To illustrate I’ve an account at KYC alternate. I purchase BTC there, after which instantly I switch these funds on to my chilly pockets (ledger,trezor). I assumed that theoretically that is the way in which to go, however now, studying some posts about coinjoin, coldcard and so forth I get a sense that that is dummy manner. Like higher than protecting your btc on alternate, however nonetheless a foul manner. Is that proper?
What may very well be improved in that course of? Can I do one thing now to enhance my privateness/security with out shopping for new {hardware}?
Regarding security, the safest way for average Joes to store Bitcoin is a hardware wallet like Coldcard, Bitbox2, Trezor, Keystone or Seedsigner.
If you want to improve your privacy, look here:
https://bitcoiner.guide/privacy/
> I get a feeling that this is dummy way
No, it’s fine. Don’t worry about it. Anonymity on Bitcoin is a full-time job. Going through coinjoin once and then to cold storage doesn’t do much. Because in a few years when you want to spend those sats, you’re in one of two scenarios:
A) You’re going the exact way into fiat you used to go out, by sending to a KYC exchange, sell btc for fiat, withdraw fiat to your kyc bank account. So what exactly was the purpose of going through coinjoin before?
B) You’re spending your sats directly in a circular economy. You can still go through coinjoin then, if your stack is now worth $1M or so and you don’t want the shopkeeper to know by looking at the blockchain. But more likely, you’re going to use Lightning, Liquid, Lightning on Liquid or some other 2nd or 3rd layer transfer protocol anyway…
In other words, in a few years you are either in the same situation like today, then coinjoin won’t do anything, because you’re still using KYC exchanges. Or bitcoin will be used more directly with anonymising mechanisms being sort of a side effect of that.
At the very least practice some coin control….all of the exchange purchased BTC should be labeled/seperate account as KYC. If you need to send SATs on the downlo then mix them first….ie donating to truckers
If you end up with noKYC BTC put it in a seperate account/wallet/label.
The most immediate threat is exchange rugpull. So holding your own keys is paramount.