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Bitmixer.io, the largest mixing service for Bitcoin, has shut down, recommending its users use Dash or Zerocoin instead.
Mixing services, sometimes known as coinjoin or tumblers, take a user’s balance, mix the inputs with those of coins with those of other users, and send the now-mixed balance to its final destination. The result is that the transaction will appear to have come from several different origins, obscuring which user or set of addresses originated the transaction, thus preserving privacy and anonymity. Bitmixer was the largest of these services for Bitcoin. After announcing the shutdown in a Bitcointalk thread, the owner suggested users switch to an innately more private coin such as Dash:“You may use Dash or Zerocoin if you want to buy some weed. Not Bitcoin. “I hope our decision will help to make Bitcoin ecosystem more clean and transparent. I hope our competitors will hear our message and will close their services too.”
Privacy is in high demand, but not universally believed to be a right
The ability to conduct private financial transactions is highly valued by the market. For example, just the three top cryptocurrencies originally centered around privacy alone are currently valued at $2.4 billion combined. Bitmixer claims to have run a very successful and profitable service, and that the decision to shutter its doors was based on a philosophical change of heart.“Despite the huge profit we earn, we are closing our activity. Let me explain why. I’m bitcoin enthusiast since 2011. When we started this service I was convinced that any Bitcoin user has a natural right to privacy. I was totally wrong. Now I grasped that Bitcoin is transparent non-anonymous system by design. Blockchain is a great open book. I believe that Bitcoin will have a great future without dark market transactions.”