Buying Cryptocurrency Without An ID Verification in 2018 — Top 5 Ways of Buying Cryptocurrency Without an ID
One of the things that make the use of Cryptocurrencies preferable than fiat transactions is the characteristics of anonymity. Your privacy is ensured in terms of who you are although your address can be seen. Here comes the big question: How private is the use of Cryptocurrencies? Why do we have to use verification methods when purchasing Cryptocurrencies on exchanges and trading platforms?
The method of using id verification is not only insecure but also exposes you to revealing privy information about yourself in terms of using your passport, birth certificate, driving passports, utility bills and whatever means the exchange has adapted to verifying of transactions.
Again, does the purchase of Cryptocurrencies in this way support privacy and anonymity?
The Need to Verify Your Identity Before You Can Buy Cryptocurrencies.
Initially, there was no need to verify the identity of investors before they can trade in Cryptocurrencies. However, there was a need to counter/reduce the use of Cryptocurrencies for illegal purposes such as the purchase of drugs, arms, money laundering, counter-terrorist financing, and other illicit activities.
In a bid other reduce the aforementioned illegal use of Cryptocurrencies and more, regulators created KYC (Know Your Customers) obligations which are mandatory for performing any kind of financial transactions. This lead to customers revealing their identity before they can purchase Bitcoin and other Cryptocurrencies. However, there are some other Cryptocurrencies besides Bitcoin you can trade with without having to resort to the use of an id.
How Can I Buy Cryptocurrencies Without Using an Id Verification?
One of the best ways is to buy Cryptocurrencies using either a debit card or a credit card. This method does not necessarily require verification. With a debit or credit card, you can buy bitcoins and other Cryptocurrencies anywhere in the world.
Below is a list of the top 5 platforms where you can buy bitcoins and other Cryptocurrencies without the use of an ID.
CoinMama is one of the easiest ways of buying bitcoins and other Cryptocurrencies through a debit or credit with basically no verification. The purchase is also instant.
Howbeit not very prevalent, the use of Bitcoin ATMs is another of the way in which you can buy your bitcoins without the need to reveal your identity. Bitcoin ATMs do not require that you scan your face or fingerprint, rather they require that you scan your public address and transfer BTCs to the address in the equivalent fiat you deposited into the ATM. Some Bitcoin ATMs can generate a paper wallet in cases when you do not have a public address/wallet.
Using Local Bitcoins allows you to meet sellers online in order to execute a trade offline. You will also be allowed to pay in cash, send the money via wire transfer or Paypal or through the traditional bank deposit.
BitSquare is a fully decentralized exchange which requires no form of verification. It does not require that you provide your name, email ID, or any other form of ID. It currently supports over 126 Cryptocurrencies and is made available on Windows, Mac, and Linux platforms.
Wall of Coins
This platform supports the method of making a direct payment into the bank account of the seller. Once the seller has confirmed the payment, the platform which acts as an escrow, releases your bitcoins to you. This is one of the best ways to purchase Cryptocurrencies without having to provide an ID. Also, the individuals are allowed to set the prices agreeable to both parties.
The methods listed above do not require an ID verification to buy bitcoins. However, your public address can still be traced or you can be identified through other sophisticated methods such as IP tracking or through the use of your wifi.