You may have heard that to buy bitcoin one needs to submit a series of identification documents to the trading webpagina. Such documents may range from copies of passports & utility bills, to selfies of yourself holding a custom-built message. When I very first stated using bitcoin te 2013 none of the exchange sites asked for passport or utility bill photocopies. Now te 2018 virtually every bitcoin exchange is obliged by law to do utter KYC (know your customer). This is to prevent cyber-crime and money laundering. Some anarchists say the government worries that you might be gaining too much economic freedom.
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All things said, it is very significant to be aware when seeking recommended places to buy bitcoin without ID. Even if you choose a full-KYC exchange you should still be realistic and take precautions to protect against identity theft or abusive practices by exchange operators.
Note that most people are 100% fine getting their cryptocurrency through regular verification procedures. Ask yourself do you indeed need to obfuscate your existence or not.
How to stay anonymous when buying bitcoin
Should you need to stay anonymous when buying bitcoin, this is possible but expect to pay a higher cost vanaf bitcoin. Most sites are charging premiums of 20% to 40% for customers without identification. Another thing to reminisce is that not each method will be the same. There are means for buying cryptocurrency with no ID that may require you to meet up ter person. Others may require wait periods of up to Three weeks before the digital assets are released from escrow to your wallet.
Not all anonymizing procedures are spil tiresome tho’. I’ve ordered each one below by the ease at which you can purchase bitcoins while keeping your identity relatively private.
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Here are the best places to get bitcoin without ID:
- LocalBitcoins – one of the very first and presently the most popular person2person exchange podium. You can buy with metselspecie, Paypal, or bankgebouw transfer. Choosing contant purchases on Localbitcoins is undoubtedly the most anonymous way to buy bitcoin. Just choose a well-reputed seller near your location, and arrange to meet ter a public space. On meeting, you will them give them the specie and they will then instruct Localbitcoins to release your cryptocurrency from escrow. Be aware that if you choose to buy via handelsbank transfer then your name will be visible on the sellers canap statement (but not to Localbitcoins). Some sellers may from time to time ask for a partially visible copy of your driving license. You can usually check this on the seller’s pagina or by asking them prior to ordering.
- Buysomebitcoins – also a leading webpagina to buy with no ID verification using a Visa/Mastercard. The exchange is registered ter the United Kingdom and has gathered some good user-reviews. Commissions are utterly high for buying without ID: expect to pay 30 procent. Fees are lowered if you submit ID. Such discounts are titled “Verification rewards” by Buysomebitcoins. Two exist: an ID “verification reward” and a “card ownership verification reward”. You may be asking how does Buysomebitcoins get around the KYC obligations imposed on exchanges. Well, supposedly their webpagina is a “P2P Marketplace represented by numerous companies te different countries” – thus entitling the same loopholes for buying bitcoin without ID spil those localbitcoins buyers presently benefit from.
- Shifting sites – a superb (much cheaper) alternative. It is indeed possible to anonymize an ID-verified purchase of bitcoin (assuming you got the BTC on a total “KYC” exchange). Such a proces is sometimes referred to spil “altcoin shifting”. Note that specialized blockchain forensics experts can, and sometimes do, go after coins that have bot shifted. Nevertheless, the coin shifting proces is relatively plain:
- Someone buys bitcoin (or any other crypto asset) on a major exchange such spil Coinbase. Their ID is verified and therefore thesis coins are “tied” to their name.
- The coins are withdrawn from the major exchange, onto a cryptocurrency-only trading webpagina like Binance, Yobit, or Shapeshift. Because government fiat currency deposits are not available, the exchange is not required to verify users’ ID.
- The user then trades their bitcoin for any other crypto asset and withdraws the fresh altcoin to their wallet.
- Voila! Now only the 2nd exchange knows where those fresh coins came from. The very first exchange only sees the coins being sent to the 2nd exchange’s address. Because the trading happens off-blockchain, it is very hard to trace what went on.
- Any other crypto-only exchange can then be used to switch the user’s altcoin back into bitcoin – totally anonymously.
- This process can be repeated using a vast list of alternative trading sites – each time further anonymizing the coins.
Ten procent) compared to other methods for maintaining your privacy.
15 usd) with PayPal spil they don’t bother checking your ID unless you do larger transactions. Update: this webpagina is having issues with PayPal – trading has bot disabled for now. Alternatively you can use Localbitcoins or Paxful for Paypal purchases.
- I only recommend Bisq for more advanced users. You should be convenient with managing bitcoin private keys, and maintaining your PC’s security.
- Users vereiste download the software to connect up to the network and make trades. Officially the software is still ter beta testing, but it can still be used to trade with others without registration – and doing so relatively anonymously.
- No identification is needed to trade, but – just like with Localbitcoins – your name will be visible on the seller’s bankgebouw statement.
- What I love about Bisq is that it is essentially a wallet with multisig capabiliites. Such a system permits you to choose an arbitrator for each trade. Arbitrators act spil intermediaries for resolving problems – similar to how Paypal disputes work, just ter a decentralized manner.
- For a longer explanation, witness this Youtube movie of Bisq cretor, Manfred Karrer, providing a presentation of the exchange.
- For those wanting to sell bitcoin without ID using Bisq: be sure that your handelsbank is bitcoin-friendly. Ter some cases sellers have had their accounts closed for receiving transfers. Albeit the canap never knows that transfers are arranged through Bisq, such institutions can get jumpy when anything fresh starts menacing their business specimen. There is a Bitcointalk forum postbode that keeps tabs on which banks are bitcoin-friendly and which are not.
Some sites have excessive ID vetting
Some exchanges truly are worried that they will get shut down by the FinCEN should they not know every single detail about their customers. Others take advantage of the KYC-craze to collect information on their users private and commercial habits. Of all the major exchanges thesis three are presently receiving slightly negative reviews with regards to overbearing KYC verification methods:
- Bitstamp – by far the worst individual information requests have bot made by Bitstamp support. When users go beyond certain deposit/withdraw thresholds they then get sent intrusive information requests beyond the usual passport/utility bill combination.
- Gemini – long verification wait times. Occasional account flaggings & automatic closures have bot reported.
- Bitfinex – very long verification process, significant amount of documents required.
Please note that while the above sites may not have sleek verification processes, they remain very trusted and popular platforms. Millions of users trade on each webpagina every month. Read my guide to get further information on how to recognize a good vs a bad bitcoin exchange.
Protect your documents against identity theft
Just realize that this is the fresh age where your ID is scattered all overheen the internet. If a web-server gets hacked, then all files can potentially be stolen and used elsewhere. For this reason I would recommend choosing the safest sites only. Check my list of the most popular bitcoin exchanges to get an idea of secure trading sites that people like to use.
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Best practices recommend that exchanges keep users’ private ID information on a separate server. Such a server should be offline and only connected up when the initial vetting process is underway.
A good method you can use to prevent identity theft is to water-mark any documents you submit. Some users like to write a message such spil “for Coinbase only” on their passport copy. Such technics prevent malicious actors from lightly using your ID to open an account elsewhere.
Please note that ter most cases your private information is safe. Large exchanges are increasingly required to go after very stringent safety measures and all store users’ files offline.