You must definitely be living in a parallel universe if you don’t know what Bitcoin or cryptocurrency is. The global currency, Bitcoin, gained king-sized popularity around the world in no time. It is traded at high prices in the cryptocurrency market every day. Trading bitcoin is simple once you get the hang of it.
However, bitcoin traders are avoiding KYC to trade Bitcoin. Why so? There are multiple reasons why bitcoin traders are avoiding KYC – avoid the hassle of continuous answering questions, prefer to stay anonymous and tired of going through the KYC process over and over again. This has compelled them to evade the haggling KYC processes.
How The Traders Are Avoiding Know Your Customer (KYC) Process?
The most widely used and preferred option is Bisq; a decentralized peer to peer exchange. The traders on Bisq have been using Revolut in spite of the way that requiring KYC and AML, the digitally advanced service which is supported by various agents to buy and sell bitcoin on Bisq. To use Bisq, you need to download the application. Once done, you can buy and sell Bitcoin cryptocurrency or any other of your choice. The exchange is supported by Windows, Mac and Linux operating systems.
Is Bisq actually reliable? The users can improve privacy while using Revolut on Bisq since the quick and convenient Revolut is a digital banking service. Even after so many years and alterations in policies, Bisq still stands out as the most popular application for privacy-loving users. With Bisq, they don’t need to provide personal information (email ID, user’s name, verification etc.). Only it has some limitations due to low liquidity.
What else Bisq has to offer? Bisq supports real currencies such as the Australian dollar, Euro, USD, and Pounds. All in all, regardless of the way, Bisq has basically bypassed the issue of KYC for most of the traders, some have claimed that they were suspended by Revolut for the continuous purchase of digital currencies with the application.
Note: Revolut requires KYC in order to get hold of an account. It is not an anonymous or pseudonymous service.
Other services include Localbitcoins and BuyBitcoin.com. They are accessible with browsers. Local.Bitcoin.com allows nameless peer-to-peer (P2P) transactions and hence provides a process to buy and promote bitcoin money. However, Bisq surpasses the quality of LocalBitcoins and BuyBitcoins.com. Bisq is extremely safe in comparison.
Most of the decentralized exchanges are aiming to get rid of the KYC requirements. In a nutshell, Bisq is a trusted and reliable exchange used by most of the bitcoin traders. Do you use any non-KYC exchanges? Which one? Tell us in the comments section.
Also, you can connect with the bitcoin wallet support number by dialing +1-833-313-7111 in case you encounter with a query or a complex issue.