Exploring Bitcoin’s privacy infrastructure

Quick Take

  • CoinJoin-based tumblers are imperfect but useful tools to gain privacy on-chain.
  • There are three prominent privacy-oriented wallets for Bitcoin, each of which is integrated with a tumbler. These wallets are Wasabi, Samourai, and JoinMarket.
  • Wasabi and Samourai have each only raised funds from one source, Cypherpunk Holdings.
  • Until recently, Wasabi’s tumbler reused its fee address, making it trivial to identify transactions that used the mixer.
  • As mainstream tools like BTCPay Server adopt CoinJoin-based privacy techniques, using Bitcoin privately will become easier.
This research piece examines three privacy-centirc Bitcoin wallet programs: Wasabi, Samourai and JoinMarket.

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