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About security and privacy

Mahmood 1 year ago updated by happyserendipity 1 year ago 1

Regarding the privacy and security, there is a question in my mind and I haven't find a clear answer for that. While mining, my identity is hidden. However at the end of the day, I have to physically find someone (bank or something else) to change the XMR to Dollar. Isn't that? That means, my identity is finally revealed.

For example, I see that the is 2 XMR in my wallet. I know that there is a person that can give the equivalent Dollar. So, I have to ask about his wallet. Then I have to transfer 2 XMR to him and then physically go to his office and say, I am the person that transferred 2 XMR with the code XXXXXX. Do you remember? and he check his transactions and will give me the money.

That is the best case. If that is my first time, I may transfer 2 XMR to a good looking guy and after that he disappears without giving me the money.

Can someone shed a light on that? Maybe I don't know the exact process. Thank you

+1

Most people cash out through exchanges, where know-your-customer (KYC) is a thing, so the exchange will know your identity You would usually not cash out through interacting with a shady guy in person, although that is an option as well. The other option is to not exchange your crypto for fiat (usd, eur, etc..) currency, but to spend crypto directly wherever someone accepts crypto as a form of payment, be it eshops or physical stores. Just the other day, I've spend crypto on coffee and a cheesecake at a cafe.