There’s a difficult-to-avoid drawback of using KYC’d legacy payment methods (Zelle, PayPal, strike, CashApp, etc.) to buy your kyc-free, p2p Bitcoin.
Doesn’t mean it’s not worth doing, but it’s certainly a weakness in the overall privacy structure.
Yet cash in person has its own risks and inconveniences. Not something I really see an answer to.
Liquidity depth is also limited. Not that there are that many individuals who want to buy ten bitcoins p2p right now, but still. It’s limited.
Key difference to KYC exchanges is there is no link between on-chain activity or a purchase of Bitcoin to the banks etc, only to the P2P partner themselves.
Still not perfect, but a massive step up! Cash or gift cards bought with cash are really the best but a bit of a PITA for sure.
Definitely agree there!
It doesn’t protect the seller as much, if there are jurisdictional laws against selling p2p (which there shouldn’t be, yet seems like there are for tax collection purposes), but as a buyer I wouldn’t be that worried
Hi Seth I know you recently changed to focusing on bitcoin but I do have a very noob monero question for you if you don’t mind. What would be the difference in terms of traceability if I used kraken to buy monero then sent that monero to my personal wallet then spent that monero? vs buying from local monero which I imagine would go straight to my personal wallet and then spent that monero? (besides the kyc kraken would have are they a able do some kind of forward tracing?
