What the best way to go out of exchanges and KYC-FREE my sats? \ stacker news ~bitcoin

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What the best way to go out of exchanges and KYC-FREE my sats?

73 sats \ 14 comments \ @npub1q67p49masrcjf__d7qaq6mwh0q 16 Feb 2024 bitcoin_beginners

Finally, I'm getting back my Bitcoins from Celsius 🥳.. and guess what! They are sendig them to Coinbase! Yup... so had to create a new account there 🤨 to get my sats!

Anyway, time to do some cleanings. What's the best way to remove KYC tag from them? I heard many options are available. Looking forward to hear your tricks before I start this process

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157 sats \ 4 replies \ @ama 16 Feb 2024

If I had any KYC BTC I'd probably withdraw them via LN to move them on chain throw Boltz on chunks of the utxo sizes I wanted to have.

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0 sats \ 3 replies \ @npub1q67p49masrcjf__d7qaq6mwh0q OP 16 Feb 2024

This could be a good solution! Thanks for sharing. However I was also evaluating Monero or Liquid swap to fully anonymize those Bitcoin, what's your thought on that?

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0 sats \ 2 replies \ @ama 16 Feb 2024

Liquid confidential transactions would be a good idea, if you don't mind trusting its federated nature and keep it for some time and maybe if you peg-out smaller chunks at different times, to avoid revealing the movement of a larger chuck of a size that could be linked back to you. I very much like confidential transactions on Litecoin MWEB, and I prefer to transact inside it when I can. I wish MWEB would be implemented on Bitcoin at some point, although I'm afraid it won't happen anytime soon.

Another option would be coinjoin using Wabisabi (Wasabi or similar wallet) or some other coinjoin solution. Perhaps a combination to those and other layers (LN, Liquid, RSK), if your stack is large could be a good idea...

I personally don't use/trust Monero or any other so called privacy coins, and I don't know much about them.

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0 sats \ 1 reply \ @npub1q67p49masrcjf__d7qaq6mwh0q OP 17 Feb 2024

That's great! Thank you so much for your advise. I'll explore Litecoin and research more about its MWEB options to plan some confidential transactions. It's not for storing BTC on other chains or layers just want to detach it from the KYC issue and bring them all back to BTC asap.

Also Liquid sound interesting... so much to learn!

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0 sats \ 0 replies \ @ama 17 Feb 2024

I'm glad it could help. So much learning to do, indeed.

Take care not to move your BTC elsewhere and come back to BTC too soon with the same amount or via the same way, which could make it easy for someone to trace back your new BTC to the original KYC ones.

In case you decide to take an indirect route, going through a different layer or chain (other than just moving to Bitcoin and making coinjoins or alike), it could be worth (and cheaper) exchanging the BTC on the exchange and withdrawing into the other layer or chain, and after doing some confidential transactions (or whatever mixing strategy you take) go to BTC through atomic swaps (from LTC for example) or some decentralized exchange.

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52 sats \ 3 replies \ @badabing 16 Feb 2024

Sell them and rebuy non-kyc.

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