The launch of Bitcoin — the first cryptocurrency — in 2009 was partly caused by the strong demand for anonymous and decentralized transactions. Many investors were seeking ways to avoid scams and providing personal information to every financial institution they didn’t trust.
Bitcoin was developed to eliminate the problem by implementing blockchain technology. How exactly does blockchain resolve the security problem? Which crypto is truly anonymous and where to convert XMR to BTC safely? This article will give you the answers.
Are Crypto Transactions Truly Anonymous?
Thanks to blockchain technology, all cryptocurrencies facilitate direct peer-to-peer transactions. It means that you can send your coins online and without any intermediaries between counterparts.
All the transactions are immediately recorded on the blockchain, which is public in most cases. So, anyone can take a look at the transaction history. But, the good news is that your wallet number does not have to be linked to your identity. So, some privacy is guaranteed.
But remember, that all transactions can be traced if needed. The only difference is that some cryptocurrencies pay more attention to the anonymity of their users than others.
Maintaining Privacy: BTC vs XMR
The difference in terms of security and privacy is visible if you compare BTC to XMR.
Is XMR Completely Anonymous?
Monero was introduced to the public in 2014 with the concept that the user’s privacy and transaction security are the biggest priorities. This is achieved by two main features. Firstly, every Monero coin is fungible and has its own serial number. Secondly, the details of transaction counterparts are obscured by default.
The obscuration is possible due to the use of ring signatures. So, a third party cannot be sure who exactly performed the transaction, and even the exact amount is also hidden. Finally, XMR users get the unique, one-time use address every time they send or receive Monero coins. Hence, it makes XMR a completely anonymous cryptocurrency.
Some Nuances of Bitcoin Anonymity
Still, most cryptocurrencies are pseudonymous. It means that when you create a wallet, where your BTC is stored, you get an address — a random mix of letters and numbers written in the public BTC blockchain. So, anyone can see how much BTC received your wallet, as well as how much has been sent. Revealing the real identity is also relatively easy.
Anonymous Ways to Exchange Cryptocurrency XMR to BTC
Besides anonymity baked into the crypto, many investors also value data privacy while exchanging Monero for Bitcoin. You can do this using anonymous crypto exchange platforms. Check below where you can swap crypto without submitting any personal information except your wallet address.
Godex
The first anonymous cryptocurrency exchange on the list is Godex. The swapping process is easy and consists of the following steps:
- Go to the main Godex.io page.
- In the field “You Send” select the coin you want to swap and type the exact amount.
- In the “You Get” field choose the crypto you want to get.
- The system will offer the current rate.
- If it suits you, click on the “Exchange button.”
- Type your wallet address and send crypto to the offered one.
- Receive your funds.
Bear in mind that Godex will freeze the rate once you click on the “Exchange” button, so you will be protected against price fluctuations.
Letsexchange
Similar exchange process you can perform on Letsexchange platform:
- On the main page, specify the amount and exchange pair in the exchange widget.
- Indicate your wallet address.
- Choose a fixed or floating rate.
- Hit the “Exchange” button.
- Send the crypto you want to exchange to the deposit address.
- Receive your coins.
Note that a floating rate would be a cheaper option, but it can change in the middle of the process.
FixedFloat
Another registration-free crypto exchange platform FixedFloat is also easy-to-use:
- Visit the website and choose the crypto pair along with the needed amount in the specified field.
- Type your wallet address.
- Select a fixed or float rate.
- Click the “Exchange now” button.
- Send crypto to the offered address.
- Receive your coins.
The difference between fixed (1%) and float rate (0.5%) means the fee percentage you will have to pay.
What Is the Most Promising Cryptocurrency?
Maintaining real anonymity is a hard task for a crypto investor. Many crypto projects start with a focus on data privacy but, in fact, never obscure the transactions. Another privacy issue exists among exchange platforms, which requires you to comply with KYC and AML.
Thus, exchanging coins such as Monero (XMR) on anonymous platforms is the best way to invest in crypto without revealing any personal information.
