It is now possible to exchange bitcoin for privacy currency monero in a completely anonymous way, according to Andrey Bugaevski, who is responsible for development and growth at privacy-focused crypto company Incognito.

The “Incognito” platform offers a means and the possibility to transfer cryptocurrencies on the basis of a private blockchain that is difficult to monitor.

The company announced that it is adding transaction encryption for the first time to Monero transactions and adding it to its decentralized platform (pDEX).

According to to advertise Written by “Bugaevski”:

This means that anyone can buy and sell Monero anonymously, without any trace

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pDEX users do not have to submit personal information related to their identities to participate which means they are not subject to the KYC rules required by centralized platforms, and the platform does not keep records of buyers, sellers or transaction amounts.

Bugaevski stated:

Because it is a decentralized platform you control your money and hold your private keys.

Users can exchange Monero for hundreds of other assets, including Bitcoin, Ethereum, USDT, DAI, and BNB.

All ERC20 and BEP2 tokens are also supported, token operators do not have to ask the platform to list their pairs or pay any fees, all they have to do is provide liquidity.

In theory, Project Incognito makes crypto private again, avoids modern regulation that is designed to identify senders and recipients of crypto transactions, and faces many regulations.

but there is a problem:

According to Mr. Alex, co-founder of LocalMonero, a peer-to-peer trading network for privacy coins.

The process of anonymization requires entering and exiting Incognito mode.

Meaning that entering and exiting in a stealth and anonymity mode can be accessed, knowing who entered and who left, the time, the converted currency, and other information that cannot be hidden.

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The Bitcoin blockchain transparently discloses all transactions.

One user is suggesting to make all transactions private and equal with only transactions within the Monero network.

Bugaevski turned this weakness into an advantage of the platform, saying:

All it does is build a privacy tool that can be used when you need it

LocalMonero co-founder said:

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It makes no sense to automatically blacklist Bitcoin addresses associated with Project Incognito.

Binance, for example, has a ban on withdrawals to the privacy-focused Wasabi wallet.

This would make any bitcoin exiting “Incognito” mode less valuable than clean cryptocurrencies.

Bugaevski stated that the service is not illegal, and the wallets have read-only keys which can be submitted to tax authorities for example.

Therefore, the important thing is to give people more freedom, and not to conflict with any laws, according to “Bugaevski”.

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