Submitted 11 months ago by milkytoast@kbin.social to privacyguides@lemmy.one
https://kbin.social/m/privacyguides@lemmy.one/t/655517
The whole point of me making certain payments with crypto is for it not to be attached to my name. obviously the crypto service company has my cc details. whats the most privacy friendly one? ty :)
Im not a big crypto person, but ive owned some in the past.
Isnt any reputable wallet pretty much the same? From my understanding, especially when using something like monero, the privacy falls apart at the exchange, not the wallet.
For privacy purposes, you probably want a wallet where you hold the keys in cryptocurrency yourself.
Custodial wallets are usually provided by a cryptocurrency exchange, but the other kind…
Non-custodial wallets do not require the outsourcing of trust to an institution, so no institution can refuse to complete transactions… users must remember that if they lose the private key, the coins in the wallet are essentially lost forever.
Most people use custodial wallets (they don’t really hold the coins) and multiple wallets have had hacks (or ““hacks””) where a lot of user funds were stolen.
I personally like
You’re right. Use a centralized exchange (CEX), and you’ll be KYCed and de-anonymized. That’s why most privacy-coin users prefer DEX. For normal persons, if privacy is important, using anonymous gift cards or prepaid credit cards, which you can easily buy without ID, is more practical, much better than KYC’ed crypto.
If you can somehow get KYC-free coin, maybe from DEX, i.e. if you can get it personally from your friend or peer without showing ID etc., then and only then, you have real private crypto. There are two popular ways for this (Bisq and LocalMonero). Another option called Haveno is hopefully usable soon, but that is still iffy.
Using DEX is not essentially difficult, much safer than you might imagine due to a mechanism called multisig, but maybe this option is not for normal people. When you feel experimental, you might want to try to buy a small amount via DEX, to see what it’s like. If you’re a popular programmer or artist, accepting donations in crypto is also an easy way to get no-KYC coin. Another option is p2pooling—you can get a few Euro worth of XMR relatively easily; yet this last option is time-consuming and not very effective. Many of p2pool users or full-node people are privacy-advocating volunteers, doing that for a philosophical reason, fully aware that it’s never profitable. This might be part of the reason why Monero tx fees are almost zero (like 1/100 of that of BTC). That said, not everyone is a person of goodwill; (like everyone knows) there are quite a few sketchy people around crypto 😟 Be careful and stay safe!
Not sure what you’re on about with the safety being created by multisigs, quite unrelated
The exchange and the wallet become the same for a lot of people that never really move money between their personal bank and places like coin base.
If you’re familiar with Electrum and migrating to the privacy coin, Feather may be a convenient choice.
The fundamental problem for you might not be the wallet; but KYC vs. non-KYC. Is it allowed to post a link or mention specific platforms here? You may want to check a website about no-kyc and tried a trusted, no-kyc platform—not a CEX but a DEX (pure P2P), so no company can’t monitor your private life (related to shopping). You can browser monero.town, which is a friendly Lemmy instance of !privacyguides@lemmy.one in the sense that Monero is recomended on the official site of Privacy Gudies: www.privacyguides.org/en/cryptocurrency/
The tricky problem is, if you have been once KYCed, your privacy invaded, then you couldn’t undo it (be un-KYC it). You may need to start over, creating totally new addresses, doing everything anonymously over Tor. If you’re not that privacy-oriented, you can just swap the KYC coin you have to Monero, and you’ll be invisible from that point.
But Moneo is not magic to solve everything. DYOR and stay safe!
Are there any recommendations for cold storage? Or are paper wallets enough? I’ve pretty much only ever used Electrum and rarely so and I’m trying to expand my horizons
It depends on how much you have, etc. If it’s just like 10 or 100 €, maybe you don’t need to be super careful.
The following is just one possible way—get a safe and libre “poor man’s hardware wallet” quickly and easily without paying:
(1. Main wallet)
(2. Hot wallet)
(3. When you send Monero from 1 to 2)
In theory this should work pretty well, if not the strongest possible. It’s not a recommendation, though. Do your own research. You may want to ask the same question in monero.town; hearing various opinions, not just trusting one person (me), is a good idea.
If you want it the safest use the official Monero wallet. Or what I use and trust cakewallet. It can also do bitcoin in case you use that too…
nvm found it
which one is the official one? Monero.com?
The monero.com domain has been taken by a for-profit company, Cake. The Monero community is not wealthy (nor motivated) enough to buy it back.
I use Monero and Cake Wallet.
Any non-custodial wallet will work tbh. The best wallet would be a desktop one that is solely used for your chosen network and gives you total control over your funds, like Electrum (electrum.org) for bitcoin. Ideally it would also let you connect to your own node, although that could be used to trace transaction origins. Your wallet is only as private as you are :3
shortwavesurfer@monero.town 11 months ago
Monero, as for wallets Monero.com and Monerujo are your best bets for now.
Saki@monero.town 11 months ago
Confusing but the official site is not monero.com but www.getmonero.org, where you can see the full list of officially suggested wallets. Official GUI is a safe option. Feather is also good, Electrum-like.
Cake (Monero.com) is one of the suggested options too & is popular, but certainly not “most private“. With Feather, you can do everything over Tor, more privacy-friendly.
Most Monero users only use non-custodial wallets; so they just say “wallets” meaning that. Technically running a local node yourself is the most secure & private—though this option is not for everyone.
milkytoast@kbin.social 11 months ago
buy it from monero.com? redirects me to guardian
shortwavesurfer@monero.town 11 months ago
No, there is a monero.com wallet on play store play.google.com/store/apps/details?id=com.monero.… and on fdroid via a custom repository. Its on the IOS app store as well if you own one of those apps.apple.com/us/app/…/id1601990386