Fri. Apr 19th, 2024

How to invest in cryptocurrencies and remain anonymous

Many people mistakenly believe that bitcoin is a completely anonymous currency. This is not entirely true, as transactions are recorded in blockchain. Yet, the greatest need for privacy arises when someone wants to sell or buy BTC, i.e. exchange for fiat currency.

To do this through an exchange, you will have to go through time-consuming verification. You will need to upload a scan of your passport, an official document indicating your address, bank statements and other documents. There appears to be none of the privacy promised by bitcoin and other cryptocurrencies.

Fortunately there is always a way out. We will provide four completely anonymous ways to buy BTC online as well as offline.

Bitcoin Terminals (ATM)

Since the number of ATMs has increased recently, buying bitcoin using them seems to be the most obvious solution for anyone who wants to bypass identity verification.

A feature of this method is that these devices usually have a $750 limit. When you reach this point, you have to pass a verification. Although, if you don’t exceed the limit, you can buy the coin completely anonymously.

Another problem is that such terminals are not yet widespread. Currently, about 75% of crypto-ATMs are located in the United States, and only a few in major European cities.

P2p buying bitcoin

At the moment, the most popular peer-to-peer platform for bitcoin trading is LocalBitcoins. It is possible to meet in person with a seller who will agree to send you BTC in exchange for local currency.

LocalBitcoins has customers with more than 10.000 cities worldwide, so there is a good chance you will find someone near you. To start an exchange, all you need to do is register, provide your email address and username.

Check the seller’s reviews before exchanging. Those that have positive feedback are safe. Beware of those who have few or no reviews. There have been cases of undercover police officers luring buyers into a trap. Although this has happened in countries where cryptocurrency trading is prohibited or requires a license.

Use a decentralized exchange (DEX)

Perhaps the most anonymous way to buy bitcoin is through decentralized exchanges. However, most people in the cryptocurrency space are not yet familiar with them. Exchanging xmr for btc without verification is a new concept and many see them as the trading platforms of the future.

Godex is one such platform that is already in operation. The website does not require verification. Your funds will not be stored on the exchange, which is also safe compared to traditional exchanges. The only drawback is that you can’t buy cryptocurrency for fiat currency on Godex. Nevertheless, you can easily exchange cryptocurrencies using this service.

Godex Benefits

  • Real-time analysis of the situation with the cryptocurrency market.
  • Zero restrictions on exchange volume. You can even buy 100 BTC. This feature is perfect for the big players.
  • No additional payments. You pay and receive exactly the number of coins indicated in the application.
  • The platform is reliably protected from hacker attacks.

Prepaid debit card

In the United States and some other countries, you can go to a store and buy a prepaid debit card that can be loaded with cash, avoiding bank formalities.

You can then use the same card to purchase BTC on any exchange where it is exchanged for fiat currency. It may not be the most convenient option, but if there are no Bitcoin Terminals or LocalBitcoin merchants nearby, a prepaid card is a good option.