10 Ways How To Buy Bitcoin Anonymously
As Bitcoin continues to grow in popularity and mass adoption, there will be more methods of purchasing Bitcoin become available. Although, more regulation is hitting crypto exchanges, there are some Bitcoin buy methods that can still preserve your anonymity. Many people buy and use Bitcoin as provides greater anonymity than traditional fiat currency. Although all Bitcoin transactions are recorded on public networks, there is no way to directly link anyone’s personal identity to that transaction.
"While Bitcoin can support strong privacy, many ways of using it are usually not very private. With proper understanding of the technology, bitcoin can indeed be used in a very private and anonymous way." – Source: https://en.bitcoin.it/wiki/Privacy
In this article, we will be explaining 10 Ways How To Buy Bitcoin Anonymously that you can use to buy Bitcoin without the need of KYC, ID or verification.
Disclaimer: Crypto News does not endorse buying Bitcoin anonymously. This article is for informational purposes only. We recommend you follow the current ATO guidelines on cryptocurrencies and read our guide on staying safe when purchasing Bitcoin from unknown sources or unregulated sources.
1. Person to Person Purchases
This is the most underrated way of buying bitcoin without an ID or anonymously. As Bitcoin continues to grow and customers explore different platforms, you may come across a considerable amount of people who own Bitcoin and are willing to sell directly - person to person options include: LocalCryptos, Bitsquare, LocalCoinSwap and Bitcoin.com Local. Many Bitcoin owners will be willing to sell at exchange prices and bartering is always possible when purchasing direct. As you will be purchasing directly, this means no middleman or platform will take a cut from your purchase.
Benefits of Person to Person Purchase
- Able to purchase cryptocurrency directly.
- No middleman involved.
- Prices can be negotiated.
- You will be in direct contact with the seller.
Risks of Person to Person Purchase
- Stay safe when meeting people you don't know.
- Verify your transactions real-time.
2. Purchase from Bitcoin ATM's
The use of Bitcoin ATMs is not as popular as the other methods, mainly due to the high fees but it is still one of the ways to buy bitcoin without an ID. Most Bitcoin ATMs do not require customers to disclose their identity and the bitcoin ATMs normally just ask to scan your public address and then transfers BTC to your address.
Additionally, Bitcoin ATMs have nearly 15,000 users across the world and is continuing to slowly expand further. You can read our guide to find Bitcoin ATMs in Australia for more information.
Benefits of Bitcoin ATM
- You can pay in cash or wire transfer/PayPal/SEPA/direct bank deposit.
- Bitcoin ATMs is a reliable crypto platform that provides anonymity.
- Great for beginners and very easy to use.
Risks of Bitcoin ATM
- High fees.
- High Bitcoin price.
3. LocalCryptos Online Marketplace
LocalCryptos is a peer-to-peer marketplace that does not require any verification or ID to purchase. This website allows you to meet with sellers and execute trades online or offline by paying in cash via wire transfer or PayPal.
Additionally, this wallet is non-custodial meaning you are in control of your funds and keeps you safe from external threats.
Benefits of Local Cryptos
- Trading P2P means no middleman is involved.
- Provides end-to-end message encryption and non-custodial transactions.
- Local Crypto provides detailed information allowing consumers to understand how to use their platform.
- Offers a wide range of ways to pay for cryptocurrency (40+ payment methods).
4. Bitsquare Online Marketplace
Bitsquare is an open-source peer-to-peer marketplace for cryptocurrency and is a decentralized exchange which does not require verification. As this is a decentralised platform, Bitsquare does not hold any Bitcoins, they do not hold national currency, they do not know who the traders are, no user data is stored, and no registration is required. As it’s an open-source project, it’s not a company and therefore has no need to store user information.
Benefits of Bitsquare
- Fully decentralized meaning no ID needed.
- Does not hold your cryptocurrency or fiat currency.
- Open-source project and is a peer-to-peer marketplace.
- 126 cryptocurrencies available
LocalCoinSwap is a peer-to-peer cryptocurrency exchange that does not require any verification. They feature a marketplace for many of the popular cryptocurrencies and they also offer escrow services for transations. Registering an account is very easy and only requires an email address (can also use an alias email).
Benefits of LocalCoinSwap
- Supports over 250 payment methods.
- Utilises decentralised smart contracts for faster transactions.
- One of the first multi-custodial exchanges – you are in control of your own wallet.
- Low transaction fees.
6. Bitcoin.com Local
Bitcoin.com Local is an easy way to buy Bitcoin Cash directly with other traders. It’s a private peer-to-peer platform where you can buy and sell BCH with other people in your area. To use this service, you will need to register an account. However, this platform will not ask for any personal information and you only need to provide an email address.
Benefits of Bitcoin.com Local
- Offers end-to-end chat encryption with AES256-CBC. No one will be able to access your digital wallet or read your messages.
- Charges a low transaction fee of 0.25% for the listing creator and 0.75% for the person responding to the listing.
- Offers a blind escrow service.
CoinSwitch is one of the largest cryptocurrency exchanges as it supports over 300 different cryptocurrenices and over 45,000 pairs for exchange. This exchange does not require ID verification and you only need to register an account with an email address.
Benefits of CoinSwitch
- One of the largest crypto exchanges in the world, supporting over 300 cryptocurrencies.
- Features low transaction fees of 0% to 0.49%.
- Accepts a range of FIAT currency such as USD, JPY, EUR, and RUB.
HodlHodl is an online peer-to-peer cryptocurrency exchange that enables users to trade directly with each other. This exchange also does not hold the user’s funds and uses a multi-signature escrow instead. All trades are conducted directly from the user’s Bitcoin wallets. Registration is also very easy and does not require ID verification.
Benefits of HodlHodl
- Boasts low transaction fees.
- Simple sign-up with just an email address and password.
- This platform does not hold any money and is not subject to compliance procedures.
- Most users agree that the platform has fast transaction speeds as trades take place directly between users.
Changelly is a popular instant cryptocurrency exchange that now serves over 2 million users across the world. Traders like to use this service for its privacy and for the fast transaction speeds. Whilst Changelly does require you to register an account and provide an email address, it doesn’t require any other form of identification as far as we know.
Benefits of Changelly
- Features 2-factor authentication for extra security.
- Supports over 150 different cryptocurrencies and they accept three fiat currencies for buying crypto (USD, EUR, GBP).
- Only an email is required for registering an account.
- Provides competitive rate.
- You can view your transaction history.
- You can only buy 150 USD(EUR)/month via Simplex or MoonPay without verification.
10. KYC Free Exchanges
Some decentralised exchanges do not require KYC. This kynot website shows a list of those that do not require KYC and whether you can buy and trade crypto on them.
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