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.
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.