There are several bitcoin exchanges on the market which allows you to use the services without verifying your identity. This means that during registration no personal details need to be provided. At an anonymous bitcoin exchange, most of the cases you just need to provide an email and a password and you can trade instantly.
Advantages of Anonymous Exchange
The identity verification process at bitcoin exchanges usually involves providing personal details, such as name, address, date of birth and attaching proof of identity and proof of residence documents. Most of the exchanges require identity verification process for AML – anti-money laundering – and KYC – know your customer – regulation applicable in the country where they are operating.
Identity verification on Bitcoin Exchanges
There can be several reasons why a user wants to avoid exposing personal information on a bitcoin exchange. Users can hide their credentials so no authorities, be it government or tax authority will be able to see their investments, profits and losses in bitcoins. It is also possible that you just do not trust the platform enough to provide your credentials to the owner of the site. Other people then just want to hide proceeds from various people, such as creditors, employees or even spouses for various personal reasons.
On the other side, the verification process also includes providing documents to prove your identity in a form of a photo ID and prove your residence. Validating this information may take longer. While you can start trading right away after sign up for an anonymous bitcoin exchange as you do not have to wait until the verification process goes through approval at the platform.
Currently, there is two major platforms on the market which enables peer-to-peer bitcoin trading. At P2P bitcoin exchanges, you can buy and sell bitcoins directly from private individuals. You can keep a low profile and do not share any personal information during the purchase process. My favorite is LocalBitcoins because of low fees and tens of payment methods including paypal.
Keep low profile while trading bitcoins
LocalBitcoins respects the anonymous nature of Bitcoin, so the ID verification process is not mandatory. To sign up, you need to provide an email address. While the exchange doesn’t require any personal information, some sellers or buyers may request identification in order to proceed with the trade.
How to make money flipping BTC at LocalBitcoins
Getting involved in the Bitcoin world can make for a very lucrative business. For most people, buying Bitcoin remains a key problem, and they will often rely on friends or family to help them out. This allows for some passive income by buying and selling Bitcoin. However, some people are earning as much as 20% markup by using exchanges and LocalBitcoins to automate most of the business.
One Reddit user pointed out how he is making as much as 20% profit on some Bitcoin trades. Buying cryptocurrency off exchanges at market prices, and reselling them on LocalBitcoins at a premium, is not a new business model by any means. There is a good reason why LocalBitcoins is subject to premium prices, as it removes the friction of dealing with exchanges.
Since sellers can set their own prices for Bitcoin, there is some good money to be made. You don't even have to buy bitcoins on other exchanges. You can buy BTC at LocalBitcoins using your bank account or other payments methods like Western Union, Vanilla, Serve2Serve (simply check what payments methods are cheap and what are premium and use the difference between prices to make money). There is plenty offers in every country:
As you can see above, you can buy 1 BTC for $3444. Now you can sell this 1 BTC for premium price. Just add your listing and offer your BTC for Paypal. With this payment option you can charge even 20% more:
As you can see, people charge at least $3760 for 1 BTC with paypal payment option. So there are money to be made! So sign up now and good luck trading bitcoins.
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