I've never tried it (yet), but can someone explain in easy to understand terms WTF whirlpool is and is Samourai a good spot to give it a whirl?
TIA
Makes me nervous to "do things" with mabitcoins.
#whirlpool
#mixing
Discussion
May not be the same wallet but this helped me tremendously in understanding how to use whirlpool in sparrow.
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I've used Whirlpool for the first time a few days ago. But I used it in sparrow wallet. You basically have to create a hot wallet then go to the utxo tab and select which utxo's to mix. And if you want it to mix to cold storage you have to have that wallet open in sparrow too. Use the xpub to import it. But tldr sparrow has lots of info on their website about coinjoin.
I've never used dojo or Whirlpool or samourai wallet to mix yet.
I found that unless you have the dojo (samouri node) it's best to set up whirlpool through sparrow wallet on a computer that you can leave on for hours at a time. BTC Sessions has a great tutorial on getting it set up and the fees arw much more reasonable than other alternativws I have looked into.
The drawback is the time it takes to mix. That's why I wouldn't recommend doing it on mobile. The features in Sparrow Wallet are great. (Locking the client and setting output direct to a cold wallet)
Thanks for the helpful info.
I got schooled on this earlier in the week. Short answer is yep, the best solution IMO.
@btcsessions has a good deep dive on it.
Here is a stab at an explanation. With whirlpool, your coin is broken into multiple smaller coins. Each smaller coin is then swapped with a random coin from a bag of other same sized coins. You control up to how many times you want to do a swap with your smaller coins. The privacy comes from the fact that you are randomly swapping coin histories when you swap coins. The more swaps that are performed the lower the chance that any one coin history is your history. The cost is an initial transaction fee to enter he whirlpool but you don’t have to pay for additional mixes while you remain in the whirlpool.
I have not personally used Samourai Whirlpool but it has a good reputation. It uses a centralized coordinator model to arrange splitting and mixing your coins. This makes it a bit easier to use from a user’s perspective. This model requires you to trust the coordinator. If you want a coin joining tool that does not have a central coordinator, you could look into join market and the jam web app front end. It is known to be a bit more difficult from a usability perspective but used a decentralized coin joining model.