The primary purpose of a Bitcoin mixing service is to provide additional anonymity and privacy to its users. Bitcloak is a new mixing service trying to make a name for itself, and it looks like some things have changed since its initial launch in February of 2016.
Bitcloak Bitcoin Mixing Service Update
Albeit we were initially skeptical regarding the potential of Bitcloak, it appears there is a lot more under the hood than anticipated. The platform generates a PGP signed message with order details, providing verifiable proof to the user, as well as a way for the platform operators to help the user. Additionally, this also reduces the chance of phishing attempts, as fake websites would generate an invalid message.
Bitcloak imposes particular transaction limits as well, ranging between 0.028 and 25 Bitcoin per order. Running multiple transactions is certainly possible, although it is advised to use the same value for every order. However, Bitclock can deal with a 10% variance for bulk orders. Do keep in mind there is a random fee around the 2$ range for every order as well.
Putting one’s trust in a Bitcoin mixer is difficult, as there is always a risk of coins getting stuck. Bitcloak negates this risk, as there are scripts running performance checks every few minutes. With input addresses only valid for twelve hours, there is hardly any way for prying eyes to keep track of the transactions. All in all, it takes users fifteen minutes to receive “clean” coins, which is incredibly fast.
There are a lot of features to check out, and Deep Dot Web posted a thorough article on the Bitcloak platform. For all of the security measures put in place, it is still the responsibility of the end user to trust these types of services or not. Bitcoin mixers are finding their rightful place in the cryptocurrency world, as they offer a certain appeal in particular situations.
Source: Deep Dot Web
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