CoinJoin with Wasabi
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Security Overview
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Using Conjoin
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Summary
Overview
About CoinJoin with Wasabi Wallet
Wasabi's CoinJoin implementation is open-source and Bitcoin-only on desktop. The wallet itself is privacy-focused, and offers some of the highest security standards. It is easy to use, but has a small learning curve. It is fully non-custodial and access to funds can never be restricted. It has a large community of users and the development team is transparent and reputable.
Coin Control
Wasabi implements a technique called Coin Control by default. When you are sending transactions, you must select the individual coins available in your wallet, also known as Unspent Transaction Outputs (UTXO), that you wish to send. You can select several at a time if the balance you wish to send exceeds the balance of any one coin.
Think of bitcoins as actual physical coins of different amounts in your pocket. When you spend them, you will combine the change, and you will get some new change back.
Visual representation of Bitcoin UTXO's
Labeling
For every bitcoin transaction you send and receive, it is important to identify who is observing that transaction. The label serves the purpose of making sure that we are aware of who is sending us coins and who we are sending them to. Bitcoin transactions being public, we want to avoid as much as possible revealing our transaction history to anyone that might be keeping track of us.
So for example, if you receive bitcoin as payment for a job you completed, you can write “Bull Bitcoin pay”.
Now, if you want to send coins to someone else, you can use the same coin with the “Bull Bitcoin” label if you wish to sell them on the Bull Bitcoin platform and add the label “Bull Bitcoin sold”, since it is the same observer of that coin, ie. Bull Bitcoin. If however, you wish to purchase something and you do not want your employer to know about it, then you would use a different coin that they are not capable of observing the transaction history.
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