You know that untraceable money transfer gives you freedom and privacy. Although there is no method guaranteeing complete anonymity, you can minimize the risk in several ways.
bReasons for keeping your transactions anonymous
Even though surreptitious transactions are often associated with criminal activities, such as drug dealing or tax evasion, there are completely legitimate reasons why you should seek anonymity for your transactions. On a personal level, you probably wouldn’t want your financial information, for example your net worth or transaction history, to be obtainable and exploitable by advertisers or hackers. In order to avoid this situation, you may prefer to make untraceable money transfer.
From a business perspective, the implications could be much broader, as decisions may relate to trade secrets or client privacy. Therefore, it’s important to know which method will meet your particular needs.
Transactions that involve third-parties such as banks, payment gateways or digital platforms are easy to track, as those middlemen store your sending and receiving history. There is nearly no way to untraceable bank transfer. As a result, many people prefer to pay face-to-face, specifically using cash as a way for untraceable money transfer. The anonymity of such transactions is established by the trust and consensus between the two parties involved. The required can also be a disadvantage, however, as privacy is only maintained as long as both parties stay committed to the deal.
- No transaction fee for untraceable money transfer
- Transaction history is not recorded.
- Geography can be an issue, with long-distance and cross-border transactions being problematic.
- Carrying large sums of money is always a risk.
- As there are no records or verification checks, a lot of trust is required from both parties to keep their side of the deal. This is obviously a haven for fraudsters.
Setting up an anonymous PayPal account
This may sound impossible, but this practice for untraceable money transfer is actually widespread on the Internet. The methods may vary but they all include some basic steps; setting up a clean IP, creating an untraceable PayPal account with an address that is linked to the paid VPN, and adding an anonymous debit card to verify the account. Even though this approach enables users to send, receive and withdraw money with more privacy, it could cause legal risks if any suspicious activity is detected.
- You can send and receive money internationally
- Easy to make payment with fiat currency
- The process is cumbersome and time-consuming.
- Does not guarantee surveillance-free transactions, potentially poses legal risks
Recently using cryptocurrency is thought to be a method for untraceable money transfer. In fact, Bitcoin and the majority of cryptocurrencies are neither private nor anonymous. As extensions of Blockchain technology, they were invented to provide transparency and security for asset transfers. No transactions made on Bitcoin blockchain are governed by any third-party, instead, be verified by the whole network. Although these transactions do not directly contain users’ information such as their name, physical address or email, people’s identities are required for KYC authentication and can be revealed to all if the site is hacked. KYC is mandatory when trading Bitcoin for fiat currency, meaning that your personal information is stored on these sites
However, there are still ways for untraceable money transfer with cryptocurrency.
1. Bitcoin mixing
When it comes to untraceable money transfer using Bitcoin, Bitcoin mixing, also referred to as coin tumbling or laundering, is a process that tries to break the connections between the Bitcoin sender and recipient’s address. The procedure involves a few steps: firstly, you submit the amount of Bitcoin you want to be tumbled, thenn the mixer service shuffles your Bitcoins with someone else’s cryptocurrency to release a fresh batch of Bitcoins under a random address. If done properly, transactions can be made almost impossible to trace and you aren’t required to leave any personal details. There are several services offering bitcoin mixing, with Smart Mixer, Wasabi Wallet and Samurai Whirlpool being solid options.
Nonetheless, for an extra layer of anonymity, you should only access these services with an encrypted VPN and web browsers that don’t track your browsing history or IP, such as Tor or Brave.
- Services are accessible and guarantee high anonymity for untraceable money transfer.
- Coin mixing services are often quite costly.
- The process is complicated and inconvenient for regular use.
- Service providers can be dishonest about their privacy and reveal your address when processing the transactions.
2. Privacy altcoins
Due to the downsides of Bitcoin, several altcoins have stepped up and attempted to solve the pseudo-anonymity problem. Some of the most well-known privacy altcoins are Monero, Dash, Zcash and Zcoin. Each of them follows a different protocol to provide their users with privacy when sending or receiving crypto assets. However, most privacy altcoins are still new to the market and need further improvements to effectively serve as a private method for money transfer.
- Altcoins are fungible, which helps avoid subsequent loss of value or rejected transactions.
- Most altcoins are difficult to purchase in the mainstream market.
- The adoption of privacy coins is low and not user-friendly for beginners.
3. Private crypto wallets
While other methods for anonymous crypto transactions still have visible drawbacks, private crypto wallets may be a superior solution to those who ask for untraceable money transfer. These wallets have the same functions as the normal ones, allowing users to send, receive and store your crypto assets, however, they also provide users with complete ownership of the private keys and allow them to send bitcoin (and other crypto assets) with total anonymity.
Even though this concept is not currently well-known by mainstream users, there are different options available on the market at the moment. While hardware wallets keep your funds offline and private, software wallets help to send, receive and store crypto assets anonymously when connected to the Internet.
If you need an effortless method to send bitcoin anonymously on a daily basis, Incognito Wallet is what you are looking for.
Incognito Wallet – An anonymous bitcoin wallet of choice
Incognito Wallet is an untraceable money transfer app that turns the cryptocurrency of your choice into its private version with just a tap. The innovative features of this app give you full control of your personal data and assets; you can send, receive and store Bitcoin in total anonymity. The Incognito wallet might not be the best bitcoin wallet, or best anonymous one specifically, but it is for sure that you can get a very high confidentiality level when using Bitcoin with this wallet.
As a sidechain for privacy coin, Incognito chain builds a trustless portal to connect to Bitcoin blockchain. Holders of Bitcoin can obtain a Privacy version of Bitcoin issued at a rate of 1:1 on the Incognito Chain, and can switch it back into BTC simply and at any time. The two processes are all executed automatically and independently from any third party, through the utilization of smart contracts and trustless custodians.
When you turn on “Incognito mode” for your crypto assets, no one could see your balance or details of the transactions. In addition, Incognito Wallet app is totally free and available for Android, iOS and PC with a Chrome extension.
As things stand, Incognito is still growing and while the number of coins listed on its app is lower than traditional wallets, more are being added each week.
There is a lot of time and energy being put into creating systems that allow people to make an untraceable money transfer. You have every reason to seek privacy when conducting transactions, and thankfully there are various methods at your disposal, as detailed in this article. It’s definitely worth researching the different methods mentioned in more detail, so you can find the one that works best for you. In any case, always look to keep your transactions anonymous.