Post
Topic
Board Bitcoin Discussion
Re: Will Bitcoin mixers be considered illegal by worldwide governments?
by
Abiky
on 12/10/2019, 02:20:24 UTC
Bitcoin Mixers aren't actually that bad when it comes to hiding your identity but technically this is really bad for a long future of bitcoin because every satoshi earned through illegal sources is mixed in these mixers and comes out absolutely clean. Moreover, these mixers actually give governments a solid excuse to ban cryptocurrencies as they can be used for money laundering and illegal activities. Even thought these mixers are in spirit of cryptocurrencies as the main agenda of cryptocurrencies is anonymity but still it will be not be a good going if mixers continue to tumble people's money.

Completely agree with you, mate. Unfortunately, Bitcoin mixers have a bad image/reputation among governments worldwide. While they can be used to preserve one's privacy, they could also be used for money laundering and tax evasion. It's like a double-edged sword in my opinion. Things are even worse for centralized mixing services as governments can target them easily. It greatly defeats the purpose of obfuscating transactions for the simple reason that there's a middleman behind everything. That's why I believe that decentralized solutions are the way to go for preserving one's privacy. It could either be via the use of privacy-oriented cryptocurrencies like Monero and Grin or simply non-custodial mixers like Wasabi or Samourai. There's no other way around it. You could also try switching to new Bitcoin addresses every time you make a transaction.

Following these and other practices, will allow you to obtain full-fledged privacy over your transactions without worrying about the government's intervention. The more people use decentralized solutions, the better as there will be more liquidity for transactions to settle quickly. This, in combination with decentralized exchanges will truly provide freedom for one's funds.

Nonetheless, time will tell us the fate of privacy as oppressive governments devise laws against it. If they win, then we'll be doomed for sure. Just my opinion Smiley