Canadian exchange house integrates CoinJoin to anonymize transactions with bitcoin
The Canadian exchange house Bull Bitcoin announced this Wednesday, May 22, the integration to its Conjoin platform, through Wasabi Wallet and Cyphernode. CoinJoin is a technical development that allows you to obscure the address of origin and destination of the sent bitcoins, using jumps and mixes in your transactions.
According to the CEO of the company, Francis Pouliot, the goal is that all deposits are made instantly and automatically using CoinJoin, in order to increase the level of anonymity of the operations.
The tool will use the address format bech32, native of SegWit, so users should ensure that the destination wallet is compatible with this format, otherwise they will not be able to use this new feature.
CoinJoin, is a privacy solution that reduces the possibility that the addresses involved in transactions are tracked in the blockchain, through the realization of several payments together that are incorporated in a single transaction.
Thus, to carry out each transaction, CoinJoin joins a series of small operations that do not necessarily pool the funds. The outputs of the operation are independent, but the mobilization of bitcoins is done through a single operation, reducing commission costs. To perform the operations, 100 different transactions are merged into one, so the tracking process becomes very difficult.
“There are no transactions between the user’s deposit and the CoinJoin transaction. User funds are never grouped. Anyone who has knowledge of any deposit address, or attempts to make a dust attack, will completely lose track of transactions after the next jump”, this according to Francis Pouliot, CEO of Bitcoin Bull
The integration was made in collaboration with Adam Ficsor, who is the developer of Wasabi, one of the first purses to adopt this technology.
According to the CEO of the Canadian company, the integration of the wallet to the platform has been with Cyphernode, a provider of nodes for Bitcoin and Lightning Network (LN) focused on privacy and anonymity, co-founded by Pouliot .
Wasabi commissions are 0.3% on transactions, so the Bitcoin Bull service can have a commission of up to 1.3% depending on the amount of the operations, this according to the amounts published on the website of the exchange house.
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