How to send BUSD privately with the Incognito Wallet

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Incognito Chain

4 min readNov 29, 2019

Binance USD (BUSD) is a stable coin pegged to USD that has received approval from the New York State Department of Financial Services (NYDFS).

Right now, if you send, receive or store BUSD, that’s all entirely visible on the Ethereum Explorer. Anyone can uncover your BUSD holdings and activity with a single click. Having the choice of privacy is really important — that’s why we built the Incognito-Ethereum Chain bridge and a super simple mobile interface.

This article will cover how to activate incognito mode for your BUSD.

1. Get BUSD tokens

If you are reading this article, you’re probably already a BUSD holder. If not, you can get BUSD Binance, Coinbase and some other exchanges.

First, download the Incognito Wallet:

iOS
Android

2. Send it to your Incognito Wallet

Think of your Incognito Wallet as your home on the Incognito Chain. Any tokens (say, BUSD) that get sent here temporarily become privacy tokens (pBUSD) for the duration of their stay.

As long as your private tokens move only within the Incognito Chain (via Incognito Wallets), they can be sent, received and stored with complete confidentiality. Incognito also supports all other ERC20 and BEP2 tokens.

Now, add BUSD to your list of tokens. Select ‘Follow a token’, search for BUSD, and tap to add. Please be sure to check that you are following the original BUSD token.

Then, tap BUSD and you’ll see the option to make a deposit. You’ll need to do this to turn your BUSD into pBUSD.

Tap ‘Deposit’, copy the wallet address shown (your pBUSD address), and paste it into your BUSD wallet, or simply scan the QR code from your BUSD wallet.

Once you’ve sent BUSD to your Incognito Wallet, you’ll see it reflected there as pBUSD. Success! Your BUSD is now 100% confidential.

3. Send pBUSD privately

To send pBUSD privately, obscuring the sender, receiver, amount and timestamp of the transaction, make sure the recipient also has an Incognito Wallet. pTokens can only retain their privacy on the Incognito Chain.

Tap ‘Send’ and enter the receiving wallet address. You’ll also get to pick your transaction fee and speed. Higher fees mean your crypto gets wherever it needs to go quicker. The lowest fee will be sufficient, but transactions may take a little longer.

Just copy paste the address or scan the QR code from the receiving wallet.

4. Receive pBUSD privately and check for privacy

The latter part is optional, but we thought you might like to see what’s going on in the Incognito explorer. Tap on the transaction ID highlighted in green to visit the explorer and check out the ‘Proof detail’ section:

As you can see, the transaction is recorded on the Incognito explorer so you can verify it did take place — but the value is 0. No one can discern any identifying info, trace it to any sender or receiver, or pinpoint any details.

Here in the receiving wallet below, you can also see that pBUSD was successfully received.

5. Withdraw pBUSD and convert to BUSD

To exit Incognito mode is as simple as entering it. All you need to do is tap withdraw, enter the amount you want to move back to the Wallet, and enter the receiving BUSD wallet address.