this post was submitted on 24 Jul 2024
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Privacy

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After reading such news I have an obvious question. Does anyone know a PayPal-like service, that allows to hide the destination of my transactions from Mastercard / bank, but with a good privacy policy? Or how else can I restrict the usage of my financial data by mastercard or bank?

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[–] [email protected] 24 points 1 month ago

The eight companies in question are: Mastercard, Revionics, Bloomreach, JPMorgan Chase, Task Software, PROS, Accenture, and McKinsey & Co.

[–] [email protected] 13 points 1 month ago (2 children)

Honestly if you want real financial privacy, the best thing to use is {insert cryptocurrency that I'm heavily financially invested in}

[–] [email protected] 7 points 1 month ago

You're right, I try to use {insert cryptocurrency that I'm heavily financially invested in} for my every day transactions as much as possible, you should too, and you can get amazing returns as well! It's win-win nobody loses ❤️

[–] [email protected] 7 points 1 month ago

Hey, hey...pssst you forgot to update the template to the your current crypto!

[–] [email protected] 11 points 1 month ago (1 children)

There is Privacy.com that gives you virtual cards to use for purchases. Money go from your bank account to them. Destination is visible on payment description still, but it may fool bank's algorithm. Or you can get paid plan from Privacy.com and mask destination completely.

[–] [email protected] 6 points 1 month ago (1 children)

That is what I need! Unfortunately, it is for US only... Is there, maybe, something similar in European region?

[–] [email protected] 5 points 1 month ago

Oh, sorry, I've assumed that you are in US since you posted an article about FTC.

I don't know if there is a similar service in Europe. I think you could get a virtual card linked to a crypto wallet, but this obviously comes with downsides

[–] [email protected] 6 points 1 month ago (2 children)

Best way to hide transactions is with crypto. And namely Monero. Not exactly PayPal like but Monero is the most private.

[–] [email protected] 8 points 1 month ago* (last edited 1 month ago) (2 children)

Unfortunately there are a very small amount of places when I can pay with crypto... I do not want to face also questions from AML officers. I'm not a journalist in the dangerous country or political activist, so Monero looks like an overhead for me.

[–] [email protected] 5 points 1 month ago (2 children)

Monero is for everybody. The most common things I purchase on a monthly basis in Monero are Domino's Pizza and groceries. And as far as I'm aware, neither of those things are illegal. Monero is money, just like a $100 bill is money (currently). It is perfectly legal to hold and use Monero.

[–] [email protected] 5 points 1 month ago (1 children)
[–] [email protected] -2 points 1 month ago (1 children)

No, but it's very easy to buy a Domino's gift card with Monero and use that.

[–] [email protected] 2 points 1 month ago (1 children)

Where I live they used to accept BTC. Not Monero unfortunately.

[–] [email protected] 7 points 1 month ago (1 children)

Well, there are plenty of places that do accept Monero. Take a look at https://monerica.com and https://xmrbazaar.com which is a small but growing marketplace to buy and sell anything you wish (excluding illegal goods) .

[–] [email protected] 3 points 1 month ago

Oh that's interesting! Thanks for letting me know.

[–] [email protected] 2 points 1 month ago (1 children)

Until you do your taxes. The government hates crypto.

[–] [email protected] 1 points 1 month ago

Taxes in the US for crypto are easy. I sold some crypto I had and just put the amount in the other income box and paid the tax.

[–] [email protected] 1 points 1 month ago

Besides the other user's recommendation, have a look at coincards. Haven't used them yet, but they have gift cards for a lot of things, online and physical brands too.

[–] [email protected] 0 points 1 month ago (1 children)

No it's not. Crypto is very specifically not that. It's an open ledger.

[–] [email protected] 1 points 1 month ago (1 children)

This is not accurate. Monero offers a very high degree of privacy and anonymity. So does Bitcoin lightning, to a lesser degree. Lightning transactions don't go on chain and are known only to: sender, recipient, and intermediate nodes, if any.

[–] [email protected] -2 points 1 month ago

Nice try FBI.

[–] [email protected] 1 points 1 month ago

We are in the end game

[–] [email protected] 0 points 1 month ago (2 children)

Yeah, Monero is absolutely your best bet for financial privacy in the digital world. There's nothing that compares.

[–] [email protected] 3 points 1 month ago (1 children)

Actually, cash compares, doesn't it? Not online of course, but otherwise

[–] [email protected] 2 points 1 month ago

Yes and no cash for the physical world does indeed protect your privacy properly. However, you do run into the issue that you have to trust. Your government's currency, which at least for me, I do not. So Monero is also a way of getting out from the government currency that I believe is being debased and devalued.

[–] [email protected] 3 points 1 month ago (1 children)

I think Taler has a lot of promise. It protects the buyer but keeps a record of the money received. This helps prevent tax evasion.

[–] [email protected] -3 points 1 month ago (1 children)

helps prevent theft evasion.

[–] [email protected] 3 points 1 month ago

No it doesn't