The holidays are on our doorstep, have you decided what to gift your friends and family? Experienced Bitcoiners know how quickly the value of fiat money melts, so instead of buying your loved ones a gift card, keep them warm with the joy of hard money this winter season by giving them Bitcoin!
Although Bitcoin makes for a generous gift, you might be giving away more than you realize when making a transaction. Because Bitcoin is a public ledger, the addresses that sent you money become known by the addresses you sent the money to next.
In this blog post, we’ve outlined a few simple steps to send Bitcoin anonymously with Wasabi Wallet - a surefire way of upgrading your gift-giving skills and orange-pilling your family and friends.
If you are using Bitcoin privately for the first time, download Wasabi and write down your wallet recovery words on a sheet of paper.
Choose a password that you will not forget for your wallet. You will enter your password later in order to send your gifts, and there is no way to recover your password. Next, choose your highest priority for coinjoins: Savings, Speed or Privacy.
Create a new address for receiving the Bitcoins you want to make private. Wasabi requires you to make a note to remind yourself who sent these coins to you in order to help you keep track of your privacy.
After you have BTC in your wallet, the coinjoin box and privacy progress bar will appear. Coinjoins will not start automatically for amounts under 0.01 BTC in order to save mining fees, but you can click play to start coinjoining any amount over 0.00005000 BTC.
The box at the bottom of the screen tracks the stages of the coinjoin signing process. All you have to do is sit back and wait while your coins are being bundled with other Wasabi users.
After the coinjoin finishes, you will see your privacy progress has increased. Click the green bar to see the value and anonymity score of the inputs in your wallet.
Now, you can send the gift of Bitcoin privately to your family member and the gift’s recipient can not be tracked by the exchange or customer you originally received your Bitcoin from!