Using bitcoin incognito
Crypto currency is gradually taking over our society as most people believe it is safer and more confidential to carry out transactions digitally. One of the most popular cryptocurrencies that have taken over the cyber currency world is the bitcoin. Bitcoin is popularly used because it is believed to be anonymous. But is bitcoin genuinely anonymous?
Most people have woken up to the realization that transactions carried out on bitcoin are not anonymous, because, though you don't give away private information, once you've opened an account, every transaction made will be recorded on the blockchain and the blockchain is a public service. This means anyone can easily trace your transactions back to you through the ledger, and even go as far as penetrate your wallet to know your balance. This is a good thing because if your account was tampered with fraudulently, then the transaction can be traced, but it isn't good because your account can easily be kidnapped.
With the recent increase in cyber-crimes, most users of bitcoin are now looking for means in which they can use the bitcoin anonymously. However, this post will let you in on ways in which you can use your bitcoin with the utmost privacy.
Most individuals that use the bitcoin will download the software and create one or two addresses and continuously use those addresses all the time. While this might seem like a safe way to operate, it actually isn't, because you have no privacy using the same account for an extended period. If you continuously use a particular account, you are open to intruders who will build a profile of your activities and, in most cases, link your actions to your personal identity. Using a bitcoin, you don't need to have a permanent bitcoin address; instead, your bitcoin addresses should be viewed as something that can be disposed at any time. Whenever you decide to use your wallet to receive payments, it's better to create a new address to receive your payment; afterwards, that address should be abandoned. That way, you can be assured of privacy, and your accounts will not be tampered with.
However, your old accounts will still be active no matter the amount in the new account you open; hence, you can always use them in transacting.
Use bitcoin mixing
The bitcoin mixer is another perfect way in which you can enhance your privacy. The bitcoin mixer, also known as a bitcoin tumbler, is the ideal way to use bitcoins anonymously because it can mix your coins perfectly without leaving any trace behind. When you send coins to another address or send from the site you bought from to your account, using the bitcoin tumbler will make it impossible to trace your transaction. However, if you decide to use the bitcoin mixer, make sure you are careful because there are various bitcoin tumbler and some might steal your coins, or you might fall into the hands of scammers. One of the best bitcoin mixers you can use is Tumbler.io; it is a reliable mixing site that can mix your coins perfectly and help you carry out your transactions anonymously. The Tumbler.io mixing service has a TOR based service that is dedicated, which ensures your privacy. Although there are other mixing sites, but be sure to do thorough research before using it.
Buy and sell bitcoins anonymously
Buying and selling bitcoin anonymously is possible as it ensures your activities cannot be traced. You are likely to be at risk of your bitcoin activities being linked with your personal identity, because most sites you buy your coins from online will always want you to verify your identity and also provide your ID cards for proper verification. By submitting your information, your transactions can be traced, and a third party can have access to your account; hence it is vital to look for other means to buy and sell your bitcoin privately. However, there are lots of ways in which this can be possible. You can decide to buy BTC hand to hand or purchase from a site that does not need an ID or any private information.
Buy from the street
This method might sound dangerous, but it happens to be safe for privacy reasons. Before you decide to meet a buyer on the street or in an open place, you can do a thorough background check on the seller before you proceed to transact with the person. This way, your transactions cannot be traced by anyone. Once you can buy anonymously, then you can quickly sell anonymously. Once you get a seller online and bargain on the price, you can decide to meet up anywhere to conclude the transaction.
Use a bitcoin ATM
Most people are unaware of the bitcoin ATM; hence it isn't a very popular method. But you should know that bitcoins can be bought and sold at ATMs, and transacting with the ATM can help you use the bitcoin services anonymously. These ATMs usually come with APIs that are linked to a cryptocurrency exchange to enable you to purchase a coin, but it comes with a service fee for the transaction. However, the ATMs are handy for buying crypto privately and anonymously. Using the ATM means nobody can trace your operations, but you need to carefully choose the ATM you want to transact with because some of them still ask for an identity or requires you to create an account. But if you are lucky to get an ATM that doesn't require an ID, then you can buy and send bitcoin to your paper wallet anonymously.
Using bitcoin services makes your financial transactions online quite easy, and using it anonymously makes it safe because your transaction history cannot be traced, which means that no third party can have access to your wallet balance. But, while dealing anonymously, you need to be careful, so that you don't implicate yourself. Try using any of the methods above to deal with your bitcoin services, whether you are buying, selling, or sending it.
Disclaimer: This article is not intended to provide financial advice or promote the use of Bitcoin and other cryptocurrencies. Its main purpose is to inform, explain, and educate. Readers must make their own decisions regarding the use of such services.