Crypto Investing #48 – What Is A Bitcoin (Cryptocurrency) Mixer Or Tumbler?

What’s up, guys? This is Tai Zen and I’m broadcasting here from Atlanta.

Now it’s school season so all the kids were outside waiting to get back on the bus to go back to school. Schools just started back in the United States.

Anyways, I want to explain to you what is a Bitcoin tumbler? People can call it Bitcoin mixer, cryptocurrency tumble, cryptocurrency mixer, mixing service or tumbling service.

Even though people say Bitcoin is an anonymous currency system, it’s actually not anonymous. Anonymous means you don’t know who it is and that’s not true. Pseudonymous means that your name has been replaced with a different name. In the case of all cryptocurrencies, your name has been replaced with a serial number or an account number.

Now, unless somebody identifies that this account number belongs to them, we do not know and it can remain anonymous. However, at this moment, in the technology world, most of the Cryptocurrencies are pseudo autonomous, including Bitcoin.

If the owner of the Bitcoin account or the cryptocurrency account is not telling you who they are, you will not know who owns that account. You just know how much the quantity of the Bitcoins of the cryptocurrency in that account.

For example, the biggest alternative cryptocurrency exchange is Poloniex. In all their accounts, wallets, and everything, they identify that they are Poloniex. If you send Ethers, Bitcoins or anything to Poloniex, they publicly announce and identify their account.

In other words, every time you receive money from them or you send them money, you can basically look at the blockchain and identify that that account belongs to the exchange known as Poloniex.

In this video, I want to explain what is a mixer or a tumbler. For a while, people want it to be completely 100% anonymous. As a result, there is a service called Bitcoin mixer or Bitcoin tumbling service.

This is where many people can send the Bitcoins with the same address. Then the service will mix it all up and then return the Bitcoins back to its owner with a different address.

For that reason, even though you can track where it’s going, once it goes into the Tumbler or the mixing service, it comes out with a different address and you no longer can prove that the same person owns that same Bitcoin anymore. That’s what a mixer or a tumbling service is.

That can be done with any cryptocurrency. It’s not just done with Bitcoin. I cannot recommend any tumbling service or mixing service to you because I have not used them. There is no service that is reliable enough for me to recommend to you.

Even though they exist out there, you can manually be mixed or tumble your Bitcoin accounts. You can do it a few times and it takes a while for someone that is not technically savvy like myself to figure out who your accountant is.

However, for the people that are pretty hardcore and more technically savvy, they can write some software where they can send their Bitcoins or cryptocurrencies into one account, then split it up and send it to another account.

They do that hundreds and thousands of times to make it not worthwhile for you to follow their trail and determine where their Bitcoins or Cryptocurrencies are going.

The reason why I’m explaining it to you in this video is there some shenanigans and some fishy stuff that’s going on in the Ethereum world. There are some tumbling and mixing going on in the Ethereum world that is very suspicious and I’ll explain that in a separate video.

In the meantime, in this video, I just want to explain to you what a mixer or tumbling service is. You do it automatically through a tumbling service or you can do it manually.

The manual version is not very good because eventually somebody can track it down and figuring out this Ether or Bitcoin or cryptocurrency originally belonged to.

That’s all for this video.

In a separate video, I will explain some of the fishy stuff that’s going on Ethereum world.

Thanks for watching this video and I’ll look forward to seeing you guys in the future video.

 

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