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I'm trying to transfer monero between my newly created 6 GUI accounts (with corresponding wallets) to eliminate/reduce the traceability of my coins. I understand this process to be called "churning" and as a Monero AND crypto newbie I have a few questions related to this anonimity-related activity.

  1. I have set up separate Accts and corresponding Wallets as follows:

Acct 1- Wallet A

Acct 2- Wallet B

Acct 3- Wallet C

Acct 4- Wallet D

Acct 5- Wallet E

Acct 6- Wallet F

I used the "Create New Wallet" feature within the GUI to create each acct, and each account and wallet has:

  1. Separate .keys accounts
  2. Separate passwords
  3. Separate Seeds

Questions:

a) Accounts & Wallets:

Do I need 6 different accounts to have 6 different wallets? (did I go overboard?) Or can I have 1 Account with 6 different wallets contained within, transfer the money between these 6 wallets in this 1 Account, and still have the same level of anonymity that I would have if everything was separate?

b) Amount of Transactions:

Say I have $5,000 worth of XMR. Do I need to split that up in my transactions to increase anonymity? (i.e. $5,000 in wallet A is then split up, with $3,000 sent in the first transaction to Wallet B, and $2,000 in the second transaction to Wallet C?) Or are Monero transaction amounts completely untraceable, such that I can send $5,000 from Wallet A to Wallet B, and then send that same $5,000 from Wallet B to Wallet C and create the same level of anonymity, as if I had sent different amounts in my transactions?

Thank you all..I hope my questions were clear. I appreciate your help!

P.S - I'm new, so please forgive my references if not appropriate.

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Unlike Bitcoin Monero is by default very anonymous and paranoid so you are basically wasting your time doing that. If someone could see amounts and recipients from all transactions Monero would be no more. The whole idea of it is to be anonymous, safe and decentrialized.

a) No you dont't. By default senders create stealth addresses for your public address so that nobody can see on ledger who sent monero to whom. New stealth address is created for every transaction. Also transactions are signed with ring signatures so it is very unlikely to anyone see who made the transaction. Signatures are collected randomly from the blockchain.

*And yes you can have multiple different accounts on single wallet. They all have their own public addresses but they share the same private keys.

b) You don't have to do that either. Amounts being transferred are heavily encrypted and cannot be decrypted easily. If you look the blockchain you cannot possibly tell anything else than blockreward amounts and amount of transactions (tx) in the block in question.

All in all you are making your life more complicated than it has to be. For safety I would recommend a hardware wallet like trezor or ledger. They have pincode that locks the device if you give it wrong 3 times. The money in your ledger cannot be stolen easily and nobody should be able to get to your private keys like in software wallet it is possible.

you can get more information about Monero transactions and anonymity from https://www.getmonero.org/resources/moneropedia

*Edit

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  • Thank you so much! My life just got a little easier :) Sep 5 at 16:57

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