Cryptocurrencies were originally pushed forward for their decentralized nature which made them independent from any government or financial institution. While this opened horizons for money laundering and criminals to trade easily, it has also been a boon for privacy enthusiasts worldwide.
Unfortunately, it hasn’t lasted long as global governments have been pushing for their crypto exchanges to complete KYC (Know Your Customer) procedures. This is implemented in the public interest but is also a major strike against the anonymity of cryptocurrency transactions.
However, privacy isn’t dead yet. Depending on how you deal with cryptos, it is still possible to remain anonymous with their existence. So let’s take a look at some steps you should take to maintain your online privacy when dealing with cryptos.
Buy it With Cash
Buying cryptocurrencies with cash may sound impossible, but it couldn’t be further from the truth. In fact, some websites act as escrow agents that take your cash and connect you with anonymous Bitcoin dealers. This prevents you from leaving a trace and is the most anonymous way to purchase Bitcoin.
Use an Anonymous Wallet
Using cash to purchase Bitcoin wouldn’t be useful without an anonymous Bitcoin wallet. An anonymous Bitcoin wallet would remain encrypted and would also allow you to take your Bitcoin offline to protect them from hacks. With a little research, you can find some of the best anonymous Bitcoin wallets online.
Use a Bitcoin ATM
A Bitcoin ATM is a crypto dispenser that is generally used to liquidate your Bitcoin. However, it can also be used to buy Bitcoin anonymously. As of now, most Bitcoin ATMs do not require your personal identification when purchasing Bitcoin and can even work with pseudonymous accounts.
Register with a Mixer
A crypto mixer is a platform that allows you to “mix” and bounce the crypto footprint for transactions on the blockchain. As a result, it looks like a messed-up jumble that is hard to comprehend. Tracking the money through a crypto mixer is a difficult task and would therefore be a good barrier to your anonymity.
While it may seem that the crypto market is becoming more mainstream and public, it still has tools for maintaining privacy and decentralization. As a privacy advocate, you can use the above tools to ensure that your crypto trace is almost impossible to find.