First bitcoin non-kyc achieved, was almost painless \ stacker news ~bitcoin

pull down to refresh

First bitcoin non-kyc achieved, was almost painless

3331 sats \ 19 comments \ @stack_harder 18 Nov bitcoin_beginners

ok, following up on yesterday's plan (#771363), I completed my first non-kyc purchase.

I looked into all the services mentioned but ended up going with robosats since they seemed to have a lot of different options and currency pairs with a smaller premium. plus it was very quick to get started.

The only issue I had was it took ages to pay the invoice and the status was stuck on 'attempting lightning payment' for over an hour. I thought the invoice I created would have expired for sure.

I couldn't immediately figure out what to do as the seller was away and the chatbox was inactive, but I eventually realized I could contact the order host on simpleX and they confirmed that the payment was in flight but stuck at a boltz node.

Anyhow, after another 30 minutes, the funds showed up.

All in all, I'm pretty happy with how it went, and will be using this method from now on. It took a while, but I wasn't in a rush.

** experiments with other methods mentioned **

Peach

Ok, I like the interface, but there were a few cons

On-chain-only submarine swaps
10-20% premium (I mean, I don't see why I should pay 20% when it's so much cheaper on robosats)
To add my external wallet I needed to sign a transaction and can’t find how to add a sig in Aqua and didn't want to mess about with other non-custodial wallets today
I didn’t see a large number of offers for me at smaller price points, like 20 pounds or something. Again, just testing the process

So yeah, the low amount of smaller offers combined with the sky-high high premiums and the difficulty in adding an external wallet just made this a non-starter.

-- vexl --

I thought this was a cool idea, but I have zero network and didn't want to do any kyc , adding my phone number etc

--LNP2PBOT --

This looks pretty cool, but I don’t use telegram and don’t really want to start, like I have enough apps. Becuase robosats did such a good job at meeting my needs here, I didn't feel the need to go further with this one.

So yeah, I will now be non-kyc only. It has taken me longer than it should, but it was really quite easy in the end.

view all related items

25 sats \ 9 replies \ @SwapMarket 18 Nov

You used Aqua? So what you really bought was Liquid BTC. Buying non-KYC is nonsense. You can buy on Kraken and withdraw via Lightning to your real lightning wallet very cheaply. No one cares to track when you buy.

Selling is another story. You don't want IRS to see when you sell. But if you use Robosats and money get credited to your account the bank may get suspicious. Better deal face-to-face and sell your sats for cash.

445 sats \ 0 replies \ @supertestnet 18 Nov

Buying non-KYC is nonsense. You can buy on Kraken and withdraw via Lightning to your real lightning wallet very cheaply.

Buying KYC is nonsense. You can buy on Robosats and withdraw via Lightning to your real lightning wallet very cheaply. Why give your personal data to Kraken when it's none of their business? Why give them the opportunity to track you whenever they might want to do so now or in the future? To me, that's nonsense.

Also, saying "No one cares to track when you buy" is obviously false with respect to Kraken, whose privacy policy explicitly says they track when you buy:

The information that we collect from you is as follows...Trading account balances, trading activity...your inquiries and our responses (“Trading information”) source

They also say why they track when you buy:

For the purposes of identity verification, compliance with court orders, tax laws or other reporting obligations and anti-money laundering controls...[And] To comply with applicable laws, subpoenas, court orders, other judicial process, or the requirements of any applicable regulatory authorities source

So please, none of this "no one cares" nonsense. They care deeply about when you buy, how much you buy, where you send it, and what you do with it; they log all of that info to the best of their ability, and they report it to governments who ask for it and partners who purchase it:

As part of processing your personal data for the purposes set out above, Kraken may disclose your personal data to any members of the Kraken company group, and to third parties. source

I recommend fighting back with Robosats -- which is easier and cheaper than Kraken anyway.

23 sats \ 0 replies \ @Filiprogrammer 18 Nov

Mostly agree, but...

Buying non-KYC is nonsense.

Buying non-KYC Bitcoin can make sense when you don't want your government to know that you own Bitcoin.

19 sats \ 0 replies \ @stack_harder OP 18 Nov

i used aqua for this one yeah, i will probably just use WOS next.

as for no one caring , you're probably right, but one day in the future when btc is worth a lot more, i can see all the exchanges just giving up every last piece of info to the UK tax authorities and i don't want to make it any easier for the bastards!

0 sats \ 5 replies \ @iguano 18 Nov

obviously you don't know what are you talking about. of course you will be tracked if you buy. maybe not with 100$ but after 1000$ sure you will.

0 sats \ 4 replies \ @SwapMarket 18 Nov

I'll say good luck to them. I run bitcoin, lightning and liquid node, swapping my sats all the time with other people via confidential transactions. Obviously I do.

0 sats \ 3 replies \ @iguano 18 Nov

I mean having your bitcoin under custody is good but you don't want your name on their DB. who knows what they can do in the future.

0 sats \ 2 replies \ @SwapMarket 18 Nov

Fair point. They have my name, but the address is not in the country where I live.

0 sats \ 1 reply \ @iguano 18 Nov

I mean, they have mine too lol, but its important to understand they can track us.

0 sats \ 0 replies \ @SwapMarket 18 Nov

They sure can find in a database that once upon a time I bought some Bitcoin. But as long as I don't sell KYC there won't be a reason to go looking for me.

15 sats \ 1 reply \ @JesseJames 18 Nov

Congrats. Quick question tho, do you think this is sustainable?

0 sats \ 0 replies \ @stack_harder OP 18 Nov

is what sustainable? non kyc purchasing? i can't see why not, people will always find a way

15 sats \ 0 replies \ @Filiprogrammer 18 Nov

The only issue I had was it took ages to pay the invoice and the status was stuck on 'attempting lightning payment' for over an hour. I thought the invoice I created would have expired for sure.

This is normal with Hodl invoices. Robosats will also tell you below the invoice when it is a hodl invoice, meaning it freezes in your wallet until the trade is over.

15 sats \ 1 reply \ @Satosora 18 Nov

Congrats on buying bitcoin. Its a good feeling, right?

42 sats \ 0 replies \ @stack_harder OP 18 Nov

great feeling yes, my next steps will be running a node i think

10 sats \ 0 replies \ @96c0b276a3 19 Nov

Try Bisq. Make an offer 1% above market. It will be taken in a day or two.

0 sats \ 2 replies \ @dickiegreenlead 18 Nov

If you ever sell your non-kyc bitcoin, how are you declaring the buys on a tax form?

0 sats \ 0 replies \ @stack_harder OP 19 Nov

ideally, I wouldn't be selling it for fiat, I would try to do a native btc purchase or figure something out via bitrefil.

if there was some serious need, I have plenty of kyc bitcoin that could be sold for fiat, but if I just wanted to liquidate smaller amounts, I would just sell p2p and wouldn't be telling the tax man anything

0 sats \ 0 replies \ @trieska 18 Nov

it depends how he is going to use that non-kyc bitcoin