Trezor, the crypto hardware wallet, announced that it has added the Coinjoin feature on its Trezor T model so as to increase the level of privacy.
Trezor: crypto hardware wallet offers 15% discount on model T from 19 to 26 April
Trezor yesterday made official the addition of the Coinjoin functionality on its crypto hardware wallet model Trezor T. Not only that, to celebrate, Trezor is offering 15% discount on purchase for the period from 19 to 26 April.
Coinjoin‘s new feature will increase the privacy of the crypto hardware wallet because it allows Bitcoin users to obfuscate their UTXOs by mixing their funds with a pool of other users.
In fact, the use of coinjoin with Trezor’s Model T is optional. If users decide to activate it, they will also have to activate a coinjoin account in Trezor’s software suite.
Regarding fees, users will pay standard mining fees to settle coinjoin transactions on the Bitcoin blockchain. In addition, there is a one-time service fee of 0.3% of the total amount being coinjoined.
Trezor: the Model T of the crypto hardware wallet offers more privacy on BTC transactions
The fees that are paid by users for using the Trezor T with Coinjoin serve to ensure that all Bitcoin involved in the transaction are using coinjoin, until they reach a certain level of anonymity.
If for any reason some Bitcoin do not reach the desired level of privacy, the coinjoin process can be repeated free of charge for non-private coins.
Currently, Coinjoin is only available on the Trezor Model T hardware crypto-wallet, but the company explained that it is working to implement coinjoin on the Trezor Model One as well.
Coinjoin was created by the developers of Wasabi Wallet, and the collaboration with Trezor had already been announced last September 2022. At that time, the coinjoin process was already described as follows:
“CoinJoin is a method of sending Bitcoin transactions that allows multiple transactions from different users to be combined together into a single transaction to be recorded on the blockchain, so that it is more difficult for those who see that single transaction on the blockchain to trace back all the original transactions from the various users that were combined upstream.”
Wasabi Wallet’s Coinjoin also available on BTCPay
Trezor is not the only one using the Coinjoin service. Indeed, last February 2023, the open-source processor of Bitcoin payments, BTCPay would have anticipated the crypto hardware wallet.
BTCpay has also collaborated with the developers of Wasabi, and merchants who activate the plugin can mix their UTXOs with other Bitcoin transactions.
Specifically, the privacy-protecting Wasabi Wallet was deployed here for merchants through an update to BTCPay.
All it took was to activate the Coinjoin plugin and execute the first Bitcoin transaction to find that, from that point on, each merchant would gain more protection for their business by making their BTC transactions private.