There are exchanges that allow purchasing small amounts with credit cards without scanning an ID or whatever, but they still need your address for billing. Is this bad opsec, and if so, how is it different than using an Amazon gift card on a P2P exchange? That can be traced back to me pretty easily too.
29 sats \ 3 replies \ @KoreaComK 25 Jul 2023
If you buy bitcoin using your credit card, your data will be linked to the purchase of this asset in a specific datacenter. This makes the tax authorities come after you and consequently know who you are (actually it's the opposite, but you understand).
When you buy a git card from someone else you don't pass data that can be used for the other party to show who you are.
For example: your address data cannot be used to find out your security number or any other document you have for them to document this with the tax authorities. Therefore, this model is safer than using your credit card details.
reply
5 sats \ 2 replies \ @mudbloodvonfrei OP 25 Jul 2023
The gift card itself can be traced to me easily. If the p2p exchange is raided they can be forced to provide a list of gift cards used, no? I assume the exchange provides an escrow service of something. It's not as direct as credit card but it certainly doesn't seem foolproof to me. Amazon knows who bought the card.
Anyway, what about buying with credit card in foreign country?
reply
5 sats \ 0 replies \ @super_testnet 25 Jul 2023
How can the gift card be traced to you easily? Buy the gift card with cash from one of these: ![]()
reply
0 sats \ 0 replies \ @KoreaComK 25 Jul 2023
The problem in my view is that you are using an exchange. Maybe if you use a decentralized solution like Robosats you don't have this problem. Communications can be made directly with the user without a trusted third party.
About credit card in another country, I believe it can help, however, it is important to check that the countries and the company do not share information with the country in which you gave your information, because if they do, it could be a problem too.
reply
20 sats \ 0 replies \ @deleted231216 26 Jul 2023
deleted by author
reply
0 sats \ 0 replies \ @Peialto 26 Jul 2023
As for me, I buy cryotos to exchanhes and all of these platforms have my details, this is the easiest way to do it i think, and I dont have problem with that either.
reply
0 sats \ 1 reply \ @SimpleStacker 25 Jul 2023
IMO it will be very difficult to shield yourself from a dedicated team trying to track your purchases. Even if you buy on robosats or bisq, they can correlate timing and amount of bank transactions... but this is high effort
So to me the question is whether my identity can be revealed in an easy database pull, because I don't think anyone will be interested enough in me to actually try to link across datasets.
Thus, buying with credit card is KYC. Your credit card company has your identity. Feds ask them to dump all customers that bought from the exchange. Boom, you're on the list.
Buying gift cards is likely a bit more secure. Feds would have to get a list of gift cards used from the exchange, then they will have to correlate those gift cards to users via Amazon (so they would need cooperation of two entities, not one, and at least two database pulls and a merge)
Even more secure, don't use the gift card in an online account linked to your identity, but use the gift card to buy anonymously at a store.
Of course, maybe I am too optimistic and the feds already have backdoors at the exchanges and at the vendors, in which case GG.
reply
0 sats \ 0 replies \ @ryu 26 Jul 2023
Using a gift card paid for with cash at either a Bitcoin ATM or through P2P exchanges is the best way to buy and stack.
reply
0 sats \ 0 replies \ @garyKrause_ 25 Jul 2023
If you can Know Your Customer, it’s KYC. Many ways to KYC someone but commonly email, phone or address. Without proper safety measures, I think exchange origin BTC with be KYC for some time, even after leaving the exchange.
reply
0 sats \ 0 replies \ @iguano 25 Jul 2023
Name, phone, address.
that's enough for anyone to know who you are.
reply