It’s completely justified to secure the privacy of your funds and safeguard your personal information. But several people are taking the wrong advantage of the features of cryptocurrency to source funds for illegal activities.
Personal data of users is widely harvested by several companies who make profits through selling user data. To prevent this, many people look for options to cash out their Bitcoins to cash anonymously. If you want to make daily profits from trading in bitcoins and altcoins then go url and open your free crypto account today.
Further in this article, you will get insights into the methods of converting Bitcoins and altcoins to cash anonymously.
Table of Contents
Is it easy to convert bitcoins and altcoins to cash anonymously?
Converting your crypto coins to cash is not easy anymore. Earlier cryptocurrencies were used to pay for illegal activities like money laundering, terrorism funding etc. As the concept of cryptocurrency is evolving there have been several measures taken to prevent the use of cryptocurrencies for illegal activities.
This is the reason almost every trusted and reputable crypto exchange has implemented a compulsory Know Your Customer (KYC) for trading or making any exchange in cryptocurrency. It also reduces the possibility of fraud or scams allowing people to have a convenient trading environment.
There is also a set of anti-money laundering (AML) rules followed by most crypto exchange platforms to stop illegal activities. In the coming times with advancements in technology, there will be more strict measures that will be adopted by these crypto exchange platforms to secure the interest of traders and investors.
You will find some crypto exchanges that still don’t require KYC to convert cryptocurrencies into FIAT currency. There are still other means that will help you to cash out your Bitcoins and altcoins.
How to convert Bitcoins and other crypto coins to cash anonymously?
1. Peer-to-peer crypto exchanges
A peer-to-peer crypto exchange is an online platform where people can connect anonymously around the globe to cash out cryptocurrencies such as Bitcoins and altcoins. These exchanges work like an intermediary and allow the transfer of cryptocurrency in exchange for cash.
User anonymity is very high in these crypto exchanges because people won’t ask for user verification or identity. They will just accept the deal and you can easily convert them to FIAT currency.
These platforms provide you with a variety of payment options including cash, PayPal, bank accounts, or wire transfers for converting your cryptocurrency.
These platforms don’t provide their services for free, they charge a small amount for offering their services. Ensure that you are using a trusted and reliable P2P exchange to avoid fraud or scams.
Also, make sure the buyer is trusted and will pay you after receiving Bitcoins. Most of the trusted platforms ensure compulsory verification that reduces chances of fraud or scam.
2. Bitcoin ATM
This ATM feature is only available for Bitcoins. You can convert BTC anonymously into cash through these Bitcoin ATMs. The concept of ATMs for the conversion of BTCs into FIAT currency was first started in Miami. Now slowly there are other countries where you will find these ATMs.
These are similar to regular ATMs and the process of conversion is also easy. All you have to do is go to the closest Bitcoin ATM and you can send the amount of BTC that you want to convert into cash.
These machines are very rare as the concept of cryptocurrency is still developing hence check the closest BTC ATM on the internet. There are a few websites where you can check the closest Bitcoin ATM.
Also, most of these BATMs have a daily limit for sellers to convert a limited amount of BTC into FIAT currency. If you want to cash out more Bitcoins then you must look for multiple machines or try again after a few days.
3. Private crypto wallets
Private crypto wallets are also used widely to convert cryptocurrencies into cash. These wallets provide complete user privacy while your transactions are anonymous. These online crypto wallets allow you to convert cryptocurrencies into cash by adopting different measures.
Private crypto wallets like incognito wallets allow you to convert Bitcoins and other popular altcoins into FIAT currency. Here you can convert your cryptocurrencies into their private digital currency that will allow you to sell them anonymously in exchange for cash or bank transfers.
The value of every crypto coin is similar to their private version i.e. 1:1. You don’t have to reveal your identity or any private information to the seller.
Most of the sellers are verified and trusted but still research about them before making any transfers. You can access this application from your smartphones for free from the android and iOS stores.
4. Bitcoin meet-up groups
You can also consider using Bitcoin meet-up groups through social media platforms like Facebook, Instagram, Twitter etc. You can find buyer’s who live in your neighbourhood or city and convert bitcoins in exchange for cash.
Several people are looking for such deals and want to avoid paying additional fees to these P2P exchanges and also help them to maintain their anonymity. It will be better if you do a background check about the buyer before making any transfers especially if you are making big transactions.
Trusting strangers can be a little risky as you don’t know their actual intentions. Some people promise to pay some percentage of money after a few days or weeks but don’t have real intentions to pay you back. Trust your instincts and prevent yourself from falling into a trap.
If you are looking to encash your Bitcoins and altcoins to cash anonymously then follow these methods mentioned above. P2P exchange is safe and there are fewer chances of fraud or scam but you have to pay fees for availing their services.
BATMs are very rare to find and you might not even have one in your city. Private crypto wallets are another option but the process can be overwhelming sometimes and lastly, you can consider bitcoin meet-up groups but ensure that the buyer has a good reputation and will pay back your money.