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Ways to Hide Your Crypto Investments & Transactions

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by COINS NEWS 967 Views

I thought it would be interesting to create a discussion on how to hide your Crypto investments for some of (not limited to) the following reasons:

1) China's bans on Crypto
2) Russian Central Bank threatening to ban crypto
3) ₿idens Campaign
Etc.

First off, we all know the internet is heavily monitored. Ex-N$A Edward $nowden made this clear to all of us. He also made it clear that the key to privacy is encryption. He is currently working with the IoTeX dev team on the future of Web3. From the time packets leave your mobile device or computer, it goes through your Internet Service Provider and through multiple servers before it reaches the destination server. Depending on the data being sent, and the program you are using, you cannot always guarantee the packets are encrypted.

Some interesting things you might not know:
There is a satellite dedicated 24/7 to providing the BTC blockchain to the world through some connection hardware you can purchase online here:
https://blockstream.com/satellite/ This is ideal if you want to skip your ISP connection, server hopping for a direct connect.

As you might already know, there are some big names in the Crypto industry when it comes to exchanges. Ie Coinbase, Binance, KuCoin, Crypto*com, etc. Some of which are being regulated, and most of which ask you for photo ID, proof of address, photo of your face, etc. Just the other day a company I have used to purchase Crypto with Fiat in the past "MoonPäy" announced they were reporting transactions over $100,000 to the IR$ for money laundering regulations and requirements. This could very well be happening regardless of the amount with any exchange requesting your ID.

If you want to get away from this, switch to a software wallet such as Trust Wallet, or Metamask, etc., and use the Dapp wallet connect feature to exchange money on pancake swap, uni-swap, sushi swap, etc., and your private keys can be saved to a paper or cold storage wallet.

Another great idea is to sign up for a proxy service and pay monthly for some real data security and encryption. These are not always Ideal, can slow down your internet, depending on what part of the world the proxy is in, and depending on government jurisdictions, can access all the data on the server with a warrant. If you set up a computer dedicated to your Crypto transactions, you won't have to worry about internet speeds for your other services. This will also prevent Malware, Spyware, Ransomeware from entering this device because it is dedicated to 1 thing, and are less likely to lose your Crypto sticking to trusted avenues. Ie, don't watch porn, check emails etc. on this device.

Create your own private VPN with a recycled computer, Linux and a free tutorial. https://www.wizcase.com/blog/steps-to-build-linux-vpn/

You can always do an "nmap" of your network or do a Trace rout on any windows command prompt by typing "tracert Google.com" to see where all your traffic goes on its way to the Google server, or any ip address. You can install "Wireshark" on your computer to inspect your outgoing packets if they are encrypted, as well as the packets going through your VPN. https://www.wireshark.org/#download

I realize this is very basic, and maybe turned into a network/internet privacy tutorial, but at the end of the day, you are trying to stop big brother from monitoring your transactions.

Now the problem of converting Crypto into fiat so you can buy real items. (Stop doing this and start buying things with Crypto directly). There are many places accepting Bitcoin now as currency, and doesn't hurt to ask. There are some places that offer a crypto ATM, with limited currencies. Some companies are offering Crypto Visa and Mastercard options, but I am guessing they require identity to sign up? https://www.zdnet.com/article/best-crypto-credit-card/

Buying and using Bitcoin anonymously 2022: https://99bitcoins.com/buy-bitcoin/anonymously-without-id/

Remember that Crypto wallet transactions are tracable on Blockstream, Etherscan, BNCscan, etc. If you transfer from one wallet to another it can be traced with ease, but you cannot link someone's identity to the transaction until they withdraw, which makes the transactions pseudo-anonymous. You can look up Bitcoin "Mixing, laundering, tumbling" to achieve anonymous transacting. This can be done through Wasabi Wallet, and Samurai Whirlpool. Using Brave Browser to transact Bitcoin is a good idea to prevent linking your ip address through Tor-based browsing. This is a good site on anonymous Bitcoin transacting:
https://coinsutra.com/anonymous-bitcoin-transactions/

Just remember how Bitcoin started out on the silk road, and was meant to be an encrypted currency. It has come a long way, and sparked the interest of many different walks of life, but consider what you are sacrificing for convenience, and what rights you are giving up for regulation.

Feel free to correct me on anything I mentioned, and offer some more suggestions.

Thanks again everyone

submitted by /u/randsack
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