Top reasons to use an anonymous Bitcoin wallet
People may want to remain anonymous while making online payments for various reasons. For example, some people wish to hide purchases that break the law or social conventions. In addition, many people seek to circumvent KYC procedures as private data gets shared with the authorities, thus allowing them to maintain surveillance of the user. Hence, users seek to use anonymous bitcoin wallets for their safety and the various features it offers.
Importance of anonymous Bitcoin wallet
While Bitcoin itself is an anonymous currency, not all crypto wallets are. To comply with which contains your personal information. In case that merchant shuts down, it will leave you and your hard-earned money vulnerable. Therefore, an anonymous Bitcoin wallet is essential to securing your confidential information and avoiding any risks.
Features of the best anonymous crypto wallets
You must do your research and select the best anonymous crypto wallets according to your requirements. However, these are generic features your wallet must have:
- The ability to create offline backups for added security.
- The ability for the user to create sub-wallets so that they can divide their investments into various categories.
- Some wallets offer cold storage facilities, which is an extremely secure method of keeping your hard-earned money safe.
How to create an anonymous Bitcoin wallet?
Through this guide, you will learn how to create an anonymous wallet so that your transactions cannot be traced back to you.
- Download your desired crypto wallet. As an example, we shall use Tor.
- Create an account to begin. Consider using a unique email address that is not tied to personal information such as your name, address, or bank accounts.
- Once you create and set up your account, download and install Tor on your computer device.
- Launch the wallet. You will have the option to choose between a Standard wallet and a Server Seed wallet. We recommend you to use a Standard wallet if you are new to cryptocurrency.
Pros of using an anonymous Bitcoin wallet
- Anonymity safeguards your personal information and your hard-earned money. It also reduces the risks and chances of hackers targeting you.
- Anonymity reduces the amount of effort and time needed for KYC procedures. These procedures may prevent customers from accessing their money for months.
- Millions of individuals without IDs can engage in the currency trade thanks to anonymity.
There are several bitcoin wallets available, many of which are completely anonymous.
As an investor, you must conduct thorough research before deciding which option best meets your needs.