How To Buy Bitcoin (BTC) Without KYC With Trezor

2 years ago · Updated 2 years ago

Buy Bitcoin BTC Without KYC Using Trezor

✍️ 11 November, 2022 - 14:00 👤 Editor: Jakub Motyka

Trezor's new integration of Hodl Hodl lets users buy Bitcoin (BTC) without KYC.
Hodl Hodl is a bitcoin P2P exchange using multisig – multiple signatures in transactions.

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Trezor’s users can now trade Bitcoin (BTC) directly from their wallet, bypassing KYC procedures - following the hardware wallet’s integration with a P2P cryptocurrency exchange, Hodl Hodl. The process is enabled through Hodl Hodl's multisig functionality, which requires multiple signatures to approve transfers.

Trezor Model One

Trezor Model One is the cheapest alternative from the manufacturer Trezor for those looking for a cold wallet with a modern, elegant and minimalist design. It is a very popular cold wallet alternative to Ledger.

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Commenting on the integration, Max Kei, the CEO of Hodl Hodl, described the exchange as a 'non-custodial platform' that lets users fully control their digital assets. The platform in the new offering will let users track their purchased BTC through the Trezor Suite application.

The app supports Trezor devices across multiple autonomous crypto wallets and digital service providers.

Hodl Hodl Is A Non-custodial Platform Using Multisig Technology

Kei added that the multisig approach of Hodl Hodl creates an environment of a 'true' peer-to-peer transactions for all parties. According to the executive, the Hodl Hodl users' keys act as an arbiter in case of disputed transactions. He added that both the buyer and seller of bitcoin have a private key and two signatures for fund transfer.

Matěj Žák, the chief product officer at Trezor, remarked that the new capability would secure users' funds. Žák said that different from the traditional exchange, where users lose their data privacy, the Trezor-Hodl Hodl integration allows for a complete data control.

Trezor To Benefit From Hodl Hodl Technology In Its Hardware Wallet Offering

Trezor hardware crypto wallet enables users to securely store digital assets offline – considered more secure than hot or online wallets. The latter are susceptible to malware due to their connectivity to the internet. Storing cryptocurrencies is neither safe and any attack on the exchange can result in the loss of digital assets.

Hodl Hodl is a non-custodial marketplace powering Bitcoin (BTC) peer-to-peer purchases and lending services. The technology underlying the platform is bitcoin smart contracts – programs that let users create multi-signature escrow wallets to lock the amount being transacted until the completion of the deal.

Trezor Model One

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The exchange was hit by a security vulnerability in August that affected its peer-to-peer bitcoin loans platform, Lend. The security issue forced its developers to liquidate some of the users' smart contracts to safeguard the security of the network.

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Jared Kirui

EN: Jared Kirui is an experienced financial writer with a passion for all things blockchain technology. Previously, he was into stock markets and forex, providing asset managers with top-notch content. With a flair for producing high-quality articles, he started covering crypto news in 2021. He is open-minded, trades for fun, and enjoys sports.

ES: Jared Kirui es un escritor financiero experimentado apasionado por todo lo relacionado con la tecnología blockchain. Anteriormente, estuvo en los mercados bursátiles y forex, brindando a los administradores de activos contenido de primer nivel. Con un don para producir artículos de alta calidad, comenzó a cubrir noticias crypto en 2021. Tiene una mente abierta, comercia por diversión y disfruta de los deportes.