So, I got into BTC back in 2015 and kinda lost track of it until recently. With a baby on the way, I’d like to cash out a bit, nothing too wild, just enough to give my kid a decent start in life.
The problem is, my BTC is from some old wallets, and I’m worried about all the verification nonsense or possibly getting my funds frozen. I’m not looking to liquidate all of it, just want to convert some to USDT for now.
Is there a straightforward way to do this without KYC? I’m not trying to hide anything, just want to skip explaining these old coins to any exchanges. Would appreciate any tips from those who’ve been in the same boat!
EDIT: Figured it out! I went with flake.exchange. Super quick, no KYC, and the swaps went smoothly. Appreciate the help!
https://bitmixlist.org/#neverkyc-exchanges
I've exchanged on Thorchain several times in the past, and everything was fine. However, recently there was a report of a unilateral freeze on a Thorchain exchange route due to the implementation of AML screening.
If you're worried about the same thing, you can choose another exchanger option on the list.
Im not sure why it matters if the bitcoins are coming from old wallets but you can sell your coins on a decentralized exchanges like bisq or Robosats. You can find more alternatives here:
https://kycnot.me/
https://bitlist.co/exchanges
In addition to the recommendations above , you can visit https://bitlist.co/exchanges to see more list.
Note : not all on the list are no-KYC but the labels are obvious anyway
I would agree with b1exch.io, it's an actual no-kyc and they have their own liquidity as oppose to other instant exchanges who rely on 3rd parties for liquidity like from CEXes with kyc policies.
They are pretty new, however they have deposited 0.2BTC to a trusted escrow here in bitcointalk should any problem occur. You can tailor your trade size in respect to this amount, for instance you can split a bigger amount into a number of smaller trades.
There is no need for you to do any verification if those BTC's you've got are from old wallets and you just want to have to take a little profit.
I'd also agree to use that b1ack swap, if you can also check it out. There's another one that's also looking good and that's sageswap.
What you have to do is to transfer or swap a little by little. As you've said, you're not going to sell all but only a few.
To swap BTC for USDT these days ain't no longer a secret even with more CEX than ever trying so hard to crowd and control the crypto currency market place with KYC requirements and AML policies that may have your funds seized or frozen based on suspicious coins.
You would want to start by moving your coins to a non custodial wallet like Exodus or any good hardware wallet, swap the BTC for USDT using either THORSwap or ChangeNow , P2p via Bisq, lastly, hold the USDT in your private wallet or hot wallet for immediate use or transfer to your bank account pay for the things you buy using good payment processors that won't cost you stress.
I checked b1exch.io and yeah BTC to USDT is available.
I'm really curious how these no KYC exchanges like b1exch.io, like, is this fully decentralized, plus there's a Pool, for example, in USDT, there is a 2.4M USDT pool available.
So far, their announcement thread here in Bitcointalk is active, and people keep giving updates to the thread.
Swap Bitcoin trough USDT using non KYC third platform you must paying fees around 1% to 3% based on several respond recommended b1exch.io but depend with how much your bitcoin amount to convert, if you have amount of bitcoin above $200 you pay 1% for swap but if lower $50 you must pay fees until 3%.
I fully check the process for converting bitcoin to usdt trough this site and you don't require create or registering account firstly, its fully after sending your fund to b1exch.io need waiting several minutes to get fund converting such as convert btc to usdt and landing to your wallet. For OP if want to convert BTC to USDT waiting the normal network transaction of bitcoin for getting payment transaction process, the b1exch.io need 1 block confirmation for receiving convert fund.
There were going to be no issues if it came from an old wallet, something like that, I dont know what wallet you are using, you said you are worried about your funds getting frozen is it a custodial platform that you are using? If you are using something like an exchange as a wallet of your Bitcoin, there might be some issues with that since there are a lot of rules that is being changed on different platforms, other platforms do not even exist anymore. But if you are using a wallet with a private key or some kind of seed phrase, you could easily access that as long as you have the key and send it to any platform or wallets that you like.
There are good suggestions already from other members, but you should do your research depending on your countries rules etc. pick the best platform where you could easily sell your Bitcoin to fiat money, or maybe P2P platforms. Save the rest of your Bitcoin, send half to your preferred platform, most likely you need to have a verification because of the exchange platfom, if you want the best platform in your country for convenient P2P and easily convert it to cash.
There's even a competition going on now so if you swap and enter that competition, you could be getting extra money on top (if you win lol).
The pricing is a bit expensive for me, I swap P2P so practically no fees (and even can get a bit more if BTC is in demand. I actually just swap to fiat anyway, never exchanged BTC for altcoins or even stablecoins since 2017 or 2019 maybe.
No, it's not fully decentralized. It's actually centralized, however they are privacy and user respecting exchange. From what I gather, no logs (supposedly), no javascript, onion website available, and no KYC BS that bad actors just bypass anyway, and regular folks ends up bearing the risk. The pool is their own reserves/liquidity as they don't rely on 3rd parties.
They may end up becoming big if they keep it up after a long time. Other no-kyc instant exchange I've seen here either rely on 3rd parties for liquidity or their own reserves are too small.