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4 Reasons Why Bitcoin Mixers Matter

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Bitcoin Mixers

Bitcoin mixing services play an integral role in preserving Bitcoin user privacy today’s Bitcoin economy. In this article, you will be introduced to Bitcoin mixers and why they are important.

What is a Bitcoin Mixer?

A Bitcoin mixer obscures the connection between Bitcoin transactions and Bitcoin users identity. Also known as a Bitcoin tumbler or mixing service, these platforms achieve this by combining the Bitcoin transaction of its users to make it effectively impossible to link Bitcoin transactions to their respective senders.  

An example of a popular Bitcoin mixing platform is BitMix. Service offers instant transactions by transferring funds to the destination immediately after confirmation from its stock of already mixed coins. This removes the long wait times associated with most Bitcoin mixers. Additionally, BitMix supports multiple languages, usage on the Tor network, instant transfers, and custom fee selection.

Also, BitMix ensures anonymity by requiring only minimum information. Transaction logs are deleted after every 72 hours to protect the user’s privacy. What’s more, BitMix allows you to mix other cryptocurrencies, such as Dash and Litecoin.

Why Bitcoin Mixers Matter

Bitcoin mixers provide a lot of utility for Bitcoin users. Below, you will find four reasons why Bitcoin mixers matter in today’s Bitcoin economy. 

Bitcoin Transactions Are Not Anonymous 

The fairy tale that Bitcoin transactions are anonymous has been disproven on several occasions. Bitcoin transactions do not directly expose your identity but can be connected to it. Why? Because Bitcoin transactions are pseudonymous.

Unfortunately, the current financial landscape exposes us to several things that create a link between our transactions and our real-world identities. On cryptocurrency exchanges, for example, users are asked to submit their passport details for verification. This means that funds sent to or withdrawn from your account on the exchange can be tied to your identity. These certification processes take away your privacy. Also, these details could easily end up in the hands of hackers who could exploit this data.

Bitcoin mixers hide the origins of your transactions. In the case where a transaction is linked to your identity, it still doesn’t give away the source and possible reason for the transaction.

Protect Your Personal Finance

Our personal finances are essential to us, even if we have nothing to hide. However, giving people an insight into our personal finances can have negative consequences. Bitcoin mixers can prevent this by making all our Bitcoin transactions completely private, removing any connections between our transactions and our personal wallets.

Every time you transact with a party, they gain data about your Bitcoin wallet. They can trace the address you sent the Bitcoin from to check the amount of Bitcoin you have and your other transactions. Also, by examining your inputs and outputs, they can predict other addresses you own, giving them more information about old transactions from your wallet.

Bitcoin mixing services remove the apparent connection between your address through the multiple transactions made during the mixing process. However, Bitcoin mixers do not eliminate the ability to verify transactions. Recipients can still verify the transactions between you and them but cannot gain insight into the size of your Bitcoin holdings. 

Censorship-Resistance

In a world where politics and the economy are closely intertwined, money is a political tool. Your ability to have access to your funds at any time gives you the opportunity to express your thoughts and beliefs without fear.

Bitcoin was created to give people the ability to move away from the prying eyes of states and various forms of financial censorship, such as seizing funds and freezing accounts. This has become more difficult since governments can track your transactions on the Blockchain and go after your digital funds kept in your wallet. 

However, this becomes impossible when Bitcoin mixers are used. Mixers give you complete privacy when moving funds or donating to a cause.

Blockchain Analysis Companies Are De-Anonymising Users

In recent years, tracking transactions on the Bitcoin network has become very popular. Exchanges, regulators, and other institutions work with companies that specialise in blockchain analysis.

These blockchain analysis companies use various methods to match transactions to real-world identities like matching a Bitcoin address to an IP address. This data gives these companies and their partners an overview of most transactions on the Blockchain.

Through the use of Bitcoin mixers, you can enjoy more financial privacy and do not have to worry about blockchain analysis companies snooping around in your business. 

Bitcoin mixers like BitMix.Biz are easy to use and worth it for users who care about their financial privacy. If you want to protect your transactional anonymity, it is probably wise to mix your coins here and there.

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Amber Group Announces Q3 2022 Launch of Openverse, the Gateway Into the Metaverse

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Openverse

SINGAPORE, 11 May 2022Amber Group, the leading global digital asset platform, today announced its entry into the metaverse with the launch of Openverse, a Web3 enablement platform for creators, brands, and businesses. A culmination of Amber Group’s multi-disciplinary expertise in digital architecture and blockchain-native infrastructure, Openverse serves as a gateway to the metaverse, empowering Web2 creators, brands and businesses with tools and services to transition into Web3.

Amber GroupWith the metaverse economy projected to reach $13 trillion by 2030, Openverse marks Amber Group’s venture into Web3 community building. Due to launch in Q3 2022, Openverse is a significant milestone in Amber Group’s plans to aid businesses, industries and societies as they transition into Web3. As a one-stop platform, Openverse will create entry points into the metaverse by delivering end-to-end creative and digital infrastructures for creators, brands, and businesses.

“Digital assets are the first step in realizing a decentralized future where people are empowered to create and connect with online communities, unlocking new digital experiences. While there has been a lot of interest in the metaverse, it remains largely conceptual. With Openverse, we are taking a solid step towards creating this digital reality for all. Backed by our expertise and partnerships within the digital asset ecosystem, Openverse is at the forefront of onboarding businesses and communities into the metaverse, unlocking the true potential of decentralization,” said Amber Group’s Chief Executive Officer, Michael Wu.

Openverse is designed to be a Web3 enablement platform, supported by leading real-time 3D rendering technology to create an experiential digital world for all users. The platform will be accessible on mobile, desktop and VR platforms, and will come equipped with features such as real-time content interaction, gameplay, customizable digital avatars and an NFT valuation system. Openverse will also leverage Amber Group’s flagship digital asset platform, WhaleFin, for its crypto financial services, creating synergies with the company’s thriving consumer business line to expand the reach of its digital asset services.

“We are excited to launch Openverse and convert the possibilities of the metaverse into reality in the next few months. As we develop a gateway for everyone to journey into the metaverse together, we are also building a strong line-up of partnerships with gaming studios, sporting brands, digital artists, and creators in an effort to bridge the gap between physical and virtual economies. Not only will this encourage more Web2 users to migrate into the metaverse, it will also herald a new era for digital assets worldwide,” said Openverse’s Chief Executive Officer, Jo Xu.

About Amber Group

Amber Group is a leading digital asset platform operating globally with offices in Asia, Europe, and the Americas. The firm provides a full range of digital asset services spanning investing, financing, and trading. Amber Group is backed by prominent investors including Sequoia, Temasek, Paradigm, Tiger Global, Dragonfly, Pantera, Coinbase Ventures, and Blockchain.com.

For more information, please visit www.ambergroup.io.

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Why Crypto Casinos Are on the Rise in Africa

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Online gambling has become a rapidly evolving industry. Today, many online casinos are embracing cryptocurrencies to stay on top of the latest trends in finance and technology. 

Because of the continued evolution in the online casino space, crypto casinos in Africa have experienced and continue to experience rapid growth. But, why exactly is this the case?

Read on to learn why crypto casinos are on the rise in Africa. 

Crypto Adoption is Booming in Africa

One of the main reasons why crypto casinos are on the rise in the African continent is because of the booming crypto adoption.

Africa’s crypto adoption rate is reportedly the highest globally. For instance, between July 2020 and July 2021, African countries alone received close to $105.6 billion worth of crypto, representing a 1,200% increase in value within that period only.

Some crypto casinos have been able to benefit from Africa’s high crypto adoption rates by accepting bets in digital currencies such as bitcoin (BTC) and litecoin (LTC). 

Anyone Can Take Part 

Using cryptocurrencies, there are zero restrictions as to who can send or receive payments, alleviating all potential payment issues that can arise with traditional payments companies when you are located in certain African countries. 

Additionally, players are guaranteed privacy, which is very appealing to most online casino players. This is because players don’t have to share their names, location, or bank details to receive payments from the online casino they are using.

Fast Deposits and Withdrawals

One challenge with traditional fiat currency that most casino players experience is that it can take up to a few days for a transaction to complete. Moreover, having to change the pay-outs from fiat to crypto and vice versa in order to deposit or withdraw funds into an online casino can become costly.

However, cryptocurrency transactions typically only take a few minutes. This means that players are able to near-instantly make their deposits and withdrawals with very little wait time, thus being able to fully maximise any potential profits. Additionally, crypto transactions are also very secure.

African Gamblers Want to Win Crypto

Another reason for the rise in crypto casinos in Africa is because African gamblers want to win crypto. 

African currencies in many countries have been known to suffer from currency devaluation thanks to high inflation rates, which have resulted in citizens turning to cryptocurrencies such as bitcoin. Besides, players also find it hard to make bets on online casinos using fiat currency as they become unable to fully maximise their profits due to high inflation.

Given that cryptocurrencies such as Bitcoin are a store of value, players can also choose to HODL their pay-outs for as long as they need in their crypto wallets and trade the same when the price of bitcoin, for example, rallies. This way, players are not only able to earn some “extra” money, but they are also able to avoid paying costly fees in transactions when converting from fiat to crypto and vice versa.

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Weekly Roundup: African-Inspired NFT Art Collection to Launch in October & More

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African Inspired NFT Art Collection

An African-inspired NFT art collection is set to launch in October. To learn about this and other top stories this week, read on.

African-Inspired NFT Art Collection to Launch in October

Masks of EtherMasks of Ether, an NFT collection that draws inspiration from West African tribal art, will launch on October 5. Harrison Foko, the artist and creator of the NFT collection, “will release 10,000 generative images featuring pixel art masks.” Foko’s goal is to bring traditional African art to the blockchain and expose it to new audiences.

“I am excited to bring my own roots into the NFT space. Using something so tribal and traditional in this modern pixel-art form has never been done before. The community is ready and excited for something new,” he said.

Foko plans to give $100,000 of the NFT proceeds to The CryptoSavannah Foundation and Survival International. The former is a non for profit organisation using the blockchain to change African lives, while the latter is a human rights organisation that fights for the rights of indigenous people.

More and more African artists are embracing non-fungible tokens. For instance, these three Zimbabwean artists have made some income from selling their art on NFT marketplaces.

Crypto Exchange Yellow Card Secures $15M in Funding

Yellow Card, a crypto exchange operating in twelve countries, has secured $15 million in funding. According to the company, they will use the funds to scale their operations. Since the beginning of the pandemic, the company has increased its users across Africa almost 30-fold.

Yellow Card

“Our mission has always been to make cryptocurrency accessible anywhere and everywhere across the African continent. Now, we have the backing to make that a reality, alongside an amazing team of investors who share our vision,” said Chris Maurice, the CEO.

The Series A funding round was led by Valar Ventures, Castle Island Ventures, and Third Prime with participation from Square Inc., Coinbase Ventures, Polychain Capital, GreenHouse Capital, BlockFi, Blockchain.com, MoonPay, and more.

“We believe in Yellow Card’s vision of a Pan-African cryptocurrency platform. What cemented the deal is their multi-national team, which we believe has the local knowledge, technical expertise, and unequivocal passion to address the basic financial services needs of the continent,” stated James Fitzgerald from Valar Ventures.

eNaira Website Goes Live

Nigeria’s eNaira website is live ahead of the launch today. This could indicate that the Central Bank of Nigeria (CBN) is keen on seeing its plans for a Central Bank Digital Currency (CBDC) succeed.

The website states: “[The] eNaira serves as both a medium of exchange and a store of value, offering better payment prospects in retail transactions when compared to cash payments.”

With a CBDC in place, experts are worried that Nigeria will follow China’s steps and implement more anti-crypto policies.

“Yes, we expect the CBN to champion even more anti-crypto policies, as it is clear it sees crypto as a hindrance to its monetary policy objectives even though data confirms that as a fallacy. Every crypto company in Nigeria should innovate ways to work within a restrictive system and think about jurisdictional changes,” Chiagozie Iwu, CEO of crypto exchange Naijacrypto said.

Paxful Promotes Crypto Developers in Nigeria with Donation

Paxful has announced that it is donating to the Human Rights Foundation. The funds will go to “the Qala Fellowship, a program that will find and grow local Nigerian talent, starting with the developers who want to build a career in crypto.” The program will help the crypto developers to contribute to the open-source network, secure jobs with bitcoin companies, or start their own companies.

Paxful

Paxful CEO Ray Youssef said: “Paxful follows energy, and it is clear that the Nigerian youth will make a profound impact on the global economy through Bitcoin. They have entrepreneurship baked into their DNA, but they [do not have] the chance to showcase their talent on the global stage. First and foremost, the Qala Fellowship is a career roadmap for Nigerian developers. But it also is a way to support the local economy and a means for Bitcoin to capture more developer mindshare. We are proud to fund this project and cannot wait to see what these developers create.”

Nigerians that join this program will benefit from a six-month course that will teach them everything they need to be successful crypto developers. Moreover, Qala Fellowship will facilitate internships and full-time jobs and set up talks with seasoned professionals.

To learn more about Bitcoin, download the Bitcoin Beginner’s Handbook for free.

Bitcoin Beginner's Handbook

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