In addition to the Chaumian mixer, CoinJoin also implements Cryptographic Blinding.
Processing commission of only 0.3% per shipment.
The concept of anonymity is not related to the concept of Bitcoin. This is because, since we have a public accounting record (blockchain), it takes very little effort to trace the origin of a transaction. This is why Wasabi was born, a bitcoin keychain or wallet that allows you to maintain anonymity without sacrificing any of the other benefits this cryptocurrency offers.
Officially launched on October 31, 2018, Wasabi offers your anonymity through mixer technology Chaumian CoinJoin. This basically merges 100 different transactions into one, which makes the tracking process very difficult, if not impossible. On the other hand, the mentioned protocol also includes implementation Cryptographic blindingwhich further increases privacy.
In addition to the already mentioned features, and in order to further increase the level of anonymity in transactions, Wasabi integrates red TOR. This type of network has the peculiarity that the public IP will not be shared, due to the series of hops it creates that allow our connection to be hidden; which ensures safe navigation.
As you can see, anonymity is vital to this portfolio. You might wonder if the blending process involves any kind of commission, and the answer is yes, but with a twist The processing fee is only 0.3% per shipmentquite low compared to the charges of other similar services.
Wasabi is a desktop wallet and It is compatible with the most popular operating systems (Linux, Mac and Windows). Download links can be found at main wallet portal.
The official site of Wasabi. Source: Wasabi.
Here we are presented with different installers, where we have to choose which one to use, according to the operating system of our computer. On the other hand, as for the installation, it is a very basic procedure and all you have to do is run the file and install it, as we would with any other program.
After installation, the first thing we will see will be the screen as shown above. Here we can create, restore or load a wallet, as indicated in the right menu.
At the bottom we will see the word Synchronizing, which means that the wallet is synchronizing with the network, since the connections are made through the TOR network.
As far as sync goes, there is no problem with creating a wallet. We will need it to be in sync when we send fundsso let’s continue.
Since this is our first time with Wasabi, we need to generate a new wallet from the Generate Wallet option.
Among other options presented to us we have: Recovery wallet, which allows you to recover a previously created wallet. To do this, you’ll need to have a recovery phrase and a password (I’ll explain why we need to have both later). We also have the Load Wallet option, which allows us to load wallets that have been created on our device.
Back to portfolio generation, The first thing is to assign a name. It is recommended that this name be recognizable, especially if we use more than one wallet on our computer.
The next thing is to set a password and confirm it. This is a special feature of this portfolio, because with others that start from the use of seeds for recovery, only the mentioned seeds are needed for restoration. However, in order to offer a higher level of security, Wasabi will ask for a password and a recovery seed. If you enter a different password, a completely different wallet will be created.
It is important to be careful with the password we are going to use and store it together with the recovery seed it corresponds to, because There is no way to get a portfolio back if you only have seed.
To continue, we need to read the terms and conditions, accept them (if you agree) and press Generate.
In the image above we can see our generated keys. These keys must be kept with great care, because it is money.; So we have to be just as (or even more) careful with them as we are with our bank details. In fact, this is the principle we must consider with the recovery data of any cryptocurrency wallet, as it is the only way there is to recover our addresses and the money in them.
As a recommendation, copy both the seed and the password on a piece of paper and keep them safe, as keeping digital backups, for example, saving a screenshot on your hard drive, increases the chances of losses in case of hacking.
With the phrase already copied, we will click on: I supported the mnemonic words! which translates to: I protected the mnemonic words.
After creating the recovery seed, we will be sent to the section where portfolios created by our team are uploaded. Here we will select the portfolio we just created and click Load your wallet.
When we find this screen, we are already inside the portfolio we created.
We already have a portfolio ready, now it’s time to know how to navigate through it.
Initially, when we open the application, we are in the Send section, which is the image we see in the previous screenshot. We send funds here. We will explore that later.
On the right side we find the Wallet Explorer, a menu for quick access to each section of the wallet. The same thing happens in the top menu, where you’ll find the same options we see in the side menu. On the other hand, we have a status bar at the bottom like the one you can see below:
Going from left to right we find the messages: Ready, which means that the wallet is synchronized with the Wasabi servers, and Tor is working, because when installing the wallet, TOR is also installed; which enables private browsing. So when the wallet is executed, this service will be executed to preserve anonymity.
On one side you can see the messages: Backend is connected, which could be interpreted as we have the latest wallet update (otherwise it will look like it is not connected); Peers is the number of people connected within the server; Mempool refers to the number of transactions to be confirmed on the Bitcoin network; and Price: which is the updated price of bitcoin (BTC).
I receive bitcoins and Wasabi
The options for receiving bitcoins within Wasabi are quite simple, although somewhat limited. As for receiving addresses, we only have bech32-type SegWit addresses; a point that is completely exclusive for receiving funds from wallets that are not compatible with this protocol. On the other side, We also do not have the ability to generate personalized QR codeswhere you can add the amount to receive along with the destination address.
Having explained this, we will go to Receive, within the menu.
This section allows us to generate an address to receive bitcoins. At the top is the Label section, which is mandatory because every address that is generated must carry an identifier. At the bottom we will see all the generated addresses along with each label. To receive funds, we must either generate an address or select an already created one. Likewise, if we want to see the QR code abstraction of the address, we just have to click on it.
Send BTC from Wasabi
The first thing we do is select Send in the menu.
In the table above you will find the different addresses, along with their amounts, that we have within the portfolio. If we look closely at the Privacy column, we are shown a warning symbol that alludes to the fact that these assets are not private and can be tracked.. However, if we mixed these funds first, the symbol would turn green (We will do this step later).
Given the above, if we find ourselves with mixed entries in our portfolio, that is, there are mixed entries that are private and unmixed that can be tracked, we have to choose which one goes out or which addresses will be used for the shipment we send for fulfillment. To do this, it is recommended to choose entries of the same type (private with private and trackable with trackability), in order to preserve anonymity only if necessary. Because if we associate the vulnerable entry with the private entry, it will be easy to trace the origin of the transaction.
Then in Address we enter the destination address to which we want to send bitcoins. Then we have the label field, a completely optional field, just to put additional information about the shipment.
Finally we have the Amount (BTC) section where we enter the exact amount to send. At this point it is crucial to note that The amount paid must be expressed in bitcoinswe cannot express it in dollars and expect the wallet to do the automatic conversion.
On the right side of the box for entering the amount, there is an option that allows us to increase or decrease the mining commission that we will pay. Depending on the position we choose, the estimated transaction confirmation time at the bottom will change. Likewise, to the right of this will appear the cost of the mining commission. In short, the faster we want our transaction to be processed, the higher the commission we have to pay.
Finally, just enter your password and press Send Transaction, and we’ll send the funds. All transactions in the portfolio can be viewed in the History section.
Increase the privacy of every transaction with CoinJoin
CoinJoin is a bitcoin mixing tool that allows us to significantly increase privacy in every transaction we make. In other words, it is virtually impossible to trace the origin of the BTC we send to others, due to the process implemented by CoinJoin where the bitcoins we send are mixed with those sent by other users. Another thing to point out is that this type of mix is completely decentralized.
To perform mixing via this protocol, Amount to send must be at least 0.10001 BTC. Otherwise, you will not be able to use the service. With this cleared up, let’s move on to CoinJoin’s Wasabi section.
At the top we have a full list of bitcoins available through our Wasabi wallet. In addition, next to the amount and the address that owns it, we have a column for privacy (Privacy). It shows us the current privacy status of these assets. If you see a red logo with an X, as shown in the image above, these are traceable coins that need to be mixed.
The first step is to select a coin to mix. To do this, simply click the checkbox or select the Select All Non-Private option below.
The next step is to enter the password and select an option Queue the selected coins for CoinJoin. Then it’s just a matter of waiting for the round to finish and getting the bitcoins back, with a higher privacy status. Once the process is complete, we see the coin icon turn from red to green, indicating that the transactions we make with those coins will now be private.
Wasabi Wallet Conclusions
Wasabi, as mentioned at the beginning of this tutorial, is a wallet focused on anonymity and does not leave this conclusion in doubt. From the application of TOR to guarantee completely private connections with nodes, to the fact that they have a decentralized mixer within the wallet itself, its developers strive, in one way or another, to offer private transactions to the user.
On the other hand, despite being a new wallet, it is still a great option for new users. Wasabi is one of the easiest wallets to access and has very specific parts, which greatly help simplify the use of a bitcoin wallet.
In conclusion, Wasabi is a great option for people who only use the wallet from a computer, as it is not yet available for mobile devices. It also presents itself as an ideal alternative for people looking for privacy in their bitcoin transactions. And finally, for new users, because of the simplicity of the interface that this wallet offers.
Featured Image: Wasabi