Privacy with Zelle


#1

I’ve been all over the place for weeks trying to grasp all this crypto stuff. I’ve learned a lot but I finally found bisq and the
https://docs.bisq.network/getting-started.html
which is exactly what I was looking for in the midst of LocalBitcoins, Paxful, and the couple of non-functional ATMs near me. I value anonymity above all else and this platform seems to be the answer.

Q: If I fund with Zelle to start, what is known about my dealings/transaction with BTC within the Zelle developers/owners? I guess I could just get Zelle and send USD to friends (outside of bisq) to see what results. Is Zelle blind to the fact that someone is returning BTC to me for my payment to them? Is it just seen as a one way transfer to all but the other bisq trader and the 3rd bisq signer?

I want to fully understand and make sure my cryptocurrency dealings remain off the radar before I jump in.

Thanks in advance!


#2

Unfortunately you can’t just start with Zelle, you need to have some BTC first to use Bisq for the security deposit.

Bisq is entirely peer-to-peer so only the other trader will be aware of the trade. There is no 3rd signer, only 2 are needed. Arbitrators only get involved in case of a dispute.

You will need to provide your name when creating a local Bisq account for your client. This name is only shown to the other trader in Bisq, so they can be more sure that you own your Zelle account, to mitigate some possible scam issues. Name is visible anyway during Zelle transfer, as far as I am aware, to the other trader.

Your bank shouldn’t be able to know that you are dealing with Bisq or Bitcoin in general. Using any reference to Bitcoin or Bisq in the payment reason section during transfer is strict violation of the Bisq trading protocol and will likely result in loss of security deposit that will be given to the other trader.


#3

If you feel concerned about privacy, I recommend this good reading: https://bisq.network/blog/privacy-in-bitsquare/


#4

Using zelle inserts multiple layers of clearinghouses and unknown banks into your transaction. When you use CASH, you know the transaction ends at the depositing bank. zelle ACH databases correlate in thousands of different ways. You cannot be sure where, how or when the money will arrive. Voluntarily inserting yourself into the zelle database is for rubes. have fun! use cash.


#5

What do you mean by “the depositing bank”? If I use cash, am I going to to a bank? How would I include a bank in the transaction and remain anonymous and have my transaction be protected? I’m probably missing something but the way I envision it is that the only way to use cash is to meet in person and I’m not 100% clear how that would even work utilizing bisq. I’d love to hear a walkthru for safely and anonymously trading bitcoin for cash in the U.S. maybe using bisq and without using bisq.


#6

You can pay with cash deposit into the seller’s bank, I think.
That is probably pretty anonymous.

However face to face trades are as simple and anonymous as it gets.
You just post an offer saying in which town you will meet and agree on details with the other trader once he takes the offer.

Your bitcoins will be locked in a multisig until the trade is finished at which point the seller just confirms the payment in the app and coins go to the buyer. Seller can bring his laptop when meeting with the other trader so he/she can confirm there.


#7

Won’t a bank ask for ID or something, even to deposit? As a buyer in F2F, I just need to verify funds have arrived before walking away? As seller, I will need my laptop to confirm buyer made payment, correct? Did I read somewhere that bisq needs to be running somewhere during the whole transaction?


#8

I am not sure if and which banks as for ID during a cash deposit.
I think I heard one user said that in US you could do a cash deposit without an ID.

Yes, you got he F2F trade process right. Not many of those happened to this day in Bisq, since it is a relatively new method, so any feedback on how did it go could be useful.

No, Bisq just needs to be running for your offers to be available. You can turn down Bisq safely any time you want. Once the trade has started there is no reason to keep your Bisq online, just to check on the status of the trade.