Achieving privacy while using Bitcoin is not straightforward. Using external tools is often paramount, albeit that can be a hindrance as well. When it comes to using Samourai’s Whirlpool CoinJoin, the overall volume is rising steadily.
The Whirlpool CoinJoin Concept
A lot of people can appreciate the transparency that Bitcoin brings to the table. Compared to traditional finance, Bitcoin is a very different breed altogether. Anyone can monitor transactions in real-time, without requiring special credentials or tools. At the same time, this erodes any sense of privacy when dealing with this cryptocurrency.
To counter th at aspect, people often rely on mixing services. Although these services are often centralized and expensive to use, they tend to gain a loyal following. As law enforcement agencies around the world crack down on these mixers, new solutions need to be found. One such solution is Samourai’s Whirlpool CoinJoin implementation.
Accessible on both desktop and mobile devices, the Whirlpool is gaining traction quickly. Whether one wants to mix small or big amounts of Bitcoin, this CoinJoin approach can get it done. Being able to remove any “taint” from one’s existing coin supply is very appealing to many users.
Under the hood, Samourai’s Whirlpool uses 3 liquidity pools to provide flexibility to their users. Depending on the amount of BTC to be cycled, one can select the appropriate pool and the number of newly cycled outputs. Additionally, this approach uses multiple small – and fast – CoinJon cycles, instead of one slow single cycle.
Judging by the statistics above, there is a genuine interest in this solution. A lot of people are partaking in the CoinJoin action provided by Samourai. With over 18.378 BTC in combined volume across the different pools since May 19, the growth is clearly visible. Some months are more prominent than others. The year 2020 has seen multiple months with over 240 BTC in volume.
Slow but Steady Wins the Race
It is only normal to see the volume start off low for Samourai’s Whirlpool CoinJoin. After all, people are often hesitant to trust new solutions. Considering how this service is not centralized, it has a clear advantage over traditional mixing solutions. Gaining trust in the cryptocurrency industry remains difficult, which is only to be expected.
Ever since the year 2020 came around, things have vastly improved where the combined volume is considered. Steady growth in Whirlpool CoinJoin volume has been recorded month over month. Percentage-wise, the growth may seem less impressive now compared to a few months ago. However, it is evident this concept keeps attracting users.
If this rate of growth can be sustained, a major milestone will be reached soon. Surpassing 20,000 BTC in combined volume will be a major validation for Samourai’s Whirlpool CoinJoin solution. For those users who actively seek privacy when using BTC, having a decentralized solution is a major boon.
Luke has had a long interest in financial technology, especially cryptocurrency and blockchain. With a Bachelors degree in Journalism and Media, Luke is dedicating his writing skills for the digital currency sphere.He can be contacted at email@example.com