1 00:00:01,060 --> 00:00:05,020 And this lecture I want to talk about crypto exchanges. 2 00:00:05,020 --> 00:00:11,290 These are services that allow us to exchange one crypto currency to another. 3 00:00:11,290 --> 00:00:18,940 This can be very useful because you might want to get a certain crypto for example Monaro but you can't 4 00:00:18,940 --> 00:00:26,660 find any peer to peer sellers in your area or there are no 80 ATMs which you can use to get that cryptocurrency. 5 00:00:26,800 --> 00:00:33,800 Therefore you can get a more popular cryptocurrency such as Bitcoin and then exchange it to Monaro. 6 00:00:33,820 --> 00:00:39,130 Right now I'm only talking about bitcoin and more narrow but there are a lot of different types of crypto 7 00:00:39,130 --> 00:00:42,330 currencies that you can exchange. 8 00:00:42,370 --> 00:00:48,850 So learning how to use exchanges will open the door to so many possibilities. 9 00:00:48,850 --> 00:00:55,030 For example what you can do is you can use cash so use an anonymous method to buy bitcoins. 10 00:00:55,270 --> 00:00:57,500 So you're already anonymous at this point. 11 00:00:57,640 --> 00:01:04,860 And then to increase your anonymity use a crypto exchange to exchange Bitcoins to Monaro and then you're 12 00:01:04,870 --> 00:01:08,320 very very anonymous and very hard to trace. 13 00:01:08,350 --> 00:01:14,050 Alternatively let's say the end goal is you want bitcoins because you're sending money to a person or 14 00:01:14,050 --> 00:01:16,180 a seller that only accepts Bitcoin. 15 00:01:16,180 --> 00:01:22,210 What you want to be as anonymous as possible then you can buy one arrow with cash again using one of 16 00:01:22,210 --> 00:01:29,740 the methods I explained in the previous lecture and then convert this Monaro to Bitcoin using a crypto 17 00:01:29,740 --> 00:01:30,700 exchange. 18 00:01:30,730 --> 00:01:37,780 Now as you know cash is anonymous transferring the money into more narrow wallet will make it even more 19 00:01:37,780 --> 00:01:43,720 anonymous like we said because it hides the center and the receiver and it's not linked ABL and then 20 00:01:43,720 --> 00:01:50,470 send that to bitcoins will make your bitcoins very very anonymous and very hard to trace and tie to 21 00:01:50,470 --> 00:01:52,150 your identity. 22 00:01:52,480 --> 00:01:58,090 Alternatively let's say you tried everything and you could not buy a cryptocurrency with cash with an 23 00:01:58,090 --> 00:02:00,370 anonymous method that's fine. 24 00:02:00,370 --> 00:02:06,760 You can use an exchange service such as Coinbase and others that would verify your identity and then 25 00:02:06,760 --> 00:02:13,570 the money you use will be tied to your identity but you transfer that money to a more narrow wallet. 26 00:02:13,570 --> 00:02:19,600 Again once you do that that link is broken because Monteiro hides the sender and the receiver using 27 00:02:19,600 --> 00:02:22,080 rink signatures and stealth addresses. 28 00:02:22,120 --> 00:02:28,870 Therefore once you send that money to a bitcoin wallet it's very anonymous and the bitcoin address that 29 00:02:28,870 --> 00:02:35,500 you're going to use will not be linked to your identity even though you verified your identity when 30 00:02:35,500 --> 00:02:40,170 you bought the crypto currency when you bought Monaro for the first time. 31 00:02:40,390 --> 00:02:46,540 You can do the same again use a service that verifies your identity because these are available in everywhere 32 00:02:46,540 --> 00:02:47,100 in the world. 33 00:02:47,320 --> 00:02:50,100 So you can always use them as a last resort. 34 00:02:50,620 --> 00:02:53,500 And again buy bitcoins now at this stage. 35 00:02:53,500 --> 00:03:00,070 The bitcoin address will be linked to your identity because bitcoin is not anonymous but once you convert 36 00:03:00,070 --> 00:03:06,790 that bitcoin into more narrow the link is broken and this wallet right here will be very private and 37 00:03:06,790 --> 00:03:09,640 will not be linked to your identity. 38 00:03:09,640 --> 00:03:16,210 All of this is possible thanks to exchange services that allow us exchange one crypto currency to another 39 00:03:16,600 --> 00:03:23,110 and anonymity is possible because of the way Monteiro is implemented because of the way it uses risk 40 00:03:23,110 --> 00:03:26,380 signatures and stealth addresses. 41 00:03:26,380 --> 00:03:30,620 Now to go even one step further and become very very anonymous. 42 00:03:30,760 --> 00:03:38,350 What you can do is you can use what's known as churning and basically whenever money arrives into more 43 00:03:38,350 --> 00:03:44,350 narrow wallet you can transfer it between multiple more narrow wallets before sending it to another 44 00:03:44,350 --> 00:03:50,950 place or before converting it to another currency or you can literally send the money to the same wallet 45 00:03:51,790 --> 00:03:55,510 again with more narrow sender and the receiver are not linked. 46 00:03:55,510 --> 00:04:00,970 So every time you send money from one address to another even if you send in it to the same wallet that 47 00:04:01,030 --> 00:04:07,600 increases the distance between the wallet and the source of the funds therefore making it very very 48 00:04:07,600 --> 00:04:17,270 difficult to trace so in order to be able to do all of this you'll have to use a crypto exchange. 49 00:04:17,270 --> 00:04:19,750 Now there are a number of crypto exchanges. 50 00:04:19,760 --> 00:04:24,150 If you just go on Google and type crypto exchange you'll get a lot of services. 51 00:04:24,260 --> 00:04:31,070 If you go to get more narrow community you will see a number of services here as well and I will include 52 00:04:31,070 --> 00:04:33,100 this in the resources of this lecture. 53 00:04:33,140 --> 00:04:39,400 And like I said the policies of the services change often so always stay updated on what's new. 54 00:04:39,500 --> 00:04:44,260 Always stay updated to see which ones will require to register and verify I.D. or not. 55 00:04:44,610 --> 00:04:50,150 But at the time of recording this lecture a really good service is more token right here. 56 00:04:50,150 --> 00:04:56,870 It doesn't require us to sign up and it doesn't require I.D. verification using these services is pretty 57 00:04:56,870 --> 00:04:57,950 much the same. 58 00:04:58,040 --> 00:05:03,550 Therefore in the next lecture I'm going to show you how to use this one just as an example. 59 00:05:03,650 --> 00:05:08,210 But you'll be able to apply the same steps when used in other similar services.