Create alternative to the current fiat-BTC exchange system
Do you want to buy or sell BTC for fiat without KYC? Solution is simpler than it looks, just create a new group with your friends using one of the e2e encrypted messengers (e.g. Signal) and exchange peer-to-peer without KYC.
You will often find people that want to buy and people that want to sell. Just let those people find each other - you don't need any fancy exchange.
The basic rules
- Maker posts offer as a message in the group. Include what do you want, how much and what method, e.g. "I'll buy BTC (LN/onchain) for $250; market price; over Venmo or CashApp"
- Taker that wants to take the offer texts the maker directly over private message where they figure out details (e.g. share LN invoice...)
- Fiat pays first
- Maker deletes the message after the offer has been filled (or marks it with smiley...)
- No non-offer messages in the main exchange group (consider creating parallel support group)
Technical details for the group
- Use messaging that has solid end-to-end encryption by default: e.g. Signal
- Make the messages expire/disappear after 2-3 days.
- The group admin should create a web of trust (e.g. 2-3 depth at most)
- Don't make the group bigger than hundreds of people
- Each new user has to be approved by admin (don't just open sign ups)
Of course you can change the rules however works for you, definitely share with us what worked for you.