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How to clear bitcoins in a mixer so that they are not blocked by exchanges


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How to clear bitcoins in a mixer so that they are not blocked by exchanges

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Law enforcers are tightening controls on cryptocurrencies in the name of fighting crime. They are requiring exchanges and exchangers to conduct KYC verification and AML deposit verification. They then de-anonymize suspicious wallet holders using blockchain analytics.

Although blockchain analytics helps catch criminals, honest bitcoin owners don't like having their wallets tracked. To ensure their anonymity, crypto-enthusiasts use bitcoin mixers.

There are dozens of bitcoin mixers on the market. They have different ways of mixing, sources of funds and working conditions. Mixer.money service told about bitcoin purification technologies, explained their advantages and disadvantages, and checked the purity of coins of three popular mixers.

Cleaning bitcoins manually

The task of bitcoin mixers is to give the user clean coins that meet two conditions:
  • A chain is broken. Analyzing the transaction chain of clean coins will not lead the blockchain analyst to the user's previous addresses. It will not identify the owner of the wallet;
  • no dirt. The pure coin transaction chain does not include risky addresses: scam projects, mixers, hackers, darknet marketplaces. The exchange will not block a user's account if AML scoring occurs.
Cryptocurrency can be cleared manually or through an automated service. The manual option involves anonymous coins: ZCash, Dash and Monero. Their blockchains do not store in transactions the sender and recipient addresses, as well as the transfer amount.

Manual clearing looks like this:
  1. User changes bitcoins to ZCash, Dash or Monero.
  2. Creates a new bitcoin address.
  3. Swaps back the anonymous coins for bitcoins and receives them at the new address.
As a result, the user receives bitcoins that are not linked to his old wallet. Such coins meet the first condition of purity - chain breaking. But in doing so, the user pays transaction fees and exchange services several times, and risks getting dirty assets.

Automatic bitcoin cleaning with a mixer

Automated bitcoin mixers break users' coins into pieces, mix them up, and send them to customers. This procedure complicates blockchain analytics and prevents the real owner of the bitcoins from being identified.

There are three main technologies for automatically purging coins:
  • classic. The mixer mixes the users' coins;
  • peer-to-peer. Users mix their own bitcoins using the CoinJoin protocol;
  • exchange. The mixer accepts the user's coins and sends him bitcoins from the wallets of exchange users.

Clearing technology affects the size of commissions, speed of operation, quality of clearing, and the user's risk of getting dirty coins. Bitcoin clearing services can use several technologies.
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