buying monero with bitcoin | Bitcointalksearch.org

bhadz

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Quote from: jakesun64 on May 15, 2021, 04:29:50 AM

i will be trading p2p so there will be no record of a a bitcoin exchange being involved in the transaction. From everything I have heard an interac e=transfer gives them no clue that I bought bitcoin, it is just some person I payed, they don't know for what.

I could be wrong, but if I buy the monero p2p using bitcoin, once again all they see is that I did a bitcoin exchange with someone, they don't know what I bought with it. Again I could be wrong about this, maybe someone else knows more.

There will be a record on p2p. Why is this a big deal for you? everyone is trading on exchanges and having their own records on those. But it seems you're too concerned with your privacy and there's no need for you to be too paranoid about it.
Just trade and do what you're going to do and just leave it then. The government will always have its eye everywhere but with such transfer you do, they won't be able to track you if it's just a transaction.

adzino

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Quote from: jakesun64 on May 14, 2021, 03:20:40 AM

This is all from the point of view of a decentralized, p2p, no kyc exchange. If you pay for bitcoin with an interac e-transfer, I have heard the bank has no idea where the money went, or at least does not know you bought bitcoin. Is this true?

Once you have bought the bitcoin, do the banks and the government know you own bitcoin? Do they tax you on that?

When you buy monero with bitcoin, do they know you now own monero, or are they just guessing that you do, in other words do they have proof that you bought monero? Do they even know you bought monero? I am eagerly awaiting an answer as I think these are fundamental questions.

Also, what is the advantage of using Bisq over other decentralized, p2p, no kyc exchanges.

I am assuming interac e-transfer is the same as EFT (electronic fund trunsfer). Am I right? In that case the bank should know where the money went. In fact they can track it even better. But they won't know what you did with this money. And yeah, banks won't know you bought bitcoin. Honestly they don't give a fuck what you do with the money. It's the government that gives all the fuck. Make a huge bank transaction (>$10k), your bank will report. You won't even know. Keep making transactions like this, you will be on the radar. They will eventually know what you are doing with those bitcoin. Even if you buy Monero, they will get you as long as you use a centralized exchange.

cabron

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I'm still not going to think that P2p like localbitcoins or binance p2p actually isn't monitored. You still have to put your data there and make transactions. The safest so far that I can think of is buy it from an individual who you know has BTC and from there you can use only dex like the Bisq to trade Monero to remain anon.
Or you could also buy ETH with your BTC and then use the eth to trade on swapping exchanges.

brooksby

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Quote from: Ararbermas on May 15, 2021, 06:47:00 AM

Quote from: jakesun64 on May 14, 2021, 03:20:40 AM

This is all from the point of view of a decentralized, p2p, no kyc exchange. If you pay for bitcoin with an interac e-transfer, I have heard the bank has no idea where the money went, or at least does not know you bought bitcoin. Is this true?

Once you have bought the bitcoin, do the banks and the government know you own bitcoin? Do they tax you on that?

When you buy monero with bitcoin, do they know you now own monero, or are they just guessing that you do, in other words do they have proof that you bought monero? Do they even know you bought monero? I am eagerly awaiting an answer as I think these are fundamental questions.

Also, what is the advantage of using Bisq over other decentralized, p2p, no kyc exchanges.

its impossible that they can trace you that you're owning a crypto currency. Unless if in your social media account you're used to post something, for example trading with different crypto and you always share how good monero is. So for that reason reason you can't hide your activities.. Avoid doing that if you want want to become anonymous in your country.

You underestimate central intelligence by a mile. The precautions you have to take in order to stay anonymous are quite challenging.

If you are intending to trade p2p afterwards anyway, why don't you trade p2p in the first place and are planning to use an exchange to get Monero?

Ararbermas

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Quote from: jakesun64 on May 14, 2021, 03:20:40 AM

This is all from the point of view of a decentralized, p2p, no kyc exchange. If you pay for bitcoin with an interac e-transfer, I have heard the bank has no idea where the money went, or at least does not know you bought bitcoin. Is this true?

Once you have bought the bitcoin, do the banks and the government know you own bitcoin? Do they tax you on that?

When you buy monero with bitcoin, do they know you now own monero, or are they just guessing that you do, in other words do they have proof that you bought monero? Do they even know you bought monero? I am eagerly awaiting an answer as I think these are fundamental questions.

Also, what is the advantage of using Bisq over other decentralized, p2p, no kyc exchanges.

its impossible that they can trace you that you're owning a crypto currency. Unless if in your social media account you're used to post something, for example trading with different crypto and you always share how good monero is. So for that reason reason you can't hide your activities.. Avoid doing that if you want want to become anonymous in your country.

Jawhead999

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Quote from: jakesun64 on May 14, 2021, 03:20:40 AM

This is all from the point of view of a decentralized, p2p, no kyc exchange. If you pay for bitcoin with an interac e-transfer, I have heard the bank has no idea where the money went, or at least does not know you bought bitcoin. Is this true?

Once you have bought the bitcoin, do the banks and the government know you own bitcoin? Do they tax you on that?

If you buy Bitcoin in local or centralized exchanges they might know you own it because you'll do KYC. There's 2 kind of P2P exchanges, custodial P2P (e.g. localbitcoin, paxful) and noncustodial P2P (bisq, hodl hodl) of course custodial P2P are more centralized.

When they didn't know where the money went, they could suspect it as money laundry and frozen your bank accounts.

Quote

When you buy monero with bitcoin, do they know you now own monero, or are they just guessing that you do, in other words do they have proof that you bought monero? Do they even know you bought monero? I am eagerly awaiting an answer as I think these are fundamental questions.

If you buy on unknown and centralized exchanges, there's a chance they can know you.

Quote

Also, what is the advantage of using Bisq over other decentralized, p2p, no kyc exchanges.

Bisq is fully decentralized rather than other exchanges, your privacy will be safe.

IMO you don't need to buy monero with bitcoin to protect your privacy because you'll charged more fees for transfer, convert etc. Better to use bitcoin mixer (e.g. Chipmixer)

jakesun64

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Quote from: bhadz on May 14, 2021, 05:12:19 PM

The concern of knowing if the banks know that you've purchased bitcoin or monero or any cryptocurrency, they won't have an idea that you did. What they're going to know is that when you're starting to transfer cash out from exchanges direct to your bank account. If the banks in your countries are too strict if the transfers are coming from exchanges then that's how things will start. They might ask you how did you got the money especially if it's a huge amount of transfer all of a sudden. And for the taxation, it lies from the government's rule in your country but most likely you'll get taxed and they'll have the record from the exchange you use.
[/quote]

i will be trading p2p so there will be no record of a a bitcoin exchange being involved in the transaction. From everything I have heard an interac e=transfer gives them no clue that I bought bitcoin, it is just some person I payed, they don't know for what.

I could be wrong, but if I buy the monero p2p using bitcoin, once again all they see is that I did a bitcoin exchange with someone, they don't know what I bought with it. Again I could be wrong about this, maybe someone else knows more.

bhadz

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Quote from: jakesun64 on May 14, 2021, 03:20:40 AM

This is all from the point of view of a decentralized, p2p, no kyc exchange. If you pay for bitcoin with an interac e-transfer, I have heard the bank has no idea where the money went, or at least does not know you bought bitcoin. Is this true?

Once you have bought the bitcoin, do the banks and the government know you own bitcoin? Do they tax you on that?

When you buy monero with bitcoin, do they know you now own monero, or are they just guessing that you do, in other words do they have proof that you bought monero? Do they even know you bought monero? I am eagerly awaiting an answer as I think these are fundamental questions.

Also, what is the advantage of using Bisq over other decentralized, p2p, no kyc exchanges.

The concern of knowing if the banks know that you've purchased bitcoin or monero or any cryptocurrency, they won't have an idea that you did. What they're going to know is that when you're starting to transfer cash out from exchanges direct to your bank account. If the banks in your countries are too strict if the transfers are coming from exchanges then that's how things will start. They might ask you how did you got the money especially if it's a huge amount of transfer all of a sudden. And for the taxation, it lies from the government's rule in your country but most likely you'll get taxed and they'll have the record from the exchange you use.

Ucy

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I haven't used Monero before, I don't know much about it nor about the "e-transfer" you mentioned... so I'm not sure I can give you the right answer concerning them.

I regards to Bitcoin and tax... In my opinion, it'll likely won't be taxed by your country if you use/keep your coins on system that's autonomous, decentralized, public, open-sourced, globally shared, built and owned by global participants, & existing as autonomous system/network. It's however possible to get taxed on decentralized companies built on the System if the companies are benefiting from their governments in form of security, protection, funding, etc and subjected to national laws. Decentralized companies that wish to escape such taxes will probably need to be very independent... and just existing in cyber world with more small mobile equipments and very few large ones. Better they distribute responsibility globally.

Hopefully that's how bisq works... It will give them some pretty good advantages over national decentralized exchanges

jakesun64

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This is all from the point of view of a decentralized, p2p, no kyc exchange. If you pay for bitcoin with an interac e-transfer, I have heard the bank has no idea where the money went, or at least does not know you bought bitcoin. Is this true?

Once you have bought the bitcoin, do the banks and the government know you own bitcoin? Do they tax you on that?

When you buy monero with bitcoin, do they know you now own monero, or are they just guessing that you do, in other words do they have proof that you bought monero? Do they even know you bought monero? I am eagerly awaiting an answer as I think these are fundamental questions.

Also, what is the advantage of using Bisq over other decentralized, p2p, no kyc exchanges.

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