ERC20 to Bitcoin without KYC ?

[jrrsparkles]

Let's say I'm an Ethereum whale with x million assets in Ethereum.

Is there a way to convert my Ethereum or USDT / USDC to Bitcoin without KYC?

Bisq or HodlHodl are attractive, but the liquidity there is too low for me.

To be honest, central swaps like SimpleSwaps are too risky for me, the past has shown where this can lead.

My idea would be to use wallets like Exodus / Incognito / Ledger / Trezor and convert the Ethereum into Bitcoin in smaller 10 - 20k steps.
Then whirlpool everything and put it on my cold wallet.

Do you maybe have better suggestions for me?

Converting them in small batches like 10K to 20K per day would take months to convert 1000ETH to BTC so the viable option to to pick the centralized exchange which obviously will have KYC but if you are from certain countries then you don't have to pay taxes for the crypto to crypto transactions because government consider it as assets so only time is we have to pay taxes at the time when we convert them into fiat.

[Bitcoiner2023]

Converting them in small batches like 10K to 20K per day would take months to convert 1000ETH to BTC so the viable option to to pick the centralized exchange which obviously will have KYC but if you are from certain countries then you don't have to pay taxes for the crypto to crypto transactions because government consider it as assets so only time is we have to pay taxes at the time when we convert them into fiat.

Do you think I should really prefer this option?
What if the exchanger gets hacked and my data gets to hackers, I think I'd be great food for them and I'd probably get visitors very quickly.

What exactly do you think speaks against Cross Chain Swap or ETH-BTC Bridge?

[jrrsparkles]

Converting them in small batches like 10K to 20K per day would take months to convert 1000ETH to BTC so the viable option to to pick the centralized exchange which obviously will have KYC but if you are from certain countries then you don't have to pay taxes for the crypto to crypto transactions because government consider it as assets so only time is we have to pay taxes at the time when we convert them into fiat.

Do you think I should really prefer this option?
What if the exchanger gets hacked and my data gets to hackers, I think I'd be great food for them and I'd probably get visitors very quickly.

What exactly do you think speaks against Cross Chain Swap or ETH-BTC Bridge?

The real problem will be liquidity in the cross chain Swap and decentralized protocols that uses blockchain so the conversion will be lot slower than you assume and it may even take days which I personally don't prefer.

On the other hand for someone with millions of dollar it is easy to proxy their real location by providing the identify from other geo location and let's talk reality they won't even use their real identity at all they can simply use someone and pay a hefty amount to them because there are lot of individuals are actually ready for such offers.

[MusaMohamed]

Whales trade outside the market, or what is known as Over-the-Counter (OTC) market^[1], which starts from 50k per day and reaches millions, but the problem is that these markets are highly organized and it is impossible to do them without identity verification procedures, and trading such amounts daily means that they are subject to taxes and therefore you may be accused of money laundering and tax evasion.

OTC is option but must KYC and does not match with OP.

There are centralized exchanges OP can use to trade if he already has Ethereum. Deposit and sell Ethereum and use USDT or USDC to buy Bitcoin. Withdraw it gradually to not exceed maximum withdrawal of daily limit for non KYC account. Because using centralized exchanges are always risky, OP must deposit, trade, buy Bitcoin, withdraw it each day. I don't advice OP to send all Ethereum in $M equivalent in one deposit and leave it on exchanges, and wait for daily withdrawal. They can scam OP by freeze account and reject withdrawal.

[Bitcoiner2023]

Are there other cross chain swaps like THORChain that have proven to be good?