How to choose an anonymous cryptocurrency wallet: tips and recommendations

The popular belief that cryptocurrencies are anonymous by default is incorrect. Since 2014, hackers, corporations, and government regulators have been able to obtain the IP addresses of participants in crypto transactions by placing their own public nodes around the world. By connecting to the nodes, a computer always reveals its address. So, in order to use cryptocurrencies and maintain confidentiality, it is necessary to use an anonymous cryptocurrency wallet.

This is especially important for business, because it risks much larger amounts than the average user, and is also responsible for the data of its customers. In the article we will tell you what to pay attention to when choosing a cryptocurrency wallet for business, so that it is not only safe, but also convenient. 

Built-in AML verification of a cryptocurrency wallet

The ability to quickly check cryptocurrencies for risk level is important, with its help a company will be able to:

Find out how high-risk assets the counterparty plans to transfer. To do this, it is simply necessary to request from him the address from which the transaction is planned to be realized;  

choose the right cryptocurrency for exchanges or exchangers. If you send high-risk assets there, they are likely to be blocked; 

sort funds by risk level to store them at different addresses and not to jeopardize low-risk assets. The latter can be blocked when they are stored mixed with high-risk assets.

The functionality of built-in AML verification is offered by BitHide’s anonymous bitcoin wallet for business. Users of this product can verify both internal and external addresses at the click of a button. They can also set up automatic verification of all cryptocurrency upon deposit. 

Hiding the real IP address of the wallet

We can’t talk about anonymity if the wallet doesn’t offer any technology that would protect the real address from getting to the public node. Using VPN is not enough, the owners of these services, upon request, provide user data to the state regulators of the countries where their servers are located. Tor is not suitable either, the nodes do not confirm transactions sent in this way. 

BitHide has a unique technology Dark Wing, which is a synthesis of VPN and Tor, the first provides effective synchronization with the nodes, and the second provides reliable IP address hiding. The node gets three times changed address, no one can calculate the real one. Thus, BitHide is a truly anonymous crypto wallet.

Availability of tools for convenient work with cryptofinance

Managing cryptocurrency flows from different profit centers will quickly turn into a poorly controlled muddle fight if a wallet for business doesn’t have options: 

Create multiple sub-wallets and addresses within them. This will make the management of funds more transparent; 

add comments and labels to addresses or transactions. This way it will be easy to determine which customers have already paid for the purchase and which have not yet; 

make mass payments, send cryptocurrency to the addresses on the list at once;

set up auto-withdrawals to different addresses or one, regularly or one-time; 

work with balance reports, create them and upload them to a computer; 

involve an unlimited number of managers to work with finances and give them all different access rights.

So, when choosing an anonymous cryptocurrency wallet, pay special attention to how the product addresses security and privacy issues, as well as whether it offers a sufficient set of tools for convenient work with cryptocurrency financial flows and different profit centers.