When Satoshi Nakamoto came up with the concept of Bitcoin and Blockchain, he was giving humanity a tool with which one could get off the grid and conventional norms. Decentralization was the key and there were high hopes that with this route, one could reach a greater potential. Bitcoin rose steady since its invention and eventually ruled the roost.
Unfortunately, this has brought the eye of Sauron (in this case, the government) on all things crypto. Cryptocurrency was riding the high seas with the momentum provided by Bitcoin’s rise. Alas, in order to buy, trade Bitcoin and other cryptos, one has to walk a fine line and share all their personal details like home address, name, email id etc. before they can reach anywhere close. This results in the Big Brother keeping a firm eye on all the trading that occurs on any Blockchain.
So, what is the solution? How to buy Bitcoin anonymously? How can one do so legally that too without divulging their identity or personal details? Well, in this blog, we shall cover legal ways of buying Bitcoin. Anonymously!
Note: Before we begin, keep in mind that some of the means of acquiring Bitcoin anonymously may be considered illegal in your country. Please check the local government’s policy on the same before any transactions are undertaken.
1. Bitcoin ATM:
One of the most popular, safest and legal ways of buying Bitcoin is via Bitcoin ATMs. There are many that are sprouting across major malls in in big cities. In this process the only drawback is that one needs to pay a rather hefty amount in fiat currency in order to acquire the same. A thing that needs to be kept in mind is that when the Bitcoin ATM asks for your Bitcoin Wallet, simply select the option that there isn’t any. In that scenario, the machine creates a paper address which can then be used to import and transfer the Bitcoin onto one’s cold or hot wallet.
2. Purchase them with Fiat:
Another safe, legal and mainstream manner of purchasing Bitcoin is via searching for local Bitcoin traders who shall barter the same for fiat currency. (A word of advice, while this option is completely legal, there is always a risk of one’s safety being compromised. Please do take the necessary precautions) The other option in this category is by creating a smart contract which specifies payment in Bitcoin in exchange of Fiat currency based on the current rate in the crypto market.
This is where things begin to get interesting. With ‘Wall of Coins’ one can do to an affiliated bank nearest to their location and pay the bank teller in fiat currency the sum that will be required to purchase Bitcoins. Once the amount has been transferred in the account and the teller has stamped and approved the deposit slip of the same, the buyer can send a screen grab of the same on their portal. Once the cash deposit has been verified by them, they send the Bitcoin onto one’s Bitcoin wallet. Starting from a minimum of US $5, one can go to any high amount to buy Bitcoin. Similarly, sellers have to register themselves with Walls of Coin in order to sell their Bitcoin. There is again only a nominal transaction fee that is applied for the same. This entire process is based on trust, fiat currency transactions and is completely legal in the USA. There are plans of providing similar service to other countries soon. Keep your eyes open for these one folks!
One of the best and and easiest manner of getting Bitcoin or any other cryptocurrency is through Changelly Exchange. This cryptocurrency exchange offers the users the best market rates. Its integration is what makes it one of the top cryptocurrency trading exchanges of all. With it, one can get several cryptocurrencies at the exchange while maintaining complete anonymity. This is possible because, the only information about your identity that they need to start any transaction is an email id. This id doesn’t need to be real or one that is frequently used. One can always use a proxy email id and get the transaction started. Its key features are:
- Each account is protected by 2 factor authentications to ensure crypto safety and security.
- There is instant money exchange with the transaction that are undertaken.
- There is a nominal amount taken as a ‘Network Fee’ for all the transaction that are undertaken on the Blockchain.
- There are more than 50 cryptocurrencies apart from Bitcoin that are listed on the site.
This site is quite popular amongst crypto enthusiasts. Transactions are undertaken with USD and EUR. There is an option of accepting bank card payments but its policy changes from region to region. The fine print needs to be read thoroughly before investing.
There you have it folks! The best and legitimate means of buying cryptocurrencies without divulging one’s digital identity and ensuring one’s privacy. Drop us a line in the comment section below to share your views and opinions on the blog.