Bitcoin community celebrates first CoinJoin Day

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Bitcoin community celebrates first CoinJoin Day

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On April 5, the expected birthday of Satoshi Nakamoto, the Bitcoin community marks CoinJoin Day for the first time – a day of mixing transactions, a technology aimed at increasing user privacy.

Contrary to the thesis often repeated in mainstream media, bitcoin does not offer complete anonymity. By analyzing the public blockchain, transactions can be associated with a specific person.

Many developers are currently working on transaction privacy. One technology that can partly solve this problem is CoinJoin – transaction mixing. This is the mixing of coins of different users and their subsequent combination in one transaction.

These efforts face opposition. It’s enough to recall a story with a blocking withdrawal of funds from the Binance exchange, which was reported in December by one of the users of the Wasabi Wallet wallet supporting CoinJoin.

As Binance head Chanpen Zhao then explained, many do not fully understand the intricacies of regulating the cryptocurrency industry, including the KYC and AML procedures and how they apply to various types of exchanges.

Analytical services like Chainalyisis offer tools to identify transactions and assign risk levels. This threatens the interchangeability of coins: if a banknote of $ 100 (euros, rubles, etc.) used earlier for criminal purposes is accepted without question at any store without asking for its origin, then in the case of bitcoin, there is a chance that those marked coins will not be accepted or even frozen. This is the problem that CoinJoin solves.

Currently, she is supported by several wallets – the mobile Samourai Wallet with its associated Whirlpool technology and the desktop Wasabi Wallet. In honor of today, the Wasabi developers have already introduced a new release.

Every day is a good day to defend your #privacy.

But today in honor of Satoshi’s birthday and in remembrance of executive order 6102, we utilize #CoinJoin privacy tools to make it clear that our censorship-resistant money shall not be spied upon!

In the context of the COVID-19 coronavirus pandemic, privacy issues are becoming more relevant than ever, and this will apply not only to bitcoin but also to cryptocurrencies with user anonymity algorithms.

Analysts at Weiss Crypto Ratings, for example, have already stated a high probability of growth in demand for anonymous currencies, and this statement is supported by figures. In March, the number of fully secure transactions on the Zcash network doubled:

Last month the number of fully shielded #Zcash (z2z) transactions more than doubled!

If we look at the price charts of leading cryptocurrencies for the first quarter of 2020, we can see that another private Dash coin turned out to be the growth leader – in the first three months its value grew by 63%. Among the cryptocurrencies that grew in price were Zcash and Monero.

Nobody knows the true date of birth of the creator of Bitcoin. The theory that it falls on April 5 was put forward on Reddit six years ago. The assumption is based on the profile data of Satoshi Nakamoto on the P2P Foundation website, where you must specify the date of birth when registering. This version was supported by well-known representatives of the bitcoin community.

In his honor, CoinJoin Day is celebrated today, in which Bitcoin users are encouraged to pass as many coins as possible through mixers, making “every Satoshi dirty” and thereby force exchanges to abandon the practice of using transaction rating systems.

Bitcoin community celebrates first CoinJoin Day

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