Workshop - Privacy, Non-KYC Bitcoin and Coin Control
Difference btw Privacy and Security?
- Privacy is keeping 3rd parties from knowing how much money you have or what you are doing with it. (Looking at Blockchain won’t help the 3rd party)
- Security is keeping people from stealing your money.
Is it possible to turn my KYC bitcoin into non-KYC bitcoin? If so, how?
- If you buy from an exchange they will always know you bought from them and the state / gov they are required to report to know about the purchase too.
- The only way you could potentially offset that is if you sold the exact same UTXO (bitcoin) back to them.
- Therefore - it's always best to purchase non-KYC (See options below)
- Mike article - https://bitcoinmagazine.com/culture/get-non-kyc-bitcoin-before-you-need-it
- turns multiple bitcoin transactions from multiple senders into a single transaction.
- makes it difficult for thrid parties to determine which sender paid which recipient.
- are non-custodial, you never send your coins anywhere else.
- Sparrow Wallet / Mixing
- How much am I going to spend at one time - that’s the denomination you should choose when mixing.
- Larger amounts are harder to mix.
- Samourai https://samouraiwallet.com/
- Wasabi (paying a coin surveillance company to keep out bad actors :/)
- Joinmarket https://joinmarket.net (run your own pool for mixing transaction for a small reward)
I have non-KYC btc, how can ensure my privacy when sending?
- Coin Control / UTXO
- UTXO is an unspent transaction ready to be sent.
- Each UTXO has its own history
- Don't combine back into the same pile of coins
When sending "on-chain -> lightning -> etc -> lightning -> on-chain" does that improve privacy?
- It can, but its tricky
- If you have your own node and run through "pools" its possible
- The lightning nodes routing your payments will know transaction info
How do you get non-KYC bitcoin?
- RoboSats - https://learn.robosats.com/
- Azteco - Azte.co
- Bisq - https://bisq.network/
- YOUR LOCAL MEETUP! - join our telegram (use private messaging like Signal!)
- BTC Sessions - https://www.youtube.com/playlist?list=PLxdf8G0kzsUUWgjZRHEOEz7vSST9cXwMJ
- Citadel Dispatch - https://citadeldispatch.com/
Last night we learned how to use and buy bitcoin privately with @SparrowWallet and @RoboSats ! Several first timers with great questions and discussion. Thank you to everyone that came out! 🧡🔒😎 #Bitcoin #bitcoincommunity #privacymatters pic.twitter.com/MjE2ghr36V— Bitcoin Charlotte (@Bitcoin_CLT) March 28, 2023