Investing In Crypto And Stay Anonymous
Many people mistakenly believe that bitcoin is a completely anonymous currency. This is not entirely true since transactions are recorded on the blockchain. However, the most significant need for privacy comes when someone wants to sell or buy BTC for fiat.
To do this through exchanges, you will have to pass time-consuming verification. You will need to upload a scan of your passport, official paper indicating the address, bank statements, and other documents. It appears Bitcoin and other cryptocurrencies promise no privacy. Fortunately, there is always a way out. We’re going to share four completely anonymous ways to buy BTC both online and offline. So, how to invest in crypto?
Bitcoin terminals (ATM)
As the number of crypto ATMs has increased recently, buying bitcoin using them seems to be the most obvious solution for anyone looking to bypass identity verification.
The thing about this method is that these devices usually have a $750 limit. Once you reach it, you need to pass verification. However, if you don’t exceed the limit, you will buy the coin completely anonymously.
Another complication is that such terminals are not widespread yet. About 75% of crypto-ATMs are currently located in the United States and only a few in the largest cities in Europe.
How to invest in crypto: P2p buying bitcoin
At the moment, the most popular peer-to-peer platform for trading bitcoin is LocalBitcoins. There is an option of a face-to-face meeting with the seller, who will agree to send you BTC in exchange for local currency.
LocalBitcoins has clients from over 10,000 cities worldwide, so there’s a good chance of finding someone nearby. All you need to get started on this exchange is to register, enter your email address and username.
Be sure to check out the seller reviews before the exchange. Those who have positive reviews are safe to deal with. Be careful with those who have little or no feedback. There have been cases of buyers being lured into a trap by undercover police officers. However, 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 decentralized exchanges. However, most people in the crypto space are not yet very familiar with them. Crypto exchange without verification is a new concept, and many see them as trading platforms of the future.
Godex is one such platform that is already functioning. The site does not require verification. Your funds will not be stored on the exchange, making it safe compared to traditional businesses. The only downside is that you cannot buy cryptocurrency with fiat on Godex. Nevertheless, you can easily exchange cryptocurrencies using this service.
Benefits of the Godex
- Analysis of the situation in the cryptocurrency market in real-time.
- No restrictions on the exchange amount. You can buy even 100 BTC. This feature is perfect for big players.
- No additional payments. You pay and receive exactly the number of coins that were indicated in the application.
- The platform is reliably protected from hacker attacks.
How to invest in crypto: 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 in cash, avoiding banking formalities.
Then you can use the same card to buy BTC on any exchange where it is traded for fiat. This may not be the most convenient option, but if there are no Bitcoin ATMs or LocalBitcoins merchants nearby, then a prepaid card is a good option.