Privacy in the age of technology is becoming a bigger and bigger issue as security agencies gain more control and survaillance over average citizens. Security agencies have a tough job on their hands as new Bitcoin addresses can be created at the click of a button. This means that if someone that wants to remain anonymous continues to create new addresses for incoming transactions, security agents will have to begin the process of putting a face to Bitcoin address all over again. Nevertheless, all the transactions on the blockchain are public. Despite the pseudonymous nature of the Bitcoin network, if one knows the buyer or the sender, one can track your transactions.
It is important to note at this point that the case for privacy is not connected to criminality; only a small fraction of Bitcoin users use Bitcoin for malicious means. The case for privacy is quite simply that privacy is a fundamental human right. If someone, for example, owns a lot of wealth and doesn’t want his peers to know that he is wealthy he may want to keep his balance private. Furthermore, if someone purchases an embarrassing item, privacy again is justified.
It is certainly true that there have been some cases where Bitcoin has been misused for criminality, such as the suspected laundering of $40 million stolen Bitcoins by Tomáš Jiříkovský, or Trendon Shavers’s $150 million insurance ponzi scheme. But criminal activity happens with anything that has value, whether it is USD, EURO, Gold or even antiques.
In the fiat world, private transactions are associated with cash, but in the Bitcoin world, all transactions are publicly available for all to see. How are we to fix this problem? That is where Jumblr comes in. Jumblr is coin shuffling service provided by SuperNET. The process of Jumblr is a rather complex process and differs from other coin shuffling services available on the market. First, the coin of choice, most likely Bitcoin, will be converted into Komo...