Money can be hidden from family members and authorities using cryptocurrency.
Some people use different methods to hide their fiat assets from their spouse, during dating or in marriage.
But using cryptocurrency is more secure and safe.
You can hide money in Bitcoin, or an alternate cryptocurrency (Altcoins). It’s quite simple, but you’ll need to keep your assets from loss with a genuine wallet.
In this guide, I am going to show you how to hide money with any cryptocurrency of your choice easily and safely.
Hiding your money with crypto
Hiding money with cryptocurrency is quite simple, but not for beginners, as you stand a chance to risk losing everything at an instance.
However, keeping your funds hidden with crypto assets can be better than keeping it in a private bank account.
Below is the process to perfectly keep your money hidden with cryptocurrency…
- Register account on an exchange (e.g. Binance)
- Fund the exchange with your money
- Purchase Bitcoin or Ethereum
- Exchange it for any privacy coin
- Transfer the coin to a wallet (e.g. Ledger).
Congratulations… you have successfully purchased and hidden your money for the first time with a crypto-coin!
Best places to hide money with crypto
These methods I am going to list out are the ways I personally use to keep my money away from the eyes of some people.
1. Cryptocurrency wallets (Best)
Crypto wallets are the most private place to hide your money, when you’ve already bought a coin of choice.
However, it’s not all of them that is secured enough to hold your investment for the long-term strategy, as there are different kinds of wallets in the market.
These type of wallets are well known to be among the most private, anonymous and secure due to their HD (Heuristic Deterministic) feature.
2. Cryptocurrency exchanges
Though, it’s not good to keep your investment on an exchange, but it’s yet another place, where you can store your coins for short-term purposes.
Reason being that many hackers do target popular exchanges, and if they succeed, your investment may be lost for life.
Meanwhile, if you only want to hide your cryptocurrency funds for a short period, then you can use any of the best cryptocurrency exchanges available.
I’ve answered some of the frequently asked questions concerning how someone can keep their financial assets hidden with cryptocurrency.
How is cryptocurrency private?
Cryptocurrency wallet addresses may keep your transaction anonymous, but not if someone discovers and can link it to your known identity.
Which is the safest cryptocurrency?
Monero is a secure, private and untraceable currency. The development of this cryptocurrency is completely donation-based and community-driven.
Read my guide on how to purchase any amount of Monero (XMR) easily.
This open-source asset was launched in April 2014, and quickly garnered some great interest among the cryptography community and enthusiasts.
Is Monero safer than Bitcoin?
As the most anonymous on the market, it has represented a safe haven for threat actors recognizing Bitcoin’s value and weaknesses due to its exposure and traceability.
Monero has been seen as a way forward in an even more anonymous and secure payment method.
Can Monero transactions be traced?
The transactions are much more difficult to trace, because they use ring signatures and stealth addresses. These methods help to hide the identities of both sender and receiver.
Additionally, Ring Confidential Transactions or RingCT, helps to conceal the transaction amount, providing more privacy.
Is Monero worth more than Bitcoin?
No. There are very few direct fiat gateways into Monero, meaning the vast majority of people who bought XMR did it with Bitcoin.
Bitcoin is the first crypto-coin that most people buy, so it’s hard for a different crypto to overtake the value.
Where can I hide crypto wallets?
Software wallets can only be hidden inside the gadgets where you installed them, but for hardware crypto wallets, you can hide it just anywhere possible.
If you must hide your wallet, just make sure that you don’t hide it where you’ll not have access to, whenever you wish to make use of it.
Hiding money with cryptocurrency
At this point, you’re supposed to have understood the process involved in hiding money away with the use of cryptocurrency.
Hiding cryptocurrency from people, family, partner or spouse is not a crime, but you have to do it with the mind of no guilt.
If you must hide your crypto investment for a very long time, I’ll suggest you write a will – incase of unforeseen circumstances that may arise in future.
Do not forget to always keep your investments in an offline cryptocurrency wallet, as it’s the best way to keep your funds away from the internet hacks and thefts.