Mixin

Mixin cryptocurrency guide advises where to buy and how to buy Mixin. This guide also contains the markets, value, trading, investing, buying, selling, transactions, blockchain, mining, technology, advantages, risks, history, legislation, regulation, security, payment, networks and many other interesting facts about Mixin as well its status in the world of cryptocurrencies.

Mixin, Wednesday, 2023-05-10

Mixin (XIN)

1 What Is Mixin?
2 Beginner's Guide to Mixin
3 Where and How to Buy Mixin?
4 Mixin Markets
- 4.1 Value of Mixin
- 4.2 Is It Profitable to Invest in Mixin?
5 Where to Spend or Use Mixin?
- 5.1 Can Mixin Grow to Become a Major Payment Network?
6 How Does Mixin Work?
7 Mixin Regulation
8 Is Mixin Secure?
9 History of Mixin
- 9.1 Who Created Mixin?
10 Mixin Videos and Tutorials
11 See Also

What Is Mixin?

Mixin is one of the latest crypto networks to enter the market, built on the Directed acyclic graph and Byzantine Fault-Tolerant protocols. It is designed to help connect blockchains that are already in operations and guarantee them unlimited throughput. The whitepaper of Mixin indicates that the network also employs Trusted Execution Environments (TEEs) that are anchored via mobile nodes to help create a scalable, secure and inter-chain protocol.

The project founders want to ensure that the system can guarantee near instant transactions and support Decentralized Applications (DApps) development. When the network was launched in November 2017, the publicity and anticipation was approaching fever pitch resulting to very high price of over $2000 for every native token in the first months. However, the price fell steadily with more than 65% to the mid-2018 level. This has made some people to start wondering about the project; is it the perfect investment option? Is it better than other crypto networks in the market? Here is a closer look at this project to help you make the right decision about investment or joining the network.

Beginner's Guide to Mixin

Have you been looking for a high potential cryptocurrency to join? Mixin is one of the latest projects that have demonstrated the capacity to grow and reach the levels of Bitcoin. The crypto network and its native token, XIN, were launched in November 2017 after a highly successful ICO (Initial Coin Offering).

In January 2018, the price of Mixin shot up and hit the highest point in history. Though the price took a downward trend and settled around $750, the community is upbeat that it could become the next big thing in the industry. In the end of June 2018, the value of XIN dropped suddenly below $500. Before you can jump to buy the tokens of Mixin, it is advisable to carry an individual assessment of the technology used in Mixin and establish how it works.

This guide was created to help you understand Mixin and its systems. It explores every concept of the crypto network to help you understand its potential and make the right decision. From how it works to the involved blockchain technology, this guide answers all the questions and doubt you might have about Mixin. Welcome to discover these concepts and others about this high potential crypto network.

Where and How to Buy Mixin?

Mixin is one cryptocurrency that has demonstrated huge potential for growth and ROI (Return on Investment). Though the price of the cryptocurrency fell sharply from over $2000 to about $500 between launch and mid-2018, the community is upbeat that its potential is very huge. To enjoy this growth or use the network for sending value, you must have some Mixin coins. Here is an account of where and how to buy Mixin.

Buy Mixin from the exchanges: The exchanges are the primary trading platforms for cryptocurrencies. They operate the same way forex markets work though they deal with digital assets as opposed to fiat currencies. The good thing with cryptocurrency exchanges is that the price of the digital assets is driven by the market forces of demand and supply. As a new cryptocurrency, the exchanges that list Mixin are relatively few. They include BigOne and KKCoin.

To buy from these exchanges, users are required to register for trading accounts and verify them with personal information such as proof of address, phone number, and date of birth. You will also need an appropriate Mixin wallet to hold the tokens after the purchase is completed.

Buy from those who already have the coins: The growing popularity of cryptocurrencies has seen the emergence of crypto clubs such as London Cryptocurrency Club and Cryptocurrency Collectors Club that facilitate the meeting of cryptocurrency enthusiasts. The groups have become very common especially in cities such as Seoul, Hong Kong, Chicago, Tokyo, and London among others that have high cryptocurrency population.

Unlike the cryptocurrency exchanges, the clubs have no restrictions. Members are free to join and discuss anything about the cryptocurrency niche. This means that you can buy any amount of Mixin and use the method of payment agreed with the seller. The biggest challenge for buying directly is that getting a person who wants to sell the exact number of tokens you want to buy is never easy.

Mixin Wallet

Are you planning to join Mixin? Many people see it as a high potential cryptocurrency with the capacity to grow progressively and become the next Bitcoin. Whether you are targeting to join the Mixin network for investment, application development or sending value, one must have thing is a Mixin wallet.

A Mixin wallet is a location for holding the native coins (XIN) in the network. However, this definition is indeed a misconception. In reality, the Mixin coins do not leave the native network. Therefore, how can they be stored outside in a wallet?

A Mixin wallet stores the native coins through a set of codes. First, it generates the private keys that are used to call your coins to live when making transactions. The code is needed all the time when making transactions in the network. Like the name suggests, the keys are private and should never be shared with third parties.

The second code generated by the wallet is the public keys. This is a special code that points at your wallet. The code is given to the people who are targeting to pay you in XIN.

The last code generated by the Mixin wallet is the seed phrase. This is a special code that should be used to regenerate the private keys in the case of a loss. It is very important that the private keys and the seed are stores carefully because they are central in recovering XIN in the case of a loss.

Because XIN operates as an ERC20 token, you should go for supported wallets. Some great examples include Ledger Nano S and MyEtherWallet.

Where to Buy Mixin with Credit Card?

Credit cards have become the primary method of payment in most stores because of their acceptability. From conventional to online marketplaces, credit cards are easy to use without carrying cash. Now, you can also use credit cards in buying cryptocurrencies. To buy Mixin with a credit card, you have to follow two main steps;

Step A: Buy Bitcoins or other major coins in other platforms such as LocalBitcoins.com and CEX.io.
Step B: Use the coins you have just bought in step A to buy Mixin from the exchanges that list it. One such exchange is BigOne.

Where to Buy Mixin with PayPal?

There is no way or place to buy Mixin with PayPal. PayPal has been looking at cryptocurrency networks as direct competitors and, therefore, denied payment into their systems. Though PayPal has indicated that it is considering starting allowing such direct payments, it is not until such policy changes are effected that direct Mixin purchases will be possible. Therefore, people with funds in their PayPal accounts can only follow the longer route of withdrawing to their credit cards or bank accounts.

How to Buy Mixin with Wire Transfer?

Banks are perhaps the most trusted institutions in the globe. Their emphasis on professionalism and strict adherence to laws makes them a reliable source of credit and financial advice among others. Today, an emerging role that has put banks at the centre of the fast blossoming crypto industry is their commitment to facilitate direct payments for assets such as XIN. Here is an account of how to buy Mixin coins with a wire transfer.

NOTE: The cryptocurrency exchanges that list XIN do not allow direct wire transfer. Therefore, you need to start by acquiring another crypto coin and use it to but Mixin. Bitcoin will be used in this case. Therefore, buy Bitcoins using wire transfer from a platform such as Changelly or Coinbase. Then follow the following procedure.

Pick an exchange that lists Mixin. Indeed, the choices are very limited because only two exchanges had agreed to list Mixin by Mid-2018. These are BigOne and KKCoin.
Once you select the exchange, go ahead and open a trading account. Note that unlike the Mixin network that allows nodes to operate anonymously, the exchanges employ KYC (know your customer) strategies similar to those used by forex traders. You will also need to verify the trading accounts before they can be used to buy Mixin.
On the user interface, navigate to the section for buying digital assets, select the quantities of XIN you want and tick pay with Bitcoin. Then, move an equivalent of Bitcoins to buy the selected quantity of Mixin and clear the transaction charges.
Once the transaction is over, the Mixin coins you have selected will go to the exchange’s account. You will need to move them to your wallet. At the wallet, you have greater control and can keep the coins in a cold storage when not trading them.

Where to Sell and Trade Mixin?

When Mixin first hit the market, the cryptocurrency community was surprised because of its high price. Its price has demonstrated that this could be one of the top cryptocurrencies that can rival Bitcoin. To get more from Mixin, it is advisable to trade XIM in the markets. Here is an account of where to sell and trade Mixin.

Mixin is traded in the crypto markets that allow users to pair XIN with other assets such as Bitcoin or Ripple. As you look for the market to trade and sell Mixin, it is crucial to appreciate that these exchanges are the easiest target for hackers. Take a closer look at history and you will realize that most of the attacks and huge losses in the cryptocurrency markets took place at the markets. Some of the latest hackings include Coincheck attack in Japan that took place in January 2018 and Youbit attack that happened in December 2017. Youbit was forced to file for bankruptcy while Coincheck had to pay all those who incurred losses.

With the threat of attack always looming over the exchanges, you need to be extra vigilant. For example, you should not leave the XIN tokens in the exchanges when not trading them. Here are other useful tips to help you select the most secure exchange for trading Mixin.

Only go for the exchange that has demonstrated commitment and capability to secure traders’ assets. For example, the exchange should have features such as 2-factor authentication and use of cold storage to protect users from attack. In some exchanges, the users’ assets are insured.
The right exchange should have a long list of tradable assets that can be paired with XIN. This means that you will always have a profitable option to jump to in the case the current one turns out undesirable.
Select the exchange that has advanced metrics that make it easy to follow other markets and make the right predictions. In some platforms, automated bots that connect with top exchanges help traders make the right market predictions.
The right cryptocurrency exchange to trade Mixin should have good customer support. Just like a standard company, you should look for the exchange with a commitment to address clients' issues when they arise. This is important in helping you take advantage of every opportunity that presents itself.
Go for the platform with low transaction fees. This will help you to retain the bulk of the profit made when trading Mixin and other assets.

How Much Are the Transaction Fees of Mixin?

Though Mixin development team does not come out clearly on their transaction charges, it has demonstrated the commitment to keep the cost as low as possible. The team indicated that the XIN transaction fee would be removed to help progressively raise the value of the existing tokens.

Mixin Markets

The cryptocurrency market has been growing rapidly. As more cryptocurrencies join the industry and the popularity keeps growing, the markets are forced to grow equally fast to keep pace. Note that as a new cryptocurrency, Mixin is yet to get listed in most markets across the globe. Some of the markets such as Bittrex have classified Mixin as a high-risk token that could easily cause losses to investors. Here is a closer look at the top markets that have accepted to list Mixin.

1) BigOne crypto exchange

BigOne cryptocurrency exchange is among the new markets that only joined the industry in 2017. The biggest selling point of the exchange is its commitment to listing very many cryptocurrencies. There are more than 100 cryptocurrencies listed in the platform. The development team at the exchange is very committed to enhancing the diversity or the platform by ensuring it lists both new and older cryptos.

The exchange is available in most countries across the globe. This implies that it very easy for traders to directly join and buy the quantities of Mixin they want at the comfort of their home. To make trading on the platform even more enthralling, it has a very small fee of 0.1%. This makes it one of the cheapest in the market and only comparing to other top markets such Binance that charge 0.1%.

Traders who use BigOne indicate the enthralling experience because there are no limitations on how much you can deposit, trade or withdraw. You are free to make every move that will help you optimize profitability when trading in the platform.

The main setback of using BigOne is that it is a cryptocurrency only platform. If you have funds in a bank or credit card, you have to start from a different platform that accepts fiat currencies. Besides, the exchange is relatively new and users might be worried about its stability. It will take several years before all the features can be proven stable and reliable.

2) KKCoin

KKCoin is one of the emerging crypto trading markets. It is registered in Singapore and targets ensuring that investors have access to many opportunities especially those from emerging ICOs and tokens. If you want to pounce on the latest token, you only need to follow the reports released on the platform.

The exchange lists very many assets that help to guarantee users of profitable options whether trading Mixin with older cryptos such as BTC or newer ones like BIG. To encourage users to trade more, the platform runs regular competitions and discounts that help users earn more from the platform.

If you want to enjoy high profits from KKCoin after joining the network without worrying about getting attacked, you could consider locking up your assets. Locking up the assets attracts a reward for the user which can only be redeemed on maturity.

The biggest challenge of using this market is that very little information is provided to users. For example, it is unclear about how much traders are charged when they use the platform. To win more people and grow the platform, the development team should come out to let the community know them and ensure that all the details of the exchange are available to traders.

Value of Mixin

When people decide to join cryptocurrency networks, one of the factors they follow with keenness is its value. A closer look at the value of a cryptocurrency helps people to gauge its position and make the right prediction about whether is likely to grow in the coming years. By early of June 2018, the value of Mixin hit $345,713,127 in market capitalization at a price of $789.0. This made Mixin one of the top 50 cryptocurrencies in the market. The market cap also places the cryptocurrency ahead of others such as Hshare, Komodo and even Ardor. In the end of June 2018, the market cap of XIN dropped suddenly to $215 million at a price of below $500.

Is It Profitable to Invest in Mixin?

Are you planning to invest in Mixin? The first question that is probably running through the mind is about its profitability. Between late-2017 when Mixin was released and mid-2018, the price of XIN has grown on the negative and left people wondering whether it is the ideal project to venture into. For example, between early January 2018 and mid-2018, the price of XIN fell with more than 65%. But the community is optimistic that Mixin is still a profitable option for them. Here are some of the things indicating that Mixin could end up being a highly profitable option.

The project is bringing together many blockchains together. This is a show of might and, therefore, likely to raise interest and demand in Mixin.
Though the project was very young by mid-2018, the price of its tokens surpassed other older projects such as Litecoin and Ripple.
A lot of investors are starting to show interest in cryptocurrencies that promise good returns. This could end up pushing the value of Mixin further up.

Where to Spend or Use Mixin?

One of the main targets of most cryptocurrencies in the market today is enhancing their acceptance for direct payments. With many people now coming out to accept the use of crypto assets, individual networks are on the race to wooing different shops to accept their coins for direct payments. On this front, Mixin is lagging behind. By mid-2018, no store had come out to indicate it accepts direct payment using Mixin. This means that Mixin development team has to work harder to compete with other faster-growing cryptocurrencies such as Ripple and Bitcoin. If you have Mixin coins, using them to make direct purchases will require that you start by converting to the accepted coins.

Can Mixin Grow to Become a Major Payment Network?

Yes, Mixin can grow become a major payment network. Though it is lagging behind when compared to other crypto networks that are older such as Bitcoin, it is believed to have huge potential for different blockchains. Mixin is positioning itself at the middle where every person targeting a different network can look to as opposed to joining many crypto networks. To increase the chances of becoming a major payment network, here are additional things that Mixin must do.

Present itself as a partner to banks and local organizations as opposed to a competitor.
The network should focus on crafting newer features t to help sending value cheap and direct.
The development team has to keep on creating good applications for users.
The network should be safeguarded using all methods to prevent attacks and loss of user assets.

How Does Mixin Work?

The Mixin website describes the Mixin network as a complete Trusted Execution Environments (TEEs) and powered by the algorithm BFT-DAG that makes it possible to connect blockchains for optimal throughput. It is, therefore, an inter-blockchain communication system for helping users connect to other networks.

The unified blockchain platform is aimed at making communication instant and secure for all transfers from one chain to another. It also creates a platform that developers can use to make DApps keep drawing new meaning for the network and outdoing competitors.

The first DApp developed and activated in the network is the Secure Messaging app that utilizes the signal protocol to drive end-to-end messaging encryption. Here are the main components that help Mixin to work more efficiently;

Zero-knowledge proof.
Inter-blockchain communication protocol.
Secure end-to-end encrypted messaging channels.
Non-deterministic transactions that interact directly with trusted sources.

Does Mixin Use Blockchain Technology?

Yes, Mixin uses blockchain technology. The Mixing system is a public ledger that comprises transactions that are chronologically arranged in blocks. The Mixin blockchain uses the Byzantine Fault Tolerance (BFT) protocol for consensus in the network.

The protocol divides the nodes in the network so that there are standard nodes and full nodes. It is only the full nodes that are allowed to add new blocks into the Mixin public ledger. However, all the nodes are called upon when an issue that requires voting comes up. If most of the nodes, over 66%, arrive at a consensus, the details are added to the public ledger. However, a new round of voting will be required of the results tie.

The transactions captured in the blockchain do not necessarily have to deal with sending value. It could be a developer working on a new component or clients who want services or products such as a new app.

Mining Mixin

Mining is the process of conforming transactions in a cryptocurrency network for a reward. At Mixin, the network has a total of one million XIN. Only this figure will forever exist in the network. Here is the breakdown of the Mixin coins distribution.

400,000 XIN were released for sale during the ICO held at the close of the year 2017.
100,000 XIN were attached to Mixin app as an incentive. Every person who bought the app was rewarded with the attached XIN.
½ billion XIN was set aside for the development team and motivating the nodes.

To mine Mixin, users are required to become full nodes. The full nodes are the ones charged with the responsibility of adding new blocks for a reward. By mid-2018, a user could become a full node by acquiring 10,000 XIN. Therefore, you only need to raise the amount of Mixin coins held in your account and then wait for your turn to confirm new transactions.

What Are the Advantages of Mixin?

When people look at cryptocurrencies especially the emerging ones today, the first thing that crosses their minds is a personal question; can this grow to reach the highs of Bitcoin? Mixin has won the hearts of many followers because of its unique structure that made the price of its native coin to hit over $2000 at some point after launch. If you join Mixin, here are the main benefits to expect.

The network allows users to operate anonymously

If you use a bank account to send transactions or stock market to invest in stock, a lot of people can easily get access to the information. However, using Mixin allows users to operate anonymously. The system uses ring signatures to ensure that no person can easily follow to know your details.

It is a great way to invest and trade without worrying about third-party seizures

If a lawsuit hauls itself to your doorsteps, the first thing that courts do is freezing your account. However, people who invest in Mixin are assured of enjoying their investment without worrying about attacks from third parties. Neither the court of law nor other authorities can know about your investment or freeze it.

It offers a unique way to use and own the network

When you join Mixin network, you are not simply another passive user. Rather, you become an important node that will be called to help with decision making. This means that you also own the network.

Mixin has taken views on cryptocurrency to a whole new level

Even as cryptocurrencies keep growing progressively, their operations have been highly disjointed. This model has been a huge stabling block to faster adoption of crypto assets. Now, Mixin has created a reliable link so that all crypto users can enjoy communicating and even sending value to others in different networks.

The Mixin community has been growing progressively

The fast-growing community around Mixin is being seen as an indicator of things to come. Though the price fell with a huge margin between January 2018 and mid-2018, the signs of recovery are now evident as more people discover the gem that is Mixin.

What Are the Risks of Mixin?

When you look at the Mixin network, do not simply follow the benefits and draw a conclusion. This could give you the wrong impression. Rather, you need to compare the advantages with the risks to make the right decision about joining, investing and using the network. Here are the main risks associated with Mixin.

Mixin is a relatively new cryptocurrency

Because Mixin only entered the market by the close of 2017, it was still relatively young by the second quarter of 2018. This means that most of its features are still being tested and their stability cannot be immediately established. It will take about five or more years before it can be ascertained that Mixin and its systems are completely stable.

The availability of Mixin is very limited

It is interesting to note that only two exchanges had agreed to list Mixin by the second quarter of 2018. This has greatly limited the availability of the cryptocurrency and could ultimately affect its demand and value in the market.

The risk of getting attacked

Like other cryptocurrency networks, Mixin still faces the imminent danger of getting attacked by criminals. You could lose XIN through attacks at the native network level, the wallet level, or even in the markets.

There is very limited information about the cryptocurrency

A lot of concerns have been raised about the availability of information about Mixin. This has made it very difficult for people to draw the right decision about it. The community is even more worried that it could end up being a Ponzi scheme.

The information about the Mixin team is very limited

Unlike other networks such as Ethereum and Bitcoin Cash whose founders and even development teams are well known, Mixin’s team is private. This has raised a lot of concerns as more people indicate the huge risk of losing their investment.

The danger of high volatility

Mixin like other cryptocurrencies is faced by the threat of high volatility. Anything that touches on cryptocurrencies easily sends Mixin and other crypto networks to the extremes. For Example, the price of Mixin swung from over $2000 to about $300 between January 2018 and March 2018.

What Happens if Mixin Gets Lost?

Reports of people indicating that their XIN or other cryptocurrency assets have been lost have become way too common. When such news hit the headlines, one is left wondering how safe his coins are even in other networks. To understand the best methods of protecting your crypto assets, you need to understand what happens when such losses strike.

At this point, it is important to appreciate that native crypto assets do not leave their networks. This means that even if you send XIN to the wrong address, the loss has taken place but the coins are still in the network. Here is a closer look at what happens in different types of losses.

Loss through sending XIN to the wrong address: In this case, the lost coins are still in the network but under a different owner. The coins are still in circulation and the transaction cannot be reversed.
Loss through hacking: If your account or wallet was hacked and XIN stolen, it means that they have changed hands. This means that the coins are still circulating in the network but with a different identity.
Loss through forgetting private keys: If you lose the private keys of the Mixin wallet, you are considered to have lost all the coins stored there. However, the coins are still in the network under your name but in a dormant state. You will need to regenerate the private keys using seed phrase to restore the coins. If you fail to recover the private keys, the coins will be dormant forever.
Loss through damage to the Mixin wallet: The impact of the Mixin wallet damage is similar to that of forgetting the private keys. This means that the coins will still be in the network but in a dormant state. You must reinstall the wallet to gain access to the coins.

Mixin Regulation

The topic of cryptocurrency regulation is perhaps the most complicated in the blockchain realms. Most administrations view cryptocurrencies as entities targeted at crippling their operations. In the EU, the EU Commission has indicated that cryptocurrencies come with numerous risks because there is no focus on consumer protection. But it is not just the EU that is feeling threatened by the fast growth of cryptocurrencies. China, Russia, and the United States have also indicated their concerns about cryptocurrencies.

With 2018 marking ten years since the first entry of cryptocurrencies, it is interesting to note that none of the countries had passed a cryptocurrency regulation by mid-2018. Even those that have adopted some form of regulation only implement direct orders as opposed to a comprehensive legal framework. Here are some of the major factors that could be standing on the path of establishing regulations for crypto assets such as Mixin.

Blockchain technologies are advancing at a very fast rate and most countries are finding it difficult to keep pace. Indeed, some are finding themselves playing catch-up when it comes to crypto regulations.
Unlike banks that have specific ownership and management that implement laws touching on their operations, crypto networks are decentralized. Because the networks are owned by nodes and decisions are made via global consensus, it is very difficult to effect the laws.
The blockchain technologies are the apex of fintech that most administrations have been building on for many years. Therefore, they are hesitant to suddenly block the growth of initiatives they created.
In many cases, the blockchain technologies are presenting solutions to many problems that have bedevilled the society for years. For example, crypto networks have presented a new way to apply artificial intelligence and address the problem of Big Data.

While it is true that the regulations have taken a lot of time, it is important to appreciate that they will finally be installed. Indeed, many countries are at different stages of installing these laws. To learn about the stages different jurisdictions have reached in crafting and installing crypto laws, check the next section.

Is Mixin Legal?

Yes, Mixin is legal in most countries. Though no country had installed a crypto regulation to guide the use of crypto networks such as Mixin, some such as Russia are at advanced levels of installing the legislation. However, others such as China and Venezuela have opted to go for direct gag orders. Here is a closer look at the legal status of Mixin.

1) Russia

Mixin is legal in Russia. As other jurisdictions such as the US, China, and EU continue searching for the best route to follow in crafting crypto regulations, Russia has moved ahead. Up to the end of 2017, Russia had preferred a hands-off approach to cryptocurrencies. However, the shifting investment field made the finance ministry indicate that there was a need for a clear legal framework to guide the use of cryptocurrencies.

By end of January 2018, the Finance Ministry and central bank released the draft digital financial assets bill that has won the tag of the most comprehensive framework in the globe. The draft bill defines digital financial assets as cryptocurrencies and tokens. These assets can only be traded in authorized cryptocurrency exchanges.

The draft further categorizes the digital assets as properties. This means that they are not legal tender and cannot be used as such. As properties, the draft law requires that only legal entities can issue tokens or cryptocurrencies. In addition, miners are considered to be involved in generating new property (cryptocurrencies in this case), and must, therefore, be legal entities.

If the draft bill becomes law, all cryptocurrency exchanges dealing with Mixin and other assets will be required to get local licenses. They will also be required to implement strict KYC (know your customer) and safety measures such as those used in the forex markets. These measures are aimed at helping to protect investors.

The crypto community is already up in arms indicating that the law could negate the gains achieved in the fintech industry. It will be interesting to see how the law plays out in Russia because the government appears determined to have it passed in parliament and becoming law.

2) The United States

Mixin is legal in the US. United States administration is one jurisdiction that appears not in a hurry to pass a crypto regulatory framework. The federal government was among the first to know about the dangers that come with cryptocurrencies when Satoshi Nakamoto released the first blockchain network. But it was yet to install a legal framework ten years later. Instead of taking a localized approach to crafting a crypto law, the US has opted for a global one.

In January 2018, the federal administration went on a mission to try and hammer a common approach to cryptocurrency regulation. The Treasury Deputy Director, Sigal Mandelker went to China, South Korea, and Singapore to meet other concerned administrations to help control cryptocurrencies. Speaking to the press in Tokyo, Sigal indicated there is a serious need for a global framework to limit the current cryptocurrencies.

Back at home, the Secretary of Treasury, Steven Mnuchin told the Economic Club in Washington, that cryptocurrencies were the new conduits for money laundering. They were highly volatile and could result in huge losses for investors. Even as the federal administration appears to take long, individual states have gone ahead and started creating some sort of legal arrangements related to cryptocurrencies.

In Arizona, the House of Representatives passed Bill 1091 that allows citizens to pay for their taxes in cryptocurrencies. The bill requires that when a resident pays tax in crypto assets, they are converted to USD immediately. Then, the tax records are made in USD.

The impact of this law is being seen both in the United States and away. In the US, other states are considering similar laws to help them collect more taxes. Outside the US, countries are now seeing a new way of encouraging cryptocurrency enthusiasts to pay their taxes.

3) China

Mixin is legal in China. China, like most countries, does not have a legal framework to guide cryptocurrencies. Rather, the administration has opted to use direct gag orders to control the growth of cryptocurrencies. The administration started with banning ICOs and freezing accounts of exchanges that supported them. Miners were also not spared as the administration looked for every way to cut the bud of the burgeoning crypto niche.

By targeting the exchanges and making it almost impossible to operate, many trading platforms have opted to relocate to other friendlier states. The administration indicated that it would not relax the war on cryptocurrencies because they had become the new face of fraud. Now, it is not just targeting to limit the involvement of its citizens, but want to block even international exchanges from accessing local Chinese market.

When Sigal Mandelker visited China in January 2018, it was the Chinese administration suggestion that cryptocurrency information be shared between states that took the crypto community by surprise. If the sharing notion is effected in law, there is a risk that only cryptocurrencies that are not anonymous could be allowed to operate so that transaction information is accessible and shareable.

4) Switzerland

Even as top states such as the US and China feel so much threatened by cryptocurrencies, Switzerland is resting pretty. Indeed, the government does not see anything wrong with the fast-growing cryptocurrencies. Instead of creating laws to delimit the cryptos, the Swiss administration is drafting frameworks to attract them.

While speaking to the press, the Economic Minister, Johann Schneider-Ammann told Financial Times that the country was stopping at nothing in becoming a crypto-nation. The ministry set up an ICO working group to draw tech-neutral regulations and give recommendations by the close of 2018.

Mixin and Taxes

The topic of taxes when it comes to cryptocurrencies is interesting and very complex. Since 2014 when the OECD members passed the Common Reporting Standards (CRS) that opened the door for automatic exchange of financial information between countries, the space of those who want to evade paying taxes has been shrinking rather fast. Now, such people have found solace in cryptocurrencies.

Anonymous cryptocurrencies such as Mixin are seen by people who want to evade paying taxes as the perfect hiding grounds. The anonymity is thought to be an ample enough to cover for helping the people to hide the investment, trade and make huge profits without being noted by third parties such as tax authorities.

In the United States, only a very small number of people pay taxes. Credit Karma Tax reported that by March 2018, only 0.04% of people in cryptocurrencies captured related details when filing their annual reports. But it is not just the United States that has a problem with Mixin and other cryptocurrencies in relation to taxes. The EU, Russia, Japan, China, and the UK are also grappling with people hiding in cryptocurrencies to avoid paying taxes.

While it is true that cryptocurrencies provide some level of anonymity, the same cannot be guaranteed in the coming years. As newer and more advanced technologies get discovered, the chances are that pulling details from public ledgers could become easy and direct. Besides, the looming laws could compel crypto networks to provide details of clients and expose users to chains of lawsuits related to tax avoidance.

Even as technology keeps advancing, it is not a reason for people to run away from cryptocurrencies such as Mixin. Rather, it is an opportunity to get the best from cryptos without breaking the law. Here are some useful tips to apply.

Treat revenue from Mixin as taxable revenue.
If your enterprise accepts payment in Mixin, work with a tax expert to redefine the balance sheet for tax compliance.
Whether you made loss or profits when trading Mixin, ensure to capture the information when filling the annual returns.
Make sure to always capture important details when trading Mixin such as traded volume, price in fiat, and investment decisions.

Does Mixin Have a Consumer Protection?

Mixin does not have consumer protection. The Mixin network belongs to the nodes spread in its system across the globe. In case of anything such as a complaint, there is nowhere to take it. This implies that you are on your own. Indeed, you cannot even complain to a court of law because cryptocurrencies are not protected by law. Therefore, how do you operate safely in the Mixin system? Here are some tips to help you.

Ensure to always triple check the public address before flagging off transactions.
When not trading XIN in the markets, ensure to hold them in cold storage locations.
Make sure that the Mixin client and your computers are always up-to-date.
Avoid visiting risky websites from the same mobile phone or computer used for Mixin transactions.
Do not share the private keys with any person. This is important in protecting your digital coins from theft.
Only use the exchanges that have advanced security to protect users from attacks.

Illegal Activities with Mixin

The introduction of blockchain networks by Satoshi Nakamoto in 2009 was seen by many criminals as a new avenue for advancing illegal activities. Because they are anonymous, criminals feel that they can hide and advance illegal activities without getting discovered by third parties and even authorities. Even with this anonymity, no criminal activity had been reported with Mixin by mid-2018.

Is Mixin Secure?

Mixin is a secure network. The development team indicated that bulk of their efforts is directed at ensuring the network is secure all the time. The cryptocurrency network was established at a time when concerns for security was approaching the apex and even prompting governments to act with stiff regulations. Here are the main things that make Mixin a highly secure network.

The network uses Directed acyclic graph and Byzantine Fault-Tolerant protocols that help to ensure only trusted nodes confirms the transactions. This helps to reduce the threat of 51% attack.
The development team is very aggressive. It proactively monitors the industry and its system to identify gaps and bugs so that they are fixed before attacks.
The network employs Zero-knowledge proof and advanced encryption to enhance anonymity and make Mixin even more difficult for attackers to gain access.

Is Mixin Anonymous?

One of the primary goals of cryptocurrencies such as Mixin is offering users great services in total anonymity. This helps users to operate without worrying of getting napped by third parties. Mixin uses two types of technologies to provide anonymity of users.

The ring signatures: This technology is used to convert transactions in the Mixin network into rings that are randomly mixed with others so that it becomes difficult to trace the source or even target.
Advanced encryption: This is the technology where user details and transactions are encrypted so that only the targeted destination can decode the information. This is the commonest technology used by cryptocurrency networks.

Has Mixin Ever Been Hacked?

No, Mixin has never been hacked. The rising demand for cryptocurrencies and their demonstrated capability to grow even further has made them a special attraction for hackers. Despite the high value of Mixin especially after entering the market, no successful hacking had been reported by the second quarter of 2018.

Note that this does not mean that Mixin is not targeted by hackers. Indeed, the development team indicates that they regularly note and thwart hacking attempts in the network. Therefore, you should take every precautionary effort to operate safely in the network.

How Can I Restore Mixin?

If you have been in the Mixin network for some time and own some native coins, the most distressful thing that can happen is waking up one day and finding that the coins have been lost. However, depending on the nature of loss, it might be possible to restore XIN. Have a look.

Loss through forgetting the private keys: If you lose the private keys, the access and control to your XIN is completely lost. To restore Mixin in such a case, you have to recover the private keys using the seed phrase.
Mixin lost through damage to the crypto wallet. Such Mixin coins can be restored through by installation of backup wallet.
However, loss of Mixin coins through sending to the wrong address or hacking is permanent and cannot be restored. The transactions are considered completed and already included in the public ledger.

Note: Successful restoration of Mixin is only possible if you prepare appropriately well before the loss takes place. You should particularly ensure that the private keys and seed phrase are kept securely and away from the main node. Besides, make sure that every component is appropriately backed up so that restoration is easy and direct.

Why Do People Trust Mixin?

By mid-2018, the number of cryptocurrencies in the market had hit more than 1500. This has resulted to a lot of confusion as people wonder which crypto to join and the one to leave out. Now, everything is shifting to trust. Though Mixin was one of the new cryptos in the market by mid-2018, a lot of people appear to have developed great trust in it. Here are some of the reasons why people have a lot of trust in Mixin.

The network’s development team has demonstrated special commitment to progressively develop advanced features. For example, they developed the first DApp referred as, secure messaging, that uses Signal Protocol to facilitate end-to-end messaging encryption.
The cryptocurrency uses advanced blockchain consensus technologies including Directed acyclic graph and Byzantine Fault-Tolerant protocols. This makes it stronger and safer compared to other cryptocurrencies in the market.
The cryptocurrency is marketed as a better option compared to others. Because it uses more advanced technologies, it is completely anonymous and can process more transactions compared to other crypto networks, many people believe its value will ultimately grow to the level of Bitcoin.
While the development team has remained in the shadows for security reasons, it is highly active in defining the next steps that Mixin will take.
Mixin has provided a workable inter-blockchain communication protocol that helps users to send value and communicate between networks. This development has placed it right ahead of others.

History of Mixin

The history of Mixin can be traced back to the younger years of Bitcoin. The founder, Fung Cedric, developed a special interest in blockchain technology and started practicing with different core codes. However, it was not until 2017 when his idea of crafting a crypto network became clear.

Mixin ICO was launched and ran between November and December 2017. A total of eight million EOS were raised during the ICO.
Early in January 2018, the value of Mixin shot up to $2300. This was the highest mark that XIN had achieved in its history by mid-2018. By mid-January 2018, the price fell sharply to $1200 before rising steadily to $1900 by the close of the month.
Between February 2018 and early April 2018, the price of Mixin coin fell sharply to reach $309 before rising again around $750 in mid-year.

Who Created Mixin?

The Mixin creators and development team remain very quiet and only opting to run the crypto related campaigns via social media. Though there is little info about the team, a closer look at their operations helped to reveal part of the team. The crypto network was created by Fung Cedric, a Tokyo based developer. Fung is an Android development expert who has worked with Google Pay and Video processing SDK for Android before joining the cryptocurrency niche. Fung remains the face of the crypto network by communicating mainly through social media. He has also kept the identity of other members of the development team private.