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How to Trade Cryptocurrency Without KYC


Since Bitcoin was first launched in 2009, a lot has changed in the cryptocurrency industry. Governments of all countries are working hard to invent new legislation, with the help of which they`ll be able to take the blockchain industry under control. After all, the watchdogs want crypto enthusiasts to show their faces and pay taxes. And now many people no longer remember why, in fact, bitcoin was invented. The fact is that bitcoin was not invented as a tool for market speculation and not for somebody`s enrichment as well. Bitcoin was supposed to challenge the existing financial system.


Some people still remember the principles on which cryptocurrencies are based, and want to be guided by them. These principles are decentralization, anonymity, freedom of exchange, and access to user’s data by its owner only. These principles are violated today when regulators require crypto exchanges to collect users` ID data and send information about their purchases to the tax authorities.


Do all crypto exchanges require a KYC procedure?


Cryptocurrency exchanges differ from each other in many ways, one of which is the presence or absence of users` verification and identity confirmation. Some of us prefer to remain anonymous, some just want to start trading as quickly as possible, without wasting time waiting for confirmation from the exchange administration.


If you want to remain anonymous, you should be careful when looking for a suitable exchange. The fact is that not all exchanges require KYC. This procedure is mandatory for centralized exchanges such as Coinbase, which was one of the first to send information about its customers and their operations to the supervisory authorities.


Still, you can keep your anonymity using decentralized exchangers. Such exchangers are primarily popular among true bitcoiners, for whom the principles of blockchain culture are important. They are also convenient for those who do not want to waste time taking a selfie over and over again with a passport in their hands, receiving a request to do it “one more time”.


Why decentralized exchanges are able to work without KYC?


Decentralized exchanges do not store user funds on their servers. They don’t have a single point from which they can be closed, hacked, or otherwise disrupted. They are intended to help people exchange with each other directly. This means that these exchanges are completely distributed on users’ devices, just like the Bitcoin network and other well-known cryptocurrency networks.


Decentralized exchanges, such as, for example, Bitzlato, provide people with a platform where they can trade with each other without being afraid of fraud and scam. The platform guarantees the safety of the transactions due to the exchanger`s program not allowing sending funds until the parties declare a positive outcome of the transaction.


How to trade without KYC on Bitzlato


How popular is the idea of ​​trading without KYC? Well, its high popularity is perfectly demonstrated by Bitzlato — the site is growing at a quite active pace, attracting more and more clients, especially since Bitzlato has a profitable referral program, which uniqueness is that partners are rewarded for the operations of takers (those who respond to ads).

Other P2P exchanges either do not offer this reward, or they have too little of it. Even more, Bitzlato`s partners can receive up to 100% of the commissions paid by their affiliates in some cases


In order to start trading on Bitzlato, you just need to create an account and then either create an ad for the sale or respond to another user’s ad. As a rule, those who professionally and constantly trade on the platform, for example, private exchangers, prefer to go through identity verification using documents. This way they get more trust from the exchange participants. For those who use the service occasionally and those who need to exchange their assets quickly, unverified trading is quite suitable.


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Edwin Kinoti

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