If you really want to be anonymous, buy bitcoin directly, or earn it like we do here on this forum.
The government can always track your coins back to the place you did KYC at. If you win it on a casino where you did KYC, or on exchange, you're not anonymous, even if you do 100 transactions between new wallets and addresses. You are anonymous though if you get your coins as payment for a job you did anonymously, for instance by using a burner email to contact your employer.
If you meet with someone and you two exchange bitcoin, you are relatively safe, as long as the person who gave it to you doesn't know your full name and address.
Topic: Always move your funds to self custodial wallets after buying from the exchange - page 2. (Read 264 times)
August 08, 2024, 02:03:45 PM
August 08, 2024, 01:46:38 PM
I guess I'm not getting it wrong with this thought; Lot of investors who fears or are concious about their vulnerability to be tracked of their bitcoin assets by the government on going through the process of KYCs when purchasing their bitcoins in the centralized exchange especially the newbies are mostly not aware that they can move their bitcoin to a more convenient and secured networks such as decentralized wallets for self custodial especially investors who has long term investment plans because the Centralized exchange is being pourous that your funds could be at stake to be stolen due to non self custodial private keys and the government would always be there keeping your transactions on track while you believing you're keeping an anonymous holding of self moderating digital currency as bitcoin.
Many factors are there to look into not to drop your money in a centralized exchange but what I’m more focus on is the full custody it does not give to your money in those exchanges. If I have a way that I can have my funds safe with me and can also make transactions such as exchanging my coins for fiat and also given me that anonymity as a bitcoin user, will be the greatest innovation in this cryptocurrency world.
The exchanges feel they’re more secured to keep your funds in because that also makes them more valuable than them not having anyone to trade with of keeping money with them in their exchanges. I feel exchanges are more prone to attacks by cyber criminals because of the so much money they feel they can make if they’re able to hack into their systems. To cut is short, not your keys, not your coins.
So exchanges are not the safest place to keep money. Go get a decentralized wallet to keep your money because of the total safety and control of your funds you have over any other thing. Only your carelessness can make one have access to your account when your keys are with you. The thought of that should even make you keep it safer and not vulnerable to the outside world.
August 08, 2024, 01:08:15 PM
Treat centralized exchanges like a market or a mall. You don't leave your items at the mall after you have paid for it. Right? You take it home where it will be sad. That's how everyone should treat centralized exchanges. At this point we have repeated this so many times that you an individual hasn't learned from the bad experiences of others, then he is going to learn from his own experience. On the other hand which should be like the part two of this discussion, your funds should be moved only to an open source non-custodial wallet. There is no difference between your funds being in an exchange and a closed source non-custodial wallet. In my estimation, the risk is the same.
August 08, 2024, 01:04:03 PM
Firstly Op moving to coins to your wallet only gives you back control of your coins and nothing more. Your coins can still be tracked by pretty much looking up the TXID on a Blockchain explorer.
For maximum privacy you aren't supposed to make use of an exchange because to do a P2P in centralised exchanges you must have passed their KYC verification.
For maximum privacy you aren't supposed to make use of an exchange because to do a P2P in centralised exchanges you must have passed their KYC verification.
August 08, 2024, 01:00:02 PM
I guess I'm not getting it wrong with this thought; Lot of investors who fears or are concious about their vulnerability to be tracked of their bitcoin assets by the government on going through the process of KYCs when purchasing their bitcoins in the centralized exchange especially the newbies are mostly not aware that they can move their bitcoin to a more convenient and secured networks such as decentralized wallets for self custodial especially investors who has long term investment plans because the Centralized exchange is being pourous that your funds could be at stake to be stolen due to non self custodial private keys and the government would always be there keeping your transactions on track while you believing you're keeping an anonymous holding of self moderating digital currency as bitcoin.
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