July 13, 2018

Can You Buy Bitcoin Anonymously Without Verification?

Ever since Bitcoin's inception, it has been throwing challenges at users interested in buying, selling or holding bitcoins. For the process of buying bitcoins and creating a bitcoin wallet can be confusing —regardless of how tech-savvy you are. Moreover, if you’re willing to invest a considerable amount of money in bitcoins, you have to be wary of the increasing possibility of theft and cyber attacks.

One way to avoid these problems is to learn how to buy bitcoins anonymously. Doing so will not only keep away the unnecessary attention of cyber criminals but also ensure that you don’t spend sleepless nights worrying about the safety of your money.

Buying bitcoin anonymously

The question is, can you buy bitcoin anonymously — and should you?

Firstly, yes, you can buy bitcoins anonymously. There are several ways to do this. The easiest way is by making an offline purchase with cash. You can do this by using one of the bitcoin ATMs that have begun to sprout up around some cities or buy a key in cold storage.

The advantages of these methods of buying bitcoin are you have surrendered as much personal information as you would buying a fruit smoothie. Once you’ve traded fungible cash for a private bitcoin key, you have made as anonymous a purchase as possible.                       

However, a bitcoin is not a fruit smoothie. Even if you know how to buy bitcoins without verification, you should not buy anonymously.

Cryptocurrency has become big business. Between bitcoins and altcoins, the market is worth billions. Your wallet can be worth tens, or even hundreds, of thousands of dollars if invested well. This means that you’re making some pretty substantial transactions through it.

But what if the “you” in this scenario isn’t really, you know… you.

Just like in every other high-value market, fraud and theft are unfortunately alive and well. So it’s important you can verify your transactions. Verification helps legitimate websites make sure that criminals can’t find an opening to attack your assets.

Here at XCoins, we've set up a quick and painless verification process that:

  • Stops criminals from buying bitcoins using a stolen card number. When you wake up in the morning to discover you purchased $10,000 worth of cryptocurrency in the night, we want you to be excited, not confused.
  • Prevents money laundering, ransomware and other criminal activities.
  • Helps us ensure the security of the platform so we can continue to offer a high level of service.
  • Keeps your bitcoins safe. We want to make sure that the only person who can log in and trade as you is you.

Why Verification is Important

Verification also helps us work within the law. Anti-terrorism and money laundering statutes require us to conduct a certain degree of verification. It’s called Know Your Customer (or KYC for short) and it means that the government wants us to make sure we’re not inadvertently helping to build the next Silk Road or enabling ransomware attacks. (We like making sure of that too.)

All of this takes us to the heart and soul of bitcoin verification —security.

Yes, cryptocurrency has layers of tech that secure each coin and its transaction history, but the system is still potentially vulnerable. If the security of your crypto-wallet is breached, the floodgates can open to hackers. Any private keys you stored online become fair game, and purchases made in your name will be charged to you.

We want to build the most seamless and convenient trading system possible. We think we’ve done a good job. By trading openly —using your name — our verification system can help protect your wallet and turn your bitcoins into future-proof assets that can take care of your financial needs in the coming years.

Now that you know how to buy bitcoins anonymously and the potential consequences, it’s vital to follow the right procedure to avoid any risk. Sign up with Xcoins for free and discover exactly how we can help you buy bitcoins quickly and easily.

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