For this example, we are looking setting up a new wallet at blockchain.info:
Step #1. At the blockchain.info homepage, scroll to “New to Digital Currencies?” Click on “Get a Free Wallet.”
Step #2. Enter your email and password. Confirm the password and toggle the Terms of Service box. Hit “Continue.” Make sure that you pick a password you are unlikely to forget and read the terms of service thoroughly.
Step #3. Click “Get Started.”
Step #4. Your wallet is now online. You can now create an address with which to receive coins by hitting “Request.” You will need an exchange account to fund your wallet. Once funded, you can send coins by hitting “Send.”
Remaining Anonymous When Converting Bitcoin Back Into Fiat Money
There are two ways to ensure anonymity when converting your Bitcoin into fiat currency for profit. The first is finding a trustworthy person and conducting face-to-face exchange.
You send Bitcoin to that person’s address and receive money in hand at the exchange. It’s a little tricky and perhaps not advisable unless dealing with people you know, or if you can convince them to pay you first. Still, this is something that keeps you anonymous in the eyes of interested government bodies.
Another and better method is once again the trusty Bitcoin ATM. You can feed the machine cash and sent the equivalent amount in Bitcoin to your address. You can also do the exact opposite.
You can put in your address and withdraw cash from the ATM. Various ATMs will have their own limits. Of course, the ATM will also likely only dispense the local fiat currency.
A Few Words of Caution on ATMs
Not all Bitcoin ATMs worldwide allow users to buy Bitcoin without identifying themselves. Some still do, but not all of them.
Also, there will be limits on the amount of money transacted. This is especially true if you’re not supplying a verifiable ID. This is so that the ATMs can adhere to anti-money laundering regulations.
However, it doesn’t mean that you can’t make a bunch of small withdrawals.
Last but not least, anonymity comes at a price. When you buy Bitcoin from an ATM, it’s usually priced higher than the market price. Sometimes it can be even 20% more expensive. That’s something to keep in mind if you decide to keep your crypto transactions secret.