Bitcoin Mixing is completely a different approach. These services takes customers bit coins, and sell them for another currency, use this currency to buy different bit coins and send them to customer. The bit coins which are sending back to the customers have their trace on them which can put you at risk or reveal your details to third party. But the advantage of this bitcoin mixing is the coins sent back to the customers will not be traced directly to the original purchase using a wire transfer. In such cases the customer may face an issue of acquiring the original bit coins that are thrown into the bitcoin mixing or mixer. Most of these bit coins are cashed trough mail. There are many chances when the bitcoin transfer becomes risky as the source is anonymous.
Instead go to the bitcoin forums and try to find someone nearby who is willing to sell you bit coins in person. If the customer is willing to dagger these btc2ltc then he can arrange a drop site for cash. The only back step in this process is the customer will be relying on the seller who transfers bit coins after paying to him for the service. The level of trust in this aspect is unpredictable. Though there are a massive ways using to trace these bit coins the amount of predictability and returns are a question mark. in many cases the bit coins transfers through mil may be a risk factor as they can reveal your personal information along with the banks details that are been used for these specific transactions.
Bitcoin is a new kind of digital currency which is operated through a network that can be accessed by all throughout the world. The network is developed and operated through a consensus among its users.
It was floated by Satoshi Nakamoto who made its specification and then disappeared from the site not to appear again. The world still does not know who this person is.
The bitcoin units are divided into 100 million smaller units called Satoshis. One bitcoin unit amounts to approximately $40. The bitcoin units are stored in online bitcoin wallet which is the software for storing the bitcoins online for exchange in liew of some commodity or service.
Bitcoin mixer is new phenomenon with the bitcoins where the money is mixed with other fund for some specific purposes. It may also work as a camouflage for money launderers to hide the money. A mixer possesses a vast amount of bitcoins at their disposal and allows transfer of money to its pool from the money launderers. After that it transfers the bitcoins to some other address which also is within the control of the money launderer.
By utilizing the method of random transfers and also moving random amounts to different addresses bitcoin mixer makes the system so complicated that after some time it becomes impossible to identify the original transaction.
Bitcoin has appeared with the potential of operating as a parallel economic institution with banks and financial institutions. But the way the bitcoin mixer is used by frauds is not at all good. It is going to tarnish the image of bitcoin.