It seems like there’s demand from a decent number of people that would like to buy Bitcoin anonymously as well as other cryptocurrencies without compromising their full identity or going through a verification process, where most current methods of obtaining crypto are through centralized exchanges or other platforms that sell them, both of which require users to go through what’s known as the KYC verification process, compromising their full identity.
With that said, there are ways for an individual to obtain their first Bitcoin or other cryptocurrencies without an ID verification process and compromise their privacy, and we’d like to share that information.
How to buy your first Bitcoin without ID verification
The first time someone wants to obtain a cryptocurrency is the most challenging, where they want to exchange their fiat currency for a crypto one. So to make things simple, here are some of the options that we’ve found that you can use to buy your first Bitcoin without revealing your full identity or going through a verification process:
- LocalBitcoins, a web-based platform that facilitates P2P exchanges with escrow services to ensure a complete trade to buy bitcoins.
- Bisq, a software that you can download and use to trade with others with the security of a 2-of-2 multisig setup where you can also buy bitcoins.
- Find local communities within your country and see if they have set up a trading group, where you’d usually see people sending buy or sell messages. Searching it on Google or Facebook might be your best bet to buy Bitcoin without ID.
- Get paid in Bitcoin. People usually don’t think of this method, where you can ask your employer or client to pay you in Bitcoin, or when you’d like to sell any belongings you might have, sell it for crypto instead of fiat. If you don’t want to deal with a coin’s volatility, then you could ask for a Stablecoin.
How to exchange Bitcoin for other cryptocurrencies without KYC on decentralized exchanges (DEX)
After you’ve obtained your first cryptocurrency, be it Bitcoin, Ethereum, or some other coin, you can now start exchanging them for others on various platforms such as on decentralized exchanges like WhalesHeaven, where you can exchange large amounts of BTC to ETH for example, without going through ID verification like on most centralized exchanges.
Usually, exchanging your crypto on these exchanges is done through a trustless process, where the most popular way to conduct an exchange would be through the use of a multisig process, which keeps your coins secure as they’re not held by a third party when conducting the exchange. Compared to centralized exchanges, where you put your full trust in them to conduct the same exchange, you’re better off using a DEX platform if you value security.
Exchange cryptocurrencies with others in person without trusting them
One of the best benefits Bitcoin brought to the world is removing the trust factor when transferring funds from yourself to another person, where the need for a third entity is removed from this process, but when it comes to exchanging BTC with a different cryptocurrency, the industry went back to rely on traditional systems of trust, that is until the trustless exchange protocols emerged like multisig exchanges / atomic swaps, where the need for trust is removed yet again, and platforms such as our very own WhalesHeaven emerged to provide people with a trustless service to swap one unique coin to another without ID.
Because of this, even if there are people who you don’t trust and think are evil, but you’d like to exchange with them, you can without having to worry about trusting them for the coin swap, and you’d just hop on a DEX platform to perform the exchange.