Are you looking to send money anonymously? While the cryptocurrency market is known for greater privacy, it’s still not wise to assume all online money transfers from crypto wallets are untraceable. The blockchain itself may not divulge your details, but little cues like IP addresses and even your publicly available online data may still trace you. Luckily, anonymous money transfers with crypto are possible. Let’s look at how.
Send Money Anonymously With Cryptocurrency
While the crypto blockchain itself is much more private than other online money transfer methods, other aspects of your internet connection will be potential ‘leak’ points for your data.
You should also be aware that not all cryptocurrencies/platforms offer equal confidentiality. Most are only ‘pseudo-anonymous’, meaning your identity is masked, not truly unidentifiable. If you’re looking for an extra layer of security, consider using a currency like Binance, whose Monero offering allows for user anonymity by obscuring the digital addresses of both sender and buyer. Curious about where to buy BNB? There are several reputable retailers you can try.
Additionally, use these tips to make truly anonymous money transfers with cryptocurrency:
1) Concealing Your IP
IP addresses are probably the weakest point in anonymous money transfers with crypto. Luckily, the TOR web browser allows you to mask your IP and traffic, protecting your identity. This will allow for an anonymous connection to your crypto network by encrypting and randomly routing your traffic through nodes across the TOR network. As your PC never directly connects to the website itself, your origin cannot be identified.
There’s one catch. TOR’s IP masking will not be compatible with KYC verification processes, so you will have to use a wallet and crypto exchange that does not require them. Use pure P2P exchanges instead.
2) Choose Your Wallet Carefully
On that note, the crypto wallet you use will impact your privacy, too. So-called SPV wallets, or ‘simplified payment verification’, are designed to allow users fast and lightweight clients for easy blockchain verification. However, SPV and hosted crypto wallets will send your coin address to the server as part of these simplified protocols, so do not use them to send money anonymously.
3) Protect Your Email and Info
Email is a privacy hazard in itself, let alone when sending online money transfers. With tons of daily traffic containing juicy information, email is a scammer’s dream. While many email services do their best to keep messages untraceable, it’s not always reliable. Look for a protected email, or use email encryption to ensure your messages cannot be scanned for information.
However, even with this extra layer of protection in place, it’s wise not to use your real information on your cryptocurrency market address. Be especially careful with your bank details.
4) One Wallet, One Transaction
If you make anonymous money transfers often, use a new address for each transaction. This will make it harder to link individual transactions to a common user. If there’s no information to link the transaction to you, and no ability to link addresses or transactions together, you will be infinitely more private.
5) VPN Encryption
VPNs, or Virtual Private Networks, secure your history and website traffic from any attempts at tracking or censorship. They do this through encrypted data. Data packets are ‘split’ and sent to multiple servers globally, and even your geographical location is masked. VPNs are one of the best protections you have against hackers and even government interference, so using one to send money anonymously should be a no-brainer.
Additional Ways to Send Money Anonymously with Crypto
In addition to these ways to securely make anonymous money transfers using standard cryptocurrency wallets, there are other ways you could consider:
- Bitcoin ATMS: In some locations globally, you can access Bitcoin ATMs to make online money transfers. When asked for an address, choose the ‘do not have’ option, so the machine will create a paper wallet for you. You can import the key from the paper wallet to send coins at a later date.
- Cash Purchases: As with other payment methods, you can use cash to purchase coins in some cryptocurrency markets. Cash will always be the ultimate data-free currency, building an extra layer of anonymity into your transaction.
- Prepaid or Masked Cards: You can buy prepaid crypto cards from some online vendors. However, these typically ask for personal details and may carry dollar limits. Look for a vendor that does not require personal information. Masked cards are something like disposable credit cards and little verification of private information occurs, but again, dollar limits are common.
Now that you know more about how to send money anonymously using the cryptocurrency market, it will be easier than ever to make anonymous money transfers and keep your personal data safe online.
Image Credit : Unsplash