Lawmakers worldwide are introducing stricter regulations on Bitcoin and other cryptocurrencies. Consequently, traders are finding it harder to purchase Bitcoin without ID. However, you can still buy Bitcoin anonymously, even without proper proof of identity, or if you want to preserve your privacy. In addition, you can now start your trading activities with the reputable trading platform like https://biticode.org/
Why Buy Bitcoin Anonymously?
Any Bitcoin enthusiast knows Satoshi Nakamoto wanted people to use this cryptocurrency anonymously. This cryptocurrency’s creator wanted people to transact without revealing their identities.
However, this concept is slowly fading away as time goes by. Some government agencies now require exchanges to implement Know Your Customer (KYC) policies.
Therefore, to buy Bitcoin, you must submit your personal information, including your address, name, and date of birth. And this might not be a big deal for some people. But for others who value their privacy, this can be a huge issue. Fortunately, you can still buy Bitcoin without going through KYC procedures.
Proven Ways to Purchase Bitcoin Without a Proof of Identity
Several platforms allow you to buy the world’s leading cryptocurrency without identity verification. With most of these platforms, you create an account, load it with fiat money, and then place a buy order. Others will connect you with a person that wants to sell Bitcoin and let you agree on where and when to meet in person to complete the transaction. Here are three proven ways to buy Bitcoin anonymously.
1. Cryptocurrency Exchange
Before trading Bitcoin and other cryptocurrencies, most crypto exchanges require users to register and complete the verification process. Platforms might require ID proof during registration. However, you can find a venue that doesn’t need proof of ID to register and start trading cryptocurrency. Nevertheless, some crypto exchanges require an email address and a phone number to register.
Also, shifting services are a great way of trading cryptocurrency without exposing your identity. These services connect the user with a Bitcoin seller who wants to stay anonymous and makes the process easier for a buyer that doesn’t want to undergo the KYC process.
2. Peer-to-Peer Trading
P2P is one of the most common methods of buying Bitcoin anonymously. On P2P platforms, buyers and sellers connect to trade cryptocurrency directly. There are no intermediaries like banks or governments involved in these transactions. You can find many P2P platforms that support various payment methods, including cash deposits, wire transfers, PayPal, and even gift cards.
Most of these platforms have an escrow service to protect buyers and sellers. The escrow service holds the Bitcoin until the buyer confirms that they have received the amount stated in the trade. Once both parties confirm that the transaction is complete, the platform releases the Bitcoin from escrow to the seller.
3. Bitcoin ATMs
You can also find a Bitcoin ATM to buy cryptocurrency without revealing your identity. However, not all Bitcoin ATMs support anonymous transactions. To find a Bitcoin ATM that supports anonymous transactions, use a service like CoinATMRadar. This website shows you a list of all the available Bitcoin ATMs and their corresponding locations.
When using a Bitcoin ATM, select “I don’t have an account” when asked if you already have a profile on the exchange. Also, choose the “no verification” option when asked to provide your KYC details. However, you might require a phone number to receive a confirmation code.
Parting Shot
These are three ways you can buy Bitcoin anonymously. Remember to avoid scammers and fraudsters when trading cryptocurrency on any platform. Additionally, trade Bitcoin with people with a good reputation and on a reliable venue.
