Hey everyone,
As is evident by the territory I'm posting in, I'm very new to bitcoin (and stacker.news).
Is it possible to be completely anonymous with bitcoin?
E.g, I have $150 in BTC on a KYC'ed exchange. Would it be possible for me to then "clean" those BTC using Monero, or would I have to do to something else to make them completely clean. Also, on the topic of Monero, is it possible to buy them without KYC exchanges?
I've used RS for BTC and found it to be great, and saw some people were accepting Monero on there, so just curious as to how to get some.
So, would it be possible for me to "clean" those BTC, or would I have to convert them to Fiat, and then create a new wallet, get Sats somehow without linking myself to the way I got Sats, and then go on RS and buy BTC again.
Sorry if the questions are unclear, just very new & trying to learn more.
Welcome to sn. I’m a small fry here but love this place. In general, you’ll learn Bitcoin WAY faster here than other online options.
Ironically, I’m going to recommend a YouTube video for this though.
view on youtu.beWasabi Wallet uses a type of Bitcoin transaction referred to as a coinjoin. The reason you’re going to get raked over the coals here about using Monero, is that it really doesn’t have most of the real properties of money and is dangerous to hold as far as actually protecting your purchasing power. Most alt coins are scams and you’ll get blasted on sn for using them (the reaction to your post from @DarthCoin is a relatively mild one). Therefore, I’d recommend researching coinjoin (using wasabi) so you don’t have to worry about getting rugged.
It’s a far from perfection option, so do your own research. There are other ways to achieve more privacy only using Bitcoin. However, you’ll save yourself so much heartache, the quicker you can divorce crypto (as in the alt coin industry) and Bitcoin in your head.
OP is not talking about holding Monero though. And Monero is much better than Wasabi for privacy/anonymity.
Downsides of Wasabi vs Monero to "clean" their Bitcoin:
-Largest inputs in a round have less privacy
-It doesn't hide amounts or doesn't even have uniform amounts (users potentially vulnerable to amount analysis)
-Much smaller anonymity set especially for recievers
-Liquidity isn't shared between different coordinators afaik so it fractures anonymity set instead of having a single large global pool like Monero
Yeah, I just wish there was a way to peg it to bitcoin so that one wouldn't have to worry about Monero fluctuating in it's relationship to bitcoin while making these maneuvers.
I wish there was too. But I don't find tiny short-term fluctuations much of a problem. The difference is negligible in hours/days/weeks. Sometimes Monero does better and sometimes worse at those small time scales so it basically cancels out if you're always doing it.
There are years and months where Monero does better even. All of 2022 it outperformed Bitcoin and May-September of this year it also did better (~6 months)
Thanks! I'll look into it.
https://video.nostr.build/e10a47ac331c8ff4f30342a50beba65d3544df7de42c784f47c690fc16674e46.mp4
Sure
Excuse Darth he has down syndrome
Yes, with caveats.
-Swap using no-KYC p2p using Bisq or Haveno
-On the way back to Bitcoin (XMR -> BTC) you need to break it up into different amounts and swap at different times (don't swap it all back in one shot and don't consolidate it all together afterwards)
Tor is already built-in by default for Bisq and Haveno
You can also just buy Bitcoin directly and anonymously on them for fiat money
https://bisq.network
https://haveno-reto.com
It's easy with Lightning but takes a bit of work. Just add two nodes to your computer, one is the funding node, the other one is the receiving node.
Move your KYC to your funding node, send to your receiving node via Lightning, close channel. Done. They are on-chain now and non-KYC.
Actually bitcoin can be track it's hard to track though
the real answer is you will never get privacy from your KYC stack unless you sell it back on a kyc'd exchange and rebuy non-kyc.
You should start with buying noKYC bitcoin. There's no way to "clean" KYC'D Bitcoin.
You can do things to improve your privacy on the base layer like coin joins, state chains, silent payments and pay join. Then there is liquid which can hide the amount transfered. There is the lightning network which doesn't leave a record on chain. And more recently there are ecash mints which give you an anonymity set of the users in that particular mint.
Keep learning and all the best!
Hello friend @03431ca723 welcome to the Bitcoin burrow, I am also new to Bitcoin and I have bought fractions of Bitcoin through the telegram bot, so it is completely anonymous and safe.
I doubt there will ever be privacy with BTC. They can find out who is using it now by back tracking all of the records for that bitcoin to the originator. The exchanges have this small KYC catch going on them. Get rid of the KYC and it may be anonymous.
Doing things privately may be the only recourse. But then, you have to find someone willing to exchange fiat for BTC under the table.