Some qestions about buying Monero with fiat... (monero.town)

submitted 1 year ago* (last edited 1 year ago) by LosTim@monero.town to c/monero@monero.town

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Hey All,

This community has been super helpful so far. And was hoping you guys might be able to answer some simple questions I had about acquiring Monero.

How are most people acquiring Monero with Fiat?
I've looked into using localmonero but was unsure about the pros and cons of various payment methods. PayPal, Venmo, etc. Is there a standard localmonero Meta for lack of a better term?
Wouldnt all ways to purchase monero on localmonero effectively be KYC. Since all of the various apps used to send fiat would have to have my info?

Answer some or all of them, or just go off about whatever you want since I'm trying to soak in as much tribal knowledge as possible.

Thanks in Advance

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[-] max@nano.garden 5 points 1 year ago

I purchase Monero through Kraken
Not sure
It is not exactly the same as KYC, because KYC is about the exchange verifying your identity, keeping a record of who you are, keeping a record of your transactions, and the crypto addressees that they send you funds to.

It depends on what your goal is and who is looking at your finances. If you want to buy hundreds of thousands of dollars worth of Monero to avoid paying taxes, then your bank and potentially the tax authorities will pay attention to a massive transaction leaving your account and disappearing into a non-KYC crypto exchange. So, from that point of view, it is effectively similar to KYC.

But if you are interested in privacy and the per-transaction amounts are not massive, then both the bank and the exchange will still have some record of the transaction tied to your identity. But the bank is unlikely to take notice, and the exchange, being a Non-KYC, will not verify your identity nor is it under the same level of pressure to keep detailed records. Still, some of your information is leaked and it is out there.

Monero is very private, so even with KYC you can pull it off the exchange and your identity is immediately disassociated from it.

Depending on how much you want to buy, and who you know, one way of getting it is to buy it from a friend or an acquaintance.