There are many reasons to keep bitcoin cash transactions private and the top six ways to make them anonymous are outlined in a new video by Bitcoin.com. Meanwhile, the Financial Action Task Force has just released its global guidance for crypto assets, effectively calling on countries and crypto exchanges to strengthen their KYC measures.
Also read: Indian Cryptocurrency Regulation Is Ready, Official Confirms
Easy Ways to Keep Transactions Private
There are many ways bitcoin cash users can keep their transactions private. Bitcoin.com has produced a new video outlining the top six easy ways to help crypto transactions become anonymous.
One of the most common ways to increase privacy when transacting in cryptocurrencies is using peer-to-peer (P2P) platforms that do not require KYC information, such as the newly launched platform by Bitcoin.com. Over 22,000 people have signed up for Local.Bitcoin.com which “does not require you to identify yourself and you’re free to accept any of the payment methods listed on the site,” the video explains. It further details how users can stay safe when using P2P platforms in addition to staying “completely anonymous.”
BCH users can also use Cashshuffle which allows them “to shuffle their coins with other users so it’s almost impossible to tie the bitcoin cash to a certain person,” the video describes. It also details the use of Tor and VPN to enhance privacy.
Further, bitcoin ATMs that do not require KYC can be used for private transactions. “Bitcoin ATMs are popping up all over the world. It’s likely that there are several within a few miles of you,” the video notes, adding that anyone can find one using this tool. For those wanting to earn cryptocurrencies privately, this Bitcoin.com video describes the top ways to earn BCH income.
Increased Global KYC Efforts
Many countries and cryptocurrency exchanges could be getting more serious about their KYC measures. The Financial Action Task Force (FATF), the global money-laundering watchdog, released its guidance for virtual assets and virtual asset service providers last week. It recognizes:
The virtual asset ecosystem has seen the rise of anonymity-enhanced cryptocurrencies (AECs), mixers and tumblers, decentralized platforms and exchanges, and other types of products and services that enable or allow for reduced transparency and increased obfuscation of financial flows.
The FATF also acknowledged that new methods continue to emerge “including the increasing use of virtual-to-virtual layering schemes that attempt to further obfuscate transactions in a comparatively easy, cheap, and secure manner.”
The organization subsequently calls on all countries and crypto exchanges to strengthen their measures against products and services that could undermine an exchange’s “ability to know its customers and implement effective customer due diligence.” However, its recommendations are not laws and not binding since each country may choose to implement any or none of the guidelines, as news.Bitcoin.com previously explained.
What is your favorite way to keep your crypto transactions private? Let us know in the comments section below.
Disclaimer: None of the information in this article is intended as investment advice, as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any products, services, or companies. Neither Bitcoin.com nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Images courtesy of Shutterstock and Bitcoin.com.
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