A little word of advice is enough for the wise - page 3.

isaac_clarke22

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Quote from: Bitbtc8 on December 22, 2020, 04:04:12 AM

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Just use those platforms mentioned to buy specific coins. Do not hold coins in such centralized wallets. If people aren't up to buying Trezor or Ledger, just use desktop wallet.
People have their own access to their own seeds as well as their private keys.
Don't hold your coins in an exchange as well, no matter how reputated it is.

Rodeo02

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Quote from: meanwords on December 22, 2020, 04:52:46 AM

Quote from: Bitbtc8 on December 22, 2020, 04:04:12 AM

do not be surprised if you are asked to pass KYC before you can withdraw your funds

The chance of this happening is slim I think. They would first announce that they will require KYC from now on and give ample time for people to withdraw their funds if they do not agree with KYC, at least that's what I've seen so far from most CEX. Like the case with STEX, they gave 1 month or so for people to decide before proceeding with KYC.

Most of the centralized exchange already asking KYC for it's users even binance but not Mandatory, since you can still use it even without verifying your account with small amount of limit . If it's from US base exchange like coinbase then you should always be ready to have it anytime since they had a hard regulations there for using crypto currency and you need to also follow their regulations even you are not from there .

X-ray

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Quote from: Cornia on December 22, 2020, 08:58:49 AM

Good advice for noobs. I think we should avoid centralized wallet. Centralized wallet means keeping your money with others. You have no control of the wallet here. You can lose access to your wallet at any time. So we should be careful now.

You can't avoid that dude, Where will you exchange your coin if it's not on the centralized exchange site?
People should have used the centralized exchange site carefully and then they didn't wanna did KYC and they must have chosen the right exchange site to be used to trade their coins.
There are so many exchange sites that are offering the daily withdrawal limit for unverified exchange site's account too. When people send their crypto to the exchange site and they have agreed if they are sending their coins to the 3rd party

rahmatullah9305

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Quote from: Cornia on December 22, 2020, 08:58:49 AM

Good advice for noobs. I think we should avoid centralized wallet. Centralized wallet means keeping your money with others. You have no control of the wallet here. You can lose access to your wallet at any time. So we should be careful now.

Not only now, we have to be careful, but from the past there have also been many who have advised us all to be careful with centralized wallets or wallets that we cannot fully control which could lose access at any time.

john_nautica

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Yes the OP is true I sometimes don't like online wallet such as coinbase that might either gather my personal information there are some wallets that will let you hold your coins and your private key as well they are the safe one since you have direct access to your wallet.

gurunanakji777

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Even I don't believe in Email login wallets that's why I use a Hardware wallet to keep my coins safe from hackers. Until and unless I connect my wallet to the system nobody can access my wallet and do not keep your money on exchanges unless you trade with that. I read the article mentioned in your post and I also agree we can not rely on where the third party taking care of your funds.

Cornia

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Good advice for noobs. I think we should avoid centralized wallet. Centralized wallet means keeping your money with others. You have no control of the wallet here. You can lose access to your wallet at any time. So we should be careful now.

zasad@

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This has already been written a lot on the forum.
Take the time to explore these topics

Custodial vs. Non Custodial Wallets - "Not your keys, not your coin" Explained.
https://bitcointalksearch.org/topic/custodial-vs-non-custodial-wallets-not-your-keys-not-your-coin-explained-5173370

Why KYC is extremely dangerous – and useless
https://bitcointalksearch.org/topic/why-kyc-is-extremely-dangerous-and-useless-5221497

[Wiki] An Informal Introduction to Plausible Deniability
https://bitcointalksearch.org/topic/--5276381

bittick

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That should not be a big problem and i have been doing KYC for some trusted exchange sites and I'm not facing any problem with these exchange sites.
people are having a different opinion about KYC but so far I never got a difficult thing with the verification process.

It's good to hold your coin in your wallet but how can you trade it then?

plvbob0070

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Quote from: husdemba on December 22, 2020, 05:51:53 AM

Don't be afraid of KYC if you're dealing with a trusted institution. There are very easy requirements for trading on Coinbase. While KYC can be daunting at times, it is a very useful requirement overall.

Even a trusted cryptocurrency exchange platform can be vulnerable to hacks and data breaches. It is understandable that they implement KYC to prevent fraud. However, as the user’s personal information is linked to the exchange, if things go wrong their data will be accessible to anyone. Be wary that many exchanges whether it is decentralized or centralized may encounter unexpected difficulty. Thus, a user should prefer to be safe than sorry.

FireBallex

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Quote from: Bitbtc8 on December 22, 2020, 04:04:12 AM

If you are still using centralized wallets like coinbase and others that requires email logins only it's better to move your funds to a wallet have give you access to your private keys or Mnemonic seed, do not be surprised if you are asked to pass KYC before you can withdraw your funds, even if coinbase go easy on users some centralized wallet may use this as a opportunity, if you don't know the difference between DEX and CEX wallet kindly go here to learn know

https://hackernoon.com/centralized-vs-decentralized-cryptocurrency-exchanges-explained-simply-639411ecb452

No matter what some people will still prefer centralized projects over decentralized projects, coinbase for example just like you said have many customers or users around the globe and they are very satisfied with what they are getting, I believe that if coinbase introduce any KYC people won't stop using coinbase, do not be scared of KYC

kramat

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Quote from: bakasabo on December 22, 2020, 05:45:17 AM

I see you have mentioned Coinbase. They do not ask to pass KYC to withdraw funds, they ask to present a copy or picture of documents and apartment bill (any kind of bill with your name and address will do actually) already when creating account. I've "hooked" a friend to crypto world last week and helped him to buy his first bitcoin (doing it through Coinbase was his choice).

It is KYC but on a small scale, KYC varies greatly, some ask for our complete data and some like Coinbase do. I agree with the OP that a wallet that gives us full access would be better

husdemba

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Don't be afraid of KYC if you're dealing with a trusted institution. There are very easy requirements for trading on Coinbase. While KYC can be daunting at times, it is a very useful requirement overall.

bakasabo

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I see you have mentioned Coinbase. They do not ask to pass KYC to withdraw funds, they ask to present a copy or picture of documents and apartment bill (any kind of bill with your name and address will do actually) already when creating account. I've "hooked" a friend to crypto world last week and helped him to buy his first bitcoin (doing it through Coinbase was his choice).

meanwords

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Quote from: Bitbtc8 on December 22, 2020, 04:04:12 AM

do not be surprised if you are asked to pass KYC before you can withdraw your funds

The chance of this happening is slim I think. They would first announce that they will require KYC from now on and give ample time for people to withdraw their funds if they do not agree with KYC, at least that's what I've seen so far from most CEX. Like the case with STEX, they gave 1 month or so for people to decide before proceeding with KYC.

Bitbtc8

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If you are still using centralized wallets like coinbase and others that requires email logins only it's better to move your funds to a wallet have give you access to your private keys or Mnemonic seed, do not be surprised if you are asked to pass KYC before you can withdraw your funds, even if coinbase go easy on users some centralized wallet may use this as a opportunity, if you don't know the difference between DEX and CEX wallet kindly go here to learn know

https://hackernoon.com/centralized-vs-decentralized-cryptocurrency-exchanges-explained-simply-639411ecb452

Topic: A little word of advice is enough for the wise - page 3. (Read 582 times)