I just bought Bitcoins for the first time yesterday from Kraken but so it's tied to my identity. I do not wish to have bitcoins publicly tied to my name as the privacy is the fundamental of the cryptos, so i would like to anonymize it, I saw what happened to Samurai/Tornadocash getting persecuted and it's sad so unusable protocol now.
Where do you make your bitcoins private? (It's not a tax evasion if you're asking, i already paid while buying and will pay if i do profits to my bank account obviously, i just want to hold freely).
Posted by Mr–Ganja
6 Comments
Don’t send them to an exchange.
Bitcoin was never truly anonymous. It was just less connected to identity before KYC turned every exchange into a bank with a blockchain explorer attached.
The purchase or transfer of funds to the exchange and from the exchange to your banck account when you decide to liquidate, will always be visible for the government, there is just no way to avoid that specially when doing your tax declaration if you have a big cashflow into an exchange or broker or having big gains…that said, if you are worried about how to store your privately from third parties issues (exchanges going into bankruptcy or account leaks) then as simple as a wallet mf, just buy a Trezor and that’s it, you will have 100% ownership (and responsability) of they keys of your BTC
Use ledger! You can create multiple wallet addreses within that
The best privacy for legally bought Bitcoin is a hardware wallet, fresh addresses for every transaction, and keeping your mouth shut about how much you own, because the moment you start using obfuscation tools on KYC-verified Bitcoin you bought yesterday you go from boring law-abiding investor to person of interest faster than the blockchain can confirm your next block.
>I do not wish to have bitcoins publicly tied to my name
They aren’t. The public doesn’t know your btc address or your name unless you make it known. You identified an issue that doesn’t exist. If your rephrase it correctly then the risk and potential mitigation steps will be more accurate.