Bitcoin Privacy 101: Key differences between a CoinSwap and a CoinJoin

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Bitcoin is trustless and permissionless — anyone can use it without having to provide their real-world identity. This leads many people to think of Bitcoin as an anonymous network, where transactions are private, however in reality this is far from the truth. Bitcoin can work without a trusted third party in part because it is radically transparent — the entire transaction history is recorded and verified by everyone (well, every full node) and so is publicly available for anyone to analyze.
This full transaction history provides a structure known as the ‘transaction graph’ which is essentially how transactions are connected together, and shows how the bitcoin has moved between different addresses.
This public information can reveal a lot about the nature of transactions and be used to track the movement of funds and de-anonymize individual addresses. For example, although an individual bitcoin wallet address can be generated and used anonymously, much of the activity

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