Hiding identity in digital currency era

I have a question about the security of digital currencies, however still I have find a clear answer for that. No matter what is the currency, e.g bitcoin, monero, ..., at the end of the day, I have to go to somewhere and change the digital money to physical money. Isn't that?

For example, I have 20 XMR. I need to change that to Dollar. So, I have to tell somebody (a bank or someone else) to take this 20 XMR and give me some money. At this point the identity is revealed.

Specifically, I have to first transfer the digital money to the person in the other side and then take the physical money.

Can someone explain that?

mahmood

Posted 2018-10-26T08:25:55.463

Reputation: 103

You could exchange p2p without revealing your identity – Raghav Sood – 2018-10-26T08:27:40.887

Can you explain more? Any reference? – mahmood – 2018-10-26T08:39:59.237

Answers

I have to go to somewhere and change the digital money to physical money.

Although that is the current reality, with a few exceptions, it is not the vision of how cryptocurrencies would work.

The intent is that everyone globally would accept your cryptocurrency directly without any need to convert to or from other currencies.

We can see that the Euro has replaced lots of national fiat currencies in the Eurozone. The dream of cryptocurrency promoters is that at least one cryptocurrency will become globally pervasive to the extent that you never need any fiat currency.

RedGrittyBrick

Posted 2018-10-26T08:25:55.463

Reputation: 4 815

If you go through more or less official trading sites or exchanges, you will first have to reveal your identity. There are however sites like "localbitcoins.com", which allow to find people in your region, to exchange money without delivering details on your identy. This is what @Raghav put in his comment. You may also want to visit bitcoin meetups, another possibility to meet crypto ccy friends, and find some people willing to get you started.

pebwindkraft

Posted 2018-10-26T08:25:55.463

Reputation: 4 568