Some qestions about buying Monero with fiat...
Some qestions about buying Monero with fiat...
Hey All,
This community has been super helpful so far. And was hoping you guys might be able to answer some simple questions I had about acquiring Monero.
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How are most people acquiring Monero with Fiat?
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I've looked into using localmonero but was unsure about the pros and cons of various payment methods. PayPal, Venmo, etc. Is there a standard localmonero Meta for lack of a better term?
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Wouldnt all ways to purchase monero on localmonero effectively be KYC. Since all of the various apps used to send fiat would have to have my info?
Answer some or all of them, or just go off about whatever you want since I'm trying to soak in as much tribal knowledge as possible.
Thanks in Advance
I will answer #3.
No, the kYC platform knows that you sent somebody money, but as long as you don't add a note that mentions crypto, monero, etc they would not know what it was for.
Oh yeah good point.
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I purchase Monero through Kraken
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Not sure
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It is not exactly the same as KYC, because KYC is about the exchange verifying your identity, keeping a record of who you are, keeping a record of your transactions, and the crypto addressees that they send you funds to.
It depends on what your goal is and who is looking at your finances. If you want to buy hundreds of thousands of dollars worth of Monero to avoid paying taxes, then your bank and potentially the tax authorities will pay attention to a massive transaction leaving your account and disappearing into a non-KYC crypto exchange. So, from that point of view, it is effectively similar to KYC.
But if you are interested in privacy and the per-transaction amounts are not massive, then both the bank and the exchange will still have some record of the transaction tied to your identity. But the bank is unlikely to take notice, and the exchange, being a Non-KYC, will not verify your identity nor is it under the same level of pressure to keep detailed records. Still, some of your information is leaked and it is out there.
Monero is very private, so even with KYC you can pull it off the exchange and your identity is immediately disassociated from it.
Depending on how much you want to buy, and who you know, one way of getting it is to buy it from a friend or an acquaintance.
Thanks you for taking the time to answer. That makes sense. KYC is devastating to BTC but not necessarily to Monero. Privacy is built in. How novel.
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localmonero
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cash by mail, otherwise I was recommended cashapp because its pretty irreversible
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if sellers decide to collaborate with government, but its a lot harder than established exchanges that keep records. if cash by mail then its not an issue.
Makes sense. Thanks.
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Try to use localmonero as much as possible. That way, you will be stimulating the local monero sellers in your area. Much better than relying on faceless corpos for your XMR hit.
If that is not possible/expensive/etc. you can always get some LTC on a centralized or decentralized exchange and use the in-wallet exchange services of stackwallet.com or cakewallet.com
LTC has cheaper transactions fees compared to BTC. That makes LTC a better onramp onto XMR.
Thanks for the tip about LTC. Yeah unfortunately compared to most places I live in the sticks. Not much of a community here for XMR yet.
The easiest way for most people is a kyc exchange like Kraken. LocalMonero is better as long you buy from someone who does not require kyc and the best forms of payment is cash by mail or cash using an atm if your in Australia.
There is also buying bitcoin or litecoin at a crypto atm and swapping the btc/ltc for xmr on a swap service like changenow
I've used cake wallet in the past. It went pretty smooth. Not sure if much has changed though