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Simple Manual for Using Bitcoin Privately

Gerard Palmer by Gerard Palmer
October 13, 2022
in Crypto
Using Bitcoin Privately

Most learning management systems (LMSs) offer comprehensive reports and analytics that can give you a detailed look at how your employees perform. However, some LMSs fall short in this area, leaving you with less information than you need to make informed decisions about your employees’ training.

Here are 6 of the features you should look for in an LMS when it comes to reports and analytics: 

Eight Easy Steps to Increase Bitcoin’s Anonymity

While the majority of privacy-related articles on Bitcoin can be extremely detailed and technical, this one will merely touch on some of the most essential considerations. On the other hand, this article will try to provide a very logical and fundamental step-by-step guide on how to keep your crypto transactions anonymous.

1. Always generate a new address

Generating a new wallet address for each transaction is one of the easiest “tricks” someone can do to maintain his privacy. Most wallets now perform this task automatically, but in the case that they don’t, make sure to create a new address for each transaction. Anyone who wants to track and trace your Bitcoin stash will now have a considerably harder time doing so. Unless – and this brings us to our second point – the wallet is linked to your identity.

2. Avoid KYC

No matter how many new addresses you create, as soon as your identity is linked to your wallet, it will become quite easy to track and trace all your past and future transactions. To maintain some basic level of anonymity in the Bitcoin universe, it is crucial to make sure that your ID, or KYC, is not associated with your wallet. Also avoid withdrawals of larger sums from Bitcoin ATMs, where your ID will be needed.

3. Learn to use Bitcoin mixers or CoinJoins

The use of Bitcoin mixers and CoinJoins services may be controversial or restricted in some locations, yet these tools can significantly increase a user’s anonymity. Furthermore, the majority of democratic systems do not have any restrictions on the use of Bitcoin mixers or CoinJoins. Understanding how to use these services in real life can help you maintain or regain your Bitcoin’s privacy.

4. Use the Lightning Network

Since it is extremely simple to use and for the level of privacy it offers, the Lightning Network has been praised in many articles. The Lightning Network is a decentralized network mostly targeted at micro-transactions, which takes these transactions off-chain using smart contracts or channels. LN enables instant payments across a network of participants, and all you need is LN-enabled wallet. LN can be a really practical way to pay for a coffee or a burger while maintaining your privacy and supporting businesses that accept Bitcoin.

5. Peer-to-peer exchange and decentralized exchanges

Anyone can get very simple non-KYC Bitcoins through Bisq or Hodlhold, two major P2P Bitcoin trading platforms that have also been highlighted numerous times. Going to Bitcoin meet-ups or conferences can always provide another option for those who wish to trade Bitcoin for cash or vice versa, because a P2P method of either purchasing or selling coins still offers a solid level of privacy.

6. PayWithMoon or Bitrefill

Platforms like Bitrefill or PayWithMoon are other appealing alternatives for anonymous Bitcoin payments. Bitrefill provides the opportunity to purchase goods in an indirect way using coupons or “code redeeming.” PayWithMoon lets you buy prepaid cards with crypto and pay at millions of online merchants with these secure and anonymous virtual cards. Both platforms offer yet another way Bitcoiners can spend smaller portions of their stash in real life anonymously.

7. Do not mention or promote your crypto wealth

Given that it is most likely the simplest rule, this one might come as a surprise. But during the brief history of Bitcoin, many users have already regretted disclosing or publicizing their crypto wealth. Governments and other organizations can then attempt to link the specific person with any Bitcoin stockpile more easily. It is also considerably simpler for criminals or thieves to steal from people in this situation, either directly through personal attacks or indirectly through the internet and hacking. Cases like this happen more frequently than one might imagine, and they typically do so as a result of people sharing too much information online or in their local bars. By not sharing what you don’t have to, you’ll be able to enjoy your independence and privacy without having to worry about being pursued.

8. Anonymize your Bitcoins with Whir

Whir.to is one of the quickest and most practical solutions for maintaining your privacy while sending or receiving Bitcoins. When users send Bitcoins to one another, this platform incorporates the CoinJoin method to make Bitcoin transactions anonymous. Additionally, Whir is quite simple to use because it functions exactly like any standard transaction platform. The main difference is that the Whir itself must be used by the users, but, since no registration or accounts are required, the users’ privacy is well protected. Whir also enables users to use Tor directly through the site, yet again enhancing anonymity if there are users who are still concerned about their privacy. The only limitation when sending your funds through Whir is the maximum amount possible to send at once, which is exactly one Bitcoin.

Conclusion

There are numerous additional ways for Bitcoin users to protect, enhance, or reclaim their privacy in the Bitcoin community. Some of them are more difficult, while others are straightforward actions that may be taken right away. However, true privacy and anonymity can be achieved only by strictly following the steps mentioned above. Because it’s quite easy to lose but very hard to regain, be very consistent about your privacy.

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Gerard Palmer

Gerard Palmer

I'm a content writer, author and blogger with years of experience in writing, researching and editing content. I've written for various websites on topics that include business, technology, education and more. I also enjoy blogging about my thoughts on life as well as the latest happenings around the world. Currently living in the US, but I enjoy exploring new places while traveling solo or sometimes with my partner. Books are one of my favorite things to do while on holiday because it gives me an excuse not to talk!

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