BTC to ETH. How to Convert Bitcoin to Ethereum Avoiding KYC?

BTC to ETH no KYC crypto exchange 22fb6a18ab 1 - BTC to ETH. How to Convert Bitcoin to Ethereum Avoiding KYC? BTC to ETH no KYC crypto exchange 22fb6a18ab 1 - BTC to ETH. How to Convert Bitcoin to Ethereum Avoiding KYC?

Stuck with Bitcoin but eager to dive into web3? Don’t let KYC hold you back. Learn how to swap BTC for ETH while avoiding the hassle of ID verification.

The world of crypto is a land of opportunities. Despite an increasing regulatory stranglehold, it’s still more akin to the Wild West than to the banking industry. Authorities are continuously looking for ways to bring decentralized blockchains under control – but not so fast.

Blockchains, as public ledgers, offer a good deal of transparency and traceablity. Nevertheless, careful users can stay anonymous, having fun and making profit in the crypto economy. To level up in the game, you need wits, a thirst for learning, and the courage to venture out of the mainstream crypto into the web3 and DeFi space.

If your only crypto asset is Bitcoin (BTC), you’ll need to consider swapping some of it for a web3-compatible currency, such as Ethereum (ETH). The alternative is to use services bridging BTC and DeFi, such as wrapped Bitcoin. The latter option has advantages but isn’t free from downsides, including security and counterparty risks, limited functionality, and price discrepancies.

Another method is to buy crypto online with national currencies, which often involves undergoing KYC (know-your-customer) and AML (anti-money laundering) procedures. Alternatively, you can convert BTC to ETH through ATMs or physical exchange kiosks. Depending on your jurisdiction, though, you may be subject to some level of KYC/AML verification.

Ultimately, the choice is yours. Whatever method you choose to enter the DeFi space, always remember about the risks involved. Cryptocurrencies are volatile assets, and bad decision-making can harm your budget or even threaten your online security.

Stay alert to suspicious activity and keep in mind that in the crypto space scams, schemes, and wicked plots targeting your wallet aren’t rare.

If you’re ready to proceed, let’s refresh the basics! Then we’ll move on to explaining how to swap Bitcoin for Ethereum and smoothly migrate to DeFi/Web3, avoiding KYC hassle.

What is Bitcoin (BTC)?

Bitcoin (BTC) is the first cryptocurrency that has achieved the top status in the decentralized space and maintained it ever since. It operates within a peer-to-peer network, where so-called nodes (computers in the Bitcoin network) verify transactions using cryptography and record them on blockchain – the most prevalent type of a distributed ledger technology.

Unlike traditional currencies, BTC isn’t controlled by any central authority. Instead, consensus among nodes is achieved through mining – an energy- and computation-intensive process of discovering new blocks, verifying transactions, and adding them to the Bitcoin blockchain.

Invented in 2008 by a person or a group of people using the pseudonym of Satoshi Nakamoto, Bitcoin was released as open-source software in 2009. Initially used as a niche digital currency, it has evolved into a store of value and investment and keeps evolving toward the status of the mainstream means of payment.

On September 7, 2021, El Salvador became the first country worldwide to adopt BTC as a legal tender. Unfortunately, its authorities impose KYC procedures for regular transactions. Despite BTC’s growing popularity, the use of Bitcoin remains restricted in many jurisdictions due to its pseudonymity.

Check out the market cap BTC chart from CoinMarketCap.

What is Ethereum (ETH)?

Ethereum is the second major cryptocurrency based on market capitalization. It has made a great impact in the decentralized world with its groundbreaking features and concepts. Unlike BTC, ETH operates on a platform that supports smart contracts – self-executing contracts with the terms directly written into code. They allow ETH to go beyond simple transactions and enable decentralized applications (dApps) to run on its blockchain.

Ethereum’s network also relies on a consensus mechanism among its nodes, but it employs a different approach compared to BTC. Initially based on proof-of-work (similar to Bitcoin), Ethereum has been transitioning to a proof-of-stake consensus mechanism, which is designed to be more energy-efficient and scalable.

Conceived by Vitalik Buterin and launched in 2015, ETH has evolved from a digital currency into a robust platform for innovation in decentralized finance (DeFi), non-fungible tokens (NFTs), and beyond. ETH’s continuous upgrades enhance its performance and expand its capabilities.

As of today, Ethereum is at the forefront of the blockchain revolution, enabling investments on decentralized exchanges (DEX) and participation in the decentralized economy.

Check out the ETH chart from CoinMarketCap.

How is Ethereum different than Bitcoin for DEX and DeFi investments?

Bitcoin primarily serves as a digital store of value and a medium of exchange. BTC’s DeFi capabilities are relatively limited, even though it has second-layer solutions like the Lightning Network and sidechains (e.g., Liquid Network) that aim to enhance its functionality. BTC’s DeFi ecosystem has been growing for some time, but it’s hardly extensive at the time being.

On the other hand, Ethereum has been the leading blockchain for DeFi. It hosts a vast ecosystem of DeFi protocols, including lending, borrowing, decentralized exchanges (DEXs), and more. ETH’s ability to execute smart contracts is the critical factor setting it apart from BTC. These contracts allow developers to create custom financial instruments, such as tokenized assets, prediction markets, and insurance products.

Due to its robust smart contract support, ETH is the foundation for most DEXs and powers the majority of the DeFi ecosystem. ETH-supported protocols include:

– lending and borrowing: platforms like Compound, Aave, and MakerDAO allow users to lend their assets or borrow against them.

– stablecoins: Ethereum-based stablecoins (e.g., USDC, DAI) provide stability and are widely used in DeFi.

– automated market makers (AMMs): DEXs like Uniswap, SushiSwap, and Balancer enable seamless token swaps using liquidity pools,

– yield farming: users can earn rewards by providing liquidity to DeFi protocols.

There are several ETH alternatives with smart contract capacity, such as Solana, Binance Smart Chain (BSC), Avalanche, Polkadot, Cardano, Terra, and other crypto. Still, ETH remains the main force in the DEX and DeFi space, and it’s advisable to go for it when you’re at the stage of researching how to perform BTC ETH conversion, while avoiding KYC.

No-KYC crypto exchanges where you can exchange Bitcoin for Ethereum

There are several ways to exchange BTC for ETH anonymously online. You may also trade BTC for ETH offline: through an ATM or ETH exchange kiosk, as we’ve already mentioned, or by finding a person who’d like to swap Ethereum and arranging a meeting.

Another workaround to avoid Big Brother’s inquisitive eyes is to earn ETH by performing some work or micro jobs online. There are several channels where you can do this without revealing your identity, including Telegram. Still, your ability to ”stay in the shade” depends on how much ETH you want to buy, what you do with your crypto, and how you cash out.

Another important factor to include is convenience. You don’t really want to run around the city looking for a BTC to ETH exchange service with a decent exchange rate. It’s much easier to convert BTC online, where you can check BTC and ETH prices, compare exchange providers, pick the ones with generous rates, and perform fast transactions.

So, let’s dive in to explore BTC to ETH converters that promise no KYC hassles.

StealthEX

StealthEX is a cryptocurrency exchange platform that supports BTC to ETH conversion (and ETH to BTC, for that matter) without the need to create an account. It operates as a non-custodial exchange, meaning users are in control of their funds throughout the transaction. The platform features the BTC to ETH converter on its home page, providing easy access for swaps.

StealthEX generally does not require KYC verification for smaller transactions. This means you can potentially exchange BTC to ETH without providing personal identification information. However, the platform warns that it may use a KYC procedure, involving ID verification, for suspicious activity. Still, such situations are rare.

If you’re keen on staying anonymous, it’s best that you check StealthEX’s official website or terms of service for the most up-to-date information on their KYC policy and transaction limits before making a swap.

SimpleSwap

SimpleSwap is another handy crypto exchange that allows users to swap BTC for ETH or another cryptocurrency without KYC for most transactions. The platform offers an anonymous service where customers don’t need to create accounts or store deposits.

However, KYC procedures may be conducted if transactions are flagged as suspicious by the system or partners. The process may require providing personal information, legal documents, and proof of address or funds.

So, before you decide to exchange a desired amount of BTC through SimpleSwap, check any updates on KYC terms and conditions.

ChangeNOW

ChangeNOW is a non-custodial crypto exchange platform supporting instant BTC to ETH swaps. The platform is clear about its KYC policy. In March, it informed about the launch of ”no-KYC fiat-to-crypto exchanges up to 700 EUR”.

ChangeNOW emphasizes privacy and speed, making it a popular choice among users who appreciate anonymity and efficiency. The platform supports a wide range of cryptocurrencies and offers a user-friendly interface.

After loading, the website shows you the current BTC price in ETH (just press the arrows button to get the ETH conversion rate today). A friendly place for beginners!

SwapSpace

SwapSpace is an interesting specimen in the instant exchange space. Rather than a platform itself, it’s a crypto exchange aggregator. In other words, SwapSpace doesn’t operate its own marketplace but compares conversion rate data from various exchanges to provide users with the best possible deal.

SwapSpace itself does not require KYC verification for most transactions. Still, the underlying exchanges that SwapSpace partners with might have different KYC requirements.

Overall, it’s possible to find no-KYC options through SwapSpace. To ensure you’re getting a no-KYC swap, check the specific exchange used by SwapSpace for your Bitcoin to Ethereum transaction.

Changelly

Changelly is another popular cryptocurrency exchange that specializes in fast and straightforward swaps. It operates as a non-custodial exchange, so it doesn’t hold onto your funds, reducing the risk of security breaches. Typically, Changelly allows you to convert Bitcoin to Ethereum without undergoing KYC checks.

However, the platform informs that it ”might ask” users to pass KYC. It’s not a requirement for everyone on board, though. Basically, this ”nuisance” is reserved for users whose transactions have been flagged by the platform’s risk-scoring algorithm.

Such a situation may occur when a user creates multiple accounts with disposable emails or the algorithm detects mixers and/or black market wallet addresses.

How to swap BTC for ETH? Convert Bitcoin securely with instant exchange platforms

Instant exchange platforms, like the ones described above, offer a streamlined process for converting Bitcoin to Ethereum without the complexities of traditional exchanges. Here’s a general breakdown of the process:

1. Choose your preferred platform.

2. Check the BTC to ETH exchange rate and compare it against other options.

3. Provide precise exchange amounts of BTC you want to convert to ETH.

4. Provide your Ethereum wallet address (the address where you want to receive the converted Ethereum)

5. Confirm the transaction details and initiate the swap.

6. Send Bitcoin: the platform will generate a Bitcoin address where you should send the specified amount of BTC.

7. Receive Ethereum: once the Bitcoin transaction is confirmed on the blockchain, the platform will automatically convert the BTC to ETH and send it to your provided Ethereum wallet address.

That’s it!

Here are a few more things to remember.

1. The instant exchange platforms typically charge a fee for the conversion service. Make sure you know the price you’re paying.

2. Exchange Rates can fluctuate, so remember to compare different platforms before making a swap.

3. Ensure you’re using a secure wallet and double-check the provided addresses to avoid errors.

4. While instant crypto exchange platforms aim for speed, transaction times can vary based on network congestion.

Good luck!

This article was originally Posted on Coinpaper.com