Blog Getting started How to trade USD and crypto privately with Incognito and MyConstant

How to trade USD and crypto privately with Incognito and MyConstant

date November 27, 2020 time 3 min read 1226 views

The internet knows more about you than your neighbor. The multi-billion-dollar data industry has profiled your every move, infiltrating everything from social media to presidential elections. And like it or not, your financial history is a slice of that tasty data pie.

But as Big Tech drools over your personal information, privacy advocates are fighting back. Among them is Incognito, a privacy network and decentralized exchange that powers financial, transactional anonymity for cryptocurrency holders. But what about those with USD?

With the help of MyConstant, Incognito now offers easy, low-cost access to privacy whether you own USD, crypto, or both. In just a couple of steps, you can move in and out of the Incognito network without hefty fees, delays, or exchanges. Indeed, privacy has never been this easy. 

Why transact privately?

Skip straight to the instructions if the answer is obvious to you. 

But if not, let’s get one thing straight: your data belongs to you. Not your bank. Not the government. Not some exchange or financial platform. You

You wouldn’t let someone walk into your house and steal your stuff. So why give away your personal data for others to exploit, or worse, weaponize as an instrument of control? 

Other reasons to go private include:

  • To avoid becoming a target of hackers and cybercriminals.
  • To anonymously donate to charitable causes.
  • To deter spam, unsolicited offers, and other unwanted attention.
  • To avoid scrutiny from unscrupulous or dictatorial governments and regimes. 
  • To avoid conflict with or between friends and family.

Privacy should be a hop on, hop off deal

No-one expects you to give up fiat – though possible, it would need some big life changes. Also, you probably earn fiat. Pay your rent in fiat. Perhaps even have your life savings in fiat. It makes sense, therefore, to have a system that supports both. 

In other words, you go private when you need privacy. To do so, you need both a private transaction network, a fiat access point, and a bridge or partnership connecting them. This is what you get with MyConstant and Incognito. 

MyConstant is the USD bridge to Incognito’s privacy network

Incognito allows you to privately transact in many different cryptocurrencies. It bridges several public blockchains, including Bitcoin and Ethereum, allowing you to trade your favorite cryptos on its decentralized exchange without leaving a trail of financial breadcrumbs. 

However, things get tricky when you have or want to trade USD. Usually, this involves buying a stablecoin from an exchange, paying a trading fee, and then transferring that stablecoin to Incognito (paying Incognito’s shielding fees to stay private). This adds cost and complexity.

Not anymore. 

Incognito has a long-running partnership with asset-backed lending platform, MyConstant. Not only can you borrow against PRV for as low as 6% APR, but also freely convert between USD and pUSDT (Incognito’s private version of USDT), which you can withdraw to the Incognito network for a flat fee of $1. 

This forgoes exchanges completely, so you pay no trading, conversion, or shielding fees. It’s as easy as an in-network transfer. And the same works in reverse. When you need USD, send pUSDT privately to your MyConstant account where it earns 4% APY, compounded and paid every second, until you’re ready to withdraw to your bank or re-enter the Incognito network. 

How to transact USD and crypto privately with MyConstant and Incognito

Step #1 Sign up to MyConstant

Sign up on MyConstant. It only takes a few moments. To deposit or withdraw USD, you’ll have to verify your ID (KYC). I know what you’re thinking: KYC checks are hardly private. However, an accredited US financial institution does the checks, not MyConstant, and only to verify you are who you say you are in line with Anti-Money Laundering programs in the US.

Step #2 Top up your MyConstant balance with USD

Deposit at least $10 (no upper limit) via ACH (US) or wire (non-US). Once your funds hit your MyConstant account, they earn 4% APY, compounded and paid every second. You can withdraw in pUSDT as soon as your funds clear, which for ACH is 3-5 business days. 

Step #3 Withdraw your USD as pUSDT to your Incognito wallet

Withdraw your USD as pUSDT to your Incognito wallet address. If you withdraw less than $2,000, it should arrive in minutes, otherwise it might take up to 1 business day.

Step #4 Trade privately on Incognito

Once your pUSDT arrives, you’re ready to buy, sell, play, list, create, and transfer with total anonymity over the Incognito network. You might even supply liquidity to the pDEX for a return of up to 28% APY

Step #5 To withdraw USD, repeat steps 1-3 in reverse

When you need some USD in your pocket, you do the same steps but in reverse. Sell your crypto for pUSDT. Transfer your pUSDT to MyConstant. Withdraw your pUSDT as USD to your bank account of choice for free. It’s that easy. 

Transacting online is a lot like carrying around a freshly-baked pie. The flavor lingers. Everyone can smell it. Everyone wants a slice. But with Incognito and MyConstant, you can safely trade without worrying about tempting those around you. 

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Chris Roper

Chris Roper

Communications Manager

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Will

This is a great option for use with Incognito. However, I do have a question about the transfer. You mention in your post that it is only a flat fee of $1 to go from My Constant to Incognito, however when I try to transfer to my Incognito wallet, it is trying to charge me $20. I tried using the Tron network for the transfer which said it would only charge $1, but I don’t think it is compatible with Incognito. It said my wallet address is invalid. Any recommendations??

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