How to Buy BTC Without ID | No KYC Process | Bankless Times

Bitcoin (BTC) is the most popular cryptocurrency in the world regarding market capitalization, ranking above other well-known cryptos such as Ethereum and Cardano. For this reason, many people are interested to know how to buy Bitcoin.

In this guide, we look at how to buy Bitcoin without ID on a P2P marketplace and also by using a Bitcoin ATM. We discuss points to take into consideration and mention other Bitcoin purchasing alternatives. Read on to find out more.

How to Buy Bitcoin Anonymously on P2P Marketplaces

P2P marketplaces are platforms that enable you to trade directly with other users through a number of different payment methods. Here, you can search for Bitcoin sellers and filter the results to your preferred payment method.

Occasionally, you may find a seller willing to accept cash payments in exchange for Bitcoin. First, however, you would need to meet up and make the trade.

Of course, meeting up with strangers is always a risky endeavor. If you choose to do so, ensure you meet in a busy, public place to mitigate the risks.

Popular P2P platforms include Local Bitcoins and Paxful, and the steps involved are generally the same. These instructions are outlined below:

Best Platforms to Buy Bitcoin Anonymously in 2022

There are plenty of platforms to choose from when it comes to buying cryptocurrencies such as Bitcoin.

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Is It Possible to Buy Bitcoin Without Verification?

Most platforms used to buy cryptocurrencies will require users to provide an ID during the registration process. This is for KYC/AML regulation purposes.

However, there are ways for people to buy cryptocurrency without ID, which will be discussed in the section below.

Ways to Buy Cryptocurrency Without ID

There are many reasons why someone may want to buy Bitcoin without ID, including not wanting to provide sensitive documents over the internet.

Luckily, there are a number of platforms that allow users to make Bitcoin purchases without ID verification.

These include:

Bitcoin ATMs

In recent years, thousands of Bitcoin ATMs (automated teller machines) have popped up worldwide in shops and other public places.

In fact, according to Statista, there are now over 39,000 ATMs to choose from, and this number is growing every year.

Through these machines, you can sell and buy cryptocurrency without ID. Here’s how it’s done:

What to Consider When Buying Crypto Without an ID?

As tighter regulation is gradually being introduced, the ways you can buy digital assets without ID are becoming increasingly limited. This is due to concerns about money laundering and other illegal activities.

Of course, this isn’t the case for everyone, and there are legitimate reasons as well, such as simply valuing your privacy and perhaps needing access to appropriate Identification.

You see, it is possible to buy Bitcoin without ID, but there are many restrictions and obstacles to overcome.

For example, on Local Bitcoins and Paxful, you are limited to around $1000 – $1500 total purchases of Bitcoin per year before verifying your ID. A similar restriction applies to Bitcoin ATMs, which vary by operator.

All in all, the challenges of buying Bitcoin without ID relate to the associated limits, available locations, and fees.

Pros & Cons

Alternative Ways to Stay Private When Buying Bitcoin?

Apart from buying Bitcoin without ID, there are other ways to stay private when using cryptocurrencies. These include:

Mixing/tumbler service: There are services out there, such as Blender, that improve the privacy of transactions by breaking the link between source and recipient addresses. This is something to consider if you want to make sure other people know how much Bitcoin you have.

Virtual private network (VPN): All devices that are connected to the internet have an identifiable IP address. To make it more difficult for hackers to gain access to your personal files, including Bitcoin wallets, you should use a VPN when using the internet.

Multiple wallets: To increase the security and privacy of your digital transactions, it is worth using multiple wallets to store your coins. Through this, you can avoid putting all your eggs in one basket and add an extra layer of security to your digital holdings.

Final Thoughts

In conclusion, you can use P2P marketplaces such as Local Bitcoins and Paxful to buy Bitcoin without ID and Bitcoin ATMs if there is one near you.

These services are generally more time-consuming than using a cryptocurrency exchange or brokerage, and they tend to have higher prices for digital assets.

As well as this, you will be limited to the amount of Bitcoin you can buy per year without having to provide an ID. This is due to regulation, so it’s worth checking each service’s terms and conditions to see the specific limits.

After making a purchase, consider storing the coins in multiple different wallets to reduce the chances of losing all your funds in the event of hacking.

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