How would you like to trade bitcoin without an ID? There are a few ways you can get cryptocurrency anonymously, such as a cryptocurrency ATM, BitQuick, or Paxful. Your money is secure with cryptocurrency, but is it hidden? Only, if you cover your tracks. This is an article on how you can do it.
How Can You Shield Your Crypto Transactions From the Public?
All bitcoin transactions are recorded in the Bitcoin blockchain and are public, traceable, and permanent. The only information utilized to specify the location of bitcoin distribution and transferring is the address. Each user’s wallet generates these addresses in private.
However, once an address is used, the history of all transactions associated with it will corrupt it. The balance and transactions of any address are visible to everyone. Bitcoin addresses cannot be entirely anonymous since users must typically reveal their identities in order to receive services or goods.
Also, read Exodus Wallet Facts And Overview!
Easy Ways You Can Buy Ethereum and Bitcoin Privately
One method is to use a Bitcoin ATM. You can also use anonymous crypto exchanges such as Godex or marketplaces like Bitquick or Paxful.
- ATM
You can use a bitcoin ATM to send or receive cryptocurrencies anonymously without inputting your sensitive personal information. However, these ATMs are accessible only to people living in 58 countries, including most of Europe and America.
- Godex
It is an anonymous crypto exchange that requires no personal data or registration. The exchange rate is fixed when you confirm the transaction, and the selection of assets ranges from Bitcoin to Shiba Inu coin.
- Bitquick
This is a cash-only platform. You don’t need to provide an identity document for transfers below $400. Cash is transferred directly to/from your local bank, and if you verify your identity, you get the possibility to exchange bitcoin directly to cash.
- Paxful
Paxful is an online crypto marketplace that offers 350+ payment methods. You can safely trade hundreds of currencies (ADA, BTC, LTC) with millions of people. As long as you keep your transaction within the app, your crypto is secure. It has been reviewed by FoxNews Business, Coindesk, Bitcoin Magazine, and other reputable sources.
Also, read Overview of TLM Coin from LetsExchange | TLM Coin Facts
Mixing Your Coins
You can also use coin mixers to further disguise the source of your coins. They ensure anonymity by mixing your coins in a large pool of other crypto and then sending you the amount in several small parts.
Bestmixer.mx is a coin mixer you can use. The minimum amount to the mix is 0.1 LTC or 0.001 BTC, and any amount above that is exchangeable.
Coinjoin is another coin mixer that uses BTC and BTC Cash. It is completely anonymous, makes no logs of your transactions, and has low fees.
You can also use crypto mixers with Tor, a private browser. One such service provider is mycryptomixer.com
Also, read Day Trading Cryptocurrency Facts
Can You Mine Cryptocurrency Anonymously?
Technically yes, but practically no. If you use a VPN, your address will be hidden from the server. If you also use bitcoin ATMs, you can hide where the money came from. However, the intermediary and the end digital wallet addresses where the bitcoin arrives can be traced back to you, if a powerful state or enemy has enough resources. You would have to be very skilled, use different crypto ATMs in different cities, and have many burner emails and wallets.
Should Transactions Be Anonymous?
Your cryptocurrency addresses can be shown on your website or anywhere where you would like to accept funds or crowdsourcing. Hackers would need more information from you in order to steal your crypto, so your address can be public.
As for the transactions themselves, regulators believe that they should be traced to prevent money laundering. To be fair, we all know the level of security in cryptocurrencies — nobody can steal your coins if they just see the transfer. So, should transactions be anonymous in the first place?
Disadvantages of Trading Anonymously
- Limits
First of all, you will have a cap on how much you can trade daily and a lifetime limit of the amount that can be cashed out. This means that you would need to use a crypto ATM for larger amounts of cryptocurrency, such as above $1,000. It is evident that cash is more anonymous.
- Credibility
The credibility of anonymous online platforms is questionable. They don’t require KYC or ID verification, and they know that their customers want to avoid legal channels. In turn, you either pay a high fee or lose money. Make sure you research the exchange of your choice and avoid any exchanges that offer big rewards, free money, guaranteed returns, and claims without explanations.
- Security
In order to make an anonymous transaction, you will need multiple digital wallets and perishable email addresses that hide your transactions. The security of self-destruct emails and different digital wallets is very low. The majority of these emails are deleted in a few hours or days. The wallets need to be backed up with your private keys and secured with emails. If you want to be anonymous, you can’t really use your own email address. These form a greater risk of losing your money than managing to transfer funds.
Also, read Intel Bitcoin Mining Chip Facts
BSV Hackathon For IT Specialists
Another interesting way to utilize your trading skills for something productive is by participating in BSV Hackathon. It’s a competition organized for major IT Specialists who hold good knowledge and crypto trading skills.
Register ASAP to win exciting prizes!
Conclusion
Mandatory identity checks can be exhausting and time-consuming, that is why your need for privacy in crypto transactions is understandable. Make sure you choose the means for your anonymous transaction carefully as there are a lot of scammers out there. Whether you choose an ATM, a marketplace, or a decentralized exchange, always remember about security and check the fees of the platforms you are using.
