To add, using your bank to buy btc from a rando on the internet, you might as well just buy on strike and send it to yourself on bull bitcoin wallet swapping into liquid and later move on chain.
At least then you are your own counterparty, but the KYC exposure is the same and at least you don’t have your data being aggregated by secret feds or otherwise entangle your banking information with someone who might be doing crimes and later finding yourself getting subpoenaed.
Replies (11)
Absolutely
Buying Bitcoin on robosats, then swapping to onchain is probably the least KYC option imo
Why is adding your KYC info to a centralized honeypot of user data better than finding a few anons and gambling they're not part of some fed crypto dragnet?
Right now cashapp will pay any lightning invoice from the fiat bank connected to it.
I saw a user scan a minibits ln invoice from cashapp and pay from their bank fiat. It paid the invoice with no further questions.
As far as I could see it was considered a LN withdraw in the limits section but not a buy order or purchase of bitcoin.
Square sent the sats to the cashu mint and separately pulled fiat from a bank transfer to square.
👆
but how do you suggest getting the usd to the robosats counterparty without establishing an identifable monetary link with an unknown person?
Good point. Perhaps the most efficient way is to buy L-USDT directly with a bank account, then swap it to L-BTC and swap again to onchain. You could also try swapping L-USDT directly to onchain with robosats.
If you are paying them fiat you just document it for a service. The coin and the fiat are seperated. Send to them through strike and receive btc through another wallet or ln node.
I totally misread the OP is asking about robosats
I will 2nd the CashApp suggestion. Yes, you would have the same KYC exposure as Venmo or Zelle; but, from CashApp's perspective, you aren't necessarily ever possessing any BTC yourself. CashApp just debits your fiat account and pays some anon lightning invoice on your behalf (with no fees nor spread).
Yes, but the OP is asking how you buy sats from someone on robosats without connecting your true identity to a direct transaction with the other party. Since you dont know who you are transacting with, it could be a fed, which is a problem. Liquid transactions may be the only way to do it because they are untraceable, so I think L-USDT is not linkable back to you, though I'm not sure L-USDT is as secret as L-BTC.
An option could be to do a lightning<->onchain swap with robosats because technically the lightning transaction is opaque. However you would need to assume the originating lightning node isn't connected directly to robosats (it could be) and robosats doesn't share its transaction info (theft or a gun can break a lot of promises), so I don't know there is any guaranteed way to keep your KYC'd funds' origin secret from the other robosats party.
