It is difficult to stay completely anonymous in the current generation where each and every device, app, website is tracking us in some way or the other.
There are people who prefer to stay anonymous and use anti-trackers to stay away from being tracked.
Talking about me, I try to stay as anonymous as possible if at some point I have to give up anonymity in order to get ease of access and convenience then I do give it up.
For example using binance to get access to a larger volume of coins for trading. I do give anonymity in such cases.
Topic: Anonymity vs. KYC: The Pros and Cons of Cryptocurrency Exchanges - page 2. (Read 847 times)
March 06, 2023, 11:15:39 AM
March 06, 2023, 10:41:43 AM
Bitcoin returns control over your money but you take on the risks involved. It is a choice bitcoin gave us. And it is impossible to have both: to trust money to a third party and to keep full control over them.
FYI, I do not hold my coins on exchanges. When I need to buy or sell with my locals, I make a deposit there and do the trade. Still, we gave exchanges control over our coins. Sometimes when you reset your password or change your email, Exchanges disable withdrawals for 24 Hours for security reasons. But, I liked the idea, to be honest. This is not what we do every day. So, it won't harm. Unfortunately, we had to trust a third party here because of a fewer options available.
...
I do not know any non-KYC service where I can buy and sell Bitcoin with my locals.
I do not know any non-KYC service where I can buy and sell Bitcoin with my locals.
Sorry to hear that.
This is the only reason we had to trust those third-party Centralized Exchanges. I wish I had options where I can trade with my locals without a KYC.
March 06, 2023, 04:41:41 AM
...
I know my information are already compromised by just having my facebook and google account.
I know my information are already compromised by just having my facebook and google account.
Of course it is, but when you lose your car keys it doesn't mean that losing house keys will not be hurting for you anymore. Maximizing of compromised personal info is IMO always not a good idea. Of course sometimes we have no option of escaping that but if we have then I prefer to use it.
...
If anyone tries to scam you, you can ask the exchanges to investigate and find out who was.
...
If anyone tries to scam you, you can ask the exchanges to investigate and find out who was.
...
And we face up with a difference between old financial system and bitcoin again. If you need to trust a third party which will be an intermediary then old system works even better, but it also controls your money and can decide if you can operate them. Bitcoin returns control over your money but you take on the risks involved. It is a choice bitcoin gave us. And it is impossible to have both: to trust money to a third party and to keep full control over them.
...
I do not know any non-KYC service where I can buy and sell Bitcoin with my locals.
I do not know any non-KYC service where I can buy and sell Bitcoin with my locals.
Sorry to hear that.
March 05, 2023, 10:35:51 PM
I have discussed this in another thread as well. I believe Bitcoiner does not like KYC and wants to maintain its privacy and anonymity. Due to the requirements of KYC, a lot of people can't get into crypto. If you look at Coinmarketcap Stats,
Look at the 24H trading volume of Bitcoin. The difference between DEX and CEX will amuse you.
I believe there are a lot of ways to set users' security without asking for a KYC. Still, Exchanges ask their users for a KYC if they want to use their platform. We already compromising our privacy. Look at the stats and you will understand what's happening. I would suggest avoiding KYC Exchanges while I have already KYCed myself on an Exchange.
Look at the 24H trading volume of Bitcoin. The difference between DEX and CEX will amuse you.
I believe there are a lot of ways to set users' security without asking for a KYC. Still, Exchanges ask their users for a KYC if they want to use their platform. We already compromising our privacy. Look at the stats and you will understand what's happening. I would suggest avoiding KYC Exchanges while I have already KYCed myself on an Exchange.
Bitcoin was designed to be pseudonymous. There is no concept of KYC in bitcoin designed by satoshi back in 2009. The KYC just destroyed the concept of decentralized peer to peer cash transfer. For me, centralised exchanges that do KYC are not part of decentralized cryptocurrency. Rather, they are just like traditional banks that control your money.
March 05, 2023, 09:39:07 PM
...
I believe there are a lot of ways to set users' security without asking for a KYC. Still, Exchanges ask their users for a KYC if they want to use their platform. We already compromising our privacy. Look at the stats and you will understand what's happening. I would suggest avoiding KYC Exchanges while I have already KYCed myself on an Exchange.
I believe there are a lot of ways to set users' security without asking for a KYC. Still, Exchanges ask their users for a KYC if they want to use their platform. We already compromising our privacy. Look at the stats and you will understand what's happening. I would suggest avoiding KYC Exchanges while I have already KYCed myself on an Exchange.
It is usually not for users' security, it is for the exchange's security. They don't want to have problems with the government and try to follow all possible rules preventively. So if any problems they'll just pass the problem on to the user and that's all. And when they lose their databases with the personal information of users they will just apologize and give you a discount certificate... or even will not do even that. So KYC is insecure for users much more than it can do for money safety, IMO.
I was talking about users' security because, in this thread, someone said you may know who are you dealing with. If anyone tries to scam you, you can ask the exchanges to investigate and find out who was. If users are already done KYC on exchanges, they won't try to scam on P2P Transaction. I already compromised my Privacy on an exchange and all users of this exchange must be KYCed. Still, I was a target of scammers twice. They sent me a fake payment message and luckily I checked my balance before I release my Bitcoin. I reported them and the Exchange blocked that scammer.
I understand what you have said. If they want to do business, they have to listen to the government. Still, we do that because somehow we need a service. I do not know any non-KYC service where I can buy and sell Bitcoin with my locals.
March 05, 2023, 04:31:00 PM
...
I believe there are a lot of ways to set users' security without asking for a KYC. Still, Exchanges ask their users for a KYC if they want to use their platform. We already compromising our privacy. Look at the stats and you will understand what's happening. I would suggest avoiding KYC Exchanges while I have already KYCed myself on an Exchange.
I believe there are a lot of ways to set users' security without asking for a KYC. Still, Exchanges ask their users for a KYC if they want to use their platform. We already compromising our privacy. Look at the stats and you will understand what's happening. I would suggest avoiding KYC Exchanges while I have already KYCed myself on an Exchange.
It is usually not for users' security, it is for exchange's security. They don't want to have problems with government and try to follow all possible rules preventively. So if any problems they'll just pass the problem on to the user and that's all. And when they lose their databases with personal information of users they will just apologize and give you a discount certificate... or even will not do even that. So KYC is insecure for users much more than it can do for money safety, IMO.
March 05, 2023, 03:14:51 PM
If ever the known no-kyc p2p exchanges returned no results. I say try hitting some social networking platforms as well and see if it’s possible to invite someone over. A lot of people actually trade on discord, facebook, telegram, etc. without or a with a filmsy “escrow”. These people most likely don’t know there are better alternatives to do p2p that’s why they settle for such…
Or people cant really just afford on doing so or really that much afraid.Its true that there are other ways or paths on doing p2p but since the most common way would really be on those known exchange platformsthen this is where they would really be sticking into that belief and principle which would lead no choice but to make out some verification before they could unlocked up such feature.
In some key areas which its not really that necessary since there are methods or ways but people would really be surrendering out their identity for the convenience
and easy access on using up platforms which i couldnt really blame them out.
There are so many people who use social media sites like Facebook and twitter but there are so many fake profile here, unless if the person that they will transact with show some solid proof that they are legit. Using a centralized exchange and then doing the kyc verification is not what you call convenient but it was kind of hassle however if this was the only way to do a safer transaction then why not?
March 04, 2023, 09:35:41 AM
...
I believe there are a lot of ways to set users' security without asking for a KYC. Still, Exchanges ask their users for a KYC if they want to use their platform. We already compromising our privacy. Look at the stats and you will understand what's happening. I would suggest avoiding KYC Exchanges while I have already KYCed myself on an Exchange.
I believe there are a lot of ways to set users' security without asking for a KYC. Still, Exchanges ask their users for a KYC if they want to use their platform. We already compromising our privacy. Look at the stats and you will understand what's happening. I would suggest avoiding KYC Exchanges while I have already KYCed myself on an Exchange.
It is usually not for users' security, it is for exchange's security. They don't want to have problems with government and try to follow all possible rules preventively. So if any problems they'll just pass the problem on to the user and that's all. And when they lose their databases with personal information of users they will just apologize and give you a discount certificate... or even will not do even that. So KYC is insecure for users much more than it can do for money safety, IMO.
March 04, 2023, 07:22:20 AM
I have discussed this in another thread as well. I believe Bitcoiner does not like KYC and wants to maintain its privacy and anonymity. Due to the requirements of KYC, a lot of people can't get into crypto. If you look at Coinmarketcap Stats,
Look at the 24H trading volume of Bitcoin. The difference between DEX and CEX will amuse you.
I believe there are a lot of ways to set users' security without asking for a KYC. Still, Exchanges ask their users for a KYC if they want to use their platform. We already compromising our privacy. Look at the stats and you will understand what's happening. I would suggest avoiding KYC Exchanges while I have already KYCed myself on an Exchange.
Look at the 24H trading volume of Bitcoin. The difference between DEX and CEX will amuse you.
I believe there are a lot of ways to set users' security without asking for a KYC. Still, Exchanges ask their users for a KYC if they want to use their platform. We already compromising our privacy. Look at the stats and you will understand what's happening. I would suggest avoiding KYC Exchanges while I have already KYCed myself on an Exchange.
March 04, 2023, 03:35:09 AM
I think I phrased it poorly. I meant to say try to invite them over in one of the mentioned no-kyc p2p exchanges. I've been to a couple of local communities myself and none of the people I've talked to knows localcryptos, etc. (this was way before LC's shutdown). We have good no-kyc exchanges right now however a lot of people still have not heard of its existence but everyone knows social media - i guess i should not be surprised lots of people trade there.
That's a good suggestion, but I would also caution anyone on the receiving end of such a proposal. If someone approaches you on social media and says "Hey, sign up for this site and we can trade there", be very careful that you are not being scammed. Not only with an entirely fake exchange, but also with a fake site mimicking a real exchange. If you are in any doubt, ask on this forum first.In some key areas which its not really that necessary since there are methods or ways but people would really be surrendering out their identity for the convenience and easy access on using up platforms which i couldnt really blame them out.
Which doesn't really make sense, though. If you want to trade peer to peer, then you can pick a platform like Binance, which requires KYC, requires giving up custody of your coins to Binance's central wallet, has zero privacy, has zero security, can leak your data at any time, and can freeze your account and seize your coins at any time. Or you can pick a platform like Bisq, which requires no KYC, has maximum privacy, has no risk of data being leaked, your coins remain under your control, and they cannot freeze or seize anything. I cannot see a single reason you would choose Binance (or any other centralized not-really-peer-to-peer-at-all platform). 
March 01, 2023, 06:19:29 PM
Honestly: I really don't believe in P2P trading, I can't find a trusted person in my local area to do P2P transactions.
Where have you looked? Try some of the exchanges listed here: https://kycnot.me/. In particular, Bisq, AgoraDesk, and RoboSats are the best at the present time. And if there isn't someone in your local area, you can still trade via bank transfer with people further afield.If ever the known no-kyc p2p exchanges returned no results. I say try hitting some social networking platforms as well and see if it’s possible to invite someone over. A lot of people actually trade on discord, facebook, telegram, etc. without or a with a filmsy “escrow”. These people most likely don’t know there are better alternatives to do p2p that’s why they settle for such…
then this is where they would really be sticking into that belief and principle which would lead no choice but to make out some verification before they could unlocked up such feature.
In some key areas which its not really that necessary since there are methods or ways but people would really be surrendering out their identity for the convenience
and easy access on using up platforms which i couldnt really blame them out.
February 28, 2023, 09:46:17 AM
A lot of people actually trade on discord, facebook, telegram, etc. without or a with a filmsy “escrow”.
I don't have any social media accounts, but from the number of reports on here, Reddit, and Twitter of people who have been scammed on social media, I would steer well away from using them to trade unless either you already know and trust the person you are trading with, or you are using a mutually agreed on reputable escrow. There have been plenty of such reports of scammers suggesting an escrow, and the escrow was working with the scammer all along. Pick one of the reputable escrows from this forum.There is also the currency exchange board on this forum.
I think I phrased it poorly. I meant to say try to invite them over in one of the mentioned no-kyc p2p exchanges. I've been to a couple of local communities myself and none of the people I've talked to knows localcryptos, etc. (this was way before LC's shutdown). We have good no-kyc exchanges right now however a lot of people still have not heard of its existence but everyone knows social media - i guess i should not be surprised lots of people trade there.
In future, I believe there will be less platforms with non-KYC services.
Perhaps this is just my faith in the community but I imagine people would still pursue developing/maintaining alternatives to kyc'd platforms since restrictions drove people to such ideas in the first place. I think there'd be lesser no-kyc exchanges in the future as well however, when it comes to this, quality outweighs quantity.
February 28, 2023, 05:17:21 AM
A lot of people actually trade on discord, facebook, telegram, etc. without or a with a filmsy “escrow”.
I don't have any social media accounts, but from the number of reports on here, Reddit, and Twitter of people who have been scammed on social media, I would steer well away from using them to trade unless either you already know and trust the person you are trading with, or you are using a mutually agreed on reputable escrow. There have been plenty of such reports of scammers suggesting an escrow, and the escrow was working with the scammer all along. Pick one of the reputable escrows from this forum.There is also the currency exchange board on this forum.
In future, I believe there will be less platforms with non-KYC services.
This actually doesn't bother me too much. P2P isn't going away; in fact, its volume is growing as centralized exchanges become ever more draconian. More volume on fewer exchanges means a better experience across those exchanges. If everyone did away with the semi-decentralized exchanges which operate via centralized websites and just moved the pinnacle solution - Bisq - then the volume on there would be amazing and would solve everyone's issues. We only need one decentralized coin, although there are plenty of lesser imitations. We would do just fine with just the one truly decentralized exchange. 
February 27, 2023, 09:03:32 PM
If ever the known no-kyc p2p exchanges returned no results. I say try hitting some social networking platforms as well and see if it’s possible to invite someone over. A lot of people actually trade on discord, facebook, telegram, etc. without or a with a filmsy “escrow”. These people most likely don’t know there are better alternatives to do p2p that’s why they settle for such…
I don't think trading on any platform (Discord, Telegram, etc.) without Escrow is safely to do. Scammers mostly watch over those channels to find such trades and scam inexperienced traders. So Escrow service provided by highly trusted person is very important to secure such trades for both buyer and seller.Consider to trade with trusted trade partners and if you want to use Escrow service to make such trades more safely, only use Escrow from very trusted provider/ person.
In future, I believe there will be less platforms with non-KYC services.
February 27, 2023, 06:58:33 PM
Honestly: I really don't believe in P2P trading, I can't find a trusted person in my local area to do P2P transactions.
Where have you looked? Try some of the exchanges listed here: https://kycnot.me/. In particular, Bisq, AgoraDesk, and RoboSats are the best at the present time. And if there isn't someone in your local area, you can still trade via bank transfer with people further afield.If ever the known no-kyc p2p exchanges returned no results. I say try hitting some social networking platforms as well and see if it’s possible to invite someone over. A lot of people actually trade on discord, facebook, telegram, etc. without or a with a filmsy “escrow”. These people most likely don’t know there are better alternatives to do p2p that’s why they settle for such…
February 26, 2023, 03:21:36 PM
This is not just limited to exchangers anymore but also to the new alt projects with high throughput.
If you are a criminal looking to launder some money, then this must surely be an attractive way to do it. Copy the code from some existing shitcoin. Launch a bounty campaign across here, Reddit, Twitter, Facebook, YouTube, etc., paying in your newly made up shitcoin. Require everyone to first complete KYC to receive payment in your newly made up shitcoin. End result: Hundreds of people submitting their full identities and KYC documents directly to you, and you didn't have to spend a single cent or sat.Anyone who sends their KYC documents to an altcoin is just asking to have their identity stolen.
Might be that harmful but in order to be able to benefit out on services that could bring some convenience and accessibility then you would really be needing to sacrifice your identity
Let's be honest here - it isn't convenience or accessibility which drives people to sacrifice their privacy; it's greed. They want to get a piece of the obviously unsustainable 20% APY that such centralized platforms were promising before they went bust. They want to get in on the next pump and dump scam. They want to be airdropped the next shitcoin scam. They want to get their 10 shittokens reward for completing advanced verification. And so on. 
February 26, 2023, 02:20:09 PM
On one hand, KYC can help prevent fraud, money laundering, and other illegal activities.
Technically, yes. But in the grand scheme of things, KYC does more harm than good. We couldn't count now how much platforms(inside and outside the cryptocurrency space) have been hacked and with their databases breached.
Yup, having KYC always has been harm actually. With more and more projects coming to life they will start asking for KYC as mandatory step for user account verification. This is not just limited to exchangers anymore but also to the new alt projects with high throughput.
It’s literally getting equal to having a bank account opening process and submitting everything to the world. One thing is sure, you can’t trust exchanger and how big or secure they claim themselves it won’t matter. There always be someone smarter to hack into it.
choice which some doesnt really care on sending out their ID or documents as long they are able to benefit out on such usefulness or convenience.It is really just that there are really that people who are
really that mindful about their privacy.This is why its a matter of choice whether you do make use of them and sacrifice it out or would really be skipping out just because you dont
really like it.
February 26, 2023, 01:10:27 PM
On one hand, KYC can help prevent fraud, money laundering, and other illegal activities.
Technically, yes. But in the grand scheme of things, KYC does more harm than good. We couldn't count now how much platforms(inside and outside the cryptocurrency space) have been hacked and with their databases breached.
Yup, having KYC always has been harm actually. With more and more projects coming to life they will start asking for KYC as mandatory step for user account verification. This is not just limited to exchangers anymore but also to the new alt projects with high throughput.
It’s literally getting equal to having a bank account opening process and submitting everything to the world. One thing is sure, you can’t trust exchanger and how big or secure they claim themselves it won’t matter. There always be someone smarter to hack into it.
February 25, 2023, 04:33:48 AM
Another thing is, if you are not using CEX, converting to fiat will be very difficult.
I have never used a CEX and I trade between fiat and bitcoin regularly. It is not difficult at all. It is certainly far easier than having a centralized exchange freeze my account, seize my coins, and leak my identity on the dark web.Honestly: I really don't believe in P2P trading, I can't find a trusted person in my local area to do P2P transactions.
Where have you looked? Try some of the exchanges listed here: https://kycnot.me/. In particular, Bisq, AgoraDesk, and RoboSats are the best at the present time. And if there isn't someone in your local area, you can still trade via bank transfer with people further afield. 
February 24, 2023, 03:40:26 AM
I am used to with KYC on all cryptocurrencies exchange market and actually as arbitrage need higher withdrawing in daily day need to break KYC process, but for trader or user not agree with KYC have alternative and option with trading on exchange without have to pass KYC like Kucoin, MEXC and Hotbit.
But have little disadvantage with account without process KYC get limit withdrawing under 2 Bitcoin in daily day and if want withdraw higher amount need to upgrade by KYC processing. Binance have been adopted must KYC and not available withdrawing or trading if not pass KYC or upload document needed.
But have little disadvantage with account without process KYC get limit withdrawing under 2 Bitcoin in daily day and if want withdraw higher amount need to upgrade by KYC processing. Binance have been adopted must KYC and not available withdrawing or trading if not pass KYC or upload document needed.
It's sad that people are so easily ready to give up their freedom in exchange for convenience. If a person chooses food between freedom and food, then he will lose everything over time, including food. It's a pity that many do not think about it.
It can be said that the purpose of everyone participating in this market is to seek profit, to seek financial freedom, not to seek privacy, so they will not be too concerned about their privacy. Your privacy is also useless if you are a poor person, our society is a pragmatic society, and we need to accept the truth.
Another thing is, if you are not using CEX, converting to fiat will be very difficult. Honestly: I really don't believe in P2P trading, I can't find a trusted person in my local area to do P2P transactions.
Jump to: