A wide variety of people get into cryptocurrency trading for many different reasons.
The first reason is that they want to profit handsomely with the wild swings present in the digital asset markets. The second reason is that they feel as if the current fiat issued currency movement is coming to an end and need an exit. The last reason ties in with the third reason, except it goes a little further. People want to have a bit of privacy and more liberty.
The last reason is fundamental and a critical part of the bitcoin thesis. You do not want all of your value to be under government control or to have every single move be tied to the government in some form or fashion.
As such, traders and cryptocurrency enthusiasts would love to know if there are ways to buy and sell bitcoin without having to provide any personal information.
The answer to this question is yes. It is undoubtedly becoming more challenging to do so anonymously, but options still exist to do so today.
Let’s find out how we can transact in bitcoin and other cryptocurrency anonymously.
Process, Earn, Peer to Peer Purchase, Regular Purchase
The cryptocurrency system is evolving to where you have several options to obtain bitcoin. The present times offer many different ways to get bitcoin anonymously without revealing your identity.
Here are the ways of doing so right now:
- set up a mining a rig and process transactions automatically
- earn bitcoins by working for it and offering several services or products
- collaborating with others to swap bitcoin for currency or goods
- or buying it on a popular facilitating platform such as Binance
Let’s go through a few of these options right now.
Mining Rig
The first one is out of the picture for those with a little bit of capital. Miners who want to obtain cryptocurrency on a regular basis will need to have the right rig and computing power. If they do not have the proper set up, then they will be out of luck. They can help support the network but will not be able to acquire crypto efficiently. Therefore, they will be incurring expenses.
Of course, this is a very appealing way of acquiring crypto as these are fresh coins. But unfortunately, it is not feasible for many people.
Services and Employment
The next option is to acquire it by deploying the right services. For instance, if you have a company such as Bitpay you can acquire bitcoin and then convert a portion of it for your merchant. Then there are other options such as selling products for bitcoin. People can also sell their graphic design or other services for bitcoin instead of USD, EUR or JPY.
Some people work for a crypto company that pays employees in bitcoin, but this is usually tied to government-issued forms and account numbers in some form or fashion.
If one chooses to go with option, then it is best to have the client deposit into an anonymous address. We mean here that you want to make sure to place it in an address that is not associated with your name.
Trade Goods
A few people prefer to trade goods for bitcoin and conduct some form of bartering for the leading digital asset. It is a feasible and rational way to acquire some bitcoin. People can have a digital storefront with varying physical items or even digital products that they sell for bitcoin. Of course, they would only offer bitcoin as a medium of exchange and no other options. They can direct this to a third party wallet and acquire it anonymously.
The only catch here is to sell something that people would buy regularly and have a regular inclination to buy. You might sell something like CBD products or some technology products that people are really interested in at the current moment.
It is important to note that several platforms facilitate the exchange of goods for bitcoin to simplify the process of selling for more people. In these places, one could just set up an account with zero verification and get going.
Obtain Bitcoin Directly Offline
A few people prefer to buy their bitcoin in person but anonymously.
How?
Did you know that bitcoin ATM’s are now all over the world? Yes, that is correct. That means that you can walk up to one of these machines and transact. You input government-issued currency and buy bitcoin. You quite likely have an ATM within 30 miles of your location, depending on where you live.
The next way is to find someone who will conduct a bitcoin transaction in person in exchange for cash. Why would someone do this deal? They can sell their bitcoin at a premium. You would want to look at places such as Paxful, Localbitcoins, LocalCoinSwap and other similar entities. You can quite likely find someone who is interested in doing so through Craigslist as well.
Of course, a critical component here is to make certain that the other side knows that you are serious and safe. Most people would appreciate a small transaction first and then building up to something bigger.
There’s one more way to do an in – person transaction. Go to bitcoin and cryotocurrency events in your area. Ideally, these are small events that have amenable people. Remember that Linkedin will also offer opportunities here as well. For instance, you can find over the counter brokers in your local area. The reason why you do all this hard work is to make sure to have your unique supply of private bitcoin.
Do it Online
If you think buying bitcoin offline anonymously is a hassle, no problem, you can do it online. Peer to peer platforms will let you obtain bitcoin with different payment processing options. What is exciting here is that one can facilitate payment through store gift cards or by using a fintech payment platform like Venmo or Transferwise. Of course, you can even use your bank account or Western Union to conduct the transfer.
You can even cover your details from the seller by placing a different name on your account. If you don’t have another account, just ask a friend to send the payment.
A few people even go as far as reaching out to others to perform KYC on different entities. These people might be students, and other people who might need a cash infusion at the current moment. This is a far-out medium and is one technique that only a small portion of people will use for their means.
If you really were interested in doing so, you could potentially purchase an identity on obscure platforms on the web. But there’s all these options mentioned above, making it to where you wouldn’t need to put yourself out there.
Exchange
This takes us to the last method of buying it through platforms such as Binance or another entity that doesn’t require verification up to specific amounts. One must be very careful when purchasing through these entities because the crypto path can potentially be traced back to where you entered in pertinent information or identified who you were.
Let’s find out more about this popular medium of obtaining bitcoin.
A few entities are still present in the digital currency sector that enable you to purchase and sell bitcoin and other cryptocurrency tokens anonymously. These entities ask for your email, username, and password but will not ask you to verify who you are and where you reside.
Registration then becomes a simple process and minimally invasive from a privacy standpoint. These entities realize that people are not interested in surrendering a significant portion of information and speculating and earning through their activities.
Entities of this nature are a breath of fresh air in an increasingly regulated and legally constrained world.
Here are the prominent entities for their more laissez-faire behavior when it comes to customer transparency and verification.
- Binance
- Kraken
- ChangeHero
- MorphToken
- Changelly
Binance
Everyone knows Binance as the world’s leading platform in the digital asset sector. The CEO of the firm and his team have blazed a trail worldwide and work with many different partners. While the firm has been through a lot and continues to evolve into something more each day.
Binance is a fan favorite because it does not require excessive information from its customers. Registration is simple as it requires an email, password, 2FA, and email verification.
The Malta-based entity is perfect for many people across the world. As long as they keep their bitcoin or cryptocurrency withdrawals under 2BTC per day. The reason is that those who have more than 2 BTC in withdrawals must verify.
This makes sense. More than 2 BTC is a significant amount to take out of an account each day. The person or groups of people who do this are moving large enough portions that the entity must understand who they are and what they are doing.
Thankfully, most people do not have the means to move over twenty thousand each day and fall under this requirement, making the Malta oriented entity a perfect place to go for anonymous trading.
Kraken
Kraken is another entity that many people trust and appreciate for its wide variety of features and offerings. Furthermore, it is another one with a more tier-based approach to verification. For instance, speculators will notice that the entity has starter, intermediate, and pro settings.
The starter asks for sign-in 2FA, a full name, a date of birth, a phone number, and a physical address. But it does not ask for a valid face ID, it does not ask for social security, a proof of residence, or other information that is more invasive to the user.
The starter level comes with a wide variety of benefits that are perfect for the casual user.
How come?
The platform allows people to deposit as much cryptocurrency as they want, withdraw modest amounts of crypto, swap funds, and even trade on margin. That’s beneficial for most people who want exposure to the sector without any issues.
Thankfully, this is another one that caters to many people worldwide.
ChangeHero, Morph Token, Changelly
These providers are very similar in that they have similar user experiences. A user will not have to go through extensive KYC requirements and processes. Instead, they can simply sign up and in some instances just go straight to swapping assets without registering.
But why are these a popular solution for enthusiasts in different parts of the world? The answer is quite simple. It is so because it allows for quick and simple transactions and is very straightforward.
Remember that you do not go to these places for hardcore digital asset swapping and betting. For instance, these will not offer margin, APIs, or other functionalities found elsewhere. They are present to gain exposure to this growing realm and quickly enter into your next position in ETH or XMR.
People use these for speedy transactions, obscurity, and overall simplicity.
These are all wonderful options to take advantage of in this digital asset journey. But now the question is why are more people gravitating to these platforms?
Let’s find out.
Reasons Why People Prefer Privacy
The primary reason people prefer privacy in the digital asset sector is because they don’t want to divulge their personal information while optimizing gains.
The second reason is that it is a hassle and is against the ideology of a more freedom-oriented ideal. Did we mention that it is a hassle? These entities can take forever to verify and then can come back and ask to re-upload in a specific way with the right lighting.
People also detest having to show every aspect of their earnings to more tax-oriented governments. They feel as if they are doing the work and should not have to fork over their earnings to governments who mishandle capital.
Further, these people might seek to guard their identities from the platform itself in a world rampant with cybertheft. It is a world where trusted brands such as Sony and Experian don’t have proper control over the data they hold. In such a world, users believe it is best to conceal sensitive information than to convey it willingly.
A few people want to make sure that they have their holdings, and no one knows about it except for them. Why would they want to be this way? The answer is due to a lack of trust within the system. They would like to have assets that they can move and utilize in case things go wrong with the spouse, business, or other situations.
If people store more wealth in cryptocurrencies and some people become aware of this fact, it can be bad for them. The world is full of jealous and envious people, and they can come after wealthy user assets by kidnapping, robbing, or killing.
People practice great caution and live like Andy Grove said, where “only the paranoid survive”.
Safety and Security Matters
Remember that all speculation hubs are not safe. Always do your research before registering and using them. Why? The digital asset sector still has some bad players that play with user money and might even exit scam at one point or another.
That is a comprehensive overview of the matter. We ask you to trade well and wish you good luck.