Don’t you know Bitcoin is not anonymous enough to buy online? Want to make anonymous Bitcoin purchases? This article is absolutely made for you.
A hardware wallet is the most secure way to store your crypto assets. In this article, you’ll discover the best hardware wallets on the market and how they work.
What are hardware wallets?
Hardware wallet is a physical plug-in device that can keep your digital assets completely safe in an offline environment and without the interference of the third parties. The idea behind the hardware wallet is to isolate your private keys from the Internet where contains a lot of potential risks of being hacked. The hardware wallets require a PIN code to access to your private keys. It means that this type of storage can provide you with an additional layer of security for your assets.
The biggest concern of investors is the risk of device broken and the data inside may be lost forever. However, most of the best hardware wallets nowadays use the feature of a passphrase which is 24-word seed generated at the beginning of the setting and allow users to retrieve all the data. Therefore, even in the case that the physical device is no longer usable, your fund is still safe and able to access through another wallet.
With all of those features, hardware wallet is undeniably the most secure storage method, in comparison to the other types of wallets.
So let’s find out more about the list of best hardware wallets that can help you keep your cryptocurrency safe.
Best hardware wallets: Top picks
#1: Ledger Nano X
One of the names that you may hear the most frequently is Ledger Nano X. This wallet supports a wide range of coins, up to over 1150 cryptocurrencies.
Ledger Nano X is one of the very first hardware wallets in the market uses Bluetooth Low Energy which allows users to connect with iOS and Android devices without physical cable. Besides that, the security system of Ledger Nano X is built based on Secure Elements that require your consent before transactions are made and money is sent out. This feature reduces the risk of being hacked through Bluetooth as well as guaranteeing the highest level of security for your assets, alongside other functions, such as 8-digit PIN code, multi-signature and passphrase support.
Additionally, Ledger’s products are always highly appreciated for the aesthetics, and Nano X is not an exception. This wallet is more stylish and compact with a bigger screen, metallic cover, and black case inside. Overall, Ledger Nano X is considered one of the best hardware wallets when meeting the high standards for both features and appearance.
#2: Trezor T
One of the strongest competitors of Ledger Nano X is Trezor T. Similar to Ledger Nano X, Trezor T can support over 1000 crypto assets in total. Even though Trezor T has a big touchscreen, it is reported to be pretty small compared to users’ fingers which may cause difficulties in manipulating. The pro of the touchscreen is that users do not necessarily interact with the computer for some actions related to PIN code or recovery passphrase.
In addition, the keypad in Trezor T is mixed every time of use, therefore, it is hard for hackers in the attempt to follow and steal your password. That’s why Trezor T is a reputable name among best hardware wallets.
One more cool feature of Trezor T is the support of the 3rd party wallet. Specifically, Exodus, one of the most popular desktop wallets, offers exclusive support for Trezor wallet. All you need to do is to connect Trezor T with Exodus, then, you can access to your wallet through the Exodus’s interface and use all of the functions that this desktop wallet provides.
Keepkey is another name among top 3 best hardware wallets, along with Ledger and Trezor, however, supporting only 40 different cryptocurrencies. This wallet has all basic security features, such as PIN code, 18 to 24 recovery seed, and randomized keypad.
One of the unique things of Keepkey is the largest display screen. It creates convenience for users by allowing them to see entire addresses or even recovery phrase in one interface without scrolling back and forth.
The integration of ShapeShift makes Keepkey more worthy to buy. This function allows cryptocurrency exchange to happen right inside the wallet, therefore, trading becomes easier and more convenient for users. Another Keepkey’s advantage over Ledger Nano X and Trezor T is a more affordable price when sold at only US$ 79, instead of US$ 119 and US$ 170 respectively for two above competitors
#4: CoolWallet S
The next name in the list of best hardware wallets is CoolWallet S. CoolWallet S is advertised as “the world’s first mobile hardware wallet”. It is because this wallet can be easily accessed on iOS and Android smartphones through encrypted Bluetooth connection and mobile app. Users can pair the wallet with up to three mobile devices and also easily removed unnecessary ones in the setting. Additionally, the wallet also allows users to swap cryptocurrency instantly which creates huge convenience for traders.
In terms of security, CoolWallet S offers an extra layer of protection via 2-factor authentication. Furthermore, it requires 3-step verification for every single transaction before they can go through and similar to Ledger Nano X, the Secure Elements feature is also applied in this wallet. Generally, CoolWallet S is one of the best hardware wallets to protect your digital assets.
#5: Cobo Vault
Cobo Vault is another mobile storage on the list of best hardware wallets. It is designed to interact with other devices through a mobile app and QR code, instead of any common connection methods such as USB port, Wifi, NFC or Bluetooth.
Therefore, its operation mechanism is also different from others. Users can create unsigned transactions in the mobile app which are represented under the form of QR codes. These transactions are sent to and verify in the hardware wallet by using its camera to scan the codes and touchscreen to sign. The signed transactions are transferred back to the mobile app also via QR code scanning and broadcasted in the network. This trading method may be complicated and take time but also considerably more secure.
Additionally, unlike other wallets that use a paper for users to write down recovery seed, Cobo Vault contains Cobo Tablet which is a metallic frame to store the words inside. It is a more durable way to keep them safe from external impacts such as fire or flood.
Optimize the use of best hardware wallets with Incognito
Selecting a secure storage method is essential before entering the crypto world. However, to keep your assets completely out of risk, choosing a safe method for using crypto (store, send and buy crypto anonymously) is equally important. One of the best ways that ensure the high level of safety is using cryptocurrency anonymously with Incognito Wallet. It means that you can store, send and buy crypto in total anonymity with Incognito Wallet.
Incognito Wallet is well-known in the market as a privacy wallet but can also play a role as a decentralized exchange that allows users to buy and sell supported cryptocurrencies in anonymity. By using Zero-knowledge Proof technique, Incognito Wallet can verify the transaction between two parties without revealing any personal information. Therefore, investors can execute sensitive transactions in a more private and secure way and have full control over their confidential data.
Specifically, after connecting a hardware wallet to a mobile device and turning on the “Incognito Mode” in the Incognito Wallet, user’s cryptocurrencies are transferred into an independent portal in order to connect with the public blockchain. The platform will then convert the virtual money to the privacy version which is ready to be traded anonymously. The privacy mode in Incognito Wallet will help to obscure your addresses, account balance, and all transactions will be untraceable.
Incognito Wallet is available on both iOS and Android. You can find many more useful functions of this wallet through the website https://incognito.org/ or contacting us directly via https://t.me/incognitochain
Privacy is becoming an ever more contentious issue in the crypto-verse, causing the community to keep seeking ‘How to use Bitcoin anonymously’.
Why you should know ‘How to use Bitcoin anonymously’
As crypto enthusiasts push to broaden the adoption of Bitcoin and other digital assets, it pushes the watchdogs to implement KYC (Know-Your-Customer) and AML (Anti-Money-Laundering) regulations even more.
Of course, KYC and AML aim to protect users and their assets, but these regulations still have the downside.
The biggest problem is that they infringe on the ability to remain anonymous when buying and using Bitcoin (and Altcoins, too).
Although many believe that cryptocurrency is anonymous and is used on the dark market for money laundering, it is in fact pseudonymous. While you don’t use your real name to transact digital assets, it’s not a hard task to trace back your real identity.
There are clues such as IP address, wallet address and the amount of Bitcoin transacted in and out of an address that can be linked to your bank account, and then your real-world life.
These are not just a few caveats. In the history of cryptocurrency existence, there are many cases where victims were attacked right at their homes as hackers figured out their real identities.
That’s why the cryptocurrency community is still looking for ways to use Bitcoin anonymously.
How to use Bitcoin anonymously #1 Tip: Buy and sell Bitcoin online with cash
While many KYC-required exchanges don’t accept fiat money, there are other Peer-to-peer (P2P) platforms that accept various payment methods. The most famous and long-live one is LocalBitcoins.com.
Since 2012, LocalBitcoins has allowed users from over the world to buy and sell cryptocurrencies via Paypal, Visa/MasterCard or wire transfer. With this platform, you can search for partners in your area, make a deal on the price and then exchange money. This process is totally online, meaning you don’t need to meet your partner in place.
LocalBitcoins has a secure escrow service that holds Bitcoin from the seller until the buyer makes the payment. After the money is transacted, the coin is released to the buyer. This process not only protects both parties but also shields their identities.
But the downside is that LocalBitcoins is not KYC-free anymore. You must upload and confirm your identity in order to prevent money laundering and protect your digital assets.
In this case, to remain the anonymity of Bitcoin transactions, you can use a nickname, private browsers such as Tor or Brave and a VPN when using this platform. These tools prevent prying eyes from tracking back to your real identity.
Another disadvantage is the price. The price of your Bitcoin varies from one seller to another because they must cover the fees of the platform. Sometimes, the price is higher than many other exchanges, marking it a worth-considered matter.
Since the pros and cons of buying and selling Bitcoin online, those who want to remain privacy have learned that buying face-to-face is more practical.
How to use Bitcoin anonymously #2 Tip: Buy Bitcoin face-to-face
In fact, this is the oldest way to buy and sell Bitcoin. Old but gold. Nowadays, we go back to the old-fashion to keep anonymity for Bitcoin transactions.
Clearly, the most benefit is that coins and cash are traded directly and privately. Only you and your partner know each other’s address and how much was paid.
If your partner is also a privacy enhancer, he keeps your secret. As a result, no one can figure out your transaction and backtrack your identity.
One more thing is the lower price. You both don’t need to pay fees for any third-party so that the price is more affordable.
Unfortunately, this is not an optimized method. It’s really risky when you arrange a face-to-face deal with strangers. The good guys are out there but also the bad guys. There are scammers that can steal all your funds and also attack you physically.
To prevent this scenario, you should only purchase with an acquaintance. He can be your relative and neighbour who hold cryptocurrencies; or your good-relationship in the local crypto community.
Here this comes another problem. You are totally a new-coming who doesn’t know anyone but still wants to practice ‘How to use Bitcoin anonymously’? Let’s do it with a Bitcoin ATM.
How to use Bitcoin anonymously #3 Tip: Buy and sell Bitcoin through Bitcoin ATMs
Bitcoin ATMs are machines where you pay cash money in return to Bitcoin. Nowadays, these machines are located all over the world, enabling a convenient way to use Bitcoin anonymously.
Use online maps to locate a Bitcoin ATM near your area. Then you can buy coins directly with fiat money through some simple steps. There are also two-way Bitcoin ATMs that allow you to sell Bitcoin for cash.
With this machine, you don’t need to deal with any person, protecting your digital assets from the bad guys.
However, the anonymity of Bitcoin ATMs is still in question. Even with no-KYC ATM machines, you cannot completely keep your privacy. The ATM operators know your wallet address and there’s no guarantee that they won’t track back your origin.
With this in mind, you always need to create new addresses whenever making a transaction. If indeed, use a mixing service to mix and obscure your addresses. In this way, hackers hardly trace your transactions and as a result, you can stay anonymously.
Nonetheless, those methods cost money. You must pay a high fee for Bitcoin ATM purchasing, and another fee for the mixing service. If these fees never mind you, just go ahead.
But if you are concerned, let me introduce you to a totally free method on ‘how to use Bitcoin anonymously’.
How to use Bitcoin anonymously #4 Tip: Stay totally anonymous with Incognito Wallet
Right from its name, the Incognito Wallet provides users with an ‘Incognito Mode’ for their digital assets.
You can deposit Bitcoin to Incognito Wallet and turn on the Incognito Mode. In this way, your Bitcoin (BTC) is switched to privacy Bitcoin (pBTC) at the exactly 1:1 rate.
Privacy version coins can be transferred effortlessly without anyone knowing. Hence, no one knows your transactions, the amount involved or the addresses of the two parties.
Another thing is that the privacy version coins can be turned back to the origin whenever you want, just with one tab. And that’s all you need to do to send and buy crypto anonymously.
Sounds great, doesn’t it? Not just Bitcoin, the Incognito Wallet supports various cryptocurrencies, including but not limited: Ethereum (ETH), Binance Coin (BNB), BAND, Harmony (ONE) and Monero (XMR).
The Incognito Wallet is not as popular as other common crypto wallets.
It’s not easy to persuade ones to switch from their own wallet to the Incognito Wallet. But once they use this wallet, they will realize Incognito is one of the best software wallets for privacy and never want to go back to the old one.
Our final thoughts regarding how to use Bitcoin anonymously
Clearly, using Bitcoin anonymously isn’t that simple, and it certainly doesn’t come for free. Besides the extra fees you need to pay for some services, you must also trade-off the convenience for anonymity.
Finally, learning about ‘How to use Bitcoin anonymously’ is not for bad purposes. Anonymity helps you self-protect not only your funds but also your real-world life. In the world of privacy, your information and personal data are the highest price.
Worrying about privacy and traceability when you cash out Bitcoin? Read this article and you will learn how to sell Bitcoin anonymously without anyone knowing.
Why do you need to sell Bitcoin anonymously?
Although Bitcoin is more and more popular in the mainstream, there are myths about this kind of currency that are starting to broaden out; one of them is the anonymity of Bitcoin.
Bitcoin is pseudonymous, not anonymous
Bitcoin has the reputation of being an anonymous virtual currency, but that statement is not totally accurate. In fact, Bitcoin is more pseudonymous rather than anonymous.
Anyone can create a Bitcoin address (also known as a public key) on its public blockchain, then use it to send and receive Bitcoin effortlessly. However, once you appear on the blockchain, your footprint never fades.
A Bitcoin transaction, by design, is recorded eternally on the public ledger. That means every action you take is stored permanently and transparently. Everyone can see the balance of your address, the history of your transactions and your partners’ addresses involved.
In short, the public knows all the transactions you made, even if you, the address holder, are pseudonymous. This nature of Bitcoin makes it a transparent currency, but it doesn’t benefit your privacy at all.
Parties of a Bitcoin transaction are easily identified
When making a Bitcoin transaction, neither the sender nor the receiver needs to submit identity cards or other personal info. Nonetheless, there are many tools and techniques to identify the parties involved, including the IP address of the sender or the time-stamps. Especially these days, coins are marked by many entities, meaning your coins are easily linkable and trackable.
Normal people could not link these clues together, but the hackers and bad guys can. They may backtrace your transactions and figure out your real identity. In this case, not only your funds are at risk but also your real-world life.
Thus, if you don’t want to take these risks (believe me, you will never like it), you should learn how to sell Bitcoin anonymously and transact coins without anyone knowing.
If you still wonder how to use bitcoin anonymously, have a look at useful methods below.
The ultimate guide to how to sell Bitcoin anonymously
As previously explained, Bitcoin transactions are transparent, making it hard to transact coins without exposing your identity. It’s even easier to trace your transaction history when you use a KYC-exchange.
Regulated crypto exchanges require your identity document to prevent money laundering and protect your account better. However, KYC is the policy that helps to link your real-life closer to your crypto assets.
Hence, if you want to sell Bitcoin anonymously, the most important thing is to stay away from exchanges that require the KYC document.
There are other platforms and methods that provide anonymity for Bitcoin purchases and all listed below are the most suitable for you.
Method #1. In-person purchase to sell Bitcoin anonymously
Crypto exchanges are not the only way to buy and sell Bitcoin. In a very traditional way, you can find a buyer that lives near your area and make a deal face-to-face.
The number of people that are willing to purchase will surprise you. Because it costs fees and time to trade on a crypto exchange or evenly they also want to protect their privacy, they turn to accept in-person purchasing.
The process is pretty easy. You can join some local community on Facebook, Telegram to seek buyers. After that, you two make an agreement on the price (which is usually lower than the exchange’s price), the place and the payment method. Then, you meet your partner person-to-person, send Bitcoin to him and take your payment.
It’s better when you actually know your partner, or in a good relationship with him. In this way, selling Bitcoin to friends and relatives is much safer.
Of course, the downside is that it’s a high risk when you make a deal with strangers. In this case, meeting a person without checking his credit or having some self-protection tips may be harmful. There is no guarantee that you will not be scammed by the bad guys.
In this way, a Bitcoin ATM is a more suitable method.
Method #2. Two-way Bitcoin ATM to sell Bitcoin for cash
Similar to a common ATM, Bitcoin ATMs are machines that accept cash and pay Bitcoin directly to your address. More conveniently, there are two-way Bitcoin ATMs that offer a way to sell Bitcoin for cash.
You can find a two-way Bitcoin ATM near your living area at Coin ATM Radar live map.
And this is the user manual:
- You choose the withdraw cash option
- You choose Bitcoin
- You choose the amount you wish to withdraw
- You send Bitcoin to the given address
- And finally, collect your cash.
However, one of the most disappointing things is that there are fewer and fewer Bitcoin ATM machines that require no-KYC. Due to government regulations, many Bitcoin ATM providers must require some KYC documents from users. Thus, it’s harder for you to find a totally anonymous Bitcoin ATM nowadays.
Therefore, selling Bitcoin on a peer-to-peer exchange is the more advanced method.
Method #3. Sell Bitcoin anonymously on the Peer-to-Peer Exchange
A Peer-to-peer (P2P) exchange is the online marketplace that connects buyers and sellers all around the world. That means it plays a role as an intermediary between you and your partner.
LocalBitcoins.com, LocalCryptos.com, and Paxful are worth considering. These exchanges differ from in-person purchasing because of the credit rating. The platform opens for users to rate their partner, express their experiences, meaning the higher rating, the more trustworthy.
Additionally, you can be able to accept various payment methods on these platforms, including cash, PayPal, other cryptocurrencies and wire transfer. It provides you more convenience than the above methods.
Unfortunately, this convenience isn’t free. As a third-party, a P2P exchange takes fees as revenue. As a consequence, you may offer a higher price than usual. Even if you don’t mind this kind of fee, purchasing frequently may cost you a lot of money.
Of course, we must accept trade-offs in return for convenience. But there is another method which is not only free but also provides awesome features. Let me introduce you to the private crypto wallet.
Method #4. Private crypto wallet to sell Bitcoin anonymously
A private crypto wallet was born to provide anonymity and privacy for Bitcoin users. This kind of wallet helps you transact Bitcoin (and other assets) without anyone knowing.
Every private crypto wallet has its own techniques to obscure your transactions, some are advanced and others not. With no doubt, the Incognito Wallet is definitely one of the best private crypto wallet apps on the market.
The Incognito Wallet: The ultimate way to send and buy crypto anonymously
Based on the idea of a sidechain for all blockchains, the Incognito Wallet gives you the easiest way to buy and sell Bitcoin anonymously.
Using smart contracts and trustless custodians, the wallet turns your coins into their privacy version and vice versa. For instance, your Bitcoin (BTC) can be switched to privacy Bitcoin (pBTC) at the rate of 1:1. Then you can easily receive and send Bitcoin anonymously, without anyone knowing your balance or your real identity.
Want to turn your coins back? Just one tap. And pBTC will be returned back to its origin effortlessly.
To sell Bitcoin anonymously, you can send pBTC to the buyer’s Incognito Wallet address and take your payment. In this way, no one will be able to trace back your transaction and find out who actually you are. As a result, your privacy is totally protected.
One more advantage is that the wallet is completely free. You don’t need to pay for any of its awesome features.
Conclusion on “How to sell Bitcoin anonymously”
The transparency and traceability of Bitcoin transactions are the motivations for the crypto community to seek ways to sell Bitcoin anonymously.
Once you find the most suitable method yourself, you will never want to sell Bitcoin in the traditional ways anymore. Some methods cost a fee, others do not. But your privacy is absolutely protected, and that’s the price to pay.
Privacy is one thing that all Bitcoin users are concerned about nowadays. If you’ve ever wondered how to send Bitcoin anonymously, this article is here to answer your question.
Is Bitcoin private?
The answer is “No”. As an application of Blockchain, a technology that enhances transparency, Bitcoin doesn’t come with privacy or anonymity. Instead, all Bitcoin transactions are recorded on a public ledger and viewable to the whole network. Therefore, anyone can see the transacted amount and wallet addresses of the sender and recipient.
However, these transaction details don’t link to any real identity so they couldn’t reveal who the users are. That’s why Bitcoin is considered as pseudo-anonymity or pseudonymous.
Although personal information can’t be exposed through Bitcoin transactions, it is possible to track down the origin of these activities. When trading on licensed exchanges, users often have to provide information for KYC authentication, which will link their identity to Bitcoin addresses. If hackers attack these sites, they can also access the data stored.
For the above reasons, it is highly recommended that Bitcoin users seek ways to send Bitcoin anonymously.
Reasons to send bitcoin anonymously
Even though “anonymous crypto” is often associated with criminal activities, there are a number of legitimate reasons to keep your crypto transactions untraceable. Whether you’re an individual or an organization, it is beneficial to spend your assets without anyone knowing. Here are some advantages of anonymous Bitcoin transactions:
As explained earlier, by design, all Bitcoin transactions are stored on a public ledger, which means anyone can see where your transactions go to and how much you hold in the account balance. If you don’t take any step to improve privacy, hackers can track the spending habits to get access to your funds. From there, they can even figure out who you are and steal your personal data. Therefore, to prevent your identity from being exploited, you need to know how to send bitcoin anonymously.
2. Business confidentiality
If you’re an employer, you may consider keeping your payment to employees private. By sending Bitcoin with anonymity, you can keep your company’s budgets and expenses details from disclosure. Also, when doing business, you might have a list of private partners and investors who don’t want their identity to be revealed. That’s when you have to seek privacy solutions like untraceable Bitcoin transactions.
3. Peace of mind
When you have the full control and ownership of your crypto asset, you don’t have to worry about your financial status being revealed. Another perk of sending bitcoin anonymously is that you can keep your transaction history totally private as there are many kinds of purchases you just want to keep for yourself, for example, a surprise gift for your loved one or special medical treatment.
So how can you make untraceable bitcoin transactions? Take a look at below methods!
Ultimate ways to send bitcoin anonymously
As privacy becomes more and more crucial to individuals and organizations, private transaction methods also emerge. For cryptocurrency and especially Bitcoin, it’s not difficult to look up the term “send bitcoin anonymously” on Google and find out numerous ways to transact with anonymity. However, each method has its own pros and cons so you’d better research carefully before giving it a try.
1. Bitcoin Mixing
Bitcoin mixing, known as coin tumbling or laundering, is a process that tries to break the connection between sender and recipient’s addresses. The process goes through a couple of steps:
Step 1: You submit the amount of coin you want to be tumbled.
Step 2: The laundering service will mix it up with someone else’s cryptocurrency to release a fresh batch of coins under a new address.
If done properly, this method can make your transaction almost impossible to trace and you don’t have to leave any personal information at all. There are solid options for Bitcoin mixing on the market such as Smart Mixer, Wasabi Wallet and Samourai Whirlpool. To ensure you’re completely anonymous, remember to access these services with an encrypted VPN and private browsers like Tor or Brave.
If you’re an experienced crypto user, you can try coin tumbling to send bitcoin anonymously!
2. Using a new Bitcoin address every single time
You can break the link between the sender and recipient’s addresses by using a new address whenever making a Bitcoin transaction. With this method, hackers cannot trace your spending pattern and find out your original address. Therefore, your identity will be masked. Moreover, as your fund is divided into small portions and stored in different places, no one can calculate how much you actually have in your account.
Some digital wallets such as Trust Wallet, Cobo Wallet and Blockchain Wallet allow you to generate as many addresses as you want. However, this method is not easy for beginners because you have to manage all the addresses and their private keys.
3. Privacy wallets
This term has yet to become familiar with mainstream users, however, private crypto wallets appear to be a superior solution to untraceable Bitcoin transactions. Similar to normal Bitcoin storages, these wallets allow users to send, receive and store crypto assets. Moreover, they integrate privacy features to keep transactions from being tracked.
If you need to send bitcoin anonymously and effortlessly on a daily basis, the options below are what you’re looking for.
Despite being a new name in the crypto sphere, Incognito Wallet is up on the list of best privacy wallets. If you’re looking to send and buy crypto anonymously, this app is highly recommended for you.
With a built-in “incognito” mode, you can turn any cryptocurrency of your choice, including Bitcoin, into its privacy version and shield your funds from public exposure. Then, you can spend or sell bitcoin anonymously.
As a sidechain for privacy coins, Incognito connects with Bitcoin blockchain via a trustless portal. Using smart contracts and trustless custodians, Incognito allow users to obtain privacy bitcoins (and other cryptocurrencies) issued at a rate of 1:1. When you need to switch these privacy coins to normal, you can do it easily without involving any third party.
A paper wallet is a perfect option for gifting. It is basically a piece of paper that has your Bitcoin address and private key printed out. Whenever making a transaction, you will need to scan the QR-codes and add the keys to a software wallet. Paper wallets can be generated for free using an online service like Bitcoinpaperwallet.com.
So how paper wallet helps you send bitcoin anonymously? The main purpose of paper wallet is to keep your assets offline and away from the chaotic Internet as it is created uniquely and doesn’t contain your identity. Therefore, if you insert the private key to a digital wallet and make a transaction, it’s almost impossible to track down the origin. Furthermore, if you give this document in-person to someone, no one except you and the recipient could know about the fund.
Electrum is known as the oldest and most established bitcoin wallet on the market. It is a software wallet that is available for Windows, iOS and Linux.
Electrum is well-recognised by its high-security feature. The wallet gives you a password seed which helps recover your assets once the private key is lost. You also have full ownership of your funds and keys since Electrum is a self-hosted wallet.
When operating on Tails system, Electrum allows users to keep their transactions anonymous. According to the development team, Tails works as a live system to preserve users’ privacy and anonymity. It helps you to censor personal data whenever using the Internet unless you turn it off.
If you prefer an option to send bitcoin anonymously for desktops, Electrum might be a solid choice.
As you’ve learnt various ways to send bitcoin anonymously, try to take advantage of them and you’ll see how Bitcoin lives up to its potential. You may have different purposes when seeking a solution to untraceable bitcoin transfer but high privacy and convenience should be the top priorities. Whether you want to keep all your transactions private or not, Incognito Wallet is a useful app for your everyday use.
If you are concerned about privacy when trading Bitcoin and look for a way to protect your identity, this article is a must-read as it’ll show you how to buy Bitcoin anonymously.
Choosing a good crypto wallet to store digital assets in is never an easy task. This article will help you figure out the best cryptocurrency wallet for you.
How does a cryptocurrency wallet work?
Like all the currencies in the world, cryptocurrencies need a reliable vault to be stored in. While we use a wallet to store paper money, a cryptocurrency wallet is needed in the case of digital assets.
In short, a cryptocurrency wallet works as an online portal between you and your coins and has two elements: a public key and a private key. If you think of your cryptocurrency wallet as being similar to your bank account, then your public key is the account number, while the private key would be your PIN.
Every public key requires a private key for access and must be entered when the key owner wants to manage, send and receive their digital assets. For this reason, you must keep your private key confidential and if anyone else knows what it is, your assets are at risk.
Types of cryptocurrency wallets
You cannot choose the best cryptocurrency wallet for you until you know the different types of wallets. Basically, there are many different classifications of wallet and this list covers the main ones.
Cold Wallets (Offline Wallets)
Cold wallets are a means of storing your private key completely offline. These are paper or hardware devices like password-protected USB or encrypted cold storage devices.
Basically, your private key is kept far away from the internet, so it’s hard for hackers to attack your funds. However, cold wallets are not as convenient as the other kinds of cryptocurrency wallet mentioned below.
Hot wallets (Online Wallets)
Contrary to cold wallets, hot wallets are software applications installed on devices such as desktops, mobile phones, or tablets.
Hot wallets require an Internet connection to access your funds, which is why they’re also known as online wallets.
This type of cryptocurrency wallet has various sub-categories, including desktop wallets, web wallets, and mobile wallets.
Exchange wallets are preferred by those who want to trade coins frequently, as storing coins directly on the trading platform helps to shorten your trading time. This is because with an exchange wallet, you don’t need to wait for confirmation when sending crypto assets from another wallet to the exchange.
One downside, however, is that you cannot keep your private key – it’s stored by the exchange – meaning that it’s not a fully-protected wallet.
Every type of crypto wallet has pros and cons, so generally speaking, you might say that there is no ‘best’ cryptocurrency wallet. However, you can choose the best fit for you based on your evaluation criteria.
How to choose the best cryptocurrency wallet
Some crypto wallets were created for convenient daily use, including the ability to pay for goods and services. Others are optimized to provide secure protection for digital assets.
Before choosing the best cryptocurrency wallet for you, you should consider how you intend to use it. Let’s figure that out by answering these questions:
Holding or trading?
If you just want to ‘hold to die’ or make some long-term investments, an Offline Wallet is the best choice.
On the other hand, if you need a wallet for frequent trading, you should consider an exchange-based wallet or an in-app trading crypto wallet app.
Security or convenience?
An exchange-based wallet is good for trading, but not suitable for privacy preservation. If you want to completely control your funds, an Offline Wallet such as a hardware device or paper wallet is worth considering.
The top 5 best cryptocurrency wallets in 2020
After considering the variations of digital wallets carefully and making your choice, it’s time to move on to the top 5 best cryptocurrency wallets in 2020 and beyond.
Best cryptocurrency wallet #1: Incognito Wallet – The best anonymous crypto wallet
If privacy is your top concern and you cannot stop wondering ‘how to buy Bitcoin anonymously’, The Incognito Wallet is definitely the answer.
Functioning as a sidechain for all the blockchains, The Incognito Wallet connects to public blockchains via a trustless portal. Then, users can issue a privacy version of their favourite cryptocurrencies at the rate of 1:1 on the Incognito Blockchain. As a result, you can send and buy crypto anonymously without any third party involved.
After using it for private transactions, you can switch it back to the original version just with a single tap. And that’s all the steps you need to do to send Bitcoin anonymously.
When you turn the “Incognito mode” on, no one can see your balance or the details involved in a single transaction. With all its awesome features, The Incognito Wallet is one of the best cryptocurrency wallets in 2020 and beyond.
- Download the wallet: iOS | Android
- Learn more: https://incognito.org/
- Contact the team: https://t.me/incognitochain
Best cryptocurrency wallet #2: Ledger Nano X – The best coin wallet for offline storing
Ledger Nano X is one of the best cryptocurrency wallets in the form of cold wallets. The wallet can store up to 100 types of coins at the same time, including Bitcoin, Ethereum, XRP, Bitcoin Cash, EOS, Stellar and many more.
This device combines ease-of-use and flexibility while ensuring the highest standard of crypto security. Moreover, you can connect Ledger Nano X to any iOS or Android device via Bluetooth connectivity.
Best cryptocurrency wallet #3: Trust Wallet – The best crypto wallet app for multi-function
Trust Wallet is one of the best cryptocurrency wallets that enable you to explore the colourful variety of the crypto-verse.
This is a hot wallet app installed on your mobile phone, giving you access to your funds at any time with an Internet connection.
This multi-functional wallet provides you with staking coins, instant trading and dApp browser. One more benefit is that the wallet provider is Binance, which is considered as one of the most popular exchanges in the world.
Best cryptocurrency wallet #4: Coinbase Wallet for US citizens
Coinbase is not only one of the top-ranked crypto exchanges, but also a trustful online wallet.
You can access this wallet via your smartphone or web browser. It is highly secure and easy to use. Moreover, if you’re a US citizen, you can connect the wallet to your bank account to buy and sell coins directly. This is one of the rarest features of a cryptocurrency wallet.
However, users need to pass identity verification as well as verify bank account information. This means you must trade-off your privacy and the US government may know your identity.
It’s not really harmful at all. But if you ever try the anonymous crypto wallet like The Incognito Wallet, it’s not ideal to risk your privacy.
Best cryptocurrency wallet #5: Jaxx Wallet for desktops
Jaxx Wallet can be accessed via desktops, mobiles, and web browsers. The installation process for the PC is the most convenient one, making it the best cryptocurrency wallet for the desktop version.
With this wallet, the ownership of the private key is yours, meaning you can totally control your funds. Moreover, as other hot wallets, Jaxx supports a fairly large number of cryptocurrencies.
Another fantastic advantage of the Jaxx Wallet is that it has an internal exchange. Thus, you can trade your coins instantly and directly in the wallet without an exchange account.
Best cryptocurrency wallets: Other top picks
The Trezor wallet is the most worth considering hardware wallet nowadays. Being the closest competitor of Ledger in many years, Trezor has its own reputation and fans.
Kindly similar to a Ledger Wallet, Trezor is easy to use and multi-coins supported. One downside is that it’s more expensive than other types of crypto wallets.
Bitcoinpaperwallet.com Paper Wallet
A paper wallet is basically a paper that contains your public and private key printed out in the form of a QR code.
There are many paper wallet generators but Bitcoinpaperwallet.com is the most worth considering. On this site, you can use a tamper-proof design or holographic labels to add an extra layer to secure your wallet.
However, you must keep your paper wallet in a safe place. If it’s lost or stolen, your funds are hardly recovered.
Conclusion on “Top 5 best cryptocurrency wallets in 2020”
The list of best cryptocurrency wallets is not permanent forever. There are the rising ones and others may go away. Therefore, you should keep looking for the best cryptocurrency wallet on your own evaluation criteria, and you will find the best fit.
One more thing is that self-protection is never outdated in the world of privacy-preservation these days.
Here you will learn about the best privacy wallets to secure your crypto assets and personal data. A privacy-preserving wallet is key to crypto protection.
Why do you need a privacy wallet?
These days, outsiders and mainstream media still believe that Bitcoin is the currency for illegal activities such as trading prohibited goods or money laundering. However, it’s far from the truth.
Bitcoin, by design, is totally publicized, meaning that all the transactions are recorded on a public ledger. Everyone can access the Bitcoin blockchain, check a single address and acknowledge the details involved such as how much Bitcoin is holding, or its related addresses.
In fact, Bitcoin transparency isn’t so bad at all. However, due to this nature, there is no surefire way to remain 100% privacy for your crypto assets.
Meanwhile, privacy is the most worth-concerned issue in crypto-verse. We shouldn’t risk our information on the chaotic Internet, whereas hackers and the bad guys are too rife. That’s the reason why you need to optimize privacy protection for your Bitcoin and other crypto-assets.
A good approach is by picking a good and suitable privacy wallet to store your digital coins.
So let’s start the list of 5 best privacy wallets on the market recently.
Best privacy wallets to protect your crypto-assets
1. Incognito Wallet – The optimal privacy wallet app to send and receive Bitcoin confidentially
The Incognito Wallet is based exactly on the idea of a privacy-oriented crypto wallet. This wallet provides you the simplest way to send and buy crypto anonymously.
All you need to do is a tab to switch your coins into their privacy version with the conversion rate exactly at 1:1. After that, you can freely send it to other addresses without anyone knowing. And finally, just another tab to turn it back to the original one.
In short, when you turn on “Incognito mode” for your digital assets, no one can figure out your balance or the details involved in your transactions. It marks Incognito Wallet the best privacy wallet existing on the market.
Besides, this wallet has all the favorite functions of a common cryptocurrency wallet. You can stake your coins, trade on a totally decentralized exchange and explore interesting privacy-oriented DApps (decentralized applications).
2. Samourai Wallet – A good privacy wallet for Android users
The Samourai Wallet aims to offer better privacy and anonymity for Bitcoin transactions. This wallet helps you to protect crypto funds via an application installed in Android mobile phones.
Started the project from 2015, The Samourai Wallet team introduces itself as:
“We are privacy activists who have dedicated our lives to creating the software that Silicon Valley will never build, the regulators will never allow, and the VC’s will never invest in. We build the software that Bitcoin deserves.”
This wallet has some surprising features, including:
- New addresses whenever you make a Bitcoin transaction
- Run your own full-node Bitcoin wallet
- High-security methods to protect your funds such as cold storage
However, one of its cons is that Samourai Wallet is just available for Android users. There’s no version for iOS or other Internet-connection devices.
3. Electrum Wallet – A desktop privacy wallet to protect crypto funds
Although there are mobile versions, Electrum Wallet is the most popular for its desktop software. It’s one of the oldest Bitcoin wallets on the market and has soon become a privacy-oriented crypto wallet.
To enable “privacy mode”, you must use the Electrum Wallet on the Tails Operating System (OS). What is Tails? Let’s figure out through their own words:
“Tails is a live system that aims to preserve your privacy and anonymity. It helps you to use the Internet anonymously and circumvent censorship almost anywhere you go and on any computer but leaving no trace unless you ask it to explicitly.”
With all of this in mind, Electrum Wallet is worth trying if you want a privacy wallet for your laptop or PC. However, it’s more suitable for tech-savvy rather than beginners.
4. Rahakott Wallet – A must-try privacy wallet for web and online users
Rahakott Wallet is a web-based multi-currency wallet that helps you to remain private while transacting your coins.
The wallet makes it almost impossible to track your transactions thanks to a built-in mixer tool. In addition, Rahakott Wallet generates a new address for each transaction, which significantly increases the privacy and anonymity of users.
Besides, you don’t need an email, password and phone number to sign up. Only a mnemonic phrase and 2FA are used, meaning it pointless for hackers to steal users’ info.
Currently, the wallet supports BTC, BCH, LTC, XMR, ZEC, DASH, and other popular cryptocurrencies. You can find more functions by creating your own wallet, which takes just 20 seconds.
5. Bitcoinpaperwallet.com – Paper wallet to keep privacy for your Bitcoin
“Your key, your Bitcoin” is never an old-time statement. Instead of using a third-party provider to store Bitcoin, you can keep it for yourself with a paper wallet.
Bitcoinpaperwallet.com helps you to generate key and print paper wallets. You have some options to use hologram stickers or techniques that prevent fading or replaced. You need to pay for these advances, but it’s worth considering, isn’t it?
After having a paper wallet, all you need to do is keep it in a safe place that no one can access. As a result, your Bitcoin assets are totally privacy-protected and you never mind forgetting your private key.
Although Bitcoinpaperwallet.com is popular, there are other paper wallet generators that you should take a look at, including Paperwallet.com and Walletgenerator.net.
6. Other top-pick privacy wallets to secure your finance
To meet the need of privacy-preserving of the crypto community, many projects have surfaced over the years. Thus, clearly that the market has not only 5 best privacy crypto wallets. In fact, there’re many options to choose from, depending on your criteria.
Ledger Nano S is the best cryptocurrency wallet in the form of a hardware device. This wallet keeps digital assets far away from the Internet, enabling total privacy for your crypto funds.
Guarda Wallet is a cross-platform crypto wallet that supports over 45 cryptocurrencies and thousands of tokens. It’s a non-custodial wallet known for a user-friendly and clean interface. In short, Guarda is suitable for beginners who are looking for ways to increase privacy for crypto transactions.
After choosing your own privacy wallet, you should take a look at some privacy precautions.
Privacy precautions to better protect your crypto funds
- Do not store your coins on exchanges. Because you can’t own your private key along with the exchange-based wallets.
- Do not publicize your wallet addresses on social media without a very good reason.
- Always use a new address when making a transaction. For this reason, many wallets listed above provide this function.
- Understanding why you need a privacy wallet and always use it to store your coins.
- Use a privacy web browser such as Tor, DuckDuckGo or Brave Blockchain to hide your browsing history. It’s also a good way to obscure all your sensitive information like passwords, private keys, credit card details.
- You should always buy and sell cryptocurrencies with cash payments. Cash is one of the most hard-tracking assets in the world, meaning that it will help to protect your transaction details.
Closing thoughts on “Privacy wallet”
Privacy is never an outdated issue. Whoever you are, a beginner has just entered the crypto-sphere or an experienced user, you should learn about privacy wallets and ways to provide anonymity for your assets.
Finally, choosing the best privacy wallet is the fastest way that brings you to the crypto-verse with high-level privacy.
Privacy Coins have surfaced since the crypto community looked for ways to send coins privately. This article will show you the list of best Privacy Coins.
Why do you need a Privacy Coin?
The public blockchain, with Bitcoin as an example, has a public ledger that records all the transactions made on its network. That means everyone can access the blockchain, track any transaction and details involved.
Monero uses cryptography to shield sending and receiving addresses, as well as transacted amounts. That technique makes XMR transactions confidential and untraceable.
Besides, Monero has a strong brand-name and good marketing team to make it more and more popular. The community of this project is very strong, spreading all over the world. You can easily find an XMR holder in your living area and make a transaction with him.
However, because of its anonymity, Monero is frequently used on the dark market for dark purposes. This harms the project’s reputation and as a result, XMR is a target of the authorities all over the world.
Who should use Privacy Coins?
If you are concerned about your privacy, crypto assets and further, your real-life safety, you should learn about ways to protect your transactions.
As previously mentioned, it’s a super high risk when you just transact digital coins without wondering about its anonymity. Your funds are targeted by prying eyes, your financial status is revealed as well.
Privacy coins delete all these risks. This kind of cryptocurrency turns on a ‘protection mode’ for your assets so that you no longer need to worry about any security threats.
After understanding why you should use privacy coins, let’s move the list of the best privacy coins nowadays.
Top 5 Best Privacy Coins in 2020 and beyond
The cryptocurrency community has never been as concerned about the privacy issue as it is now. Thus, a number of privacy-oriented projects are in great demand. Come with both pros and cons, these are the best privacy coins in 2020 and beyond.
Best Privacy Coins #1: Monero (XMR)
Old but gold. Monero (XMR) is considered one of the best privacy coins on the market currently.
Monero uses cryptography to shield sending and receiving addresses, as well as transacted amounts. That technique makes XMR transactions confidential and untraceable.
Besides, Monero has a strong brand-name and good marketing team to make it more and more popular. The community of this project is very strong, spreading all over the world. You can easily find an XMR holder in your living area and make a transaction with him.
However, because of its anonymity, Monero is frequently used on the dark market for dark purposes. This harms the project’s reputation and as a result, XMR is a target of the authorities all over the world.
Best Privacy Coins #2: Dash (DASH)
Being a fork of Bitcoin, which has a transparent blockchain, Dash isn’t a fully privacy coin. Instead, it offers privacy protection for transactions as an option for users.
As usual, you can check addresses and transactions on Dash blockchain. But you have an option to use the PrivateSend feature to obscure transaction details. This interesting feature marks Dash on the list of the best privacy coins.
Moreover, when you send a coin, your coin is mixed with other coins that are sent on the network. Hence, no one can trace your Dash payment or figure out how much was sent. Resultantly, your financial status is fully preserved.
Unfortunately, one of its cons is that Dash is used as a payment method on the dark market. Thus, similar to Monero, this project isn’t favored by many governments.
Best Privacy Coins #3: Zcash (ZEC)
As Bitcoin transparency challenges modern notions of privacy, many projects aim to be an alternative to Bitcoin in the privacy version.
And that’s exactly what Zcash is. This project describes itself as:
“Like Bitcoin, Zcash transaction data is posted to a public blockchain; but unlike Bitcoin, Zcash ensures your personal and transaction data remain completely confidential. Zero-knowledge proofs allow transactions to be verified without revealing the sender, receiver or transaction amount. Selective disclosure features within Zcash allow a user to share some transaction details, for purposes of compliance or audit.”
This semi-transparency mechanism makes Zcash one of the best privacy coins exiting on the market. However, users can not have full-control privacy when they transact ZEC on KYC exchanges. Because exchanges that require KYC evidence don’t support private transactions. Like it or not, you have to use Zcash transparently.
Best Privacy Coins #4: Verge (XVG)
Verge uses the Tor IP Anonymizer to make transactions while still maintaining the anonymity. The underlying technique of Verge provides users to transact digital coins both through public and private blockchains. This is why Verge is usually placed in the list of best privacy coins.
Being a ‘well-recognized’ project, Verge aims to be s digital currency designed for everyday use. Verge makes it possible to engage in direct transactions quickly, efficiently and securely.
Best Privacy Coins #5: Grin (GIN)
Launched in January 2019, the Grin project is built on the Mimblewimble protocol, one of the most innovative technologies in the privacy-verse. This brings Grin to stand in the ranks of the best privacy coins.
Grin describes itself as below:
“Grin has no amounts and no addresses. Transactions can be trivially aggregated. To hide the origin of a newly created transaction, it gets relayed among a subset of peers before it is widely broadcasted.”
Along with Beam (BEAM), which is also built on Mimblewimble protocol, Grin has become an emerging and potential project that helps to obscure the sender’s transactions.
Is the Privacy Coin the best way to send crypto confidentially?
Despite all of the advantages, privacy coins are not the best way to send crypto confidentially. Let’s take a look at an example below.
Saying you have 1 BTC and want to send it to Mike without anyone knowing. Then you have to use BTC to buy XMR (or DASH, XVG or other privacy coins) at the current market price, which is volatile every single minute. After that, you send XMR to Mike confidentially. Finally, Mike has to trade XMR to BTC at a different market price, meaning that Mike can’t own the exact 1 BTC.
This process also takes a lot of time and procedure for both you and Mike. Moreover, sometimes no one is willing to trade BTC/XMR with you and you have no way except trade it on a crypto exchange.
With all this in mind, you should better be looking for other ways to send and receive coins privately.
Incognito Wallet – The ultimate way to send and buy crypto anonymously
Instead of using Bitcoin (or other crypto assets) to buy privacy coins, there is a method that turns your favorite coins into the privacy version.
The method here is Incognito Wallet, a privacy wallet that keeps your transactions untraceable.
Incognito is designed as a sidechain for all the blockchains, which connects to Bitcoin, Ethereum or Binance Chain via a trustless portal. Thanks to this technique, you can turn any cryptocurrency of your choice into its privacy version. Let’s continue the aforementioned example:
Saying you have 1 BTC and want to send it to Mike without anyone knowing. You can use the Incognito Wallet to switch Bitcoin into private Bitcoin (pBTC) at the rate of 1:1. After that, all you need to do is to send pBTC to Mike’s wallet address. Finally, Mike receives 1 pBTC and turns it back to 1 BTC originally.
Especially, you can process all of those actions without any cost. The Incognito Wallet is totally free and available on both Android and iOS.
Closing thought on “Best privacy coins”
Privacy coins are one of the most controversial topics in the crypto-sphere. Many argue best privacy coins are the most useful tool for money laundering, others praise its role for privacy rights.
But one thing we can agree is that privacy coins need to improve constantly, as there are many potential competitors such as The Incognito Wallet. The more it keeps developing, the more market share it gains.
Your Bitcoin transactions are traceable – protect your privacy by checking out this guide and learning some ways to send Bitcoin anonymously.
Bitcoin’s traceability and why it is not ideal for privacy
By design, all Bitcoin transactions are listed on its blockchain, meaning that there’s a public ledger that records every single transaction. As a result, anyone can see the balance associated with an address, every transaction it’s been involved in and they can follow the path of coins wherever it may lead.
We cannot deny that traceability makes Bitcoin special and different from other assets. While cash is an ideal tool for money laundering and other nefarious financial activities, Bitcoin, as a transparent currency, certainly is not.
However, this facet of a Bitcoin makes it a double-edged sword. Transparency and publicity have a downside, especially when it comes to privacy.
Through increasingly sophisticated Blockchain analysis techniques, it is possible to link addresses to identities more and more efficiently. As a result, your real identity has a high probability of being found out or revealed by a hacker, which could easily have serious real-life consequences.
This is not just scare tactics, either. In the history of cryptocurrency, there are so many cases where bad guys targeted a victim online, used some techniques to track their information, found who they were in real life and managed to steal all their crypto assets.
With this in mind, there’s no reason to take any risks online when it comes to your identity and privacy. Hence, you should find other ways to obscure your transactions, starting with learning how to send Bitcoin anonymously.
How to send Bitcoin anonymously – The Ultimate Guide
To remedy the traceability of Bitcoin and to preserve privacy, many techniques have surfaced over the years. Some break the link between Bitcoin addresses, others swap assets into a privacy version. Either way, these methods have their pros and cons.
Let’s find out in the section below.
How to send Bitcoin anonymously: Buy and sell Bitcoin for cash
As previously explained, cash is the most untraceable asset – so if you buy and sell Bitcoin for cash, you can easily obscure your identity and remain anonymous.
Let’s take a look at some of the ways to do this.
Method #1: Bitcoin ATMs
ATMs are the first thing people think of whenever they need money to buy something – Bitcoin is no exception.
If you want to buy and sell Bitcoin for cash, find a Bitcoin ATM near you. These machines accept fiat currency and send Bitcoin directly to your wallet address.
There is also an increasing number of Bitcoin ATMs that let you sell Bitcoin for cash. Check out Coin ATM Radar map to see what options are available in your area.
One downside, however, is that many Bitcoin ATMs nowadays require KYC information, which means you might not be able to obscure your purchase perfectly; that’s why you should continue looking for other ways to send Bitcoin anonymously.
Method #2: Face-to-face purchasing
Face-to-face purchasing means that you deal with the seller/buyer directly and offline. For example, if you want to buy Bitcoin but not by using a Bitcoin ATM, you might be able to find a seller on the Internet that lives near you.
After agreeing on a suitable price, you can arrange a face-to-face purchase where you pay cash and the seller sends you the Bitcoin. This method makes it hard to track any information back and figure out how much you paid for your coins.
However, the issue here is finding a trustworthy partner. There is always the risk that you could be scammed or robbed when bringing cash to deal with strangers in public.
In short, although there are some pros, face-to-face purchasing is still not the best way to send and buy crypto anonymously.
How to send Bitcoin anonymously: Private cryptocurrency wallets
Common crypto wallets are like digital wallets that store your coins; they are portals connecting users to the Bitcoin network. With a crypto wallet, you can see your balance, send and receive coins and sometimes, trade them for other assets.
To meet the needs of those who want to preserve their privacy, private crypto wallets have surfaced. Thanks to technological innovation, a private wallet can help users to send Bitcoin anonymously. If a hacker targets your assets, he still has no idea about how much was sent, or whose addresses were involved. As a result, your funds are safe and your identity is protected.
Method #3: Incognito Wallet – The best crypto wallet when you want to send Bitcoin anonymously
If you are looking for a convenient and flexible privacy-preserving crypto wallet, let me introduce you to The Incognito Wallet.
Based on the idea of a privacy sidechain for all blockchains, The Incognito Wallet turns your cryptocurrencies into a privacy version of themselves, which means you can store and send Bitcoin anonymously, and do the same with other coins.
For instance, you can turn your Bitcoin (BTC) into privacy Bitcoin (pBTC) at a conversion rate of 1:1 and then send it to other addresses with total anonymity. Moreover, you can switch it back to the original version at any time at the touch of a button.
Although privacy is its top feature, the Incognito Wallet also has other awesome functions. The wallet includes:
- The pDEX: a decentralized exchange so you can trade coins in total privacy
- The pApp store: a collection of the first privacy-focused blockchain applications
- A staking function, so you can earn more coins directly through the wallet
- An issuing function, so you can create your own privacy token
In short, this is the wallet that provides you with all the features you need. It’s the best crypto wallet for total privacy.
How to send Bitcoin anonymously: Break the linkability between addresses
The link between Bitcoin addresses is what makes your transactions traceable. Therefore, if you are able to obscure the details surrounding this transaction, you can break this linkability.
Method #4: New addresses whenever transacting Bitcoin
Hot wallets such as Trust Wallet, Blockchain Wallet or Cobo Wallet allow you to create as many new addresses as you want.
Using a new address whenever making a transaction will help you to break its links. With this method, the bad guys cannot trace the transaction back and find out the origin of your coins and will also not be able to uncover your real identity. Moreover, no one can calculate the total amount of your funds as you’re using many different addresses to store them separately.
However, the issue here is that it’s difficult to manage all your coins and private keys effectively, especially compared to the Incognito Wallet above.
With this in mind, if you just want to buy Bitcoin sometimes and then store them, you can use a new address whenever you make a transaction. But if you trade frequently, the Incognito Wallet’s more convenient way of preserving privacy will make your life a lot easier.
Method #5: Bitcoin mixing services
Bitcoin mixing is a service offered by a third-party. Typically, the providers of this service take users’ coins and for a small fee, will give you assets in return that have no link to those originally sent.
These services are sometimes called tumblers or mixers.
That sounds great, doesn’t it? However, Bitcoin mixing has more cons than pros. Those are:
- No guarantee that service providers won’t store your IP or browsing history.
- You must trust the providers totally when you send your coins.
- The fees add up. Though individual fees may seem small, it’ll cost a lot of money to use this service frequently.
In conclusion, Bitcoin mixing is worth trying, but it isn’t a great everyday method when you are looking for ways to send Bitcoin anonymously.
Closing thoughts on “How to send Bitcoin anonymously”
A lot of people are starting to realize that obscuring the details surrounding your Bitcoin transactions is a safety precaution; it’s not for money laundering purposes or anything illegal.
In the digital world, your personal data should never be public knowledge unless there’s a really good reason. With all the hacking, illegal data use and information trafficking on the Internet these days, it is a terrible idea to put yourself at risk.
All this goes to show that it’s important to find and share the best ways to protect our data and assets. Always keep up-to-date with the latest methods of how to send Bitcoin anonymously, use the best ones for you and stay as well-protected as possible.
Online privacy is a concerning issue affecting the modern world. If you’ve ever Googled ‘how to trade Bitcoin privately in 2020’, this article is absolutely for you.
Why do you need to trade Bitcoin privately?
Bitcoin has been one of the most profitable investments over the last decade, garnering a solid reputation in the financial sphere. By design, it is one of the most transparent currencies in the world and while this is positive from some perspectives, it also means it’s highly traceable.
You can’t hide anything on the Bitcoin blockchain – not your balance, transaction history, your address nor the addresses of any recipients.
The traceability of Bitcoin is not positive for those who are keen on privacy – they feel that you should not take the risks that come from your financial status being publically available. The reason for this is that there is a high probability that you will be targeted by hackers, as it’s not hard for them to trace the information back and discover your real identity, which can obviously have serious real-life consequences.
If you want to trade Bitcoin safely, it’s better to start looking at how to trade Bitcoin privately and make sure that your funds are properly protected.
How to trade Bitcoin privately in 2020 – The Ultimate Guide
How to trade cryptocurrency anonymously: No-KYC exchanges
The first thing you learn about how to trade Bitcoin is pretty simple – it’s that you do it on a crypto exchange.
There are many types of exchanges but you can break them down into two categories, ones that require KYC (know your customer) information and ones that don’t. KYC is the policy that asks users to show evidence of their identity. This might come in the form of an identity card or passport, you may have to provide a picture of yourself, Resident Evidence and/or Financial Evidence. Financial institutions conduct the KYC process to keep a record of those using their services and thus discourage fraudsters or money launderers. As a consequence, users’ information is collected and stored on-site and is therefore vulnerable to cyberattacks.
Crypto exchanges without KYC requirements, also known as no-KYC exchanges, do not ask for that evidence. You just need an email to sign-up an account, then you can deposit some funds and start trading assets. As a result, you do not need to trust the exchange with your true identity as it won’t be stored anywhere.
Best no-KYC exchanges
Changelly.com, Shapeshift.io, and Changenow.io are all worth considering.
No KYC required: It’s easy to trade, deposit and withdraw on these exchanges.
Fewer payment methods: You can only buy Bitcoin via Altcoins or Visa/Mastercard; other payment methods are not accepted. Due to this inconvenience, many users want to know how to sell Bitcoin for cash.
How to sell Bitcoin for USD: Peer-to-peer (P2P) platforms
Peer-to-peer (P2P) platforms are a marketplace where the buyers meet the sellers and make deals.
This way, the platform plays the role of a third party for buyers and sellers and it makes its revenue from charging fees.
Some popular P2P platforms have a wide range of users from all over the world, so you can easily find a partner from your country who may accept a cash payment. This method will enable you to sell Bitcoin in exchange for fiat currency, which makes the transaction untraceable.
Best P2P platforms
LocalBitcoins.com and LocalCryptos.com are the most popular platforms.
LocalBitcoins is a Finnish company that was established in 2012. LocalCryptos (formerly LocalEthereums) started its business in 2017. These platforms have stood the test of time and have accrued many loyal customers.
- Diversified payment methods: Wire transfers, credit cards, cash, and coins are accepted on P2P platforms. You can choose any of them and easily make a payment.
- Safety: There is a rating system to grade buyers and sellers, so you can rate your experience and help fellow users with your reviews.
- Competitive prices. Sellers come from many countries and there are a variety of prices for you to choose from. It’s easy to find an affordable price with conditions that suit.
- The platform is only a third party – you must deal with the partner yourself.
- Although there is a rating system, users can still be scammed.
- High fees: Sellers need to pay extra fees for the P2P platform, meaning that the overall price is sometimes higher than the going market rate.
How to trade Bitcoin privately: Anonymous cryptocurrency wallets
The purpose of anonymous cryptocurrency wallets is to send and buy crypto anonymously. Unlike regular crypto wallets, anonymous ones break the link between Bitcoin addresses. Hence, you can obscure your transaction details and protect your personal data.
An anonymous crypto wallet is best suited for trading Bitcoin person-to-person. The process is simple: you buy Bitcoin with cash and the seller sends you coins through a private wallet. As a result, the transaction is obscured and no one can see there was a trade between the two addresses.
Best cryptocurrency wallet
If you are looking for the best cryptocurrency wallet right now, the Incognito Wallet is definitely worth considering.
The Incognito wallet turns your coins into privacy versions of your assets that can be stored or sent without anyone knowing. It only takes one tap to switch Bitcoin (BTC) into privacy Bitcoin (pBTC) at a conversion rate of 1:1, and another tap will switch it back to being regular BTC.
Another benefit is that the Incognito Wallet is totally free and optimized for mobile, so you can trade crypto on your phone wherever you have an internet connection.
Learn more at https://incognito.org/
- Complete anonymity: This kind of crypto wallet guarantees your privacy and takes care of your data. You won’t become the target of hackers when transacting money on the Internet.
- No extra fees: As previously mentioned, you don’t need to pay anything for using the Incognito Wallet. Therefore, you can buy Bitcoin at an affordable price.
- Convenience: You can carry your crypto wallet everywhere and make transactions at any time.
- The truth is that anonymous crypto wallets are relatively new to the game and aren’t as popular yet as normal wallets, so your usual trading partners might not have one yet.
How to sell Bitcoin for cash: Bitcoin ATMs
It would be wrong to talk about how to trade Bitcoin for cash without mentioning Bitcoin ATMs. These machines allow you to purchase Bitcoin using fiat currency and there are also two-way Bitcoin ATMs, where you can sell your Bitcoin for cash.
In addition, some of these machines don’t require the KYC process – which means you can trade for BTC or cash without ever revealing your identity.
Best Bitcoin ATMs near you
If you want to find your closest Bitcoin ATM, just check out CoinATMradar for all nearby available options.
Cash payments: Bitcoin ATMs accept cash, making it the easiest way to buy and sell Bitcoin.
- High fees: These machines charge between 7-10% for each purchase. In short, the more you trade, the more you’ll have to pay.
- In order to follow financial regulations, Bitcoin ATMs in many countries now require KYC identification. As a consequence, you will need to risk your privacy if you use one.
- Uneven distribution: You can find many Bitcoin ATMs in the US, but in the rest of the world it can be a bit of lottery.
How to trade Bitcoin privately: Useful tips
Always use privacy browsers
Privacy browsers such as Tor or Brave (which is also a blockchain project) not only block ads but also protect your web browsing history. As they don’t store your data, they are a useful tool for obscuring your identity online.
Keep your information to yourself
There are many methods and tools you can use to defend your privacy, but they are useless if you publicize any of your financial information yourself. Never broadcast your wallet address or financial status on social networks without a very good reason to do so.
Do your homework
The technology field is constantly growing, so while there are new ways of preserving privacy coming up all the time, older tricks might become redundant. Always keep up to date with the crypto sphere and find out how to trade bitcoin privately to protect yourself at any time.
Our final thoughts regarding how to trade Bitcoin privately in 2020
As we have detailed throughout this article, privacy is an important part of keeping safe online and removing yourself from the line of fire when it comes to cyberattacks.
Trading Bitcoin in any sort of quantity on a public exchange will result in your details being publicly and immutably recorded, and that’s a danger. We highly recommend using at least one of the methods listed to stay safe if you’re wondering how to trade bitcoin and other cryptocurrencies privately. Good luck out there.
As cryptocurrency and the blockchain industry becomes more widely adopted, many people are wondering ‘is bitcoin safe?’ or ‘how safe is cryptocurrency?’. This article has answers to those questions.
Is cryptocurrency safe?
As there are so many different ones, it depends. In order to find out whether a particular cryptocurrency is safe or not, you should first understand its features.
There are many kinds of cryptocurrencies in the world, but we will take Bitcoin as an example, as it was the first coin and is arguably the most important currency in the field.
So let’s learn about the characteristics of Bitcoin.
As designed by Satoshi Nakamoto (Bitcoin’s creator), all Bitcoin transactions are publicly stored on the network’s ledger. That means that anyone can view all the information regarding a particular transaction, including the addresses of the sender and recipient and how much Bitcoin was transferred.
This is what we call the transparency of Bitcoin.
Thanks to this feature, bitcoin is considered the currency of the new era, allowing transfers to be borderless, fast and low cost. However, as you may imagine, transparency also has its downsides, making users keep asking ‘Is bitcoin safe?’
Bitcoin’s public ledger shows all the links between every address on the blockchain. This means that anyone can track a single transaction and trace it back to its source. Basically, there’s nowhere to hide on the Bitcoin blockchain.
The traceability of Bitcoin does have some benefits, though. For example, it makes money laundering very difficult because all coins are traceable and all the links between addresses are public.
However, traceability does mean risk for normal people. If you are targeted by a bad guy, they can easily trace your transactions and figure out your real identity. This is why we continue to ask “Is bitcoin safe?”.
Let’s find out in the next section.
How safe is Bitcoin?
In order to assess the safety of Bitcoin, we have to consider many different aspects, including how to use, invest and trade it.
Is Bitcoin safe to use?
The answer is “for sure”.
Bitcoin is safe to use and has arguably been the most secure cryptocurrency in the field for over 10 years.
The Bitcoin blockchain uses a Proof-of-Work (POW) consensus algorithm, making it a distributed network that has no center. This makes it very difficult to attack or manipulate. As a result, using Bitcoin is totally safe.
Is Bitcoin safe for investing?
This is one of the most difficult questions to answer.
For the risk-averse among us, Bitcoin’s volatility (its ability to fluctuate quite wildly in just a few minutes) does not make it a safe long-term investment. You could apply this logic to many cryptocurrencies, though, and it’s understandable as people don’t want their assets to drop thousands of dollars in the blink of an eye.
However, for those with a high degree of risk tolerance or a belief in the ‘high-risk high return’ mantra, Bitcoin is an attractive investment option. The statistics don’t lie – many people have made a lot of money from Bitcoin and it’s certainly one of the most profitable assets of the last decade. To illustrate, $1 of bitcoin purchased in March 2010 is worth $2.367 million today.
So, is bitcoin a safe investment? As we’ve seen, that depends on your perspective.
Is Bitcoin safe to trade?
This is easier to answer – no, not really.
It’s not safe enough for you to trade, send or receive Bitcoin without any additional safeguards in place. As previously explained, the traceability between every address isn’t ideal for your privacy. Anyone can track your activity on the
Bitcoin blockchain and you really don’t want people to know how much Bitcoin you have, where you send your coins or the origin of your assets.
If you don’t mind publicizing your identity and forgoing your privacy, then you might consider Bitcoin safe to trade. In any case, it’s easy to send and receive bitcoin across borderless and for a relatively low cost.
On the other hand, if privacy is your top concern, you better find some ways to obscure your transactions.
How to trade Bitcoin confidentially
If you still cannot find a clear answer for “Is bitcoin safe’, you can answer this question by looking for other solutions guaranteeing your safety. There are many ways to send and buy crypto anonymously. Some are free while others aren’t, but you’ll find the best fit for you in this list below.
An Anonymous Bitcoin Wallet App
Obscuring crypto transactions is the main purpose of anonymous bitcoin wallet apps. With one, you can send and receive cryptocurrencies without anyone ever being able to see any details of the sender, receiver or how much was involved.
The Incognito Wallet is the one that you should consider. You don’t need to ask yourself ‘is bitcoin safe?’ anymore. This wallet turns all your favorite coins, including BTC, into a privacy version at a rate of 1:1. One-click turns your Bitcoin (BTC) into privacy Bitcoin (pBTC) that hides all the information we mentioned previously, and another click switches it back to its original public format.
The Incognito Wallet is both user-friendly and technologically innovative. You can store your assets, send and receive your coins without worrying about anyone tracing them back and finding out your identity. As a result, it protects your funds from prying eyes that might otherwise target your account.
Anonymous Cryptocurrency Exchanges without KYC Verification
In many countries around the world, such as the US, Canada, the UK, New Zealand, and Australia, KYC (a.k.a Know Your Customer) laws and regulations aim to prevent criminals from using banks or other financial institutions for money laundering.
As cryptocurrency has become an established financial market, the KYC policy also now applies to many crypto exchanges. This means users must submit information to verify their real identity, providing their location and financial evidence in order to withdraw money from these exchanges.
It may not harm your funds, but it’s not ideal for your privacy. Many people don’t want to volunteer this information and have it stored by an exchange, as they’re worried about the information either being leaked or hacked.
As a result, many users seek anonymous cryptocurrency exchanges that do not require KYC verification. It is the answer for “Is bitcoin safe’ question. On these exchanges, you can create an account with just an email address and no further information that will reveal your identity, so users can trade bitcoin confidentially.
If this sounds like your sort of thing, ShapeShift and Changelly are good options to try.
Bitcoin ATMs in your area
Bitcoin ATMs are physical machines that accept your fiat currency and in exchange send you Bitcoin directly to your chosen wallet address (or you can generate a new paper address of course).
There are also 2-Way Bitcoin ATMs that accept your Bitcoin in exchange for cash. So generally, you can buy and sell Bitcoin through these machines without the need for a crypto exchange account.
Unfortunately, many Bitcoin ATMs nowadays require KYC information but you can still find anonymous ones that allow purchases without the need for it. Bitcoin ATM is another answer for your perplexing question is bitcoin safe.
If you don’t know where your closest Bitcoin ATM is, take a look at the map on https://coinatmradar.com/ and find out.
Final thoughts on “Is Bitcoin safe?”
How safe Bitcoin is depends on the purpose you’re using it for. If you just use Bitcoin as a form of payment in your everyday life, it’s safe enough. If you want to invest in Bitcoin (and other crypto-assets), you really should analyze the profit versus the risk. Don’t make any investments before doing your own research.
Finally, if you want to trade Bitcoin privately, you should find a way to send coins anonymously and it’s worth giving the Incognito Wallet a try. It will surprise you with its great features and functions. If you were wondering “is Bitcoin safe”, hope you’ve known the answer now.
Since Bitcoin doesn’t guarantee anonymity or privacy, users started seeking ways to keep transactions anonymous. In response, privacy coins, a different class of cryptocurrency, were introduced.
What are privacy coins?
By design, privacy coins operate on the same blockchain technology as other cryptocurrencies like Bitcoin. However, they also provide users with anonymity by obscuring some information about the transactions. This privacy-focused function was created by utilizing high-encryption techniques and mixing technology.
So is Bitcoin safe? How is privacy coin more private than Bitcoin?
Bitcoin transactions are recorded on an open public ledger, allowing anyone to see the addresses of the senders and receivers. Even though the transaction details don’t contain anyone’s identity directly, it’s possible to link addresses with people, especially when it comes to liquidating funds with a licensed exchange. Privacy coins, on the other hand, hide information about the senders, receivers and wallet activity through various methods – this obviously makes it a safer option.
Why should you use privacy coins?
Untraceable crypto transactions are often stereotyped as being linked with criminal activity, but there are many legitimate reasons to protect your privacy.
First of all, payment using privacy coins prevent your identity from being tracked or revealed by hackers, since there is nothing to link any transaction to you. Secondly, if you’re an investor and don’t want your personal interests or financial status to be revealed through investment details, privacy cryptocurrency is what you should try out. Last but absolutely not least, privacy cryptocurrency brings you peace of mind when transacting, making a payment or purchasing goods. Once your wallet activity is obscured and your identity is masked, you no longer need to worry about any security threats that may have occurred otherwise.
Top 3 best privacy coins
Market demand has encouraged many teams to step up and create anonymity-oriented tokens that follow different protocols. Here, our top privacy coins list consists of 3 of the most reputable names: Monero, ZCash and Dash.
1. Monero (XMR)
As the most well-known privacy coin on the market, Monero’s transaction sources and destinations are untraceable. It protects user privacy by using the CryptoNight Proof-of-Work protocol, which utilizes stealth addresses, ring signatures and Ring Confidential Transactions to obfuscate the ledger of transactions.
For additional privacy, Monero also employs a splitting mechanism, which divides each full transaction into smaller amounts and sends them as a subset of separate transactions adding up to the initial one.
However, Monero was the most popular cryptocurrency used on the dark market, among web drug dealers and hackers. As a result, its reputation has been somewhat tainted by its association with illegal acts and garners a lot of scrutiny from the authorities.
2. ZCash (ZEC)
ZCash was created as an alternative to Bitcoin and claims to enhance privacy without giving up compliance with the law. Unlike Monero, private transactions are not compulsory when using ZCash. Instead, there are two types of transactions: one that happens on the public ledger with a transparent wallet address, and another one that obscures transaction details with a “shielded” address. The technology behind this mechanism is Zero-Knowledge Succinct Non-Interactive Argument of Knowledge (or zk-SNARK) and a Zero-Knowledge Security Layer (ZSL).
ZCash’s semi-transparency allows users to display a small division of data belonging to any transaction so as to verify payments while masking critical information such as personal identities of the sender and receiver. This feature, however, exposes users to privacy issues when trading between fiat and ZEC on cryptocurrency exchanges, where KYC controls are still applied.
3. Dash (DASH)
Dash isn’t solely a privacy-focused cryptocurrency, instead, it offers privacy protection for transactions as an option for users. This means addresses and transactions are all viewable on the public Dash blockchain. To preserve anonymity, users can choose the PrivateSend feature to obfuscate transaction details.
Its mixing mechanism is the underlying technology of this network. Dash Masternodes take the coins from your transaction and mix them with multiple coins being sent on the network. As a result, a series of grouped payments is made at the same time, making it impossible to trace the input and output of each transaction.
The top privacy coins list continues with many names to choose from such as Verge (VGX), ZCoin (XZC) TeleCoin (TELE).
Turn any cryptocurrency into privacy coins
Although the aforementioned privacy coins offer a relatively high level of anonymity, mainstream users may not be able to access them or understand exactly how to use them. That’s when Incognito, a different sort of privacy project, comes into the picture.
Incognito offers not only a privacy coin, but also a decentralized platform for any cryptocurrency to become its own privacy coin. If you’re looking for a way to send and buy crypto anonymously, this is the app you need.
Incognito is designed as a sidechain for privacy coins, which connects to other blockchains like Bitcoin, Ethereum and Binance via a trustless portal. With the utilization of smart contracts and trustless custodians, the platform facilitates two-way transfers of crypto assets and issues privacy coins at a rate of 1:1. All transaction details stored on the Incognito blockchain are confidential and do not appear on the public ledger unless they are transferred back to their original blockchain. Therefore, users have full control of their personal data and assets, allowing them to send, receive and store any cryptocurrency in complete anonymity.
The future trend of privacy coins
Even though privacy coins are a controversial topic around the world, there is an increasing demand for this class of cryptocurrency. While some people may see them as a tool for criminal activity, their benefits in legitimate situations are undeniable. In years to come, current privacy crypto projects will need to achieve further advancements to live up to investors’ expectations.
For crypto newbies, finding out how to securely store digital assets can be a bit learning curve. This article will help you discover the best crypto wallets available on the market.
Unlike with fiat currencies, the concept of cryptocurrencies reinforces the transparency of transactions and eliminates the role of third-parties. Hence, keeping crypto assets safe is also different from how we secure other assets. There are several forms of crypto wallets that we’ll look at and they cater to various needs including security, convenience and anonymity.
Different types of cryptocurrency wallets
Crypto wallets are classified into two categories:
Online (“hot”) wallets store your private key online or on devices when connected to the Internet via digital platforms such as software, mobile apps or websites.
Offline (“cold”) wallets, on the other hand, store the private key completely offline on paper or hardware devices like a password-protected USB or encrypted cold storage devices.
Each type of wallet has its pros and cons. While offline wallets keep your assets away from hackers, online or “hot” wallets are more flexible and easier for daily use. Thus, it is highly recommended for crypto holders to use both types of wallets, depending on the situation.
Let’s take a look at the best crypto wallets that you can download, install and start using right away.
Best crypto wallets for beginners
1. Web: Coinbase
Coinbase is one of the best crypto wallets for selling, buying and holding cryptocurrencies. It is highly secure and super easy to use. If you’re based in the US, you can connect the wallet to your bank account to buy and sell coins directly, which is a service rarely seen from crypto wallets.
In addition to Bitcoin, Coinbase currently supports Bitcoin Cash, Ethereum and Litecoin. As things stand, more coins are being added to the list.
However, Coinbase is not a top choice for privacy-conscious users. In order to get its licenses from the US government, Coinbase has to adhere to KYC regulations on cryptocurrency, therefore users’ identities are stored and may be at risk.
2. Desktop: Exodus
Though Exodus is a relatively new software wallet in the crypto sphere, it’s high up in the list of best crypto wallets. It’s beginner-friendly and able to work on various operating systems such as MacOS, Windows and Linux.
Exodus wallet supports the storage and trading of multiple cryptocurrencies including Bitcoin, Ethereum, Litecoins and Dash, through a handy and intuitive interface. The innovation of Exodus is that it has a built-in shapeshift exchange that allows users to trade altcoins for bitcoins and vice versa without leaving the software.
There is no account set up so you can have full ownership of your currency and wallet. Despite not having a password-protected layer, Exodus does include private key encryption and other useful security tools to keep your crypto assets safe. Therefore, Exodus is seen as the best cryptocurrency wallet for desktop users.
3. Mobile: Incognito
If you’re looking for a privacy-oriented crypto wallet or a way to send and buy crypto anonymously, this application comes highly recommended.
Incognito Wallet offers an “Incognito mode” for your crypto transactions by turning coins and tokens into a privacy version. By doing so, Incognito gives you full control of your personal data and assets. As a result, you can send, receive and store Bitcoin in complete anonymity.
Functioning as a sidechain for privacy coins, Incognito connects to the Bitcoin blockchain via a trustless portal. Thus, Bitcoin users can get privacy bitcoins (or other cryptocurrencies) issued at a rate of 1:1 on the Incognito chain, through the utilization of smart contracts and trustless custodians. These privacy coins can also be switched back to normal coins in just one tap, without involving any third party.
When you turn on “Incognito mode” for your crypto assets, no one can see your balance or the details of any transaction – that’s why Incognito is one of the best crypto wallets to try in 2020.
4. Paper: Bitcoinpaperwallet.com
A paper wallet is basically a document that contains a public address and a private key printed out in the form of text and QR-codes. To make a transaction, you just need to scan the QR-codes and add the keys to a software wallet.
Paper wallets can be generated for free using an online service like Bitcoinpaperwallet.com. On this site, you can also order a tamper-proof design or holographic labels to add an extra layer of security to the wallet.
As mentioned earlier, the main advantage of paper wallets is keeping your assets offline and away from the dangers of the Internet. Therefore, this is the best crypto wallet for those who are not tech-enthusiast. However, if the document is lost or stolen, your funds will more than likely be gone forever.
5. Hardware: Ledger Nano X
Hardware wallets are believed to be the most secure way of storing any amount of cryptocurrency and are especially useful for long-term investments. Unlike paper wallets, which must be imported to a software wallet at some point, hardware storage devices can be connected to electronic devices quite easily.
Ledger Nano X is one of the best crypto wallets in the form of a hardware device. It supports more than 100 wallets at a time, allowing users to hold millions of different addresses created from these wallets.
Moreover, Nano X is able to connect with any iOS or Android device thanks to the unique Bluetooth connectivity. Users won’t need to worry about the security vulnerabilities of this feature since the Bluetooth connection is end-to-end encrypted and each user’s private keys are stored on a secure chip.
For additional privacy when using your wallet, mask your ISP with a paid VPN.
How to keep your crypto wallet secure
Security is one of the major concerns among crypto users. However, the level of safety merely depends on the type of wallet you use. Even the best crypto wallets might have some security risks. For instance, online wallets are more vulnerable as they might expose users to the risk of hackers who are looking to steal their assets. Therefore, some safety measures should be taken in order to keep your wallet away from the threat of security issues.
- Backup your wallet: Store only a small amount of cryptocurrency in your “hot” wallets and keep the majority of your funds in a safer place. Cold or offline wallets like a Ledger Nano or paper wallet will protect your assets against hackers or computer/server failure.
- Update your software: Keep your software and mobile wallets up-to-date with the latest security improvements so as to avoid safety issues.
- Add extra security layers: Start with something as simple as setting long and complex passwords for your wallet and any withdrawal made. Using wallets that provide extra security layers like two-factor authentication or PIN code is also a good idea. In addition, you may want to consider trying multi-signature wallets that require the permission of another user before a transaction can be made.
Choosing a suitable crypto wallet is an essential task when stepping into the crypto field as the type of wallet you use determines how your crypto assets are stored and traded. Although there is a variety of wallets available on the market, the options mentioned in this article are the best crypto wallets available and as we’ve seen, meet different storage requirements. In any case, make sure that you consider the information provided and apply it to your specific requirements when selecting a cryptocurrency wallet.
It’s a well-known fact that cryptocurrencies can be easily tracked if you know where to look. Thus, users are turning to anonymous cryptocurrency to seek more privacy.
While this is useful for increasing the scope of government regulation and for malicious actors looking to get their hands on your money, the lack of privacy is a striking risk of cryptocurrency use for many people. When your personal information and the details of your transactions are open to the public, handling your finances can feel a lot less secure than you’d hope. For many people, adding the option to trade privately and, for example, send and buy crypto anonymously, would clear most of the remaining hurdles to blockchain and crypto mass adoption.
Search “anonymous cryptocurrency” online, and you’re likely to find references condemning crypto for the supposed “illegal activity” that cryptocurrency enables. This supposition, while once true, is far less so now due to the ease with which one can find the details of almost any cryptocurrency transaction. But private, anonymous cryptocurrency has numerous positive uses that regular people need access to if we want to see cryptocurrency and blockchain technology live up to its full potential. Here are the top 5 benefits of anonymous cryptocurrency, and how you can take advantage of them.
Benefits of anonymous cryptocurrencies
1. Anti-theft security
Currently, there is no totally anonymous cryptocurrency. So, if you haven’t taken the necessary steps to be able to send bitcoin anonymously (described at the end of the article), then anyone can see where your transactions are going. Even if you use an encrypted address, or multiple addresses, patterns still emerge enough to tip off anyone paying attention. Hackers can gain access to your funds, or worse, figure out your real-world identity and harass you in-person. Cryptocurrency promised to solve problems like scams and theft, but it can only do so with anonymous cryptocurrency transactions. Once there is nothing to link a transaction to you, and all details of the transaction are inaccessible to anyone but you, then cryptocurrency will be the safest payment option.
2. Workplace confidentiality (and legal compliance)
Whether you’re an employer or an employee, there are numerous reasons to transact privately. In many places, it is illegal to reveal employee salaries, making anonymity a must for crypto salaries. Sales ledgers, budgets and expenses, and other sensitive company information require care, so crypto privacy would allow for businesses to use cryptocurrency on a large scale while increasing, rather than compromising, their security and legality.
3. Investor confidence
Privacy for investors is akin to a helmet for a bicyclist. Without it, you feel vulnerable. Where and how people invest their money can reveal proprietary strategies, personal interests, and financial status. Whether you’re a casual investor or full-time, privacy is a must. That’s why you should consider using anonymous cryptocurrency for your business.
4. Identity theft and tax fraud protection
With today’s most popular electronic transaction methods, namely credit and debit cards, comes a level of vulnerability we’ve become accustomed to overlooking. Identity theft affects millions each year, and is made possible by the transaction data and personal information stolen by people perusing your purchases. Cryptocurrency alone has this same problem, but also the potential to solve it. Fraud and theft become a truly unthinkable occurrence when we make use of the tool that is anonymous cryptocurrency.
5. Peace of mind
The final benefit, and the one which you’ll experience most regularly when sending bitcoin or other cryptocurrencies anonymously, is peace of mind. You no longer need to worry about any of the above occurrences, and have access to a plethora of other benefits as well. Imagine, for example, you want to delight your spouse with a surprise birthday party. However, you have a joint bank account and they are alerted to all transactions, including any preparations you’d make for the party. This normally helpful feature unintentionally becomes a burden in an otherwise wholesome scenario. What do you do? When anonymous cryptocurrency is the norm, your supplies and gifts can be purchased anonymously, and your surprise is a smashing success.
An alternative for vulnerable anonymous cryptocurrencies
All of this sounds great, but if all cryptocurrency is vulnerable, is this just wishful thinking?
Not at all! Privacy solutions for anonymous cryptocurrency are available to anyone and everyone, most of them for free!
The best way to get complete privacy for your cryptocurrency is to use best crypto wallets that enhance your privacy.
Incognito Wallet: A privacy-focus crypto wallet
There are several options, but none of them are quite as good as Incognito Wallet. The Incognito Wallet essentially enables you to toggle incognito mode for all of your cryptocurrencies. It’s not just the best bitcoin wallet, but the best wallet for any crypto you hold.
All transactions are shielded by turning your crypto into privacy coins with a 1:1 value ratio. You can turn your bitcoin into privacy bitcoin (pBTC) worth the exact amount as bitcoin and able to be used the same way, but entirely private and untraceable. No personal information is accessible, and any transaction details are only available to you. Then, when you don’t need anonymity, you can just revert the coins to their regular state with the push of a button. It’s the perfect solution.
As the most anonymous cryptocurrency app, Incognito has been implemented with hundreds of crypto coins, and more are constantly being added. If you value your privacy, check it out at incognito.org.
Choosing a good crypto wallet to send bitcoin is never an easy task. This article will help to figure out the best Bitcoin wallet app for you.
Why should you use the best bitcoin wallet app to send bitcoin?
Many users imagine that a bitcoin wallet is the same as a physical wallet. However, a digital asset wallet is more than just a ‘wallet’. It’s not only storing your funds but also the tool to send and receive your coins.
Furthermore, some multi-function wallets provide you with so many activities for your crypto assets, such as staking POS coins, trading, and even lending. In this way, your wallet becomes a bank account, asset management service, and a device to connect you to the rest of the crypto-verse.
Clearly, you shouldn’t use a low-security wallet to store your funds, or a non-transparent wallet to receive and send bitcoin. If you want to trade coins instantly, access assets from anywhere, and protect your personal data, using a wallet from a brand new provider without a strong reputation is not ideal.
With this in mind, a bitcoin wallet of your choice must be the best existing wallet on the market.
If privacy is your concern, you must use the best anonymous Bitcoin wallet app.
If functions are your priority, the best multi-feature Bitcoin wallet app is a good choice.
In short, your purpose determines the best app to use. As a rule, always choose the best Bitcoin wallet app to protect your funds and optimize the usability of your crypto assets.
In the next section, let’s figure out the best fit for your selection criteria.
The Best Bitcoin Wallet App in 2020
Before starting the list of the best Bitcoin wallet apps, we have to agree that there is no perfect Bitcoin wallet. Every wallet has its own pros and cons, and sometimes one’s disadvantage is another’s advantage.
You must weigh the important criteria and be selective about the best crypto wallet for your specific circumstances. Below, I’ll suggest different criteria and the best option for each one.
Best crypto wallet app to use online: Trust Wallet
Owned by Binance Exchange, which is considered one of the most popular crypto exchanges nowadays, Trust Wallet is the multi-function wallet that you are looking for.
It’s a software wallet that you can access from many devices, such as desktops, tablets, and mobile phones. The wallet is a good choice if you want a digital asset wallet to trade instantly, transact coins with low fees and high speeds, or have access to a dApp explorer.
Best fit for:
Trust Wallet is the best Bitcoin wallet app for those who want to explore the colorful variety of the crypto-verse. Due to its flexibility, you can access your favorite coins (Bitcoin, anonymous cryptocurrencies, non-anonymous cryptocurrencies) and tokens wherever you go, whenever you want.
Not suitable for:
Trust Wallet isn’t ideal for those who are concerned about privacy and security. You must trust the wallet provider to not track down your transactions and identity.
And that is the reason why you should find a wallet that helps you to obscure your transaction history.
Best app to send and buy crypto anonymously (especially Bitcoin): Incognito Wallet
Based on the idea of incognito mode, the Incognito project aims to build privacy sidechains for every blockchain. One of their products – The Incognito Wallet – is designed to turn all your coins and tokens into a privacy version. For instance, your bitcoin can be easily swapped to privacy bitcoin (pBTC) and then you can transact it without anyone knowing, in complete anonymity. It’s also just one click to switch pBTC to regular bitcoin and use them as usual.
Although sending Bitcoin anonymously is the most outstanding advantage, Incognito Wallet still has other awesome features such as staking coins, issuing your own privacy token, and a pDEX exchange.
Best fit for:
Incognito Wallet is the best choice if privacy is your priority. If you want to receive and send bitcoin confidentially, this wallet is worth considering.
Not suitable for:
The idea of the anonymous crypto wallet is new in the crypto space. Incognito Wallet is not really suitable for those who don’t accept new things and are used to their old wallets.
Best Bitcoin app for Android: Mycelium Bitcoin Wallet
Mycelium is the most popular Bitcoin wallet app for Android. It allows users to send and receive bitcoin and keep complete control over their assets.
The wallet has strong protection methods such as cold storage and encrypted PDF backups, allowing you to protect your funds from cyber risks. Mycelium Wallet also has a local trading marketplace for you to buy and sell bitcoin in-app.
Best fit for:
This wallet is the first call if you are looking for a high-security wallet app. Thanks to its various protection methods, the wallet enables many security layers for you to choose from
Users can secure the wallet with a PIN, watch-only addresses, and a private key imported for secure cold-storage integration.
Not suitable for:
High security is the advantage and also the disadvantage for this wallet. Beginners who are new to cryptocurrency may find it difficult to set up the wallet and enable all the security functions.
Best Bitcoin app for iPhone: Bread Wallet
Bread Wallet is a digital Bitcoin wallet available as an application for iPhone and iPad. Its friendly interface allows beginners and non-technical users to operate it easily.
No signup is required and Bread connects directly to blockchain networks, not the wallet’s servers. As a result, you are in total control of your coins.
Trusted by 2 million users in over 170 countries, Bread Wallet has been long considered as one of the most popular Bitcoin apps on the market.
Best fit for:
This Bitcoin wallet app is the best suited for beginners and non-technical users. Getting started and creating an account is very simple without KYC requirements. Bread Wallet also provides users with the ability to buy coins directly.
In short, it’s the best tool to get started in the crypto sphere.
Not suitable for:
Bread Wallet focuses on Bitcoin and some main cryptocurrencies. It doesn’t support a wide range of altcoins as many other wallets do.
Best Bitcoin wallet app in the USA: Coinbase Wallet
California-based company Coinbase is one of the most reputable blockchain firms in the USA. Its exchange platform gets licenses from the USA watchdog, which is considered a very hard task.
Therefore, the Coinbase Wallet is believed to be one of the best high-security and trustworthy wallets on the market these days. If you are a US citizen, you can buy and sell coins directly with your bank account, which is not usually seen in many crypto assets wallets.
Best fit for:
This wallet should be the first choice for US citizens. You can connect your bank account and credit card to the wallet in order to trade coins directly. Coinbase Wallet is also a user-friendly and highly secured platform for beginners.
Not suitable for:
Coinbase is not suitable for those who take privacy as their concern. Because it’s a US-based firm, the company must report to the US government. It may not harm your funds at all, but your identity is being tracked and you have no privacy in front of the watchdog’s eyes.
Best Bitcoin wallet apps: Other top picks
Blockchain.com is a familiar name in the cryptocurrency world. With a good reputation, Blockchain Wallet has become a favorite choice of many users.
Blockchain Wallet helps you to create a unique digital assets wallet because it is non-custodial. This means that only you hold the private keys that control access to your crypto. The app also has exceptional security, preventing your information from prying eyes.
Cobo Wallet mainly focuses on the staking feature. It supports staking for many POS coins such as TRON (TRX), Tezos (XTZ), Vechain Thor (VET), NEO (NEO) and others. The wallet also provides you with masternode voting, which is necessary for POS holders.
In short, Cobo is an all-in-one crypto wallet app for you to use and invest in digital assets, especially for POS coins.
Final thoughts on the “Best Bitcoin Wallet App”:
Choosing the right Bitcoin wallet means choosing the right path to get into the crypto space. A good and suitable crypto wallet app will help you optimize the usability of your digital assets.
With this in mind, whichever wallet you use, it must be the best fit for you. Whether you choose high security or privacy-preserving features for your Bitcoin wallet app depends on your priorities and criteria.
Finally, you should not just rely on the security mechanism of the wallet itself. Self-protection is never outdated on the chaotic Internet.
If you’re looking for a way to hold and trade Bitcoin privately, then this is the article for you! Here are the 5 best anonymous Bitcoin wallets and the reasons why they are must-try options.
Why you should use untraceable Bitcoin wallets
As you may know, Bitcoin transactions are merely pseudonymous rather than anonymous. Users’ identities are required for KYC authentication, and as they are recorded and stored online, they’re always a target for hackers. While other privacy methods for crypto-asset transfers certainly have downsides, anonymous bitcoin wallets could be the solution we’re all looking for.
Which are the best anonymous bitcoin wallets for you?
Ledger Nano X – Hardware wallet
If you intend to acquire and hold crypto as a long-term investment, a hardware wallet is an essential purchase for storing your assets anonymously. Hardware wallets keep your cryptocurrencies offline and away from the security issues of the Internet.
With outstanding features, the Ledger Nano X, a newly launched product of Ledger SAS, is very high up on the list of the best bitcoin wallet app wallets giving you the totally anonymous experience.
As the successor to the Ledger Nano S, the Nano X boasts several improved features and provides excellent value for money. It is the first hardware wallet to have Bluetooth connectivity, making it easy to pair with any iOS or Android device. Some Bitcoin experts have claimed that this feature may be a security weak point, however, Ledger’s development team claims that the Bluetooth connection is encrypted and so the private keys are safely stored in a certified secure element.
The Nano X supports over 100 wallets at a time, which means you can have millions of unique addresses generated from these wallets.
To use Nano X as an untraceable Bitcoin wallet, you’ll need to obscure your ISP using a VPN.
Bitcoinpaperwallet.com – Paper wallet
The concept of a paper wallet comes from the idea that storing your private and public key as a physical object offline is the simplest and safest option. Even if the paper wallet is stolen or lost, the owner’s identity is safe and cannot be tracked.
Bitcoinpaperwallet.com provides users with an effortless, yet secure, long-term Bitcoin storage solution. By printing out your own tamper-proof bitcoin wallet and generating your own addresses, you will not be at risk from hackers and your identity will be kept secret.
With a tri-fold template, all sensitive details including the private key and QR code are folded up and securely taped in order to stay hidden. For additional security, you can seal your wallets with tamper-evident serialized hologram stickers, which will destroy themselves when removed, preventing stickers from being replaced with new ones.
Paper wallets generated by Bitcoinpaperwallet.com are the best anonymous bitcoin wallets choice for people who want crypto assets but are not tech-savvy.
Electrum on Tails operating system – Software wallet
Although there are hundreds of software wallets available, Electrum is one of the oldest and most established bitcoin wallets on the market. You can download it for free as well as use it on Windows, iOS and Linux.
Electrum provides you with a password seed, which allows you to recover your assets if the private key is lost. As a self-hosted wallet, you have full ownership of your private keys all the time.
Electrum is not an anonymous crypto wallet by default, however, you can keep your transactions untraceable if you use the Electrum wallet on the Tails operating system.
So what exactly is Tails?
In their own words: “Tails is a live system that aims to preserve your privacy and anonymity. It helps you to use the Internet anonymously and circumvent censorship almost anywhere you go and on any computer but leaving no trace unless you ask it to explicitly.”
Electrum is an option worth trying if you are looking for one of the best anonymous bitcoin wallets for your laptop or PC.
Samourai wallet – Mobile wall
Samourai wallet is one of the best anonymous bitcoin wallets to keep your transactions private, your identity masked, and your funds secure.
The developer team of Samourai is deeply committed to creating privacy for Bitcoin transactions, as they state in their introduction:
“We are privacy activists who have dedicated our lives to creating the software that Silicon Valley will never build, the regulators will never allow, and the VC’s will never invest in. We build the software that Bitcoin deserves.”
The Samourai mobile app has robust features that guarantee a high level of anonymity for users when transacting Bitcoin:
- No Address Reuse: Samourai is an HD wallet that alerts you when an address has been used before, helping to avoid unintentional address reuse.
- Protection with STONEWALL: STONEWALL enables Samourai’s transactions to generate higher entropy than normal Bitcoin transactions; as they resemble CoinJoin transactions on the blockchain, they are more complicated to analyze.
- Tor & VPN Enabled: Samourai is enabled with Tor and VPN support, giving you the ability to route all transactions through an anonymous IP address
5. Incognito wallet – Mobile wallet
Despite being a new arrival on the crypto scene, Incognito Wallet has proven that it can stand toe-to-toe with many other anonymous crypto wallets. For those who are looking to send and buy crypto anonymously, this application comes highly recommended.
With innovative features, Incognito turns the cryptocurrency of your choice into its privacy version in just one tap and also gives you full control of your personal data and assets. As a result, you can send, receive and store Bitcoin in total anonymity.
Incognito functions as a sidechain for privacy coins and connects to the Bitcoin blockchain via a trustless portal. Through the utilization of smart contracts and trustless custodians, Bitcoin users can get a privacy version of Bitcoin (or other cryptocurrencies) issued at a rate of 1:1 on the Incognito chain, which can be switched back to normal BTC without involving any third party.
When you turn on “Incognito mode” for your crypto assets, no one can see your balance or the details of any transaction – that’s why Incognito is one of the best anonymous bitcoin wallets to try in 2020.
6. Guarda Wallet – Mobile Wallet
Guarda Wallet is a non-custodial multi-currency wallet that supports over 45 blockchains and thousands of tokens. The storages come in Web, Desktop (MacOS, Windows, Linux), Chrome Extension and Mobile (IOS and Android) versions. The coins that Guarda supports include Bitcoin BTC, Ethereum ETH, Bitcoin SV, Monero XMR, Zcash (Shielded transactions are supported too), Dash, Ethereum Classic and more.
It is super easy to use Guarda Wallet- you only have to come up with a password for your wallet and download the backup file. No registration needed. That’s it! Now you can store, send, receive and exchange your crypto anonymously.
A great thing about the wallet is that it is always working on new features. Guarda Wallet supports human-readable addresses thanks to integration with Unstoppable Domains, FIO protocol, and ENS. Also, some currency-specific features such as staking and delegation are supported. One more thing worth mentioning is that Guarda was the first multi currency wallet to implement the multisig functionality.
Best anonymous bitcoin wallets: Final words
Storing bitcoin anonymously is certainly possible nowadays and there is a wide variety of options to choose from. If you want to keep your crypto assets totally offline and away from hackers, then you should be looking at a hardware or paper wallet. If you prefer more flexible solutions that also support untraceable Bitcoin transactions, there are several software and mobile wallets detailed in this article that are great options to try.
No matter what method you use to keep your coins and transactions untraceable, make sure you do the necessary research so you can find the wallet that works best for you.
Picking a best Bitcoin wallet is such a hard task for any users. So, this is the ultimate guide to finding the best Bitcoin wallet (and wallet for other assets) for you.
A brief outline of a Bitcoin wallet
Your Bitcoin wallet is the very first thing you should consider when entering the cryptocurrency space.
A wallet is basically the equivalent of your bank account. It allows you to send and receive Bitcoin and other assets, store them in a safe way and check your balance.
Similar to your internet banking interface, a crypto wallet is an interface between you and the blockchain.
There are two elements of every Bitcoin wallet: a public key and a private key. The public key is like your bank account number, while the private key functions as your PIN.
Always keep in mind that the only one that has access to your private key is YOU! If not, your funds are under serious risk.
Due to this concern, the best Bitcoin wallet for you will be one that doesn’t hold your private key. All the wallets listed below conform to that principle.
Types of Bitcoin (and other assets) wallet
There are many kinds of Bitcoin wallets. They can be online apps, websites, devices that stay offline or even installed on your desktop or mobile phone.
The variety of crypto wallets available can make it a hard choice, so let’s try to figure out the best fit for you.
A hardware wallet is a physical electronic device that stores your Bitcoin or other assets offline. It functions as totally secure storage, rather than as a platform for trading or exchanging coins, as other wallets do.
The core innovation is that the hardware wallet must be connected to your computer, phone, or tablet before coins may be transacted. As a result, when the device is not attached, your funds are safely stored away from the chaotic Internet and far from prying eyes.
Hardware wallets are an excellent choice if security and privacy are your top priorities.
In addition, as long as you create a secret backup code, you can retrieve your wallet at any time, even if you lose or damage your hardware device.
Advantages of Hardware Wallets
- The most hacker-proof kind of storage.
- Easy to backup and secure.
Disadvantages of Hardware Wallets
- More expensive than other kinds of wallets.
- Only used to store cryptocurrencies, not to trade them. Requires connection to an exchange platform in order to do so.
- Might not be the best bitcoin wallet for beginners. Newbies may find them hard to set-up and use.
As opposed to hardware wallets, software wallets are applications running on the Internet.
This kind of Bitcoin wallet is installed on Internet-connected devices such as desktops, mobile phones, or tablets.
As they are online, software wallets generate your private keys when there is an Internet connection. As a result, they are obviously not as secure as hardware wallets.
Flexibility is the biggest advantage of using a software wallet. As it’s a mobile app, you can access your crypto wallet and send and receive your coins wherever you go, whenever you want. So what makes such application become the best bitcoin wallet?
Advantages of Software Wallets
- Easy to store small amounts of coins and tokens.
- Many software wallets that are integrated with an exchange help users to trade coins instantly.
- Accessible across multiple devices. Some popular wallets are available for iOS, Android and desktop, and you can access them from different devices.
- Multiple coins available. You can store many different assets with software wallets, whereas hardware wallets support a lot fewer.
- It’s an all-in-one wallet. They have many useful additional functions such as a DEX, staking, and a Dapps browser. These wallets are not just for storage, they are multi-function crypto devices.
Disadvantages of Software Wallets
- Not safe enough for storing large amounts of Bitcoin.
- You must trust the wallet provider to securely store all your information and transactions.
Paper wallets come from the idea that you should keep your private keys on physical paper, so no one can see them and steal your assets. Paper Wallets let you print your own encrypted keys and without a scanner, no one can read the encrypted code.
Physical wallets have long been considered one of the safest ways to store coins. If properly constructed, and provided that certain precautions are taken, it will be nearly impossible for someone else to access your holdings.
Advantages of Paper Wallets
- A paper wallet is an extremely secure way of keeping your coins safe and obviously is not subject to cyber-attacks or malware.
Disadvantages of Paper Wallets
- The biggest risk with a paper wallet comes down to user error. Once it’s lost, stolen or just faded, there’s no way to recover your funds. So if you have a bad memory, this might not be the best bitcoin wallet for you.
- Paper wallets don’t cater to many cryptocurrencies, giving holders fewer options.
How to pick the best Bitcoin wallet
Everyone has their own criteria for the best bitcoin wallet to store their coins and there is an ever-growing list of options. Before picking a wallet, especially a best Bitcoin wallet, you should consider how you intend to use it.
Let’s figure that out by answering these questions below:
1. Long-term holding or frequent trading?
If you just want to ‘hold to die’ or make some long-term investments, a Hardware Wallet or Paper Wallet is the best choice.
However, if you need a wallet for frequent trading, it would make a lot more sense to consider a software wallet, as they make transactions a lot more convenient.
2. Flexibility or high-security?
As previously mentioned, flexibility is the greatest feature of software wallets. They’re multi-functional and can work across multiple devices, so you can access them whenever and wherever you have an Internet connection.
However, flexibility does not come for free; you have to trade it for the higher levels of security that other wallets bring to the table. If your top concerns are privacy and the safety of your funds, a Hardware device is the best bitcoin wallet for you.
Best Bitcoin Wallets & Cryptocurrency Apps in 2020
After considering the different types of crypto wallet carefully and making your choice, it’s time to move on to the top Bitcoin wallets apps and hardware.
Best Bitcoin Wallet App in 2020: Trust Wallet
Trust Wallet is one of the most well-known software wallets on the market. Owned by the Binance Exchange, the wallet has everything you’re looking for in a digital assets wallet, such as low transaction fees, high-speed transfers and a wide range of assets supported. In addition, Trust Wallet has other features such as the ability to stake POS coins and a Dapps browser.
However, the wallet still has the inherent disadvantage of software wallets: you do not have full control over your funds. Your transactions and data are still tracked, which is why we should be looking at getting an anonymous Bitcoin wallet. Let’s check one out.
Best Anonymous Bitcoin Wallet in 2020: Incognito Wallet
The idea of sending Bitcoin without anyone knowing is the main purpose of an anonymous crypto wallet.
With one, you can send Bitcoin and other assets without anyone being able to track details of the sender, receiver or how much was involved. Therefore, your financial data and personal information only belong to you and no one can figure out your real identity.
There are many kinds of wallets that help you to send Bitcoin anonymously. However, the Incognito Wallet is the best choice. This wallet turns all your favourite coins into a privacy version; for example, BTC can be swapped for privacy BTC (pBTC) at a rate of 1:1, allowing you to transact it totally anonymously. It’s also quick and instant to switch it back to regular BTC at any time.
The final plus is that the Incognito Wallet is totally free to download and use. It’s available on Android, iOS, and has a Chrome extension.
To sum up, with all the features it has, this wallet meets all your needs as one of the best anonymous bitcoin wallets in the market.
Best Bitcoin Hardware Wallet in 2020: Ledger Nano S
Ledger is one of the best-known companies that manufacture high-security hardware wallet devices. If you want to keep your bitcoin wallet anonymous, this is the solution for you. The Ledger Nano S is also one of the cheapest hardware wallets on the market, making this decision a no-brainer.
For those who don’t mind splurging a little extra, you can also consider another model – the Ledger Nano X – which has extra storage space and the ability to transact with just a phone or tablet, rather than a PC. In any case, both models do their jobs very well and with Ledger’s proven reputation, you can’t really go wrong.
The other hardware options for best bitcoin wallet are Trezor Wallet, KeepKey and ColdCard.
Best Bitcoin Paper Wallet in 2020: paperwallet.com
This is the most popular BTC paper wallet generator. It’s the easiest-to-use and with just a few clicks on your web browser, you can easily generate your own wallet.
The other ones worth considering are Bitcoin.com and Generator.net Paper Wallet. Regardless, whichever Paper Wallet you use, always keep in mind that it must be stored in a safe place where only you can access it.
Final words on the Best Bitcoin Wallet App
Clearly, there’s a huge number of wallets to choose from in the crypto sphere and the market is growing all the time.
Besides the wallets that we’ve mentioned in this article, Blockchain.com Wallet, Coinbase Wallet, imToken Wallet, Exodus Wallet or Mycelium Wallet are also worth your consideration; these are all popular software wallets that have a good reputation in the crypto community. We would, however, like to point out that anonymous wallets, such as Incognito, strike a fine balance between security and convenience; they are definitely worth looking at first.
Finally, I hope this article will help you choose the best Bitcoin wallet for you in 2020 and beyond.
You know that untraceable money transfer gives you freedom and privacy. Although there is no method guaranteeing complete anonymity, you can minimize the risk in several ways.
bReasons for keeping your transactions anonymous
Even though surreptitious transactions are often associated with criminal activities, such as drug dealing or tax evasion, there are completely legitimate reasons why you should seek anonymity for your transactions. On a personal level, you probably wouldn’t want your financial information, for example your net worth or transaction history, to be obtainable and exploitable by advertisers or hackers. In order to avoid this situation, you may prefer to make untraceable money transfer.
From a business perspective, the implications could be much broader, as decisions may relate to trade secrets or client privacy. Therefore, it’s important to know which method will meet your particular needs.
Transactions that involve third-parties such as banks, payment gateways or digital platforms are easy to track, as those middlemen store your sending and receiving history. There is nearly no way to untraceable bank transfer. As a result, many people prefer to pay face-to-face, specifically using cash as a way for untraceable money transfer. The anonymity of such transactions is established by the trust and consensus between the two parties involved. The required can also be a disadvantage, however, as privacy is only maintained as long as both parties stay committed to the deal.
- No transaction fee for untraceable money transfer
- Transaction history is not recorded.
- Geography can be an issue, with long-distance and cross-border transactions being problematic.
- Carrying large sums of money is always a risk.
- As there are no records or verification checks, a lot of trust is required from both parties to keep their side of the deal. This is obviously a haven for fraudsters.
Setting up an anonymous PayPal account
This may sound impossible, but this practice for untraceable money transfer is actually widespread on the Internet. The methods may vary but they all include some basic steps; setting up a clean IP, creating an untraceable PayPal account with an address that is linked to the paid VPN, and adding an anonymous debit card to verify the account. Even though this approach enables users to send, receive and withdraw money with more privacy, it could cause legal risks if any suspicious activity is detected.
- You can send and receive money internationally
- Easy to make payment with fiat currency
- The process is cumbersome and time-consuming.
- Does not guarantee surveillance-free transactions, potentially poses legal risks
Recently using cryptocurrency is thought to be a method for untraceable money transfer. In fact, Bitcoin and the majority of cryptocurrencies are neither private nor anonymous. As extensions of Blockchain technology, they were invented to provide transparency and security for asset transfers. No transactions made on Bitcoin blockchain are governed by any third-party, instead, be verified by the whole network. Although these transactions do not directly contain users’ information such as their name, physical address or email, people’s identities are required for KYC authentication and can be revealed to all if the site is hacked. KYC is mandatory when trading Bitcoin for fiat currency, meaning that your personal information is stored on these sites
However, there are still ways for untraceable money transfer with cryptocurrency.
1. Bitcoin mixing
When it comes to untraceable money transfer using Bitcoin, Bitcoin mixing, also referred to as coin tumbling or laundering, is a process that tries to break the connections between the Bitcoin sender and recipient’s address. The procedure involves a few steps: firstly, you submit the amount of Bitcoin you want to be tumbled, thenn the mixer service shuffles your Bitcoins with someone else’s cryptocurrency to release a fresh batch of Bitcoins under a random address. If done properly, transactions can be made almost impossible to trace and you aren’t required to leave any personal details. There are several services offering bitcoin mixing, with Smart Mixer, Wasabi Wallet and Samurai Whirlpool being solid options.
Nonetheless, for an extra layer of anonymity, you should only access these services with an encrypted VPN and web browsers that don’t track your browsing history or IP, such as Tor or Brave.
- Services are accessible and guarantee high anonymity for untraceable money transfer.
- Coin mixing services are often quite costly.
- The process is complicated and inconvenient for regular use.
- Service providers can be dishonest about their privacy and reveal your address when processing the transactions.
2. Privacy altcoins
Due to the downsides of Bitcoin, several altcoins have stepped up and attempted to solve the pseudo-anonymity problem. Some of the most well-known privacy altcoins are Monero, Dash, Zcash and Zcoin. Each of them follows a different protocol to provide their users with privacy when sending or receiving crypto assets. However, most privacy altcoins are still new to the market and need further improvements to effectively serve as a private method for money transfer.
- Altcoins are fungible, which helps avoid subsequent loss of value or rejected transactions.
- Most altcoins are difficult to purchase in the mainstream market.
- The adoption of privacy coins is low and not user-friendly for beginners.
3. Private crypto wallets
While other methods for anonymous crypto transactions still have visible drawbacks, private crypto wallets may be a superior solution to those who ask for untraceable money transfer. These wallets have the same functions as the normal ones, allowing users to send, receive and store your crypto assets, however, they also provide users with complete ownership of the private keys and allow them to send bitcoin (and other crypto assets) with total anonymity.
Even though this concept is not currently well-known by mainstream users, there are different options available on the market at the moment. While hardware wallets keep your funds offline and private, software wallets help to send, receive and store crypto assets anonymously when connected to the Internet.
If you need an effortless method to send bitcoin anonymously on a daily basis, Incognito Wallet is what you are looking for.
Incognito Wallet – An anonymous bitcoin wallet of choice
Incognito Wallet is an untraceable money transfer app that turns the cryptocurrency of your choice into its private version with just a tap. The innovative features of this app give you full control of your personal data and assets; you can send, receive and store Bitcoin in total anonymity. The Incognito wallet might not be the best bitcoin wallet, or best anonymous one specifically, but it is for sure that you can get a very high confidentiality level when using Bitcoin with this wallet.
As a sidechain for privacy coin, Incognito chain builds a trustless portal to connect to Bitcoin blockchain. Holders of Bitcoin can obtain a Privacy version of Bitcoin issued at a rate of 1:1 on the Incognito Chain, and can switch it back into BTC simply and at any time. The two processes are all executed automatically and independently from any third party, through the utilization of smart contracts and trustless custodians.
When you turn on “Incognito mode” for your crypto assets, no one could see your balance or details of the transactions. In addition, Incognito Wallet app is totally free and available for Android, iOS and PC with a Chrome extension.
As things stand, Incognito is still growing and while the number of coins listed on its app is lower than traditional wallets, more are being added each week.
There is a lot of time and energy being put into creating systems that allow people to make an untraceable money transfer. You have every reason to seek privacy when conducting transactions, and thankfully there are various methods at your disposal, as detailed in this article. It’s definitely worth researching the different methods mentioned in more detail, so you can find the one that works best for you. In any case, always look to keep your transactions anonymous.
Transactions on public blockchains are always traceable. Any Bitcoin users, Bitcoin senders to be more exact, should always find ways to obscure sender transaction, so you can protect your funds and information. Here is the guide to obscure sender crypto transaction and reasons why.
Reason to obscure sender crypto transaction
1. Understanding Bitcoin’s transparency
As designed by Satoshi Nakamoto, all the transactions on the Bitcoin network are stored on a distributed ledger, which is publically available throughout the world. This creates what is called Bitcoin’s transparency.
The point is that anyone can view a public address and check the number of Bitcoins associated with it. However, the dark side is that a user’s identity can be found by tracking the IP addresses involved in the crypto transactions.
That’s why Bitcoin is not really anonymous. With every transaction publicly disclosed on the Blockchain and identity verifications (known as KYC) required by exchanges, it’s easy to trace transactions back to your wallet.
2. All Bitcoin transactions are traceable
As every transaction uses Bitcoin from a prior transaction, and the blockchain is public data, every Bitcoin payment has a traceable history that can be viewed by anyone.
While addresses are totally traceable, they aren’t directly linked to any person or entity. However, they also cannot hide your financial history. And with the use of some underhand techniques, your real identity can easily be exposed.
The most important thing to remember when attempting to remain anonymous is to not reveal your identity when you first buy Bitcoin. This is because every transaction that takes place on the Bitcoin blockchain can be viewed by anyone, so your transactions can be traced back to your original address.
3. Why do we need to obscure sender crypto transaction?
The main reason is that you don’t want to get hacked or become a potential target. Publicizing your identity and financial status on the Internet is never ideal.
Bitcoin’s Blockchain is built on solid cryptography which prevents counterfeiting and other types of fraud, but the human element in its transactions is certainly its weakest link.
Many people are looking for ways to send Bitcoin anonymously because they hate giving their photo ID to different crypto exchanges.
Fortunately, there are many ways to hide your transactions. Some cost money, while others are totally free. Let’s have a look at the pros and cons of these methods.
5 ways to obscure sender crypto transaction
1. An anonymous crypto wallet – The best way to obscure sender crypto transaction
The idea of an untraceable money transfer is the main purpose of an anonymous crypto wallet. With one, you can send Bitcoin (or other assets) without anyone being able to see the details of the sender, receiver or how much was involved. Therefore, your crypto assets are well-protected.
There are many anonymous crypto wallets on the market these days and one of the best is The Incognito Wallet.
This Wallet is the first privacy-preserving mobile wallet for all your crypto assets. To enable privacy for your crypto, simply deposit BTC, ETH, PRV, or any of your favorite ERC20 or BEP2 tokens into the Incognito Wallet. It’s really as simple as that.
That’s all you really need to do. The transactions made through Incognito Wallet are completely confidential. To turn off incognito mode, you simply withdraw your tokens back into another crypto wallet, which you can do at any time.
The Wallet is based on the Incognito Chain, which is a project focused on building a privacy sidechain to many major public blockchains. Thanks to this innovative idea, you can send and receive your favorite coins with total privacy and anonymity.
Using the Incognito Wallet is the best method for obscuring senders’ crypto transactions easily and for free.
- No one can see your balance or track your activity. As a result, the only one who owns your financial information is you.
- The Incognito Wallet is both user-friendly and technologically innovative.
- It’s totally free. You don’t need to pay for any of its awesome features.
- The concept of anonymous crypto wallets is new in the space, so many people may not be willing to switch from something they’re more familiar with.
2. Bitcoin Mixing – Break the link between your Bitcoin addresses
As previously explained, people can track your Bitcoin transactions because all the transactions are stored on a public ledger that shows the link between every address. One way to break that link in order to obscure sender crypto transaction, is Bitcoin Mixing.
Mixing Bitcoin breaks the link between wallet addresses by either creating temporary addresses or by swapping coins with other addresses of the same value. This method makes it harder for prying eyes to trace your transactions on the blockchain.
Some choices that could be worth considering are Smartmixer, Wasabi Wallet or Samourai Whirlpool.
Bitcoin mixing methods obscure sender crypto transaction so no one can trace back sender’s address.
- This service isn’t free. Users will need to pay quite a lot if they use it frequently.
- You must trust the service providers not to steal your funds and keep your login information secure.
- The service is only available for Bitcoin transactions, which is no good for holders of other forms of crypto.
3. New addresses wherever you make a crypto transaction
When using HD wallets such as the Ledger Nano X, Trust wallet or Trezor, you can generate any number of receiving addresses you want.
Whenever you want to transact Bitcoin, use a brand-new address. This method is somewhat similar to Bitcoin Mixing. It helps to keep your crypto transactions untraceable because it’s very difficult for someone to link all of those random addresses together.
If you only use one address, a bad guy can track every single movement, figure out how much you have stored and even worse, work out your real identity to steal your assets. That is not a risk worth taking.
- It’s easy to generate new addresses. Many crypto wallets help you to do so with just one click.
- It’s hard to manage all of your addresses. If you trade a lot, you will have so many that it might be hard to keep track of them.
- Generating a new address is free. However, making a transaction is not. When you want to send your coins to one or two addresses, the transaction fees will cost you more.
4. Privacy coins – An alternative method for hiding your cryptocurrency transactions
As it’s now common knowledge that Bitcoin is traceable and always has been, the crypto community is quickly beginning to realize that in order to send coins anonymously, all you really need are privacy coins.
Privacy coins allow users to transact freely with complete privacy and confidentiality. The details involved, such as the addresses of the sender and receiver and how much was sent, are completely hidden. P
Privacy coin is the popular way to obscure sender crypto transaction. However, this method isn’t suitable all the time. For example, say you have BTC and want to hide your Bitcoin transactions. If you use BTC to buy privacy coins to send anonymously, you’re still not obscuring your Bitcoin transactions.
- Privacy coins were created to make private crypto transactions. For transferring money and obscuring the sender’s transaction, privacy coins really are ideal.
- It’s not ideal when you want to shield other coins’ transactions such as BTC or ETH.
5. Private browsers and VPNs – Staying anonymous on the Internet
If you weren’t aware, most common web browsers track your data, IP address, and browsing history, even when you’re using incognito mode. When buying, selling or storing coins, you’re better off using a privacy browser like Tor or Brave, which is also a blockchain project.
Moreover, you could use a VPN that doesn’t store the history of your activity on their servers. VPNs encrypt all of your Internet traffic and route it through multiple servers of your choice in different locations, before arriving at its final destination.
Using a VPN is another way to improve the anonymity of your Bitcoin transactions. However, you will have to trust the VPN service provider not to log your activities.
- Even if you don’t need to make a crypto transaction, using a private web browser and/or a VPN is a solid way to protect your data, especially financial information.
- Many private browsers are now free to use.
- Some VPNs/Private browsers are not particularly user-friendly.
- Some may find it hard to change their current habits and switch over to these methods.
The Summary of “Ways to obscure sender crypto transaction”
Unless your intention is to receive public donations or payments with full transparency, publishing your cryptocurrency address on any public space such as a website or social network is not a good idea. If you choose to do so, always remember that even if you move any funds from this address to one of your other others, everyone, even the bad guys, can track every single movement.
Self-awareness is always necessary. If you want to obscure sender crypto transaction, there’s no reason to publicize yourself on the chaotic Internet. You might do it accidentally, but the loss of assets will always be very real.
That’s all from our side. This guide brought you the main tools and techniques at your disposal to shield your cryptocurrency transactions. Now it’s up to you to experiment and find the way that works best for you. Good luck out there and stay safe!
Here you will learn about the safest and most trusted anonymous crypto wallet (or wallets) that can provide you with complete anonymity for your crypto assets.
A brief explanation of a crypto wallet
What is a crypto wallet?
A crypto wallet (or cryptocurrency wallet) is a software application that stores your public and private keys. Like you need a physical wallet to store cash, you also need a digital wallet to store your cryptocurrencies. This application connects to blockchains to enable users to send and receive crypto assets, and also allows you to check your balance.
How does a crypto wallet work?
Firstly, it’s important to understand that a crypto wallet has two elements: a public key (also known as the wallet address) and a private key.
Every public key requires a unique private key for access, allowing the key holder to manage, send or receive their crypto assets. That’s the reason you must keep your private key confidential, far away from hackers and cybercriminals. If not, your funds are almost certainly under threat.
A crypto wallet essentially works as a gateway between you and your address. It allows you to access your coins stored on the blockchain and track your account balance.
Are crypto wallets anonymous?
If you’ve ever wondered “Is a crypto wallet anonymous?”, the answer would be “Not really”.
Public blockchains are transparent, which means all the transactions made on them are traceable. Anyone can access the blockchain and track a particular transaction, know how many coins were sent and the addresses of the sender and receiver.
It’s worth pointing out that the transparency of the blockchain is not entirely detrimental. In fact, transparency benefits the financial system, as keeping an immutable record of asset transfers helps to prevent fraud.
In any case, your cryptocurrency wallet connects you to the blockchain, and all the transactions you’ve made with your wallet are traceable. Suffice to say, standard crypto wallets are not anonymous at all.
However, for those who value privacy and anonymity, a common crypto wallet is not ideal. Thankfully, they can turn to an anonymous crypto wallet instead.
The importance of an anonymous crypto wallet
What exactly is an anonymous crypto wallet?
The transparency of the blockchain is not ideal for those who are looking for untraceable money transfers, and this problem gave birth to the concept of the anonymous crypto wallet.
A crypto wallet is classified as anonymous if it has two of the characteristics listed below:
1. The ownership of the private key is yours
As previously explained, your private key plays the role of your password when accessing your crypto assets. If anyone else knows your private key, your coins are under risk, even if it is a trustworthy wallet provider.
Therefore, if you are looking for a high-security crypto wallet, a wallet that doesn’t hold your private key is the best choice.
2. You can send Bitcoin (and other assets) anonymously
Anonymous cryptocurrency wallets exist so you can send Bitcoin anonymously. They enable users to make untraceable transactions, so no one can track the financial transfers or addresses involved.
The purpose of an anonymous crypto wallet is all of the above. Of course, it must have the functions of a common crypto wallet such as in-app trading, Dapps and the ability to stake, but anonymity and privacy must be its priority.
How to pick the best anonymous crypto wallet
Although the idea of the anonymous crypto wallet is new in the sphere, there are many choices for you to try.
Hardware wallets such as Trezor or Ledger Nano S are excellent devices that store your Bitcoin offline, so your funds can stay away from the chaotic Internet. However, hardware wallets aren’t free and can be somewhat difficult for beginners to use.
Due to the cons, you might want to consider a software wallet instead. This kind of crypto wallet is an application installed on your computer or/and your mobile phone. It helps you to store, send and receive Bitcoin whenever you have an Internet connection. Some choices that could be worth considering are Samourai Wallet, Electrum Wallet or Guarda Wallet. While these are all free, easy-to-use and help you make untraceable money transfers, there is in fact a better option available.
Allow me to introduce the most anonymous Bitcoin wallet app on the market right now: The Incognito Wallet.
Incognito Wallet – a truly anonymous mobile Bitcoin wallet
Inconito Wallet is a typical anonymous crypto wallet. Based on the idea of ‘incognito mode’ for web browsers, the Incognito team designed a sidechain for blockchains that provides privacy and anonymity.
The Incognito Wallet is their anonymous cryptocurrency wallet and helps you to store, send and receive Bitcoin in total privacy.
Incognito turns all your favorite coins into privacy coins. One tap turns your Bitcoin into privacy Bitcoin (pBTC). Another switches it back to being public again. And that’s all you need to do to transact crypto anonymously.
With Incognito, no one can see your transaction history or how much you are holding. The only person who knows your balance and holds your private key is you. Incognito is the best solution to the privacy concern brought by public blockchains.
One more advantage is that it’s totally free. You don’t need to pay for any of its awesome features. Incognito Wallet is available on both Android and iOS, and it also has a Chrome extension. In short, the wallet meets all your needs as a multi-functional crypto wallet.
Tips to keep your coins untraceable
#Tip 1: Do not store your Bitcoin on a crypto exchange
No one can deny the fact that exchange-hosted wallets are convenient. Holding coins on an exchange helps you to trade instantly if there are price movements, and you don’t need to wait for time-consuming transaction confirmations.
However, users must trade-off their privacy for this convenience. The ownership of your private key is the exchange’s, not yours, and this is a major problem if the site gets hacked.
#Tip 2: Always buy Bitcoin anonymously
If you want to buy Bitcoin, buy it on a peer-to-peer (P2P) marketplace such as LocalBitcoins.com or LocalCryptos.com. These platforms don’t ask for KYC, meaning that you don’t need to reveal your personal identity.
It’s also better to find a face-to-face seller that accepts cash. This way, no one on the Internet can track your money transfer to find out who exactly you are.
#Tip 3: Always use the anonymous crypto wallet to transact Bitcoin
As previously mentioned, anonymous crypto wallets like Incognito Wallet help you transact Bitcoin without anyone knowing. Your transactions are untraceable and private so, you can keep your funds far away from prying eyes.
#Tip 4: Use a private web browser
It is also a better idea to use privacy browsers like Tor or Brave Browser to protect yourself on the Internet. These web browsers prevent you from being tracked and keep all sensitive information like passwords and credit card details secure and private.
The final thoughts of “What is an anonymous crypto wallet?”
All in all, the cryptosphere can be a dreamland for hackers and cybercriminals who can track users’ assets and information. Obviously, we need to do whatever we can to protect our funds and personal data from potential risks. Using an anonymous crypto wallet are the safest way to protect ourselves in the cryptocurrency space now and will serve an important purpose for years to come.
If you ever worry about your privacy on the blockchain, you must seek ways to buy and send bitcoin without anyone knowing. This article is here to help you!
Use this straightforward guide to discover which is the best private crypto wallet on the market, how they work and how you can send bitcoin anonymously.
It’s hard to know where to begin with cryptocurrencies, so check out this guide and we’ll introduce the best private crypto wallet available on the market.
Avoid the lack of privacy in the crypto sphere! Your coins need to be held in a secure way, so let’s discover the best private crypto wallet in this article.
Avoid worrying about privacy in the cryptoverse. This guide will show you “how to keep my bitcoin transaction untraceable” with the Incognito Wallet.
Today I’ll explain how to stop people from seeing what I do with my bitcoin, through my years of experience. Then I’ll show you how to send bitcoin anonymously.
Since bitcoin transactions are traceable, the question “How do I send Bitcoin anonymously?” is being asked more and more these days.
Understanding why Bitcoin isn’t anonymous
When Satoshi Nakamoto first created Bitcoin, he wanted a transparent and traceable public blockchain, so that everyone could see each other’s balance. Bitcoin was really aimed at bringing freedom to the financial world.
To do that, Bitcoin, by design, is transparent. All Bitcoin transactions are public, traceable, and permanently stored on the Bitcoin network. Bitcoin addresses are the only information used to define where Bitcoins are allocated and where they are sent. These addresses are created privately by each user’s wallet.
Using bitcoin for anonymous transactions isn’t easy. This article aims to answer the burning question: How to keep my bitcoin transaction untraceable?
It’s an established fact that a person’s identity could potentially be exposed by their Bitcoin transactions. The fact that Bitcoin is not really anonymous is becoming more of an issue, so what can we do to stay untraceable?
There is no harm in people wanting more anonymity and privacy on the blockchain – how to keep my bitcoin transaction anonymous is a huge concern these days.
Many people want to buy Bitcoin but they’re concerned about their privacy and would like to send bitcoin without anyone knowing. This tutorial will show you how!
Wondering why a crypto wallet is better than an exchange wallet? Then this is the article for you – let’s discover what makes the best private crypto wallet!
What is a crypto wallet with a private key?
What is a crypto wallet?
The purpose of a crypto wallet is essentially the same as the wallet you’re carrying right now, only it’s based online rather than in your pocket. It helps you store and manage your cryptocurrency assets like coins and tokens, as opposed to your physical cash. Continue reading Best Private Crypto Wallet: How to find it?
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We’re examining the top wallets in these categories: Best overall, Best for security, mobile and desktop, Best private crypto wallet and Best for Hardware.
The world of cryptocurrency is an exciting and fast-paced place but there can be quite a lot to learn to get up to speed. Choosing the right wallet is of paramount importance for your experience as a holder and trader of crypto assets, and this guide will hopefully make that decision easier. We’ll give you a clear rundown of what we think are the best Crypto Wallets on the market right now and you can find your answer to the burning question – which wallet is right for me?
First things first, what exactly is a Crypto Wallet?
A crypto wallet is what you use to keep track of your digital assets, like how much BitCoin you have. It can either be in the form of a digital app, optimized for PC or mobile use, or it can actually be a physical piece of hardware that you’ll plug into your computer to access. Much like with an internet bank account, you can send and receive currency and everyone has an address – only they’re called ‘keys’. Every wallet has at least two, a ‘public key’, which is your address for receiving funds from others, and a ‘private key’ which is used for sending funds.
What makes a good Crypto Wallet?
There are many aspects that can be taken into consideration when evaluating how objectively good a wallet is. We’ve considered aspects like ease of use through its interface, the security on offer, the privacy that can be obtained, the fees payable for transactions and many others.
So without further ado, let’s get into it!
For those in the know, it’s unsurprising that the CoinBase Wallet tops our list. It’s been the largest BitCoin exchange in the world for some time, has in excess of 30 million users and boasts a market cap of over a billion dollars.
One of the reasons for their success is that the CoinBase Wallet is perfect for beginners. The interface is simple to use, it’s intuitive and incredibly straightforward to connect a bank account or card to add funds, with an ‘Instant Buy’ option available after some identity verification.
There is also the peace of mind that users have from the fact that their wallets are FDIC insured up to $250k and that the company holds all the certification and licensing to operate in 32 countries. If you combine all of this with an impressive degree of liquidity and comparatively high buying limits, you’ve got a seriously impressive product.
The only downsides are the relatively high trading fees compared to some other wallets and that they hold and control your private key, which doesn’t sit well with some.
Conclusion: A great starting point for newbies as it’s easy-to-use, fees can be relatively high compared to other options.
If you’re gravely concerned about security, then you’re going to need to take your wallet offline, in the form of some seriously cool hardware. Czech company Trezor offers a slick solution here starting at 59 euros for their basic model.
The key factor with this bit of kit is actually the lack of connectivity it provides – it doesn’t have a battery, there’s no wireless, Bluetooth or NFC available – meaning that the device can’t be compromised. Twinned with the PIN required, on-device verification requirements for transactions, and your crypto wallet and the private key stored on the device are as safe as can be.
Trezor is compatible with the big 3 operating systems (Windows, Mac and Linux) and users have the option of either using their native interface or connecting to a third-party wallet, in order to trade. In any case, there’s support for over 1000 coins. Secure and versatile.
Conclusion: The safest way to store your assets with plenty of verification points, but hardware can be lost or stolen and it doesn’t offer quite as much as the Ledger.
Relative newcomers to the Crypto world, Incognito, have developed a wallet that focuses on an often neglected issue that has plagued blockchains for some time, that of privacy.
Right now, public ledgers on blockchains actually display a whole raft of financial information, that anyone with a search program can start piecing together. With sender and receiver IDs out there, with balances and transaction details being on show – it’s not hard to work out who has what in terms of crypto assets. With tens of millions of assets hacked and stolen in recent years, it’s clear that something needed to be done.
The Incognito Wallet is currently the best private crypto wallet that gives holders of tokens ‘Privacy’ equivalents that are pegged at a ratio of 1:1 to the respective currency, which allows transactions and balances to be securely masked and hidden on their blockchain. Users can send bitcoin anonymously along with other popular coins/tokens with complete privacy. The wallet also allows users to hold and manage their own private key, giving them a greater degree of control.
The Incognito Wallet itself is optimized for mobile use and is also incredibly user-friendly, so beginners and seasoned veterans alike can enjoy the benefits of ‘going Incognito’.
Conclusion: An innovative wallet that solves existing security issues, making it the best private crypto wallet out there, while many major cryptocurrencies are supported, not a huge number of assets available for privacy mode just yet.
In terms of desktop wallets, we found Electrum to offer the most. Electrum is a popular and free open-source crypto wallet and as it has been around since 2011, it is well-established in the cryptoverse.
Supported on the big 3 operating systems (Windows, Mac and Linux), it offers speedy transactions and some great safety features, such as fund recovery (via the recitation of a personal seed phrase) and encrypted private keys that do not get sent to servers. With the ability to synchronize wallets over multiple desktops and the support for cold storage options, such as Trezor and Ledger, it has many useful features and options for holders and traders.
The user interface is simple and basic, but it isn’t the clearest for those who aren’t experts and might be off-putting for newcomers. Electrum does have an associated Android app but it has been getting mixed reviews, hitting just 3.6 stars on Google Play at the time of writing.
Conclusion: Excellent secure service for more experienced traders, a Lite Wallet (doesn’t require the whole blockchain to be downloaded) only works with BitCoin, not beginner-friendly, the app hasn’t been incredibly well-received.
Mycelium crypto wallet with private key
Mycelium is the best mobile crypto wallet available on the market and is available on both Android and iOS. While it should be stated that this wallet is definitely one for more advanced users and traders, there are a ton of benefits associated with its use.
Firstly, save for mining fees, it’s totally free to use and as it’s a Lite wallet, you don’t need to download the whole blockchain to get involved. It has many safety features, such as PIN protection and encrypted PDF backups, and as your private key is stored on your mobile device, there’s enough to keep your assets secure.
It has are 5 different account types to choose from, including integrating a hardware wallet, with support for cold storage devices, such as the aforementioned Trezor and upcoming Ledger Nano S.
Mycelium has also outlined some interesting plans for the future, including the introduction of fiat currency accounts and the ability to create and exchange new currencies.
Unfortunately, it doesn’t have an associated desktop interface and that can be somewhat limiting.
Conclusion: Free to use, nice safety features and variation in accounts, doesn’t have a desktop interface to connect to, isn’t the easiest to use.
The second ‘cold’ or hardware crypto wallet in this article is arguably the best. French company Ledger’s Nano S is their base model, also costs just 59 euros and just edges out Trezor for our top spot in this category.
The Nano S is a sleek, stainless steel USB device that connects to your PC or smartphone with ease while also offering PIN and passcode verification for that extra layer of security. The device can be accessed and managed through the user-friendly app, Ledger Live, which as mentioned previously, can be accessed through a smartphone or PC. Holders of tokens can move crypto assets onto the Nano S from some of the bigger exchanges, such as Binance or CoinBase with ease and the wallet supports 23 coins and over 1250 ERC-20 tokens.
Nano S owners aren’t limited to Ledger Live, as the wallet can be integrated into many other software wallets, which would definitely be of interest to holders of premium wallets they’re already paying for. This device is ideal for novices as it is simple to set up and use but also offers the impenetrable security of cold storage for one’s digital assets.
Conclusion: A nicely packaged and secure piece of kit with the ability to integrate into other wallets, but obviously costs more than a free solution and cold storage isn’t for everyone.