2018-7-26 22:03 |
How To Buy Bitcoin And Ethereum Without Identification
While many people are interested in buying and trading bitcoin and ethereum, they are often hampered by the highly rigorous verification process used by many exchanges. These verification processes can be very detailed and often require only information you ought to give your bank or other more important entities.
Ironically, this by its very nature, antagonizes bitcoin and ethereum’s decentralization process and trustless environments. At the core of bitcoin and ethereum trading is anonymity.
So, if one needs to tender every private information about themselves to the exchange just to be able to trade the currencies, it defeats the very purpose of the currencies. This is why many people have been reluctant to jump on the ethereum and bitcoin trading wagon.
The good news though, is there are ways around it. With these options, buying bitcoin or ethereum should be pretty easy, anonymous and have zero need for you to submit your private information to any exchange.
Bitcoin ATMsAs a result of bitcoin’s ubiquity, some companies have already started installing bitcoin ATMs around big cities across the globe.
For now, you’ll find the largest number of bitcoin ATMs in North America owing to the country’s massive adoption and use of the bitcoin cryptocurrency. This is followed by European.
So, if you’re resident in any of America’s major cities, you should be able to find a bitcoin ATM close by. If you need to find one near you, just go check out the bitcoin ATM map at https://coinatmradar.com or https://bitcoinatmmap.com. Both offer information on bitcoin ATMs where you can either buy bitcoin or buy and sell bitcoin.
Buying bitcoins at these ATMs is as simple as inserting your credit or debit card and paying for the coin. With this process, there’s absolutely no need to submit any information whatsoever. It’s discreet, straightforward and private.
There’s no extensive verification process or data collection. It’s easy, fast and effective. The only downside to many of these ATMs is the limit they place on the quantity of bitcoins you can buy at any point in time without submitting your ID. Most have a $750 limit. So, if you need to buy more than $750 worth, you would need to use multiple machines for that.
Naturally, all of these ATMs require you to have a destination wallet –where you’ll send the bitcoins to- so that you can receive the bitcoins you buy. Luckily, there’s no shortage of bitcoin mobile wallets that you can install on your phone and check for updates on your transaction after paying.
WallofCoins And LocalBitcoinsMany exchanges are very serious about KYC processes and adhering to their various host country’s anti-money laundering processes. These processes while okay are pretty restrictive and responsible for the absence of millions of potential investors.
The good news is there are still a few like WallOfCoins and LocalBitcoins who are dedicated to making the entire process seamless and anonymous. On both these sites, all you need to do is look for someone local who has bitcoin or ethereum to sell or buy, reach out to them and arrange a meet.
It goes without saying that you have to do your due diligence and stay safe while meeting these people in person. Always choose public parks and areas with lots of people for your transactions. And make sure to avoid carrying lots of cash around for these transactions. Remember, safety first.
These sites often have the basics really. There’s no portfolio management, trading or asset tools. Localbitcoins though offers a little more features than Wallofcoins.
Users can actually buy and sell their bitcoins directly thanks to a wide array of payment options available on the site. You will often find a disparity between the official bitcoin or ethereum prices and those listed there.
The prices on these sites are dependent on the sellers’ preferences. So, understand that it might cost a bit more to buy on these sites.
WallofCoins on the other hand, doesn’t offer the same features as localbitcoins. The site only connects buyers with sellers, who then meet locally, away from the website to carry out their transactions.
Other features include in-person cash deposits, where the company provides you with an escrow account where you can deposit your funds. Once done, the equivalent of cryptos you intend to buy will also be held in an escrow account until the process is approved. Once done, you’ll get your cryptos, while the sellers get their funds.
ShapeShiftThis is one of the best platforms for carrying out crypto exchange and trades without any KYC processes. If you’re looking for complete anonymity while executing your transactions, this is probably one of the best options available to you.
The platform requires zero personal information from you and only deals in cryptos. So, you can’t buy your cryptos with credit or debit cards. You’ll need to have some cryptos that you’ll exchange for another before you can trade though. The company is very big on getting rid of any conventional financial process on their exchange.
Using the platform is very easy. Just choose which assets you want to trade by selecting the crypto you want to deposit and the one you want to receive. Once that’s done, you’ll have to enter the address you want your crypto deposited and a refund address where your funds can be returned in the event that your transactions don’t go through.
Another major perk of using this platform is that there are no fees for any exchange your carry out there, just a very small miner fee to keep the platform running. That’s pretty much it. ShapeShift is the real deal if you want to exchange your cryptos without paying a dime in fees, and offers full anonymity. If this is what you want, then this is a great option.
Bisq.NetworkThis is a decentralized exchange that offers peer to peer crypto exchange and transactions. Users can just buy ethereum or bitcoin from the platform using traditional currencies. Transaction histories aren’t stored on the platform, and requires the installation of the platform’s application to use it.
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