Vexl is a mobile app that enables peer-to-peer (P2P) Bitcoin transactions without the need for KYC (Know Your Customer) verification. It is developed and maintained by the Vexl Foundation, a non-profit organization dedicated to restoring financial sovereignty to individuals and advancing personal and financial liberties.
Background
The Vexl Foundation was established in 2023 by SatoshiLabs, the makers of the Trezor hardware wallet. The foundation is committed to promoting the use of Bitcoin as a tool for financial empowerment and freedom. It believes that everyone should have the right to access and use financial services without government or institutional interference.
Features
Vexl is a simple and easy-to-use app that allows users to send and receive Bitcoin from anyone in the world. It is available for both iOS and Android devices.
Some of the key features of Vexl include:
- KYC-free: Vexl does not require any personal information from its users. This means that users can use the app to buy, sell, and trade Bitcoin without having to reveal their identity to anyone.
- P2P: Vexl transactions take place directly between users, without the need for a third-party intermediary. This makes Vexl a fast, secure, and private way to transact with Bitcoin.
- Non-custodial: Vexl does not hold any of its users’ Bitcoin funds. Instead, users retain full control of their private keys at all times.
- Open source: The Vexl app is open source, which means that it is transparent and auditable.
Benefits
Vexl offers a number of benefits to its users, including:
- Privacy: Vexl users can maintain their financial privacy by using the app without KYC.
- Security: Vexl uses a variety of security measures to protect its users’ funds, including end-to-end encryption and multi-signature support.
- Freedom: Vexl gives users the freedom to transact with Bitcoin without government or institutional interference.
How the Web of Trust Works
The Vexl web of trust is built on the concept of social graphs. A social graph is a network of relationships between people. In the context of Vexl, the social graph is used to connect users to their friends, family, and other people who share their interests.
When two Vexl users connect with each other, their social graphs are merged. This means that the two users can now see each other’s offers and can also see what common grounds they share.
The Vexl web of trust helps to build trust between users in a number of ways. First, it allows users to see what common grounds they share with other users. This helps to establish a sense of rapport and makes it more likely that users will be willing to trade with each other.
Second, the Vexl web of trust helps to identify and prevent bad actors. If a user is trying to scam or cheat another user, the victim’s friends and family will be able to see this and warn them.
Finally, the Vexl web of trust helps to create a more cohesive and supportive community. By connecting users to their friends, family, and other people who share their interests, Vexl helps to create a sense of community where users feel comfortable and supported.
How to use Vexl
To use Vexl, users simply need to download and install the app from the Apple App Store or Google Play. Once installed, users can create a new Vexl account or import an existing Bitcoin wallet.
To send Bitcoin using Vexl, users simply need to enter the recipient’s Bitcoin address and the amount of Bitcoin they want to send. Vexl will then generate a QR code that the recipient can scan to complete the transaction.
To receive Bitcoin using Vexl, users simply need to scan the sender’s QR code or enter the sender’s Bitcoin address. Vexl will then deposit the Bitcoin into the user’s Vexl wallet.
Conclusion
Vexl is a KYC-free P2P Bitcoin app that offers a number of benefits to its users, including privacy, security, and freedom. It is a simple and easy-to-use app that is available for both iOS and Android devices.
Additional information
In addition to the features and benefits listed above, Vexl also offers a number of other features, including:
- Support for multiple fiat currencies: Vexl allows users to buy and sell Bitcoin using a variety of fiat currencies, including USD, EUR, GBP, and CAD.
- Lightning Network integration: Vexl integrates with the Lightning Network, which allows users to send and receive Bitcoin instantly and with low fees.
- Multi-language support: Vexl is available in multiple languages, including English, Spanish, French, German, Chinese, and Japanese.
The Vexl Foundation also publishes a number of educational resources about Bitcoin and financial freedom. These resources can be found on the Vexl Foundation website and blog.
Overall, Vexl is a powerful and versatile tool for anyone who wants to use Bitcoin in a private, secure, and free way.
