Wasabi: new update for the privacy-focused crypto wallet

Wasabi, the crypto wallet focused on user privacy and transaction anonymity, is about to implement a new update.

With the introduction of v2.0.4, Wasabi becomes faster and easier to use, effectively improving the user experience for Coinjoin practitioners.

Wasabi crypto wallet: improved efficiency and speed in new update

The latest crypto news talks about an upcoming update for the Wasabi wallet, a Bitcoin wallet focused on the values of privacy and anonymity.

Tomorrow at 3 PM (UTC) version v2.0.4 will be implemented, increasing the initial synchronization speed of each wallet and improving the efficiency of the software.

In particular, since blockchain synchronization on Wasabi generally requires a very long initial waiting time (even several hours), it was planned to speed up this step by dividing the process into two separate sets.

Typically, synchronization in the initial phase involves verifying EACH wallet derived key (there are several) with all blocks that contain relevant transactions. This involves downloading the block and updating it with the information in it.

With the new implementation, the status of the wallet will be tested only once against each filter in the correct order of the blockchain, avoiding running into false positives and cutting very long wait times. 

This approach allows for a 90% increase in synchronization speed and improved blockspace efficiency as there is less chance of encountering a blocked transaction in the mempool.

Hence, excellent news for the Wasabi crypto wallet, which takes a step in the direction of simplicity and optimization of its functionality.

Wasabi wallet and Coinjoin transactions: a solution for user anonymity

Not everyone knows that Wasabi wallet is a crypto wallet that integrates a special technique to ensure users’ privacy and anonymity, namely Coinjoin transactions.

This term refers to a process of mixing one’s Bitcoin with other coins belonging to users in the decentralized network. Several individuals may decide to pool their Bitcoin, mix them together, and withdraw them without their initial origin being traced.

In this way, any traces of the past are eliminated and the outgoing Bitcoin become as “clean” as if they had just been mined. Those who practice Coinjoin do so primarily because they are concerned about privacy and want their cryptocurrencies to be anonymous, with no linkable KYC mark.

It is worth remembering that Coinjoin is a process that applies only and exclusively to Bitcoin: there are privacy-enhancing applications on other cryptocurrencies, such as Tornado Cash for Ethereum.

The Wasabi wallet also integrates a feature for Tor anonymous browsing software, protecting users’ Internet traffic from prying eyes.

There are those who view CoinJoin negatively because it would also essentially help cybercriminals and malicious actors cover their tracks if they commit wrongdoing using Bitcoin.

However, at the same time, privacy is becoming a very important value nowadays, which should be defended and respected, even considering that there are those who misuse it.

In a self-respecting decentralized network, ensuring anonymity should be the norm rather than an exception. Unfortunately, though, even today most users prefer to take advantage of convenient, quick and cheap services while being subjected to the harsh conditions of KYC.

The best wallets for storing Bitcoin

Wasabi is not the only crypto wallet capable of maintaining high privacy for Bitcoin users. There are other wallets, such as Samourai, that natively integrate Coinjoin and allow users to achieve anonymity.

However, it is important to note that both Wasabi and Samourai are very unique software wallets that are “difficult” to use and inadvisable for newbies.

If you are new to the world of cryptocurrency, it is a lot better to initially rely on reliable third-party providers such as Binance, Coinbase, Kraken, and Bitget, planning to move to non-custodial platforms once you have learned the necessary skills.

It is generally always best to choose a trustless service, where we are the only ones in control of the private keys required to sign a transaction.

In any case, if you are not experienced and do not have the right knowledge, self-custody could be detrimental, as you could lose all your funds.

The road to financial freedom and privacy must be pursued slowly while carefully studying the Bitcoin protocol and all its implications.

The ranking of crypto wallets

If we had to draw conclusions, we can classify the best crypto wallets into 3 groups based on user experience.

Neophytes: custody on centralized exchanges or third-party platforms.

Intermediates: hardware wallets such as Trezor, Ledger, Bitbox or software wallets such as Metamask, Coinbase Wallet, Trust Wallet and Exodus

Experts: software wallet such as Wasabi, Electrum, Samourai or hardware wallet such as Trezor, Ledger, Bitbox for a focus on security.