Good night cypherpunks, I was thinking about the topic of my first post and this idea just popped into my mind. I mean, it’s probably the first thing that we need to know when we want to enter the crypto market. How to buy in an anonymous way and don’t leave crumbs on the way.
First we need to consider that the public blockchains in which we’re interested (I suppose), record all the transactions (tx) and our wallet addresses are the steps in a crime scene. But in fact, this is just a small part of the problem.
Second, the exchanges. Generally to access for the first time a blockchain we need some funds and for that we need a via to do it. The most common and easiest way is an exchange, just send a bank transfer or a card payment and it’ll be done. The problem? our bank knows it and the exchange knows it. When we try to withdraw these funds to a wallet address all things exposed before will be linked and one of the objectives of crypto incomplete, anonymity.
Then, the big problem here is how to unlink our identity, present in the bank account or exchange account (KYC) to our wallet address.
The solution, mine the crypto by yourself or buy it preferably by cash to a miner. The new coins are introduced by a Coinbase tx as a block reward, this means that they don’t have any previous tx historial and they can’t be linked to something. Buying it to a miner is kind of similar, just take care about the via to do it, cash is always the non crumbs way. I know that may not sound easy but as you know, our privacy is not a concern of the system.
Finally, as an extra I will mention that with new projects like ThorChain (RUNE) via (https://app.thorswap.finance/swap) we can swap native assets from one blockchain to another, so we don’t need exchanges and to repeat the same process for each blockchain.
“This is the Way”