Private bitcoin transactions in Samourai Wallet achieve an ATH

The ATH balance available for private transactions is 4,755 BTC. The volume of private bitcoin transactions in Samourai Wallet is 750 BTC in 30 days, achieving an ATH.

In an age when privacy is scarce, it is not uncommon for individuals to be concerned about it daily. A proof of this is the use of tools focused on obtaining it. Among them are wallets that mix bitcoin transactions. One of these reached a record today, surpassing 4,755 bitcoin (BTC) of unspent capacity or available balance. 

According to a release from one of the developers leading Samourai Wallet, the available BTC balance for those using this type of private transaction contrasts with its volume over the past 30 days, which has been 750.26 BTC. This tool, called Whirlpool, is designed to make private transactions in Bitcoin, a network that has a public ledger. 

In June 2021, the amount of available bitcoin balance among users using Whirpool to mix cryptocurrencies was 3,000 BTC, according to Samourai Wallet figures. It was an increase of 37% in one year.

When we talk about mixing bitcoin transactions, we refer to a method known as CoinJoin. A tool such as Samourai Wallet‘s Whirlpool allows to make payments or receive balances without the origin or destination of each transaction known.  

For this type of operation to occur, users have to agree with each other. So that they can use their unspent balance (UTXO) in a single process that pools or mixes the joint transactions of several people. In principle, the more people participate in the pool, the higher the level of privacy.  

Other private Bitcoin wallets than Samourai Wallet provide financial anonymity.

Samourai Wallet is not the only wallet using Whirlpool. Sparrow, a relatively young desktop wallet, also uses the tool. It implies that the number of people using some method to conduct private bitcoin transactions continues to grow.  

Another wallet known for its approach to privacy announced that it would begin censoring addresses that use CoinJoin. That corporation began working with an analytics firm that the community has identified as a significant participant that violates the privacy of Bitcoin users.

According to the company that developed Wasabi, the decision obeys a requirement of the Financial Action Task Force (FATF), which in October last year issued a series of recommendations to prevent money laundering and terrorist financing.   

In any case, Wasabi, which may have lost many of its users, as a result, is not the only wallet for safer transactions.

The amount of balance available on Whirlpool for private BTC transactions has already surpassed the balance on other networks that offer a certain level of privacy. It is the case of Bitcoin’s Lightning Network, which has a capacity of 3,880 BTC between its payment channels, and it represents 900 BTC less than Samourai Wallet’s Whirlpool capacity. 

A Samourai Wallet tweet reads a sentence that could be a slogan with the best bitcoiner essence:

“Financial privacy is not just a popular thing; it is a prerequisite for a free society.”