Buying cryptocurrencies in India is easy and can be done online at your convenience. These cryptocurrency exchanges allow converting FIAT currency to digital money. For example, cryptocurrency exchanges allow its customers to convert INR to BTC through bank transfers or other forms of payments. But for this to happen, a verification process takes place. However, if you are looking to buy cryptos anonymously without verification then it is possible. Read on to understand a few ways to do it:
Ways to buy Cryptocurrencies without Verification
Buying without verification is not easy but having said that, it is not impossible. There are a few methods using which you can buy ETH in India or other such currencies. Some of the ways are:
Buy using a Prepaid Credit Card
There are many cryptocurrency exchanges that allow you to buy using a prepaid credit card. These are very similar to the gift cards you buy online or through a convenience store. There is no need for any verification or personal identification when you buy such prepaid cards. There are a few exchanges that let you purchase using cash. The drawback of both these options is that the purchase limit is low and is capped.
Local peer to peer trading is another way to anonymously buy virtual money. Here someone who is a seller will sell their digital money to you and they may be within your area or elsewhere. Many platforms are available where buyers and sellers are listed and they can deal directly. The deal is done between the buyer and seller and the payment options are also flexible. For example, you and the buyer agree to buy Bitcoin or other altcoins through cash then meet the seller and make the transaction. A word of caution here is to ensure that the buyer or seller is legitimate and to all the precautions that you normally do when dealing with finances. If the offer is too good, drop it as it may not be safe. Moreover, there are many buyers and sellers doing such transactions and hence there is no need to buy over or under the market value.
Trading other Coins for Bitcoin
Many exchanges allow you to trade with cryptocurrencies with their other users without verification. But the strict rule is that there will be no exchange of FIAT currencies. Here the hardest part of doing anonymous transactions is to get hold of the initial currencies. But once that is done through other means you can use the ‘shifting services’ to trade with yourself without incurring any losses.
To get the initial coins, use a verified account and then trade it in an address that is different from the verified account. The verified address that has your identity is now removed as you have moved funds. By following specific steps you can cover your tracks and move money from verified accounts to the anonymous ones.
There are many reasons for someone wanting to buy without verification. There are many legitimate reasons as to why you do not want to disclose personal information. It can be mainly for safety purposes as digital money is valuable. By keeping it anonymous it cannot be stolen or transferred. However, if safety is the reason for anonymity then exchanges like CoinSwitch can be used, which are reliable and secure. They do not share personal information unnecessarily and without your consent.