Will Bitcoin Mixers Play a Role in the Future of Cryptocurrency?

    CryptoMode Spending Bitcoin

    A lot of services have come and gone in the cryptocurrency industry. As far as coin mixers are concerned, their future remains in doubt. The year 2019 has been brutal for various of these mixing services, leaving Bitcoin enthusiasts to look for alternative solutions. SmartMixer wants to get in on the action, but the alternatives shouldn’t be overlooked either. 

    SmartMixer Wants Users to Trust Them

    The biggest hurdle to overcome when using a third-party mixing service is the amount of trust involved in the process. Since a mixer is effectively someone else trying to take your coins and promising to send them back minus a fee, it remains a very risky operation. Additionally, one can never tell if a mixing provider will keep logs of transactions or identify their customers by any other means. 

    SmartMixer is the latest service to try and enter this barren industry. Their choice is peculiar, especially when considering how various Bitcoin mixers were either taken offline or have shut down their operations themselves. While this leaves a large market untapped, it seems these services will remain in the crosshairs of law enforcement agencies around the world. Users should always scrutinize and properly analyze new services like this prior to sending them any money. 

    Who Needs a Mixer?

    The big question is whether one even needs a mixing service or not. Although Bitcoin lacks privacy and anonymity by default, there is no real reason to mask the tracks of transactions unless one has something to hide. Those who want to use a mixer for privacy features have plenty of alternative solutions at their disposal which do not require as much trust. 

    Given the scrutiny all cryptocurrency mixing services are under in 2019 and beyond, it also seems plausible to assume anyone moving coins through such services could have their transactions flagged sooner or later. Blockchain analytics companies are stepping up their game, and Bitcoin remains extremely easy to trace at all times. One would almost expect altcoin mixers to become more popular, but that doesn’t appear to be the case either. 

    Viable Alternatives Galore

    There are several alternative solutions to Bitcoin mixers for cryptocurrency users to explore. Those who do not like to touch altcoins with a ten-foot pole can use Samourai Wallet, for example. This solution provides privacy and anonymity solutions which seem to work quite well. Wasabi Wallet also provides similar functionality and add coin mixing through Coinjoin, which makes both of these options worth exploring. 

    Those users who do not mind venturing into altcoins – despite their ongoing value decline – might want to opt for currencies which can effectively mask transactions by default. Monero is a good example, as it is the most anonymous currency on the market to date. It also gives blockchain analysis firms a run for their money, as no one has effectively been able to trace XMR transactions. As such, the future of Bitcoin mixers seems all but guaranteed at this point. Various trustless options exist, thus centralized services seem to have no place in this ecosystem any longer. 

    Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency or digital currency.

    None of the information on this website is investment or financial advice and does not necessarily reflect the views of CryptoMode or the author. CryptoMode is not responsible for any financial losses sustained by acting on information provided on this website by its authors or clients. Always conduct your research before making financial commitments, especially with third-party reviews, presales, and other opportunities.