The whole point of me making certain payments with crypto is for it not to be attached to my name. obviously the crypto service company has my cc details. whats the most privacy friendly one? ty :)

  • pruneaue@lemmy.blahaj.zoneEnglish
    0·
    1 year ago

    Im not a big crypto person, but ive owned some in the past.
    Isnt any reputable wallet pretty much the same? From my understanding, especially when using something like monero, the privacy falls apart at the exchange, not the wallet.

    • LWD@lemm.eeEnglish
      0·
      1 year ago

      For privacy purposes, you probably want a wallet where you hold the keys in cryptocurrency yourself.

      Custodial wallets are usually provided by a cryptocurrency exchange, but the other kind…

      Non-custodial wallets do not require the outsourcing of trust to an institution, so no institution can refuse to complete transactions… users must remember that if they lose the private key, the coins in the wallet are essentially lost forever.

      https://www.coindesk.com/learn/custodial-wallets-vs-non-custodial-crypto-wallets/

    • Saki@monero.townEnglish
      0·
      1 year ago

      You’re right. Use a centralized exchange (CEX), and you’ll be KYCed and de-anonymized. That’s why most privacy-coin users prefer DEX. For normal persons, if privacy is important, using anonymous gift cards or prepaid credit cards, which you can easily buy without ID, is more practical, much better than KYC’ed crypto.

      If you can somehow get KYC-free coin, maybe from DEX, i.e. if you can get it personally from your friend or peer without showing ID etc., then and only then, you have real private crypto. There are two popular ways for this (Bisq and LocalMonero). Another option called Haveno is hopefully usable soon, but that is still iffy.

      Using DEX is not essentially difficult, much safer than you might imagine due to a mechanism called multisig, but maybe this option is not for normal people. When you feel experimental, you might want to try to buy a small amount via DEX, to see what it’s like. If you’re a popular programmer or artist, accepting donations in crypto is also an easy way to get no-KYC coin. Another option is p2pooling—you can get a few Euro worth of XMR relatively easily; yet this last option is time-consuming and not very effective. Many of p2pool users or full-node people are privacy-advocating volunteers, doing that for a philosophical reason, fully aware that it’s never profitable. This might be part of the reason why Monero tx fees are almost zero (like 1/100 of that of BTC). That said, not everyone is a person of goodwill; (like everyone knows) there are quite a few sketchy people around crypto 😟 Be careful and stay safe!