[Arky]

Originally posted on 05/09/2024:

Arky, you're a great poster. Tell me more about the Coinjoin that Trezor does. Is that standard for Trezor?

Yes, Trezor introduced it a while back (1 year?). The Trezor Model T got it first, then a few months later, the Trezor Model One got it. Coinjoin is actually built into the Trezor Suite software - not on the device.

In the software, you Add a new account in the BTC wallet and select "Coinjoin". Send some BTC to that wallet. It's not "private" yet - you have to run it through the process. IIRC, seems like there's a button to click to make it private. Takes a bit of time - a few hours maybe - and then those coins are now "private". It's not cheap - I think it's like a 3% fee. Sometimes you have to run it through the process again but it's not 3% anymore - just a little bit for the miners.

Every time you open the software, the Coinjoin wallet has to sync up again. Takes a few minutes.

After each Trezor Suite update, you'll have to Add the Coinjoin account again. It will restore the Coinjoin wallet with your balance. Perhaps I'm using the wrong settings but that's what happened to me.

It is supposed to give you privacy, for example, when you send peer to peer. Obviously, if you send to your account on an exchange or pay off a vendor, those transactions will be associated with your account. So, kind of defeats the purpose of going private.

I've heard that it is not 100% effective due to Trezor having the ability to release data when asked by governments. That might happen for very large sums of suspicious transfers. IMO, it is still probably OK to use for small sums...

One good use would be for Sends to a defi exchange...