ChipMixer Review

ChipMixer mixes the funds of its users together, then returns them to users in an effort to confuse blockchain analysts or blockchain tracking software.

About ChipMixer

Similar to other mixing services, ChipMixer mixes the funds of its users together, then returns them to users in an effort to confuse blockchain analysts or blockchain tracking software. When used properly, a mixing service prevents blockchain analysts from associating coins with user data.

Many people compare mixing services like ChipMixer to banking services in countries like Panama, the Cayman Islands, and the Bahamas. Every day, people move their fiat currencies through banks in these countries because they have stricter secrecy laws. ChipMixer works in a similar way.

Specifically, ChipMixer works by utilizing a number of bitcoin wallets containing predetermined amounts of bitcoin. ChipMixer funds these addresses before users deposit bitcoin. Then, users send money to ChipMixer, and users receive chips of bitcoins as a receipt of their deposit.

To anonymize the service even further, ChipMixer lets users split and merge any chips they have. This adds an additional layer of random complexity. For an even further layer, ChipMixer lets users bet and donate chips.

ChipMixer lets users bet chips – but it’s not a casino. Instead, users can bet a certain number of chips, then receive either nothing or double that amount. It works in a similar way to merging and splitting, but with an extra bit of fun involved.

Using these methods, your inputs and outputs won’t always match, which is why ChipMixer provides an additional layer of anonymity. Due to betting, the amount you put into ChipMixer may not always be the same as the amount you take out.

Donating also works like merging and splitting. It adds additional layers of complexity to the operation. Donating funds the mixer itself, and does not require any commissions on transactions. Aside from voluntary donations, there are no fees involved with ChipMixer.

 

When a user withdraws funds, it means their chips are removed from ChipMixer’s list. Then, they receive a private key to sweep the address. Chip withdrawals cannot be viewed on the blockchain.

Ultimately, ChipMixer has chips in all different sizes, including 0.001 BTC, 0.002 BTC, 0.004 BTC, and so on until you reach 4.096 BTC. If you deposit 0.112 BTC, you’ll receive 0.064 + 0.032 + 0.016 BTC.

Since each chip was funded before your deposit, there’s no link between your chips and your deposit on the blockchain. Yes, your deposit is viewable, but the chips you received in exchange for your deposit cannot be traced back to you.

Tutorial

To use the ChipMixer service, click the link above and then click “Start Mixing”. This will take you to the deposit page, where a Bitcoin address will be shown. Simply send your coins to the address shown.

Chipmixer tutorial

On the top of the page, you were given a voucher code that identifies your specific mix, once you’ve sent BTC, use the code on the right-side field to view and claim your chips. When claiming you have several options available when claiming your chips, the most simple of which is to withdraw. You can also leave your funds in the chips, although it’s worth noting that your private key is also known by ChipMixer. However, keeping the funds in the chips for a while will increase privacy, as your transaction and the withdrawal transaction will be further apart from each other, obfuscating blockchain analysis.

Why Choose ChipMixer?

Frequently Asked Questions


 

How does deposit work?

ChipMixer creates Bitcoin addresses and funds them with specific sizes. These are chips with 0.001 BTC, 0.002 BTC, 0.004 BTC and so on till 8.192 BTC. When you deposit your Bitcoins, you receive same amount in chips. For example you deposit 0.112 BTC and you receive 0.064 + 0.032 + 0.016 chips. Each chip was funded before your deposit, so there is no link between them and your deposit on blockchain. They are already anonymous.

What can I do with chips?

You can split big chip into two small ones ie. 0.064 BTC chip into two 0.032 BTC chips.

You can merge two small same-sized chips into big one ie. two 0.032 BTC chips into 0.064 BTC chip.

You can bet a chip to either receive twice as big one or receive nothing. Chance to receive big chip is around 47% and is provably fair.

You can donate a chip to pay for our service. If you only have big chips, you can split them before donating.

Finally, you can withdraw a chip or all chips. This will reveal their private keys you can import into your Bitcoin wallet.

Why should I use split/merge function?

To add random element into mix. Let’s say you’ve sent 0.52 BTC You have received one 0.512 BTC chip and one 0.008 BTC. Blockchain analysis can prove that one of 0.512 BTC chips originating from here is yours. Since you can use split/merge, nobody knows if you’ve withdrawn big or small chips. It is not required to use, but existence of this option increases your privacy.

Why should I use bet/donate function?

Betting and donate allows you to change possible output value. Even if blockchain analysis may assume you will receive permutation of chips, they cannot predict how much you’ve lost / won betting or how much you’ve donated. As with split / merge, you don’t have to use it – existence of this option increases your privacy.

What fee do you take?

We use Pay what you want as pricing strategy. It mean you set how much value our service is to you.

You may split chips into size you wish to donate.

Why withdrawal to private key?

After you’ve received private key, you can spend them right away without waiting for our transaction. But that’s not all. Since your withdrawal is not visible on blockchain, it looks like your chip was moved a few days before your deposit. Time Travel! Third, less spectacular element this method gives you is that you decide when to move those coins next. Few days? Few seconds? Who knows, you are not encumbered with our solution. Fourth, when you are in a hurry, you can set higher fee to have your transaction included in first block. It’s your money after all.

How long do you keep logs?

Your session lasts for 7 days. After that, your session and all its data will be removed. You can also destroy your session before time is up. We keep statistical data ie. how much was donated.

Fungibility? Why would I care?

Let’s hear the expert:

First of all I was going to explain what we mean by fungibility before bitcoin and ecash. It’s an old legal concept in fact, about paper currency. It’s the idea that a one ten dollar note is the same as any other ten dollar note. If you receive a note that was involved in a theft, 10 transactions ago, and the police investigate the theft, they have no right to remove the ten dollar note from your pocket. It’s not your fault that it was involved in a previous crime. And so bank notes actually have serial numbers, so it would be possible for a stolen note to be traced back to you.

This first arose, there was a 17th century court case where a wealthy merchant sent a couple of high-value bank notes to a colleague in the post and they never arrived. Before he sent them, he was quite paranoid that they would get stolen. He wrote down the serial numbers and made a mark on them. Sure enough they didn’t arrive, so he put in a complaint with the bank, and evenutally the notes turned up at the bank. He tried to get the bank to return the notes to his ownership. The courts sided with the bank. Their reason was that if notes could be returned to their original owner after a theft, it would damage confidence in currency and it would be bad for business, the currency would become unusable because every time you received the paper note you would have to look in the newspaper whether it was reported stolen, or you would have the risk of it being taken, or you would have to rush to the bank to deposit it so that it was the bank’s problem.(…)

Then we arrive at this problem of taint tracing. Because it’s not very private, some people took an interest in tracing coins and I think the motivation was that there’s a number of high-profile thefts of coins from exchanges and other businesses, and that’s a problem for those businesses and they went out of businss because of it. Some people would like to put distance between themselves and coins that were used in illicit use. There is a law that says that currency is fungible, but because you can somewhat tell where a coin was used before, people started to care. Coin validation proposed to offer as a service to trace coins and try to give you a rating about how the history of the coin from your point of view and to offer that as a service to businesses. I think this could be quite dangerous because it goes back to that 17th century court case where now you could receive a coin that is perfectly valid at the time that you receive it, but a few weeks later a crime is uncovered and now your coin is tainted. So if this coin validation service is advicing many of the merchants where you would want to spend your coin at, it’s tainted and now the merchant would refuse to accept your coin. That’s a strange experience for you; you’re holding a coin that you might have to sell at a discount to get rid of it. The aggregate effect of this might create a run on the bitcoin price. So it reopens this long-set legal principle that currency or currency units are all equal.

http://diyhpl.us/wiki/transcripts/bitcoin-adam3us-fungibility-privacy/

What will happen if I send less than lowest chip?

Since we don’t have chips lower than 0.001 BTC, your deposit will be treated as donation. Be aware that if you send 0.0015 BTC, you will receive one 0.001 BTC chip. Sending 0.0015 BTC twice will result in three 0.001 BTC chips.

How much time do I have to send input transaction?

You have 7 days to deposit, mix and withdraw private keys. You can extend it for another 7 days if your input transaction is stuck in mempool.

Leave a Comment

Your email address will not be published. Required fields are marked *