Topic: Anonimizing your bitcoin (Read 262 times)

Privacy is something that needs study and effort because you are fighting unknown people in the dark, so any mistake may cause your identity to be revealed.
Therefore, if you want to hide yourself from everyone, including governments, you must be very careful and act consciously and wisely, otherwise any mistake will cause you a big problem.
Finally, do not trust any device or service, but try to verify yourself or not to use it.


I don't think the reason lies in tracking the coins, but because it came to from Coinjoin which is against Coinbase TOS.

I also thought about this; who are the actual people that makes us want to remain totally anonymous. The government or the ordinary people. When we talk about anonymity in bitcoin, it seems we all want it because of government and authorities.
Then how much does the government care? They care much to know the identity of everyone, not only because of taxation and maybe for security of the country.
During wars or external conflicts, the government wants to be sure they are safe.

Meanwhile, for normal daily transactions people may not care much but for specific transactions, there is absolutely enough reasons to be anonymous.

I have used Wasabi a year or two ago. That time the minimum to coinjoin was 0.1 BTC but the BTC price was around $10k. I have not checked the recent minimum yet but since the price of BTC spiked a lot (although it's bear market now comparing to the price it had), I assume the minimum will be less.

Coinjoin fee like in Wasabi wallet is around 0.003% and it depends on the anonymity you set and Wasabi Coinjoin has a different level sample you set it to 50 which is the highest anonymity/privacy 0.003x50=0.15% plus the transaction fee.

Mixers have different service fees for mixing coins but Chipmixer does not ask for fees it depends on you how much you can donate and you must read their faq about how deposit works because if you pay sample 0.0045 the 0.0005 will be considered as a donation and you will only receive 0.004 chips.

What percentage does it take in fees though? The issue I've had with either coinjoins or mixers cant remember which is the fees are high.

The site lists which ones ask for KYC and which do not. So far it hasn't been inaccurate as to which ask for KYC.  Although this can change. Some of these exchanges might in the future ask for KYC. I dont think it accounts for that but yeah.

I think they've been around longer than this month. I've seen ads from them from January but yes they are kind of new which makes me worried and why I've only used small amounts. But as for what it does it's obvious. You can exchange BTC for XMR and then back again through Tor. It kills the trail. You can then have it sent to a fresh /new BTC address you created.

I hear coin mixers can taint your bitcoin whenever you want to cash it out on a KYC exchange and/or are not fool proof. So far there is nothing more anonymous than using XMR. Until further notice, they have not been cracked yet.

If he's talking about the one case I'm thinking about, the Russian dude and his girlfriend it's because they were pretty dumb. They used KYC exchanges. They knew about the concept of monero but didn't wash everything through it.

It's just easy, don't use a KYC exchange to do anything with. Use Tor so the exchange doesn't have your IP address. If an "anonymous" exchange doesn't allow Tor usage then it's clearly Fed operated and should stick out like a glow stick.

You're exaggerating, the site list exchange which offer some degree of privacy. Some listed exchange might ask KYC or categorized as custodial.


It's not surprising if both exchange (to buy and to sell XMR) are centralized. Even worse if they use same IP/browser.

What does this Majestic bank have to do with anonimizing Bitcoin?
This looks very suspicious and weirdly similar to legit payoneer website, asking for full kyc during registration, and created this month of 2022.

Those swap features are actually centralized exchanges, and they can freeze and confiscate your coins at any time.
There is always a risk of revealing your IP and complete history of your transactions when you use them with your hardware wallets.

I know there are many people who prefer to have all their Bitcoin anonymous but in my case, I prefer that my Bitcoin is not anonymous in the eyes of the authorities. I don't want to have to take 1,000 precautions so that no one knows the Bitcoin I have and that in the future I have something like $10M "anonymous", because for any major purchase you need KYC. If I want to buy a house, KYC, a car, KYC, etc. Apart from justifying in front of the authorities that they don't know anything and suddenly you appear with a huge sum of money.

We talked about it some time ago in the legal section and if you get Bitcoin now non-kyc, you hold it 2 or 3 cycles and when you go to declare it you sign a message from that address you could prove the lawful origin, but if you do what is usually done to anonymize it, such as passing it through mixers it is more complicated.

Centralized exchanges will know the IP you use and if you are not *very* careful, this can easily lead back to you.

Interestingly your list doesn't mention mixing, which is easier and less prone to user errors.

The Coinjoin is just like mixing other coins from other users but it is still traceable I heard someone use Wasabi coinjoin before from a gambling casino to Coinjoin and then transfer them to Coinbase wallet but his account was suspended because they trace that the coins he receive are from gambling sites. And I heard that they have tools to trace them I don't know what exactly but I heard Chainalysis.

So for me, it would be more anonymous if you use a mixer like Chipmixer because your coins will be stuck on Chipmixer and you will receive new coins it is a chip-based system that is way more anonymous compared to mixing other user's coins.

Nothing is safe. When any coin hits an exchange, from the deposit data the exchange knows who own the coin. I wonder if the exchange they used had KYC requirement.

It's very easy in theory but it's very hard in practice. Coinjoins are safer then anything else. People may say centralized mixers are safe but we really do not know what they do with your data.

Do you seem to be posting your own way to hide Bitcoin? As if it is the best way or the only way. There are other well-known methods, my friend, perhaps the most prominent of which is the use of mixers, which are much easier than the method you use.
It is better not to promote methods that may not be safe enough.

funny part is a few years ago.. some bitcoin thieves done exactly that.. laundered some funds via exchanges that handled XMR. and then put it through other that converted it back... oh.. they got caught a few months ago and arrested and the courts shown how the investigators followed the money even via the XMR exchanges.

just as an update, I used Majestic Bank. So far it's been smooth no probs. I've used small amounts transferring a couple hundred worth, they seem to have fair fees.

Just putting this here for anyone who may be looking for or needs this info.

This site has good recommendations for anonymous crypto exchanges and lists which ones allow XMR.

https://kycnot.me/

The easiest way I found is just buy bitcoin, swap it to xmr then send xmr to another exchange to swap back to btc and just like that, the public KYC/paper trail is broken.

I haven't tried all of it yet. I've have Bisq which is decent but for a beginner it's challenging. It connects via Tor which is awesome.

 I'll give updates as I try some of these other apps/sights and post on them.

Other notable examples not listed on that site are the Ingcognito wallet/exchange. However larger amounts over a few hundred USD worth of crypto will be hit hard with trading fees. Cons is it's only for smartphones. It's relatively easy to use, just get two phones. Swap btc for xmr, send xmr to either an address you own outside of the app (best method for max privacy) then send from there to your other incognito wallet on your other phone and swap xmr back to btc. I'm bad at math but seems like the fees for this all is around 10% possibly?

Atomic Swap is also a thing. But I haven't calculated what percent of fees it are.

I haven't used it yet but Majestic Bank claims to have an Exchange fee  of only 0.5% which would be very good. Also the most convenient.

I hear that either Trezor, or Ledger, have a built in swap feature and allow Monero transactions. Which will be great if they do.   

 I think privacy is a human right so idk if this is the right place for this topic but I wanna spread the word on how to remove the all seeing eye of Sauron and its 3 letter alphabet mafia gang friends from seeing your crypto transactions.