Crypto Enthusiasts are Found a New Technique to Make Bitcoin More Private
Crypto News

Crypto Enthusiasts are Found a New Technique to Make Bitcoin More Private

BTC Peers team
BTC Peers team

Bitcoin transactions are being made more complex via CoinJoin mixers. Open-source data compiled by CoinJoin developers indicates the process anonymized 70,000 BTC within May 2020. Hillerbrand, a contributor for the Wasabi Wallet, says this is a big plus for BTC users valuing privacy.

Max Hillerbrand, Wasabi Wallet's contributor, said a privacy strategy CoinJoin had been relied upon to convert close to 70,000 BTC private in May 2020 alone.

Max Hillerbrand - a contributor and educator with Wasabi wallet, shared that there's been significant growth in BTC mixers using the technique over the last few months. For wallets like Samurai and wasabi.

It works for non-custodial wallets- where users can control private keys. Through CoinJoin, BTC owners, at a small fee, can store it with other assets and end up erasing histories and identifiable links.

According to Hillerbrand, data pointed to an estimated $644 million at current prices being set to private within May. He was pretty confident with the accuracy of Samurai and Wasabi's numbers.

First-time BTC being CoinJoined hiked this year so far, hence more private. Experts in BTC privacy like Matt Odell claim that CoinJoin could have helped BlockFi with the data breach chaos.

Reddit user pgh_ski said that "Coinjoins are an interesting technology for sure", and he added that "The general algorithm can be used on Bitcoin, Bitcoin Cash, Litecoin, etc. Pretty much any UTXO blockchain. One downside of Coinjoins on Bitcoin is the expense, since fees are high."

On Tuesday, BlockFi users woke to hackers using SIM swapping to access data, including addresses, and probably. Hackers used a SIM swap to access their data, including Bitcoin addresses. More delicately, exposing amounts in wallets and trailing usage. On a downside, BlockFi disallows deposits of CoinJoined deposits as part of their regulatory frameworks.

Hillebrand completely unbanked himself and lives off Bitcoin in dedication to supporting open source and a future of free BTC. He cited CoinJoin as "a weapon against entities that collect know-your-customer information (KYC)." BTC addresses are always pseudonymous unless linkable with identities in real-life.