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#1 2020-12-13 15:50
- mrbobdobalina
- Member
- Registered: 2020-12-13
- Posts: 37
Cleaning BTC from exchange
How are people cleaning BTC they get off a centralized exchange that requires KYC these days? Using a tumbling service? Exchanging for xmr then back to btc? Just wondering what the safest way is. I know IRD is saying exchanging one crypto for another is "disposing of your crypto" and therefore creating a taxable event which just seems like a headache.
#2 2020-12-13 18:00
- johnkey
- Member
- Registered: 2020-12-13
- Posts: 6
Re: Cleaning BTC from exchange
Sir John Key here,
KYC is s real headache, but if you only trade in XMR there should be no trace back to you, unlike BTC. To cash out XMR, you need to find a long term partner that can do the exchange for cold hard cash.There are many like these who buy and sell XMR. Keep your transactions away from the banking system and you'll be sweet as.
#3 2020-12-13 19:20
- kong
- Member
- Registered: 2019-04-27
- Posts: 17
Re: Cleaning BTC from exchange
How are people cleaning BTC they get off a centralized exchange that requires KYC these days? Using a tumbling service? Exchanging for xmr then back to btc? Just wondering what the safest way is. I know IRD is saying exchanging one crypto for another is "disposing of your crypto" and therefore creating a taxable event which just seems like a headache.
There's a couple of wallets which will mix BTC in a pool for you. Wasabi is the one I use. It's is a desktop wallet where you can store and mix BTC. There's a minimum of around 0.1 to use the mixing function but its super easy and the BTC you get back has no traces of the one you sent in the first place.
Samourai is an android wallet which is a similar concept. I've not really used it but seems to have good ratings.
Other than that I'd exchange to XMR and flick it through a couple of other wallets / Exchanges before changing back.
I'd recommend using an exchange which requires no KYC and under different name/email to your usual. We have no real idea of how 'private' coins like XMR are as the space is so new. I know a company called Ciphertrace have filed 2 patents for tools that can apparently trace XMR.
Erasing the trail isn't hard it just takes time but we're often too lazy to follow the process.
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