Coin Shuffling: Why It Makes You Anonymous
by Marvin Dumont
A casino dealer shuffles cards either manually or by using an automated machine to randomize its order.
Cryptocurrency shuffling (CS) is the process by which digital coins are mixed and randomized with other tokens to obfuscate the original source of funds. As a consequence, when outside parties observe payments on a publicly-viewable blockchain network, they won’t be able to trace from whom or from where the coins came from.
Coin Shuffling Anonymizes Your Funds
Apollo Foundation incorporates coin shuffling feature for Apollo coins and other cryptos to let you anonymize funds near instantly. Our team believes that doing so would make Apollo coin among the best privacy and most secure cryptos in the market.
CS is actually crucial for gaining monetary anonymity. That’s because many cryptos leave electronic transaction histories that are viewable on peer-to-peer networks. Consider that Bitcoin (BTC) is actually pseudonymous, not anonymous. It’s possible that a digital payment can get linked to a real-world identity through transaction analysis, know-your-customer (KYC) rules, and anti-money laundering (AML) regulations.
Financial Privacy Is Important
Personal ID bounty hunting is growing in practice. Blockchain analytics firms are charging money to governments and other (potentially risky) third parties to monitor transactions and identify source of funds. What if their servers are hacked by cyber criminals? Which is not uncommon these days.
And agencies, such as U.S. Securities and Exchange Commission (SEC), are increasingly awarding multi-million dollar bounties to whistleblowers. What if overzealous bureaucrats or prosecutors overstep their bounds (in order to advance their career)?
Intrusion into personal privacy can be unreasonable — and potentially dangerous if Big Brother behaves immorally or incompetently. Consider Mexico’s deadly drug wars. A cartel kingpin can easily pay local police or officials to harm an entrepreneur, anti-drug crusader or other honest individuals if transactions can be linked to real-world identity.
There are many valid reasons for anonymizing.
To protect its competitive advantage, business may not want competitors to find out what it’s paying for and how much. To avoid retaliation, a wealthy donor may not want to reveal himself as supporting an anti-drug campaign.
An investor may not want to disclose his/her proprietary trading activities. A crypto user from Venezuela or China may want to escape extremely punitive restrictions on capital use or movement. A charitable or religious organization may not want to identify its partners or staff for fear of political backlash or harassment.
It can be said that financial privacy means having freedom.
Moreover, a dangerous world necessitates precautions. Liberty-loving ventures such as Apollo Foundation are leveraging technology to protect you.
