This piece, given to us by our friends over at CoinCentral, tells us how to buy bitcoin anonymously. If you found this interesting, please share and refer your friends!
If privacy is a concern for you when transacting in cryptocurrency, perhaps you’ve wondered how to buy bitcoin anonymously. If so, then you’re in the right place.
As bitcoin has become more mainstream, the various entryways into cryptocurrencies have become more regulated. If you are buying bitcoins with fiat, then your entry point is usually one of the fiat-to-crypto exchanges like Bitstamp, Coinbase or Gemini. The problem for anyone who’s particularly privacy-minded is that these exchanges all require your ID to buy bitcoin.
For anyone in the developed world, privacy may be the biggest concern when handing over ID to an exchange. However, for people in the developing world, the requirement for ID is a severe impediment to buying bitcoin. Cryptocurrencies offer a solution to people in developing countries where their national currency may be subject to astronomical inflation. In other scenarios, corrupt governments may seize funds held in cash or banks.
However, there are more than a billion people in the world, mostly in developing countries, who don’t have any form of ID. So the world of cryptocurrencies is all but shut off to them. A solution for how to buy bitcoin anonymously, without using an ID, could prove a valuable solution to many citizens of developing countries.
So what are the options for buying Bitcoin anonymously in 2018?
How to Buy Bitcoin Anonymously Using a Fiat-to-Crypto Exchange
As we’ve already mentioned, using many of the mainstream fiat-to crypto exchanges is out because they will want to see a copy of your ID.
There are a few exceptions, where fiat to crypto exchanges will allow you to buy bitcoin only using your credit card, and not providing an ID. These may not stand true for all countries, but it seems that Coinmama and Changelly are two examples of exchanges that don’t necessarily always require an ID to make a purchase, particularly for low-value transactions.
Of course, once you provide your credit card, then you are leaving a paper trail behind, so for buying bitcoin anonymously, this is not a 100 percent foolproof solution. Another option here could be to buy one of the many prepaid credit cards available on the market today. While a traditional credit card has your name encoded onto the card itself, many prepaid cards require registration, but the card itself doesn’t hold any of your personal details.
Again, this article was shared with us by our friends at CoinCentral. Go check out some of their other work we’ve published here.
Have a question for us? Did we miss a detail? Let us know! Send an email to Outreach@ConsiderTheConsumer.com, find us on Twitter, Facebook, Instagram, LinkedIn, or even connect with us directly on our website! We look forward to hearing from all of you.