Don’t you know Bitcoin is not anonymous enough to buy online? Want to make anonymous Bitcoin purchases? This article is absolutely made for you.
Reasons to make anonymous Bitcoin purchases
Bitcoin is transparent, not anonymous
Although many think Bitcoin is for money laundering and payments on the dark market, Bitcoin is exactly transparent.
You don’t believe that? Let’s take a deep dive into the Bitcoin blockchain structure.
Bitcoin, by design, is totally public. Every Bitcoin transaction you made is entirely stored on a public ledger that everyone can access. That means anyone who knows your address can check your balance, see how much Bitcoin you are holding, and all the transactions related to it.
This transparency nature is not bad at all; however, it’s not ideal for your privacy. Even though you don’t place your real name pinned to the Bitcoin address, there are many methods to backtrack your identity.
Once the prying eyes figure out who you are, your funds and your real-world life are at risk. Nowadays, bank accounts linked directly to your identity, open an opportunity for hackers to target your assets.
You shouldn’t take risks like that. That’s why you need to find ways to make anonymous Bitcoin purchases.
What is an anonymous Bitcoin purchase?
An anonymous Bitcoin purchase is a purchase that your address and transaction are obscured, meaning that no one can backtrack your actual wallet. As a result, your privacy is totally protected and it’s nearly impossible to figure out it’s you owning that wallet.
The anonymous Bitcoin purchase is a higher level of the common Bitcoin purchasing. It just hides your transaction from the prying eyes on the chaotic Internet without any further impact.
Ways to make anonymous Bitcoin purchases vary from breaking the link between addresses to mixing coins with others to obscure the origin. In the next section, we will discuss the pros and cons of many popular methods.
Best ways to make anonymous Bitcoin purchase
Anonymous Bitcoin purchase #1: Incognito Wallet – The best way to send and buy crypto anonymously
Looking for a super-easy and convenient way to send and receive Bitcoin privately? The Incognito Wallet is absolutely made for you!
Based on Incognito Chain, the project aims to be sidechains for public blockchains, the Incognito Wallet is a privacy-preserving crypto wallet application.
As a user, once you turn on the “Incognito Mode”, the wallet will switch your favorite coins into the privacy versions. For example, say you have 1 BTC stored in the Incognito Wallet; you can easily switch to 1 private Bitcoin (pBTC) with one tap. Then you can send or trade pBTC effortlessly through the pDEX (private-oriented decentralized exchange) of Incognito Wallet. The receiver is able to turn this pBTC into its origin just with another tab.
In short, the Incognito Wallet gives you the ability to make anonymous Bitcoin purchases without understanding any underlying techniques. This wallet is the best suit for those who want to send crypto privately without anyone knowing. It’s a user-friendly wallet app with practical functions that can provide beginners with all the needs.
Besides, you can download the Incognito Wallet for both iOS and Android without any in-app cost. This wallet is absolutely made for those who worry about privacy.
Unfortunately, this kind of wallet is not pretty much popular. Many get used to their old wallets and are not willing to switch to the Incognito Wallet. However, once you give it a try, it’ll never fail you!
Anonymous Bitcoin purchase #2: LocalBitcoins – A peer-to-peer marketplace to buy and sell Bitcoin privately
A peer-to-peer (P2P) marketplace is where you can find many sellers and buyers from all around the world. Clearly, this is a market that matches your needs to one another.
There are many P2P crypto exchanges but LocalBitcoins.com is the most popular. Established in 2012, LocalBitcoins has its own fans and reputations.
Especially, the exchange has a ranking system, enabling users to express their feelings and experience with that buyer/seller. You can easily find your partner with a high rank to make sure he’s not a scammer.
One benefit of P2P exchanges is the variety of payment methods. They accept wire transfer, PayPal, credit card, and cryptocurrencies. No matter where you are living or which payment you have, you can always find a suitable partner.
Nonetheless, the price varies from one to another. Many sellers, many prices. And you need to pay some extra fees for the platform as well.
Therefore, a peer-to-peer exchange is the best suit for those who cannot find a reputable seller in their area. You can make anonymous Bitcoin purchases online without disclosing your identity.
Anonymous Bitcoin purchase #3: Bitcoin ATMs – Buy and sell Bitcoin with cash
Cash is always an anonymous payment method since human existence. So you want to make anonymous Bitcoin purchases, just make a cash payment.
And the best way to buy and sell Bitcoin with cash is a Bitcoin ATM. All you need to do is to find a Bitcoin ATM near your area. You can use an online map to locate one. Then, you pay cash for the ATM machine in return for Bitcoin.
There’s also a two-way Bitcoin ATM that accepts Bitcoin for cash. Shortly, these machines are a convenient way to buy and sell your coins without using any exchanges.
However, there are many cons to this way.
Firstly, the fees are pretty high. It always accounts for 3-5% of your total payment. If you want to buy and sell frequently, using Bitcoin ATMs is not a suitable way.
Secondly, because of regulations, many ATM providers require the KYC document. It’s hard to make anonymous Bitcoin purchases with Bitcoin ATMs these days. Of course, there are no-KYC required machines, but it’s less popular than the others.
Anonymous Bitcoin purchase #4: Face-to-face purchasing
The numbers of those who are willing to make a crypto deal will surprise you. In the crypto community, there are sellers and buyers who want to exchange their coins without using a third-party platform.
In this way, you must find a reputable partner first. Join the local community on Telegram, Facebook, or any social network and you will find him. Once you guys agree on the price and related details, then arrange a face-to-face appointment. Cash payment is preferred in this case.
With a face-to-face deal, it’s just two of you know the transactions and personal information. As a result, no one can know that the related address belongs to you. And if you use a totally new address, your partner also hardly traces you after that.
But the disadvantage is that you probably meet a scammer. With this in mind, before agreeing on any face-to-face meeting, make sure your partner is trustworthy and has some reputation in the community. And you also need some self-protection methods to preserve your funds and your physical health.
Tips to make anonymous Bitcoin purchases
#1. Improve your Bitcoin privacy
As previously explained, Bitcoin is never an anonymous asset. To optimize privacy for your Bitcoin, you should always use a new address whenever making a transaction. In this way, and combined with the aforementioned methods, you can make anonymous Bitcoin purchases effortlessly.
#2. Improve your Internet privacy
Don’t you know your IP and browsing history is traceable?
To avoid this, you should better use private browsers such as Tor or Brave to protect yourself. It’s not only for your personal browsing history but also for your financial information.
#3. Improve your own privacy
It’s useless trying to make anonymous Bitcoin purchases when you public yourself. In this case, the hacker can target your address effortlessly as it’s shown off on the social network. Therefore, always keep in mind that you should never public your address on the Internet without a very good reason.
Conclusion on “Anonymous Bitcoin purchase”
The whole article is discussing anonymity with a good purpose. We want to make anonymous Bitcoin purchases to protect our funds, personal data, and privacy.
We do not promote anonymity for any bad purpose. As a part of the world-class crypto community, you and I have the responsibility to build a civilized, safe, and private-oriented crypto-verse. I hope you can find useful tips to optimize your privacy in this article.