Blockchains are incredibly secure and allow you to add transactions to the web connection without displaying your real name.
Blockchains also use hashing to increase user security by encrypting information to prevent transactional crimes and store private data.
But Bitcoin’s focus on security and privacy has given it the untrue reputation of being entirely anonymous.
Therefore, the exchange provider you use will know exactly who you are.
So, can this be avoided?
Examples of good Bitcoin-friendly wallets are Exodus, Mycelium, and the Ledger Nano X.
Now, there are a variety of different ways through which you’re able to buy Bitcoin anonymously.
These platforms eliminate the middleman, allowing you to purchase BTC directly without ID verification.
Some peer-to-peer marketplaces even allow you to pay the seller in-person with cash.
Take Paxful, for example.
However, sellers are charged a 1% fee for each transaction.
Another popularpeer-to-peer platform, LocalBitcoins, is also great for buying Bitcoin without ID verification.
Software Wallets
While many software wallets require ID verification, this is not always the case.
For example, some wallets allow you to buy Bitcoin anonymously to keep your identity a secret.
Take Lobstr wallet, for example.
This software crypto wallet allows you to buy Bitcoin without providing ID verification.
This wallet also uses a PIN and two-factor authentication to increase your security levels.
Exchanges
Verification processes vary with each cryptocurrency exchange out there.
Some have made ID verification mandatory, while others have left it optional.
KuCoin is an example of a crypto exchange that leaves ID verification up to the user.
Perks are offered for ID verification, but you’ll still be able to trade without them.
KuCoin supports the trade of hundreds of cryptocurrencies, including Bitcoin.
