer be traced. This means that third parties and hackers cannot follow the paperwork. Platforms can mix your bitcoins, which means no one knows what you have. The best platforms have the capability of getting their clients new bitcoins as a thank you for using their services. This better protects the user’s identity. To ensure user identity protection, there are no emails or logs kept by the platform. All the platform keeps is a log of incomplete transactions. The incomplete transaction logs cannot be traced back to the platform’s client.
Users who use this service should note that it takes up to three days to complete the transaction. The transaction does come with a minimum fee. They are usually just 2 to 5 percent per transaction. The service itself is completely automated. They need no humans to complete the mixing. As soon as the mixing is complete, the paper trail is erased, and there is nothing left to trace the user’s identity.
Do I Really Need To Use A Crypto Tumbler?
If you are a bitcoin user and privacy is a concern, then yes, using a crypto tumbler should be used. If you use your Bitcoin wallet to make transactions, everyone can see your activity on the blockchain. This leaves you wide open to hackers and to others who you do not want to know your identity. Exchanges get hacked, which again leaves you vulnerable. This will leave your wallet wide open for others to just help themselves. However, when using a crypto tumbler, this is no longer a worry. If there is a breach in the system, thanks to the mixing process, your wallet is not left open for others to see. Also, there is no way that the hackers can trace any of the transactions back to you.