BitMix is technology is developed and designed to help cryptocurrency investors and traders remain anonymous as much as possible. What is bad in remaining completely anonymous online. No one will be able to lead a transaction back to you. In case you are familiar with the blockchain ledger and how it keeps a record of transactions, you may be wondering how the use of BitMix could make you invisible. Since it is possible to track a transaction history to locate the source. Here is how BitMix does it.
How It Works
BitMix already has some pre-mixed crypto coins in their database which they will send to you when you place an order on the website.
You input the receiver’s address and forward the amount to be transferred to BitMix. BitMix will then mix your coin for you before it is being sent to the receiver. The receiver will see the transaction as being from you but in reality, the coin received is not from you. So, if they try to trace it back to you, they will get confused because the details they have will end up not matching the account they are trailing.
Requires a Code
Since the mixed coin is random, you will be given a ‘lifetime code’ to input every time you want to use their service. You will need this because BitMix will also make use of your coin for other customers in the future.
The “code” will prevent the technology from assigning you any of the coins you may have sent to the platform before.
Advanced Anonymity Option
Desperate investigators and attackers may visit the platform they suspected you might have used to mix your coin. Knowing the amount transferred and the commission charged can give them an edge in tracing you.
To protect yourself against this or at least mitigate the success of such occurrence, you may select the randomized option on BitMix during your order. This will make the commission paid and the amount transferred ambiguous.
Just like most bitcoin laundry platforms, BitMix is compatible with just two cryptocoin ― Bitcoin and Litecoin. They have however indicated they will be including Ethereum soon.
Letter of Guarantee
In a situation whereby something goes wrong with your transaction, there is a way you can contact their customer service even after the 72 hours when the transaction details would have been deleted.
A letter of guarantee is expected to be sent along with the Bitcoin/Litecoin address that BitMix will be sending to you. Before forwarding the crypto coin, always make sure to first save the Letter of Guarantee because that is the only evidence and proof you will have left in case anything goes wrong.