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And this lecture, I want to talk about crypto exchanges.

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These are services that allow us to exchange one cryptocurrency to another.

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This can be very useful because you might want to get a certain crypto, for example, Monero, but

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you can't find any peer to peer sellers in your area, or there are no ATMs which you can use to get

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that cryptocurrency.

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Therefore, you can get a more popular cryptocurrencies such as Bitcoin and then exchange it to Monero.

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Right now I'm only talking about Bitcoin and Monero, but there are a lot of different types of cryptocurrencies

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that you can exchange.

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So learning how to use exchanges will open the door to so many possibilities.

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For example, what you can do is you can use cash, so use an anonymous method to buy bitcoins.

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So you're already anonymous at this point.

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And then to increase your anonymity, use a crypto exchange to exchange bitcoins to Monero and then

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you're very, very anonymous and very hard to trace.

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Alternatively, let's say the end goal is you want bitcoins because you're sending money to a person

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or a seller that only accepts bitcoin, but you want to be as anonymous as possible.

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Then you can buy Monero with cash again using one of the methods I explained in the previous lecture

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and then convert this Monero to Bitcoin using a crypto exchange.

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Now as you know, cash is anonymous.

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Transferring the money into a Monero wallet will make it even more anonymous, like we said, because

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it hides the sender and the receiver and it's not lockable and then send that to bitcoins will make

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your bitcoins very, very anonymous and very hard to trace and tie to your identity.

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Alternatively, let's say you tried everything and you could not buy a cryptocurrency with cash with

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an anonymous method.

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That's fine.

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You can use an exchange service such as Coinbase and others that would verify your identity, and then

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the money you use will be tied to your identity.

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But you transfer that money to Monero Wallet again.

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Once you do that, that link is broken because Monero hides the sender and the receiver using ring signatures

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and stealth addresses.

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Therefore, once you send that money to a bitcoin wallet, it's very anonymous and the bitcoin address

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that you're going to use will not be linked to your identity, even though you verify your identity

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when you bought the cryptocurrency, when you bought Monero for the first time.

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You can do the same again.

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Use a service that verifies your identity because these are available in everywhere in the world.

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So you can always use them as a last resort and again buy bitcoins.

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Now, at this stage, the Bitcoin address will be linked to your identity because Bitcoin is not anonymous.

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But once you convert that bitcoin into Monero, the link is broken and this wallet right here will be

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very private and will not be linked to your identity.

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All of this is possible thanks to exchange services that allow us exchange one cryptocurrency to another,

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and the anonymity is possible because of the way Monero is implemented, because of the way it uses

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ring signatures and stealth addresses.

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Now to go even one step further and become very, very anonymous, what you can do is you can use what's

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known as churning.

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And basically whenever money arrives into a Monero wallet, you can transfer it between multiple Monero

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wallets before sending it to another place or before converting it to another currency.

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Or you can literally send the money to the same wallet again with Monero Sender and the receiver are

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not linked.

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So every time you send money from one address to another, even if you send it to the same wallet,

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that increases the distance between the wallet and the source of the funds, therefore making it very,

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very difficult to trace.

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So in order to be able to do all of this, you'll have to use a crypto exchange.

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Now, there are a number of crypto exchanges.

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If you just go on Google and type crypto exchange, you'll get a lot of services.

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If you go to get Monero community, you will see a number of services here as well, and I will include

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this in the resources of this lecture.

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And like I said, the policies of these services change often.

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So always stay updated on what's new.

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Always stay updated to see which ones will require to register and verify ID or not.

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But at the time of recording this lecture, a really good service is morph token right here.

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It doesn't require us to sign up and it doesn't require ID verification.

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Using these services is pretty much the same.

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Therefore, in the next lecture, I'm going to show you how to use this one just as an example.

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But you'll be able to apply the same steps when using other similar services.