Most cost-effective way to convert crypto?

[Scorpion Ghost]

I find myself being overly reliant on KYC exchanges for converting stuff.

So you send crapcoin to an exchange, you convert to shitcoin for free, and you move out to wherever.

Of course, this leaves a trace attached to your name in the ether of the universe, and its not what crypro is about.

Of course, it can all be done in non-KYC way. For example, one can use Exodus and other wallets and sites. It would make things more complicated, but im fine with that.

What i would like to know is, what would be the best way to do this and lose as little as possible on the conversions?

Exodus or some other such wallet? Metamask and one of those sites, i dont know what theyre called, dex?

 

[Sol]

I find myself being overly reliant on KYC exchanges for converting stuff.

So you send crapcoin to an exchange, you convert to shitcoin for free, and you move out to wherever.

Of course, this leaves a trace attached to your name in the ether of the universe, and its not what crypro is about.

Of course, it can all be done in non-KYC way. For example, one can use Exodus and other wallets and sites. It would make things more complicated, but im fine with that.

What i would like to know is, what would be the best way to do this and lose as little as possible on the conversions?

Exodus or some other such wallet? Metamask and one of those sites, i dont know what theyre called, dex?

DEXs are decentralized exchanges, most if not all coins (aside from your main ones) are listed on a DEX first then move onto a CEX think binance, kucoin, mexc etc

When we use DEXs we use METAMASK or PHANTOM or NAMI as a wallet that connects to these DEXs

For example

Buy 100 Solana from BINANCE

Send 100 Solana to PHANTOM

Connect PHANTOM to RAYDIUM (dex)

Buy 100000 rocket coin for 1 SOLANA via RAYDIUM (dex)

Now you have 100,000 rocket coins on the Solana chain.

There is an OUTGOING trace from your BINANCE to your INCOMING PHANTOM

When you want to SELL rocket coin for SOLANA you, again, can do this via RAYDIUM

If by chance rocket coin is listed on an EXCHANGE you can send rocket coin from PHANTOM to BINANCE

You now have an INCOMING trace of 100,000 rocket coin from PHANTOM to BINANCE

So there is no DIRECT trace but there is still a trace

I hope I understood the question correctly, if not I can try again ;P

edit: It is almost NEVER worth it to swap directly via the wallet (metamask swap) the fees are outrageous.

 

[Scorpion Ghost]

DEXs are decentralized exchanges, most if not all coins (aside from your main ones) are listed on a DEX first then move onto a CEX think binance, kucoin, mexc etc

When we use DEXs we use METAMASK or PHANTOM or NAMI as a wallet that connects to these DEXs

For example

Buy 100 Solana from BINANCE

Send 100 Solana to PHANTOM

Connect PHANTOM to RAYDIUM (dex)

Buy 100000 rocket coin for 1 SOLANA via RAYDIUM (dex)

Now you have 100,000 rocket coins on the Solana chain.

There is an OUTGOING trace from your BINANCE to your INCOMING PHANTOM

When you want to SELL rocket coin for SOLANA you, again, can do this via RAYDIUM

If by chance rocket coin is listed on an EXCHANGE you can send rocket coin from PHANTOM to BINANCE

You now have an INCOMING trace of 100,000 rocket coin from PHANTOM to BINANCE

So there is no DIRECT trace but there is still a trace

I hope I understood the question correctly, if not I can try again ;P

edit: It is almost NEVER worth it to swap directly via the wallet (metamask swap) the fees are outrageous.

Yeah, i understand. I know how the tracing goes and all.

So, say i had some litecoin on a private wallet. And i wanted to convert it to dash, in order to send elsewhere for staking.

My move would be send to exchange, convert, send elsewhere.

But if i wantes to stay away from KYC, what would the move be?

 

[hunterupscale]

Have you guys ever used Mixer services?

 

[Scorpion Ghost]

Have you guys ever used Mixer services?

I have snot

 

[Sol]

Yeah, i understand. I know how the tracing goes and all.

So, say i had some litecoin on a private wallet. And i wanted to convert it to dash, in order to send elsewhere for staking.

My move would be send to exchange, convert, send elsewhere.

But if i wantes to stay away from KYC, what would the move be?

Hmm, I don't really know what the best way for those pairs would be.

Let me look/ask around and I'll ping you

 

[Scorpion Ghost]

Hmm, I don't really know what the best way for those pairs would be.

Let me look/ask around and I'll ping you

No dont ask or look, that was just an example. But lets apply it to any conversion one would want to do, regardless of the coins.

Would you google search for a dex that supports the pair? And if cant find it, then search for a dex that supports one, then a dex that supports the other, and find a coin that can get the job done.

So as an example, trade LTC for USDT on one dex, then trade USDT to Dash on another.

Am i talking crazy?

Do dexes take fees for conversions?

 

[Sol]

No dont ask or look, that was just an example. But lets apply it to any conversion one would want to do, regardless of the coins.

Would you google search for a dex that supports the pair? And if cant find it, then search for a dex that supports one, then a dex that supports the other, and find a coin that can get the job done.

So as an example, trade LTC for USDT on one dex, then trade USDT to Dash on another.

Am i talking crazy?

Do dexes take fees for conversions?

In the example of swapping ETH for ADA lets say

Rather than sending ETH to Binance, converting ETH to ADA then sending ADA to wherever

You should instead, use a BRIDGE https://app.debridge.finance/deswap is an ok one (please DYOR on bridges as they are quite risky.

Bridges are in the name, they bridge your coins from one native chain to the other, avoiding cexs

Dexes do take fees but they are minimal, I think in your example if you want to go from one chain to the other you should use a bridge

You do have to look at the costs for both however, bridges are CONVENIENT and PRIVATE but are slightly more costly (not in all cases)

Binance for examples has low fees if you are swapping to BNB since it's their native coin.

You wouldn't use a bridge to go from ETH to BSC since Binance can do it cheaper (but you are going through a cex)

XMR (Monero) is a privacy coin I haven't really experimented much with it may assist you, take a look.

Touching on bridges a little more I use a bridge my Ethereum to Solana completely avoiding any dex, cex or anyex

If you can read etherscan This is a bridge transaction

Basically

Wallet bridged .2 ETH for x coin

The bridge swaps the .2 ETH to WETH (Wrapped ETH)

The WETH to USDC

The USDC to the other chain

You can't really see where the USDC goes as it joins other peoples USDC and gets dispensed accordingly

From Dln: Crosschain Forwarder To Dln: Source

The FROM is the ETH side of the Bridge

The TO is the lets say ADA side of the Bridge

This is all done via routers and pools which I am not yet well versed on but I use bridges quite often and can vouch

The tricky part is finding a bridge that supports BOTH coins you want to swap, I know LTC/DASH was just an example but I couldn't find any legit looking bridges.

 

[Adseals]

I find myself being overly reliant on KYC exchanges for converting stuff.

So you send crapcoin to an exchange, you convert to shitcoin for free, and you move out to wherever.

Of course, this leaves a trace attached to your name in the ether of the universe, and its not what crypro is about.

Of course, it can all be done in non-KYC way. For example, one can use Exodus and other wallets and sites. It would make things more complicated, but im fine with that.

What i would like to know is, what would be the best way to do this and lose as little as possible on the conversions?

Exodus or some other such wallet? Metamask and one of those sites, i dont know what theyre called, dex?

Check out bestchange. com
It's the aggregator of crypto conversions

 

[paja93]

It doesnt even have to be dex, there are exchanges that allow you to exchange crypto for crypto directly even without signup or kyc. And fees are pretty low. Exchange platforms exchange fees are usually low, what is usually expensive is the withdrawal from their wallets. Thats why i use exchanges that dont require me to deposit to my account balance etc. Check out changenow.io for example, pretty good one, never had problems with it. There are similar exchanges that you can find on google(i found this one like that). Btw i didnt use it for large amounts so i dont know if they have any limits.

And regarding the trace, you can always convert to monero, send to another wallet, let it stay there for some time and convert back to whatever crypto you need using similar exchange i presented above. Trace exists but it ends with monero and no one has any idea where the funds left from there on. Of course if you trust that monero technology, which i do.

 

[PixelZero]

You need to solve the problem from the root

When you get crypto, make it go through XMR

After that you can do whatever you want

 

[xReminisce]

Yeah, i understand. I know how the tracing goes and all.

So, say i had some litecoin on a private wallet. And i wanted to convert it to dash, in order to send elsewhere for staking.

My move would be send to exchange, convert, send elsewhere.

But if i wantes to stay away from KYC, what would the move be?

Unless your putting it through mixers, and taking bits and pieces out, you have already left a trail that is just longer than most but still fully traceable to you.
By not going your KYC, at this point doesn't really matter much, unless you use a completely new wallet that never been touched, since, as you know, in Crypto, traces are forever. the current wallet communicated with a KYC network before, and that will always be there visible.