Mixing services have become an integral part of cryptocurrency. This is especially true for currencies which lack both privacy and anonymity. Bitcoin is one of the coins which heavily relies on mixing services for users who want to remove the taint from their coins. It seems Coinmix is doing the same for Bitcoin Cash supporters. In fact, the service mixed its first million dollars worth of BCH. A very big milestone for this service, that much is certain.
Not many people know there is a Bitcoin Cash mixer. That in itself is rather surprising. Although using such services is always a risk, the platform has seemingly built up a solid reputation. According to some statistics, almost 1000 orders have been processed on Coinmix so far. These orders add up to roughly 560 BCH, which is worth over $1m at the current price. It is a pretty interesting development for both the company and the fans of Bitcoin Cash.
A big Milestone for Coinmix
With this milestone reached, it will be interesting to see what comes next for Coinmix. More specifically, this appears to be only the beginning for this service. Mixing providers often tend to make a lot of money if they provide a reliable service. So far, that seems to be exactly what Coinmix does. If they keep up this streak, it won’t take them long until $5m worth of BCH is mixed. Especially with the interest in Bitcoin Cash growing, such a new milestone can be reached pretty quickly.
It is also worth noting this service focuses on Bitcoin Cash exclusively. Users looking for a Bitcoin mixer will have to look elsewhere. Due to its low fees and faster transactions mixing services linked to BCH seem to work a lot smoother in general. The ecosystem simple provides a better version of Bitcoin in many ways. However, it still lacks privacy, anonymity, and even fungibility. If it was fungible, there would be no inherent need for mixing services whatsoever.
With such a service such as Coinmix, things are looking good for Bitcoin Cash. Not because it is just a mixer, but also because plenty of people are using it. Although the average amount per transaction seems rather low it’s still a good start. The future is looking very interesting for Bitcoin Cash right now Whether or not this momentum will remain in place, remains to be seen. It seems the momentum is slowly turning in favor of cryptocurrency again.
Header image courtesy of Shutterstock