Buy bitcoin (BTC) without KYC: Is it possible?

Let it be clear from the outset, the advice on buying bitcoin anonymously that we are going to give you here is not illegal. Because we are all aware that our rulers will not fail to control this digital asset for various reasons. First, there is their desire to create a unified tax base. Then there is this constraint to limit, even eradicate illegal operations such as money laundering. And finally, they want to keep their stranglehold on our activities. So here are some tips to keep in mind.

Buying bitcoins: the most classic way

Before giving you the tips on buying BTC anonymously, let’s first see how it could be done normally.

1- Choice of exchange

For the moment, few banks authorize the purchase of bitcoins within it. This is why you need to go through cryptocurrency exchange platforms like Binance, Coinbase, Kraken or even CEX.IO. Thanks to these, you will be able to exchange, online, euros or US dollars against the queen of cryptocurrencies.

Be careful, we do not blindly choose the crypto exchange to buy bitcoin. So take into account:

  • its security: otherwise, you will suffer like Shane Rochman, a Coinbase customer hacked in 2021. Better to opt for a platform that uses offline cold storage of assets in case of impossibility of transfer in your own wallet;
  • fees: each cryptocurrency exchange establishes fees based on transactions or price volatility, known as trading fees. maker-taker. Expect to pay a lot more money by choosing the more secure and larger platforms like Coinbase;
  • the availability of coins: in the majority of cases, this is mentioned on the site specializing in sales, purchases of bitcoin or ethereum.

2- Funding the account

Buying bitcoin requires a connection of your bank account or a debit card to transfer fiat to your account. But first of all, you will need to provide personal information such as social security number, sources of income or identity document.

Attention, a funded account does not mean automatic purchase of bitcoin but possibility of buying some.

3- Placing an order

A funded account will allow you to purchase BTC. By having completed this step, you are able to enter the amount in fiat to be exchanged against bitcoins or ethers, for a fee.

Note that the valuation of your assets will depend on the discount rate of the chosen crypto assets. A quick tour of CoinGecko is in order for a better verification of bitcoin prices. Still, there are exchanges like Coinbase Pro that allow market orders and limit orders.

4- Securing assets

Newbies to crypto trading will certainly be tempted to store these assets in their own wallet. The savvy ones nevertheless get used to securing their hard-earned bitcoins. The transfer option in a crypto wallet is an example of very common practice. This kind of wallet represents a safe place to store digital assets. We invite you to take a look at this article to learn more.

Alternatively, some exchanges facilitate the transfer of bitcoins from an investor’s account to a more secure wallet. Obviously, using third-party software or a cold storage device like the hardware wallet will be of great use to you on occasion.

Say that some platforms do not allow this kind of practice. As much information before registering for the purchase of bitcoins.

Remark :

If you have a Venmo, Cash App, Robinhood or PayPal account, know that these digital payment platforms can grant your wishes for buying bitcoin. PayPal and Venmo, for example, allow the transfer of assets in a crypto wallet. However, they keep the private keys of their customers and this is not suitable for some investors.

Opposite them is Robinhood, which has just created a crypto wallet that accepts the transfer of customer assets to a crypto wallet which is theirs.

And if you have followed the bitcoin news on Cointribune, know that there are currently banks that facilitate their customers’ access to the purchase of bitcoin. Such is the case of Achieva Credit Union, a cooperative located in Florida, which has just launched a banking application facilitating this task.

Know Your Customer (KYC)

Buy bitcoin anonymously in 5 steps

As we said from the start, these tips will allow you to acquire bitcoins without crossing the limits. That is to say, without falling into illegality.

1- Go through ATMs

There are approximately 37,300 ATLs of bitcoins currently registered in the world. At the start of this year alone, 3,000 BTC ATMs were installed. This is to tell you that their democratization is well and truly underway.

The process of buying bitcoins through an ATM is simple. Just scan the QR code of your crypto wallet and enter the desired amount of bitcoins. Note however that there is a certain limit in this process not requiring KYC. The amount of bitcoins available in the ATM wallet is one of them.

For the moment, Europe has fewer ATMs than the United States: only 1,396 available against 32,807 ATMs in the country of Uncle Sam. This represents a new limit for this trick for Europeans.

2- Go through Peer-to-Peer (P2P)

There are P2P platforms like LocalBitcoins where you can meet sellers. This promotes the purchase of bitcoins against local currency.

Approximately 10,000 cities currently host LocalBitcoins affiliate vendors. Which, in our view, represents a great opportunity for investors on the lookout for No-KYC crypto assets.

However, remember to check the reviews of sellers before buying anything. Indeed, those who accumulate fewer positive reviews are questionable. And it could be that some police officers are hiding behind a seller’s profile for countries where this kind of activity is prohibited.

Regarding this option, you will only be required to provide an email address and your username.

3- Use a prepaid debit card

These maps are easily available in countries like the United States. They allow a quick supply of cash without having to complete bank formalities. So no KYC.

Once this step is completed, you can buy BTC on any crypto exchange.

4- Choose a decentralized exchange (DEX)

DEXs stand out for their promise of anonymity in the context of a bitcoin purchase. Little known to the public, these decentralized exchanges are able to provide you with cryptocurrencies without having to reveal your identity.

Except that for the moment, these platforms seem difficult to master. On CoinGecko, you will find more than 240 DEXes of which the top 5 are Uniswap (v3), Curve Finance, PancakeSwap (v2) and Jupiter. Also note the existence of DEXs such as AirSwap and Bisq. The latter will save you the identity verification phase and promise you more security for your assets. Since it does not require the storage of these on its platform.

5- Choose Crypton Exchange

We have specially chosen this No-KYC platform for its security and the ease offered to bitcoin buyers. All investors around the world will be able to benefit from the conveniences of this Uptopia P2P backed crypto exchange. On Crypton Exchange, no censorship or surveillance possible: information searches, communications and document sharing are done anonymously and securely.

No cooperation with centralized services or state agencies has been made by its developers. No request for personal data will be made for its users. Since it’s a digital offshore, so no details of the transactions you plan to make. Also, you will benefit from minimal gas costs and integration into the Utopia community.

The purchase of bitcoin, the same for crypton (CRP), monero (XMR) and UUSD, on Crypton Exchange is done as follows:

  • opening an account;
  • deposit of USDT assets in the same account by switching to the “Finance” tab, choosing the BTC/USDT pair and clicking on the “Deposit” button;
  • purchase of desired bitcoins after copying address for USDT deposit.

A window with the mention “Buy BTC” will appear by clicking on “ Market view “. Thereafter, you only have to mention the quantity of bitcoins to buy and its price. Note that Crypton Exchange has a “Calculate” function through which to estimate the value of your BTC holdings and the fees associated with the purchase.

The issue of buying bitcoin anonymously is sensitive at the moment. Of course, we hope that you will use it for possible investments and not for criminal purposes. This is why we have specified from the outset that the State will unequivocally condemn any fraudulent initiative related to cryptocurrencies. However, the ball is in your court.

Sources: HackerNoon ; Time

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Buy bitcoin (BTC) without KYC: Is it possible?

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