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What is use of bitcoin mixing service?

What is use of bitcoin mixing service

A bitcoin mixing is also known as mixing service. With a rising debate all over the world on the anonymizing services between the traditional centralized bitcoin mixers and the new decentralized bitcoin mixers, which require a reversion in the bitcoin protocol? The over aching bitcoin exchange regulations must maintain a transactional policy. Bitcoin is a kind of paradox. It is a service that accepts BTC payments and returns the same amount in the form of coins associated with the original BTC. These bit coins are a paradox. Wash your bit coins without same coin contamination through bitcoin mixing services.

Presently Bitcoin Mixing is in beta, and its reliability to obscure your funds is limited which depends on the number of people using the same service. Somehow people consider these mixing services like big pot where everyone throws their cash into it. These mixing services are believed to give a good shake but pulling the cash out and distributing it back to everyone who have credit their money with a small amount of commission as fee. For example- If you use US Dollars, the bitcoin mixing would be something like throwing twenty dollar bill in, and getting a random twenty dollar bill, or a ten and 2 fives. However the effectiveness of this service is limited. A person may get his own invested bit coins back or, there may not be enough people using this service to get the benefits. Ultimately it’s a paradox of who put in and what they got through this bitcoin mixing stands as a different approach.

Promising Technology for Better Future

Bitcoin is going to be the new digital currency of the world if we consider the spate of its popularity worldwide. The common persons can safely use the bitcoin to pay for exchange of commodities and services. The demerit of bitcoin network is its inability to reversals.     The persons who want to do business through bitcoin have to create QD code in their site which the sender of money will like to see. The sender may also like to keep a photograph of the QD code. But for normal exchange of bitcoin that does not involve receipt of money creating QD code is not necessary. Bitcoin mixer is a use of the currency to mix up the stored money which is applied to transfer money from countries with strict foreign exchange regulations. Some unscrupulous persons use this bitcoin mixer for fraudulent purposes like hiding the source of some big amount by mixing with other fund so that it may be made to look like a legitimate money.

Because of this reason countries are making regulations so that such fraudulent practices can be avoided. If the regulation is implemented then the privacy of the bitcoin transaction, which is one of the main features of bitcoin, has got to be sacrificed. If the regulation gets implemented the exchange operators have to link the addresses of customers to the bitcoin addresses. The bitcoin2litecoin is a web based service which charges a fee for transferring the bitcoins. Bitcoin network does not deal with other currencies like dollar or pound.

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