(Not financial advise)
Introduction to Privacy in Crypto
Acquiring cryptocurrencies privately can be challenging in a world where regulations are tightening. However, there are effective ways to obtain crypto without exposing your financial history and maintaining a degree of privacy. This article focuses on strategies to securely acquire cryptocurrencies while minimizing the risk of financial oversight.
The Importance of Non-Custodial Wallets
The only truly secure way to hold cryptocurrencies is in a non-custodial cold wallet. This approach minimizes risks associated with hacks and third-party failures. While hot wallets offer convenience for transactions, ensuring that your wallet is non-custodial is crucial. Only then do you have complete control over your keys. Limiting hot wallets to minor amounts intended for trading or exchanges is advisable. Consider using platforms like nonkyc.io, xeggex.com, or tradeogre.com for custodial exchanges, but always exercise caution.
Buying Monero (XMR) Privately
When discussing private transactions, consider the onramp you choose. Monero (XMR) is an excellent option for individuals who prioritize financial privacy. P2P platforms are preferred because they allow direct buyer-seller arrangements without KYC requirements.
P2P Platforms to Consider:
- OpenMonero.co: After the shutdown of LocalMonero.co, OpenMonero has emerged as a suitable alternative for P2P transactions. You can import trading histories from LocalMonero to make the transition smoother. While trading volumes may be lower than before, some traders might request identification for the first transaction. However, receiving Monero into a wallet where your transactions remain concealed from centralized authorities is preferable to revealing your identity to a centralized exchange or bank.
- Robosats: This decentralized P2P platform uses anonymous and disposable avatars to facilitate trades without KYC. However, you’ll need to place a bond of about 2-3% of the trade volume in Bitcoin via the Lightning Network. Keep in mind that you need to have crypto initially to utilize this service effectively.
Alternative Payment Methods
If you want to buy crypto privately without digital payment accounts involved, consider P2P platforms like OpenMonero or Robosats. However, be prepared for cash transactions, as meeting in person for trades remains a slower yet effective method for maintaining your privacy.
Decentralized Exchanges for Further Privacy
Once you have acquired Monero or Bitcoin through these methods, you can easily exchange them using platforms like SimpleSwap.io, StealthEx, or Changelly. While these services may track IP addresses, they do not require KYC verification up to certain daily limits, providing an additional layer of privacy.
Digital Privacy Considerations
It’s essential to note that except for Robosats, the mentioned platforms do not enable TOR (The Onion Router) by default. To maximize your privacy while using these services, you must enable TOR yourself when accessing them. This added step enhances your privacy and helps protect your identity online.
Conclusion: Prioritize Your Privacy
All the transactions I have performed on platforms like OpenMonero and Robosats have gone smoothly. By using these methods to acquire cryptocurrencies, you can preserve your financial privacy without compromising security. Remember, while decentralized currency offers greater privacy, always exercise caution and implement secure practices.
Disclaimer: This article does not constitute financial advice or guidance on any illegal activities. The information provided reflects personal opinions and experiences.
