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CoinJoin Day: a day to promote the privacy in Bitcoin

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Key facts:

CoinJoin Day aims to promote the privacy, in contrast with the houses of change with KYC.The idea is that CoinJoin Day is on the 5th of April, the alleged date of birth of Satoshi Nakamoto.As an initiative that promotes anonymity and privacy in the use of Bitcoin, bitcoiners have been promoting the foundation of the CoinJoin Day, a day to use massively the service of CoinJoin, by which it is possible to cover the footprint of transactions made in Bitcoin.The first CoinJoin Day is scheduled for this Sunday the 5th of April, precisely on the day of the supposed birthday of the creator of Bitcoin, Satoshi Nakamoto. Although Nakamoto is a pseudonym and not know it for years, there is some consensus among bitcoiners to commemorate the day of his birth on 5 April. This consensus has emerged for the calculation of a user of Reddit based on the profile of Satoshi Nakamoto on P2P Foundation.The idea behind the day of CoinJoin is that bitcoiners use of bulk-this service, provided by purses such as Samourai, Wasabi or JoinMarket. The intention is to promote the use of this tool, which provides privacy of transactions, something that, unlike what is believed outside the environment of Bitcoin, is not an inherent feature of the network. Currently, there are tools that can trace the origin of a transaction.There have been instances of exchange houses that have banned the use of the service CoinJoin. Source: anankkml/elements.envato.comDe fact, exchange houses that use KYC (confirmation of the identity of the user using data and personal documents) to not only track the transactions of its users. Also, in some cases, it has been confirmed that vetoes the use of services of CoinJoin.The Twitter user Catxolotl reported this in December 2019, after receiving a warning from the version for Singapore of the exchange house Binance, because they have used the CoinJoin through Wasabi Wallet.That user reported that, after having withheld their funds were returned. But not before promising that I would not make again use of this type of services for transactions related to their activities in Binance Singapore.A discussion on the topic via Twitter gave rise to the proposal to use massively CoinJoin. Started by the reflection that if “all the world makes CoinJoin, the sites of exchange have no other choice but to accept your bitcoin”. If you do not do so, would be out of business, completed the user @canalfixe on Twitter.The date proposed by the renowned bitcoiner Giacomo Zucco, a developer and a “maximalist of Bitcoin”, as he presents on Twitter. His reasoning was born of the idea of using “the birthday of the identity pseudónima anti-KYC more glorious”, in reference to Nakamoto.The method CoinJoin works by grouping in a single transaction multiple inputs from multiple users. The mix of these inputs makes it difficult to trace which of them corresponds to each output of the transaction. Thus, it manages to generate anonymity in transactions that typically are of easy tracking with tools such as the browsers of the blockchain of Bitcoin.

About the author

Caroline W.

Caroline W.

Caroline is passionate about learning languages, cultures and the Internet. She has years of experience working at international online advertising projects. Growing interested in Bitcoin and cryptocurrencies in late 2018, she joined CurrencyMarket24 as a writer.