How to Buy Bitcoins Anonymously
The traditional way of buying bitcoins without ID has mainly been through the P2P Bitcoin exchange platform LocalBitcoins.com, a place that was especially popular for buying bitcoin anonymously with PayPal. But, unfortunately, even LocalBitcoins have started requiring ID verification from all their traders.
So are the days when you could buy bitcoins with a credit card instantly and with no verification behind us? Not quite. Here, we present to you an easy, anonymous, private and quick way to acquire bitcoins with cash in just a few steps… Through Monero!
Monero is actively encouraged to those seeking financial privacy, since payments and account balances remain entirely hidden, which is not the standard for most cryptocurrencies.
Monero uses cryptography to shield sending and receiving addresses, as well as transacted amounts.
Monero transactions are confidential and untraceable.
Over 420 developer have contributed to the Monero project, including 30 core developers. Forums and chat channels are welcoming and active.
Monero's Research Lab, Core Development Team and Community Developers are constantly pushing the frontier of what is possible with cryptocurrency privacy and security.
Register an account with LocalMonero. You get a free and secure online Monero wallet. No additional apps are needed. If you already have an account, skip to the next step.
Go to the main page and in the search box fill in the form with the amount you want to buy in your currency, your location and a payment method. If you're unsure how you want to pay, choose 'All online offers' as your payment method. The site will list Monero traders available in your region.
From the list of advertisements, choose one from a trader with a good reputation score and a high amount of trades. A green circle means the trader has been online today, a yellow circle means they have visited the site this week and a grey circle means that the trader hasn't been here for over a week. You can click the 'Buy' button to view more information about an advertisement.
After you press the 'Buy' button you'll see more information about the advertisement, including the terms of the trade. Read through them before submitting the trade request, if you don't agree with them you can go back to the previous page and choose another advertisement. To start the trade, type in how much Monero you want to buy and click the 'Send trade request' button to the start the trade. Be sure you're ready to pay when clicking the button, if you don't pay before the payment window is over, the seller will be able to cancel the trade.
Once you have made the payment, click the 'I have paid button'. Once the trader has verified that your payment has been received, your Monero will be released from escrow and they will be instantly available in your LocalMonero wallet. And that's all there is to it, congratulations on your first Monero trade!
To use it, simply download and install the Tor browser from their official website. After you launch it, you can access LocalMonero through our special Tor portal: localmonerogt7be.onion
Use methods like cash by mail, ATM cash deposits, face-to-face meetings, or gift cards bought with cash.
Imagine the following scenario: bitcoin has become the only used currency in the world. What would some of the implications of the lack of privacy be?
You are traveling through parts of a country with a medium to high violent crime rate. You need to use some of your Bitcoin to pay for something. If every person you transact with knows exactly how much money you have, this is a threat to your personal physical safety.
You are a business that makes a payment to a supplier. That supplier will be able to see how much money your business has, and therefore can guess at how price sensitive you are in future negotiations. They can see every single other payment you’ve ever received to that Bitcoin address, and therefore determine what other suppliers you are dealing with and how much you are paying those suppliers. They may be able to roughly determine how many customers you have and how much you charge your customers. This is commercially sensitive information that damages your negotiating position enough to cause you relative financial loss.
You are a private citizen paying for online goods and services. You are aware that it is common practice for companies to attempt to use ‘price discrimination’ algorithms to attempt to determine the highest prices they can offer future services to you at, and you would prefer they do not have the information advantage of knowing how much you spend and where you spend it.
You sell cupcakes and receive bitcoin as payment. It turns out that someone who owned that bitcoin before you was involved in criminal activity. Now you are worried that you have become a suspect in a criminal case, because the movement of funds to you is a matter of public record. You are also worried that certain bitcoins that you thought you owned will be considered ‘tainted’ and that others will refuse to accept them as payment.
Monero solves these privacy issues by automatically applying privacy techniques to every single transaction made.You can have confidence that it is not possible to own ‘tainted’ Monero. This is a concept in economics known as ‘fungibility’ and is historically considered an important characteristic for any currency to have.