Although Bitcoin is often praised for its anonymity, there are several ways in which BTC transactions can be traced back to individuals. For example, when you purchase BTC from an exchange using a bank account or debit/credit card, the exchange will have KYC (know your customer) information on you. Similarly, if you then go on to use that BTC to purchase goods or services online, the merchant may also have your personal information on file. So, how can you anonymous cash out your BTC holdings? The answer is by purchasing Monero (XMR) and then selling it via a peer-to-peer (P2P) service like LocalMonero.co. Here’s a step-by-step guide on how to do just that.
Step 1: Purchase Bitcoin Anonymously
If you want to anonymously cash out your BTC, the first step is to purchase the BTC itself in a way that preserves your anonymity. The two most popular methods for doing this are using a peer-to-peer (P2P) exchange like LocalBitcoins or Paxful, or using a Bitcoin ATM.
When using P2P exchanges, it’s important to take steps to ensure that you’re not revealing any personal information that could lead back to you. For example, when setting up your account on LocalBitcoins, use an alias rather than your real name; when making trades, choose payment methods like cash deposits or money transfers that don’t require you to provide any personal information; and finally, always communicate with buyers and sellers through the platform’s built-in messaging system rather than through email or another external channel.
Bitcoin ATMs offer another way to anonymously purchase BTC. To find a BTC ATM near you, check out CoinATMRadar. When using a BTC ATM, simply insert cash into the machine and receive your BTC directly to a wallet of your choosingno personal information required!
Step 2: Convert Bitcoin to Monero Using ChangeNOW
Once you’ve purchased BTC anonymously, the next step is to convert that BTC into XMR using Changelly (or another cryptocurrency exchange). Again, it’s important to take steps to protect your anonymity here; for example, when setting up your ChangeNOW account, use an alias and fake email address instead of your real ones.
Step 3: Sell Monero for Cash Using LocalMonero.co
LocalMonero is one of the most popular P2PX MR platforms available today; however, there are several others available as well, such as Kraken Direct or Binance Jersey . Once you’ve signed up for an account on LocalMonero (or whichever platform you choose), simply create a listing indicating how much XMR you’re looking to sell and at what price; once someone expresses interest in purchasing your XMR, agree on a meeting place and time; then meet up and exchange cash for XMR! And that’s ityou’ve now successfully cashed out your BTC anonymously!
By following the three steps outlined abovepurchasing BTC anonymously , converting it to XMR , and then selling that XMR via P2P platforms like LocalMonero you can successfully cash out your BTC while preserving your anonymity. So if privacy is important to you, rest assured that it is possible to anonymize your BTC holdings!