People are considering buying Cryptocurrency without KYC after the Government imposed regulations and restrictions. So if you’re one of those people, read our complete guide to learn how to buy Crypto without KYC.
Many people buy Crypto Currency because of their anonymity. Crypto is a decentralized currency, and you can do transactions with anonymity. Unlike our traditional money, Crypto does not keep records of your transactions. However, the Blockchain keeps records of all cryptocurrency transactions.
Also Read: What is Web 1, 2 and 3? The History and Evolution of the Web
Many Crypto exchanges from where we buy Crypto Currency are not Decentralized, Cause they do ID verification and KYC at the time of account creation. Further, the digital wallets provided by these Crypto exchanges are custodial wallets. Hence, we can say that these exchanges and custodial wallets are not really decentralized.
Consequently, to maintain anonymity, purchase Crypto through a decentralized crypto exchange and store it in a non-custodial wallet.
Conclusion: Buy Crypto Without KYC
We hope now it’s clear to you how to buy Crypto without KYC. Decentralized Crypto exchanges will never ask you for KYC information. So it’s the most secure way to maintain anonymity at the the time of buying Crypto.
But remember, whether you buy Crypto with KYC or without KYC, you’re always vulnerable since there are many risks associated with buying Crypto without KYC.
We are always excited when one of our posts can provide useful information on a topic like this. Please let us know if you have any questions. We would love to hear from you!
What is Traditional Currency?
Traditional Currency is a form of money which we use on a daily basis. This currency is centralized and managed by the Government.
What is Decentralized Currency?
Decentralized Currency refers to peer-to-peer money and digital currency. Unlike centralized currencies, decentralized currencies are controlled by people, and you cannot access someone else’s currency without permission.
Can I buy Crypto Without KYC?
Yes, you can buy Crypto without KYC. Decentralized crypto exchanges do not require account creation or KYC on their platform.
What are Cryptocurrency Exchanges?
Cryptocurrency exchanges are online trading platforms that act as middlemen between cryptocurrency buyers and sellers. Some of the crypto exchanges are Binance, KuCoin and Coinbase.
What are Custodial Wallets?
Custodial Wallets are crypto wallets in which private keys are held by a third party. Whenever you lose your private keys, you will be able to regain access to your wallet by contacting the third party.
What are Non-Custodial Wallets?
Non-custodial wallets are crypto wallets in which private keys are held by the user themselves. You can’t regain access to your wallet if you forget your private keys.
How to Trade Anonymously in Crypto?
To buy and sell cryptocurrency, centralized crypto exchanges require KYC. To buy and trade in Crypto anonymously, you have to purchase Crypto from Decentralized Crypto Exchanges.