Maybe because I'm used to using a bank that has to submit documents, So when using exchanges requires KYC procedures don't
consider it dangerous. As long as the exchanges have a good security system and a good reputation, I don't mind that. Besides,
I need to convert my cryptocurrency to fiat, and transferred to my bank account, so if the exchanges enforce KYC I don't mind.
Topic: Bitcoin and crypto currencies are getting dangerous (Read 863 times)
This (KYC) will lead people to resort to decentralized Exchanges, despite the high fees, but there is no other option.
I noticed how every exchange now enforces KYC on every individual that registers on their site, also the global governments/exchanges tracking bitcoin users and monitoring how they spend their bitcoins with the advanced visuals tools that’s out there, I believe if this stays like this and more and more companies start to enforce kyc on it customers, we will lose our freedom, people think bitcoin is the freedom but no it’s aint I believe it’s the most invasive surveillance mechanism ever, we can’t even use mixers anymore it’s basically doesn’t work because at the end of the day it’ll leave a trace no matter what you do, this is heading towards a solitary environmental and it’s not a good idea at all. Lets think twice and focus on our freedom, privacy and future.
I do not agree with this view, because KYC is very useful and effective, avoiding unfortunate cases of fraud. You want to trade safely and reduce the risk why not think in a better direction. Your question makes me wonder what is the danger of Bitcoin and the crypto market? Its not Bitcoin and Cryptocurrencies that are getting dangerous rather the new Exchange Websites that promise too much in the beginning but can always turn their backs on you once you submitted your KYC. The only reason you need to submit KYC's is when you are ready for trading. That means that you are committing yourself to trade on a daily or monthly basis since registering on an exchange for no reason is quite a waste of time.
KYC doesn't help, everyone should switch to DEX because without KYC your funds will still be safe,
we know some exchanges have been hacked, and this makes cryptocurrencies even more dangerous,
but if you store them in a DEX wallet or personal wallet then you will be far away from hackers attack.
Each concentrated trade upholding for KYC, a few out of every odd trade. When another trade dispatch, at that point we bring up issues from which nation it's enrolled, is it have a permit from the public authority? However, we fail to remember that, on the off chance that a unified trade works have a place with the public authority's permit, at that point there will have a few standards guidelines, and its result is KYC. Trades probably constrained by governments to consent to guidelines to forestall falsely.
In any case, it wouldn't forestall your monetary opportunities on the off chance that you don't utilize them. It's not compulsory to exchange on trade, bitcoin wasn't fabricated only for exchange. It's a distributed decentralized digital money. All things considered, presently it's decentralized and it will remain. Issues are with incorporated trade which you would keep away from.
In any case, it wouldn't forestall your monetary opportunities on the off chance that you don't utilize them. It's not compulsory to exchange on trade, bitcoin wasn't fabricated only for exchange. It's a distributed decentralized digital money. All things considered, presently it's decentralized and it will remain. Issues are with incorporated trade which you would keep away from.
I'm not agree that crypto is dangerous. KYC on exchanges should be easier, that's sure, but still - it must be. Exchanges think first of all about their credibility, legal issues and security - so they need to check their users. I do not have any problem will passing KYC and even purchasing and withdrawal crypto with USD card - I do it on cex.io and i can't say that there's something makes me feel uncomfortable
Its not Bitcoin and Cryptocurrencies that are getting dangerous rather the new Exchange Websites that promise too much in the beginning but can always turn their backs on you once you submitted your KYC. The only reason you need to submit KYC's is when you are ready for trading. That means that you are committing yourself to trade on a daily or monthly basis since registering on an exchange for no reason is quite a waste of time.
When you submit the kyc this really means you agreed on the terms and conditions of that exchange. Actually even the new website asking for the kyc is also dangerous best is to choose other legitimate exchange which proven and tested already. As what others said if op is not willing to submit personal identification he has an option not to do so. We have the freedom to choose the exchange in which we can trade our crypto.
Its not Bitcoin and Cryptocurrencies that are getting dangerous rather the new Exchange Websites that promise too much in the beginning but can always turn their backs on you once you submitted your KYC. The only reason you need to submit KYC's is when you are ready for trading. That means that you are committing yourself to trade on a daily or monthly basis since registering on an exchange for no reason is quite a waste of time.
All this is far-fetched rather than exaggerated
That's it,op has know nothing about what and How crypto works thats why He can just easily says this kind of word.Crypto is one of the helpful materials mankind has ever found.
In this pandemic more people had rely on this than Fiat alone so how come that danger comes in Bitcoin and crypto?
DEX is the future of crypto exchange. If you trade crypto in centralized exchange (kyc is needed there), it means you are no more in control of your own asset. You are keeping your money into their hand. Just use dex. You will have full control upon your asset. BTC is supreme in tech wise. Dont make confusion
DEX has been around the forum now,mind enlightening me what is this all about and how does this become helpful for all crypto users. 
Bitcoin continues to provide freedom, transparency, privacy and futures. As long as we don't use centralized exchanges everything will be fine.
But because I don't think I am doing illegal activities, I don't mind the government tracking my Bitcoin transactions. For KYC procedures on
centralized exchanges I also object, but that doesn't lose us any freedom. It's just that we don't have privacy anymore, but KYC is mandatory
so that the government can regulate cryptocurrency and also reduce incidents scams in the crypto world. However, if you really object to the
KYC procedure, you can use DEX as an alternative.
But because I don't think I am doing illegal activities, I don't mind the government tracking my Bitcoin transactions. For KYC procedures on
centralized exchanges I also object, but that doesn't lose us any freedom. It's just that we don't have privacy anymore, but KYC is mandatory
so that the government can regulate cryptocurrency and also reduce incidents scams in the crypto world. However, if you really object to the
KYC procedure, you can use DEX as an alternative.
KYC shouldn't be seen as something dangerous because the freedom won't be here for so long, the government will definitely find their ways into implementing the "must use of KYC for both decentralization and centralization". The issue should be: watch out the types of centralize platforms that request your personal information, if they're not trustworthy then don't border about them as your information won't be secure with them.
The traditional Banks always demand personal information from it users, so will Bitcoin and other cryptocurrency platforms when the government fully implement regulations of cryptosystem.
Traditional banks aren't the same as bitcoin exchanges, bitcoin exchanges are just like the online websites but to use it you have to submit a proove your identity, This feels as if we are being supressed by the government for using bitcoins, as a lot of gift card websites are also dealing with money and they aren't requiring any identification documents for verifying our identities and still they have right to accept the money from us, but on the same side the bitcoin exchanges who are accepting only our bitcoins and in return giving us another cryptocurrency i.e. Tether any other stable coin and still requires us to do KYC. The traditional Banks always demand personal information from it users, so will Bitcoin and other cryptocurrency platforms when the government fully implement regulations of cryptosystem.
KYC shouldn't be seen as something dangerous because the freedom won't be here for so long, the government will definitely find their ways into implementing the "must use of KYC for both decentralization and centralization". The issue should be: watch out the types of centralize platforms that request your personal information, if they're not trustworthy then don't border about them as your information won't be secure with them.
The traditional Banks always demand personal information from it users, so will Bitcoin and other cryptocurrency platforms when the government fully implement regulations of cryptosystem.
The traditional Banks always demand personal information from it users, so will Bitcoin and other cryptocurrency platforms when the government fully implement regulations of cryptosystem.
So your worried about centralized exchanges will force his customer to submit KYC/personal information? Just don't use them and start using decentralized exchanges (e.g. bisq [1], hodl hodl [2])
IMO it's enough to answer your question, better to lock your topic
[1] https://bisq.network/
[2] https://hodlhodl.com/
That's right, not even all exchangers need KYC, usually KYC is used to increase withdrawal and withdrawal limits using an accountIMO it's enough to answer your question, better to lock your topic
[1] https://bisq.network/
[2] https://hodlhodl.com/
So far I have not been worried about that, exchangers are places for exchanging fiat to cryptocurrency only and we can still maintain privacy by making transactions through blockchains wallets and not using wallets on the exchange
In fact, I am not worried if there is KYC on the exhcanger because the exchanger does not have permission to publish data without the permission of the user or the person concerned unless you intend to use cryptocurrency to commit crimes such as illegal transactions, money laundering etc., it might make you worry about KYC
Well we can't completely blame it on the exchanges since we are the ones agreeing to their terms and conditions.
It's us who are chosing to do KYC for their services. There are still other platforms where KYC is not necessary to do an exchange.
You can use P2P services to do the transaction as well. But most people prefer exchanges where KYC is used because it is convenient and easy to use.
If a person can sacrifice the conveniency then he should prefer the P2P services.
So yeah it our own choice on how we proceed with our cryptocurrency on the internet.
It's us who are chosing to do KYC for their services. There are still other platforms where KYC is not necessary to do an exchange.
You can use P2P services to do the transaction as well. But most people prefer exchanges where KYC is used because it is convenient and easy to use.
If a person can sacrifice the conveniency then he should prefer the P2P services.
So yeah it our own choice on how we proceed with our cryptocurrency on the internet.
All this is far-fetched rather than exaggerated
DEX is the future of crypto exchange. If you trade crypto in centralized exchange (kyc is needed there), it means you are no more in control of your own asset.
I want to agree however that isn't what I'm seeing right now as we go on with fully regulated coins coming from any direction plus the government's approach on cryptocurrencies nowadays is so tight. What differs from these exchanges, aside from having or having no kyc is that CEX has a middleman function providing another level of security. Now if you think that you could lose all your keys, then try to go with CEX.You are keeping your money into their hand. Just use dex. You will have full control upon your asset.
Dex could be hard to handle for some users, especially for beginners since the transaction is happening through smart contracts, in short all trades are peer-to-peer.
Every user has the freedom to use the BTC or other cryptos as they want.
If you register on a centralized exchange, you know what you are getting into.
Therefore I do not understand the statement why the BTC should be dangerous.
The opposite is the case due to the increasing popularity of BTC. The BTC will help many people to live more carefree.
If you register on a centralized exchange, you know what you are getting into.
Therefore I do not understand the statement why the BTC should be dangerous.
The opposite is the case due to the increasing popularity of BTC. The BTC will help many people to live more carefree.
Cryptos is still anonymous for me.. Bitcoin is still cannot being traceable as it still impossible to do that.. It depend on what exchanges you use and where you want to use the service. Its was your issues not cryptos issues btw. You need to know what is centralized exchanges with decentralized exchanges.. It was different but still has advantage and disadvantage both of this kind exchanges. Still before you want to do any kyc thing you need to research the exchanges whether it safe or not to do kyc thing. For me i will just keep on decentralized exchanges as it safe for me but pick the exchanges that really real deal not the scam one..
DEX is the future of crypto exchange. If you trade crypto in centralized exchange (kyc is needed there), it means you are no more in control of your own asset. You are keeping your money into their hand. Just use dex. You will have full control upon your asset. BTC is supreme in tech wise. Dont make confusion
It is not bitcoin that is becoming dangerous but rather other services that make use of bitcoin. However, we have varieties of this that make you decide what you want. Either CEX or DEX. However, people prefer using a centralized exchange that you have considered to be instilling KYC because of high liquidity and flexibility in trading. It is your choice to consider what is your top priority and avoid using services that will not offer you this.
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