I saw the announcement this morning that Bull Bitcoin was launching non-KYC purchasing. Being a Canadian and someone who insists on stacking non-KYC sats, I was very excited to see the news. Naturally, I went out to my local Canada Post and tested it out. It worked like a charm! Allow me to outline my experience...

I had an account on Bull Bitcoin, but I never used it; because it was a nym account with only a nym email and a fake name, and I could not fund it with fiat back then. I logged into my account to get my QR code, which was very easy to find.

I printed out the QR code, and made my way to Canada Post. I paid Canada Post in person with cash, and I got the email notification that the money is in my Bull Bitcoin account 10 minutes after I paid. I then proceeded to log into my Bull Bitcoin account and made a bitcoin purchase over lightning. The trade went through without any issues, and the bitcoin I just bought is now in custody of my lightning node. Overall great experience, completely non-KYC, full self-custody on the bitcoin side. One very minor thing I wish was changed was the Loadhub name on the receipt from Canada Post; it says Bull Bitcoin right on the receipt, which is blatantly obvious to the Canada Post clerk what is being paid for. Maybe Bull Bitcoin could put their Canadian business number (I mean, their business registration is public knowledge anyways...) there instead, just for better user OpSec? But that is very minor and probably a non issue for most people...

In term of fees... There is a flat fee of $3.50CAD which is paid to Canada Post for each deposit up to $500CAD and $3.95CAD for each deposit from $500-$999.99CAD. That means, the more you deposit, the lower the fee becomes in percentage terms. Bull Bitcoin charges a separate flat fee of 2% per trade, as stated in their announcement. So, keep those fees in mind when planning / making your deposits and purchases.

I've been buying non-KYC sats for over a year on Bisq and Robosats; the problem with them on the CAD side is that the CAD liquidity is shit. CAD offers are few and rare, and a lot of times, they are priced much higher above market price. I have tried posting offers to buy bitcoin with CAD, but those take quite some time for a peer to accept the offer and it is by no means on-demand. Also, platforms like Bisq and Robosats usually use interact-e-transfer (quick peer to peer bank transfers) as the fiat payment rail, which expose the buyer's full legal name to the seller. Not to mention, the bank still has a record of all the payments even though they don't know what the payments were for.

I think I will be using Bull Bitcoin to stack along with other P2P options that I have been using. My main concern with centralized exchanges is that government capture is always possible; and with the way things are going these days, it seems government capture is eventually inevitable. I still believe building out a shared liquidity pool P2P exchange protocol with competing clients on top is the most resilient and could provide the best user experience. Meanwhile, hopefully Trudeau doesn't shut this down too quickly and more Canadians can get more non-KYC sats.

Thank you very much, Bull Bitcoin, for bringing this to Canadians!