WEBVTT 00:00.870 --> 00:04.440 And this lecture, I want to talk about crypto exchanges. 00:04.830 --> 00:10.410 These are services that allow us to exchange one cryptocurrency to another. 00:11.130 --> 00:18.330 This can be very useful because you might want to get a certain crypto, for example, Monero, but 00:18.330 --> 00:24.780 you can't find any peer to peer sellers in your area, or there are no ATMs which you can use to get 00:24.780 --> 00:26.370 that cryptocurrency. 00:26.670 --> 00:33.210 Therefore, you can get a more popular cryptocurrencies such as Bitcoin and then exchange it to Monero. 00:33.660 --> 00:39.870 Right now I'm only talking about Bitcoin and Monero, but there are a lot of different types of cryptocurrencies 00:39.870 --> 00:42.060 that you can exchange. 00:42.150 --> 00:48.060 So learning how to use exchanges will open the door to so many possibilities. 00:48.690 --> 00:55.110 For example, what you can do is you can use cash, so use an anonymous method to buy bitcoins. 00:55.110 --> 00:57.450 So you're already anonymous at this point. 00:57.450 --> 01:04.530 And then to increase your anonymity, use a crypto exchange to exchange bitcoins to Monero and then 01:04.530 --> 01:07.620 you're very, very anonymous and very hard to trace. 01:08.280 --> 01:13.890 Alternatively, let's say the end goal is you want bitcoins because you're sending money to a person 01:13.890 --> 01:18.760 or a seller that only accepts bitcoin, but you want to be as anonymous as possible. 01:18.780 --> 01:24.570 Then you can buy Monero with cash again using one of the methods I explained in the previous lecture 01:24.570 --> 01:30.510 and then convert this Monero to Bitcoin using a crypto exchange. 01:30.540 --> 01:33.450 Now as you know, cash is anonymous. 01:33.450 --> 01:39.570 Transferring the money into a Monero wallet will make it even more anonymous, like we said, because 01:39.570 --> 01:45.990 it hides the sender and the receiver and it's not lockable and then send that to bitcoins will make 01:45.990 --> 01:51.540 your bitcoins very, very anonymous and very hard to trace and tie to your identity. 01:52.380 --> 01:57.990 Alternatively, let's say you tried everything and you could not buy a cryptocurrency with cash with 01:57.990 --> 01:59.140 an anonymous method. 01:59.160 --> 02:00.200 That's fine. 02:00.210 --> 02:06.780 You can use an exchange service such as Coinbase and others that would verify your identity, and then 02:06.780 --> 02:09.900 the money you use will be tied to your identity. 02:09.900 --> 02:13.920 But you transfer that money to Monero Wallet again. 02:13.920 --> 02:20.490 Once you do that, that link is broken because Monero hides the sender and the receiver using ring signatures 02:20.490 --> 02:21.750 and stealth addresses. 02:21.960 --> 02:28.680 Therefore, once you send that money to a bitcoin wallet, it's very anonymous and the bitcoin address 02:28.680 --> 02:35.190 that you're going to use will not be linked to your identity, even though you verify your identity 02:35.190 --> 02:39.540 when you bought the cryptocurrency, when you bought Monero for the first time. 02:40.230 --> 02:41.700 You can do the same again. 02:41.700 --> 02:47.190 Use a service that verifies your identity because these are available in everywhere in the world. 02:47.190 --> 02:52.240 So you can always use them as a last resort and again buy bitcoins. 02:52.260 --> 02:58.140 Now, at this stage, the Bitcoin address will be linked to your identity because Bitcoin is not anonymous. 02:58.140 --> 03:05.520 But once you convert that bitcoin into Monero, the link is broken and this wallet right here will be 03:05.520 --> 03:08.790 very private and will not be linked to your identity. 03:09.480 --> 03:16.380 All of this is possible thanks to exchange services that allow us exchange one cryptocurrency to another, 03:16.380 --> 03:22.890 and the anonymity is possible because of the way Monero is implemented, because of the way it uses 03:22.890 --> 03:25.710 ring signatures and stealth addresses. 03:26.190 --> 03:33.090 Now to go even one step further and become very, very anonymous, what you can do is you can use what's 03:33.090 --> 03:34.470 known as churning. 03:34.470 --> 03:42.120 And basically whenever money arrives into a Monero wallet, you can transfer it between multiple Monero 03:42.120 --> 03:48.020 wallets before sending it to another place or before converting it to another currency. 03:48.030 --> 03:54.720 Or you can literally send the money to the same wallet again with Monero Sender and the receiver are 03:54.720 --> 03:55.320 not linked. 03:55.320 --> 04:00.540 So every time you send money from one address to another, even if you send it to the same wallet, 04:00.540 --> 04:07.320 that increases the distance between the wallet and the source of the funds, therefore making it very, 04:07.320 --> 04:08.940 very difficult to trace. 04:11.110 --> 04:16.300 So in order to be able to do all of this, you'll have to use a crypto exchange. 04:17.110 --> 04:19.720 Now, there are a number of crypto exchanges. 04:19.720 --> 04:24.010 If you just go on Google and type crypto exchange, you'll get a lot of services. 04:24.070 --> 04:31.090 If you go to get Monero community, you will see a number of services here as well, and I will include 04:31.090 --> 04:32.950 this in the resources of this lecture. 04:32.950 --> 04:36.730 And like I said, the policies of these services change often. 04:36.730 --> 04:39.370 So always stay updated on what's new. 04:39.400 --> 04:44.370 Always stay updated to see which ones will require to register and verify ID or not. 04:44.380 --> 04:49.900 But at the time of recording this lecture, a really good service is morph token right here. 04:50.020 --> 04:54.580 It doesn't require us to sign up and it doesn't require ID verification. 04:55.120 --> 04:57.830 Using these services is pretty much the same. 04:57.850 --> 05:03.520 Therefore, in the next lecture, I'm going to show you how to use this one just as an example. 05:03.520 --> 05:08.410 But you'll be able to apply the same steps when using other similar services.