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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
Mixing
  • Conjoins
    • 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.
  • Whirlpool
Services
  • 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
  • Otherwise
    • The lightning nodes routing your payments will know transaction info
How do you get non-KYC bitcoin?
Learn More

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Bitcoin Charlotte Workshop