Direct from the desk of Dane Williams.
The best method to buy HBD without KYC is to use the ParaSwap DEX aggregator to buy bHBD, which can then be bridged to your Hive account.
Are you looking for the best way to buy Hive Backed Dollars (HBD) without KYC?
With HBD's only direct exchange listings being the low liquidity Bittrex and Korean-only Upbit, your best bet has always been to buy HIVE and then use the internal market to get HBD.
But with exchanges like Binance and even Blocktrades recently requiring users to submit their ID in order to trade, this has driven many to look for alternatives.
If you have no interest in completing archaic KYC requirements to buy HBD or HIVE, the solution is actually quite simple:
Use the Paraswap DEX aggregator on the Binance Smart Chain (BSC) to purchase HBD crypto in the form of bHBD, and then transfer it to your account.
In this guide, we'll walk you through the process of buying HBD without KYC step by step and ensure you don’t make any mistakes.
Let's get into it.
Start by moving your money into the crypto ecosystem
Let me kick off by saying no matter what governments do, there will ALWAYS be non-KYC fiat on/off ramps available.
Non-KYC exchanges accessible from certain parts of the world, p2p crypto trading services, Bitcoin ATMs and the like.
No matter what FUD you read, I assure you that there will technically always be options to get money into the crypto ecosystem.
Find your non-KYC on/off ramp and get your cash into the ecosystem.
Once inside, you are free to use decentralised exchanges and aggregators like Paraswap to buy HBD without KYC.
How to buy HBD without KYC using Paraswap
Follow the following steps to buy HBD without KYC using the DEX aggregator called Paraswap.
While the steps will be similar for other DEXs, using Paraswap is the easiest and cheapest way to do it.
Step 1 - Buying HBD via Paraswap
You’re actually going to be buying a BSC-based derivative called bHBD.
Go to app.paraswap.io and ensure the BSC network is selected:
In the top drop down box, select the token you wish to swap from, while in the bottom drop down box paste the following contract address for bHBD - 0x874966221020d6ac1aed0e2cfad9cbfee0ba713b:
Hit Review Order and confirm the transaction via your BSC wallet of choice:
Easy, right?
You’ve now bought HBD without KYC and it’s time to bridge it over to your HIVE account.
Step 2 - Bridging bHBD to your Hive account
Remember, by using a BSC-based DEX, you’ve bought a derivative of HBD called bHBD.
To get it back into your Hive account and start earning 20% interest, you need to use the HBD to BSC bridge:
Click the button that says transfer them back, then input your Hive username and the amount of bHBD you wish to transfer:
Once again confirm the transaction via your BSC wallet of choice:
There you have it.
Your bHBD has now been bridged to native HBD, the best algorithmic stablecoin and is waiting for you in your Hive account.
Best of probabilities to you.
PS. Also be sure to check out my best way to buy HIVE without KYC post.
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Do I not need KYC to buy that BNB?
Or maybe the better question is where should I buy that BNB without KYC?
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Yes, you're certainly right that non-KYC on/off ramps are hard to find.
Especially in certain parts of the world.
But non-KYC exchanges, ATMs, P2P marketplaces and privacy coins are out there if you're willing to look.
As I keep saying, where there's a will, there's a way 😉.
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Wow! This is what I needed to read.
!PIZZA
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You haven't had a chance to use any of LeoFinance's BSC-based derivative tokens?
bLEO, bHIVE and bHBD?
Posted Using LeoFinance Beta
I have not tried it, but will want to soon!
Hahaha! !PIZZA
How much are you losing doing these exchanges on 100 Hive transfers?
Posted Using LeoFinance Beta
Check the price impacts before you hit confirm 😉.
Paraswap is very transparent.
It's true that you are paying for the privilege of privacy.
But costs will continue to come down as liquidity keeps getting added to the bHIVE:bHBD LP on Cub Finance.
In my opinion, getting liquidity into this LP is the most important thing for the entirety of Hive going forward.
Super important for not only Hive... but I'll go one step further and say for society itself!
It sounds like I'm exaggerating, but I truly believe I'm not.
There just aren't any truly permissionless stablecoins that can grant access to the safety of USD, to all corners of the world.
No matter who you are, where you live, what you believe.
Posted Using LeoFinance Beta
Hey there! Hmmm, I always feel a bit lost when reading stuff like this, however it excites me that I basically followed! I must be learning something PHEW!
Another intriguing write up... A few things strike me though. For those of us who aren't crypto savvy, getting fiat into the ecosystem in the first place is very hard. I use coinbase, because I am not currently competent enough to risk using something that isn't highly regulated (and costly!). Sadly, this absolutely goes against my principles.
I have no idea how to properly educate myself on that, as reputable people aren't exactly giving up their secrets on how to lie to the government (Duh!) 🤣. I have sharp eyes, I'll figure it out eventually, like you do.
I know crypto is a bridge to humans making the world better. Building things that don't deplete our value but add to it, collectively. Or, the stars in my eyes say so... 😅
Also, you talk about getting the 20% interest rate,
Unpair the funds? I've finally figured out how to buy bHIVE/bHBD and set it to a farm (OxNifty helped a lot, thanks Nifty!) yet, I still have many questions before I dump a few hundred Hive into it (I know I want to haha). Why not advocate for farming, HEM "not financial advice" on the topic, I mean? 20% is wonderful, 36% is even nicer!
I'm so bullish for Hive in 2023, it's a bizarre and exciting feeling 😁
Posted Using LeoFinance Beta
Yes that is my biggest question too. How to get fiat into the "ecosystem" without the KYC?
I too use Coinbase because it is the only place I did the KYC.
I don't know what country you are in, but here in the good old USA "Big Brother is Watching" !LOL
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lolztoken.com
Prism, it's a light sentence.
Credit: reddit
$LOLZ
Use the !LOL or !LOLZ command to share a joke and an $LOLZ
(2/8)@grindan, I sent you an on behalf of @hhayweaver
Where there's a will, there's a way 😉.
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I'll just say that where there's a will there's a way.
But let me add this...
Not wanting to do KYC isn't only about lying to the government.
Being Australian, I don't really worry about my government taking advantage of me in the same way that someone living under a more autocratic system might.
I choose to live in a city, take advantage of public infrastructure/services such as the health system and pay my share of tax for the greater good of the society I choose to take advantage of.
For me personally (and maybe you too living in another first world country), having this non-KYC option is simply about not putting total trust into corporations who don't have my best interests at heart.
And ensuring there are always private, open alternatives for everyone - No matter who you are, where you are or what you believe in.
Just keep in mind that putting native HBD into savings and earning 20% for doing so, has zero 3rd party risk.
It's all a tradeoff between security and earning higher yields :)
Posted Using LeoFinance Beta
how to buy bHIVE/bHBD and set it to a farm? Where can I read how to do this?
Posted Using LeoFinance Beta
Binance delisted HBD quite some time ago by the way. And maybe it's a good thing to keep the prices of HBD more stable than almost every other stable coin on the market.
Thanks for the heads up :)
I've reworded the introduction to make things a little more clear and up to date.
Posted Using LeoFinance Beta
There are some CEX's out there that will allow use without KYC to a limited degree. I use them for HIVE quite often. Purchase tokens on Coinbase - transfer out - buy HIVE on another CEX and move to keychain.
I forgot about ParaSwap, last time I still bridged funds to BSC via DEC thru Splinterlands 😅 Maybe I was just a bit lazy too haha!
If you want to take additional steps, you can even utilize a chain like Monero in the middle, for more privacy. A bit messy but a quick example:
Fiat Ramp, KYC CEX, Misc > Non-KYC CEX1 > Monero Wallet > Non-KYC CEX2 > BSC wallet > Bridge to HIVE
Ideally though, you just have a web3 income, be it thru large stakeholdings, a job, mining or blockchain gaming, so you can skip the FIAT and easily avoid KYC or CEX steps altogether.
For about 6 months, I was getting paid in USDC on Solana for a couple jobs I had, it was pretty great in that regard, felt a lot more secure for sure, I do miss it.
But now, back to getting paid in fiat on regular work, which is fine too.
Anyway, good post and all that, thanks for sharing!
!PIZZA
!PGM
!BEER
!LUV
!CTP
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I think that is a choice but couldn't you also do something similar using the v4app or a credit card to hive purchase? The card to hive purchase is an option in PeakD I think.
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Card purchases through PeakD ask for KYC info
Posted Using LeoFinance Beta
Ah ok. I didn't know if it did.
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Honestly I have no idea about the v4app.
I see it talked about everywhere but still don't fully get it or what it does...
You'd probably be in a better position to tell me if you can use it to buy HBD without KYC.
Can you?
Also, as grindan said, PeakD's exchange deal is all KYC.
And buying with credit card isn't really a privacy-focused option anyway haha.
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That's excellent news for me because I didn't knew about it. Even P2P is not available on these exchanges without doing KYC excluding Kucoin. I think this will be better.
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Keep in mind that you don't have to use a KYC exchange to find someone else wanting to do a P2P transaction... lol.
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P2P transactions are risky except if I am doing it on Exchanges. So we are forced to use exchanges for P2P. :(
I don't understand why people don't want to use 'kyc', it's not that difficult on some platforms and once you do it for a platform, you don't have to anymore. Besides it ensures that you are you & makes it harder for some scammer to use you identity.
Anyways, I've been using Coinbase for a number of years and never had to do 'kyc', the only thing I had to do was verify the bank account I connected & use for buying LTC which I transfer to Hive-Engine then swap for Hive. I then convert my Hive to HBD.
!CTP
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Best P2P to buy Hive or any other crypto without KYC, please....?