Breaking the connection
Gone are the days where we walk into a place of business and exchange currency for a service or item. By currency I mean, coin and bills. Now there are endless amounts of apps you can download and use to quickly exchange money with another person, cards and even options you do not even have to fully use the card and you can simply “tap”.
Our world is ever changing with technology. In 2009, a form of cryptocurrency was created. A way to pay for things with no middle man – meaning no banks! Bitcoin are not accepted everywhere but to give examples, some places that do consist of hotels, overstock and xbox. Every single transaction is recorded in a list that is public called the blockchain.
One action taken when dealing with bitcoin laundry is a process called tumbling or mixing. This process breaks the connection between the sender and the receiver. This action is not necessary but still done by most bitcoin users. There are no laws against bitcoin tumbling and the cryptocurrency can still be used in purchasing items or services.
Although when used as recommended it can enhance the fungibility of your coin it does not give you complete privacy. The bitcoin blockchain is completely open for anybody to download and look at it for analysis. In conclusion, we must all know that nothing we do is completely private or anonymous. Yes, there are ways to obscure the origins and destinations but with the right know-how the path could in theory still be traced.