Pages:
Author

Topic: Blockchain.com Wallet KYC (Read 580 times)

hero member
Activity: 1680
Merit: 845
April 22, 2022, 03:20:30 PM
#56
I'd appreciate if someone could answer if they also offered it in the past, since I've only used their wallet.
Click here to see the oldest version of their exchange page I could find. It has been taken on December 21, 2019.

Edit:
They launched their exchange in July 2019. Click here to see the reference.
Great job, I never remembered providing such a service, the past few months I've been bombarded by emails. I don't see any reason to use their services anymore, they've completely changed their business plan. On top of that, I don't like their trading fee policy, the maker (the person who places the order) is charged 0.20% and the taker (the one who accepts your order), is charged 0.40%. Most exchanges, such as Binance don't charge that much, while their interface isn't the best I've seen (compared to those I've used, Binanxey, Bitstamp and Kraken).
legendary
Activity: 2380
Merit: 5213
April 22, 2022, 02:14:50 PM
#55
I'd appreciate if someone could answer if they also offered it in the past, since I've only used their wallet.
Click here to see the oldest version of their exchange page I could find. It has been taken on December 21, 2019.

Edit:
They launched their exchange in July 2019. Click here to see the reference.
hero member
Activity: 1680
Merit: 845
April 22, 2022, 01:52:10 PM
#54
how can someone block your wallet if you actually have your keys, can't you import them into Electrum for instance?
Yes, You can import your seed phrase into any other wallet supporting BIP39 seed phrase and access your fund.
I have read many reports regarding blocking accounts on blockchain.com. But they all are related to their trading account and they have nothing to do with blockchain.com wallet.
I see, I wouldn't use their trading platform either, there are much better options, safer, more established and trusted ones. There are so many exchanges nowadays, that I can't find a single reason to use their service, to be honest, I didn't even know that they operated as an exchange. I'd appreciate if someone could answer if they also offered it in the past, since I've only used their wallet.
sr. member
Activity: 700
Merit: 250
Vave.com - Crypto Casino
April 22, 2022, 12:54:19 PM
#53
Bitcoin should not be stored on a wallet that requires KYC, you should move all your assets to a wallet that does not require KYC. I can't understand, what is the bitcoin storage wallet that requires KYC for. If it's an exchange that requires KYC to combat money laundering and transaction fraud, that's acceptable.
legendary
Activity: 2380
Merit: 5213
April 22, 2022, 12:22:44 PM
#52
how can someone block your wallet if you actually have your keys, can't you import them into Electrum for instance?
Yes, You can import your seed phrase into any other wallet supporting BIP39 seed phrase and access your fund.
I have read many reports regarding blocking accounts on blockchain.com. But they all are related to their trading account and they have nothing to do with blockchain.com wallet.
hero member
Activity: 1680
Merit: 845
April 22, 2022, 11:11:02 AM
#51
I suggest you read the reviews on this page. People there are discussing the topic of verification on the blockchain.com site.
That's interesting, I never faced any issues with Blockchain.com, but that belongs to the past, since a lot of things have changed since then. Although, we can't be 100% sure about the legitimacy of these reviews, let me elaborate. Blockchain.com does provide you with your private keys and the seed phrase, at least they used in the past, how can someone block your wallet if you actually have your keys, can't you import them into Electrum for instance?
sr. member
Activity: 2282
Merit: 439
Cashback 15%
April 22, 2022, 03:04:27 AM
#50
If any wallet offers you KYC, you should forget about that wallet and use another one. Blockchain.com has been popular for a long time, but now there are many other good services that have much more functionality than this wallet. Generally, confirming your identity and showing your documents to unknown people on the Internet is not the best idea. It's even better to choose exchanges where you can buy and sell crypto without KYC.
newbie
Activity: 1
Merit: 0
April 22, 2022, 01:12:20 AM
#49
Cryptocurrency Wallet Development Services


We are an end-to-end cryptocurrency wallet development company that provides excellent and secure multi-cryptocurrency wallet development services.Avail crypto wallet development solutions to eliminate identity theft, stop digital fraud and any malicious behavior in trading and money. transactions

sr. member
Activity: 1792
Merit: 255
April 21, 2022, 11:17:16 PM
#48
I think KYC is a bad strategy from wallet owners or exchanges who want to steal our money, I still have assets in several exchanges and unfortunately when it's been inactive for almost 3 years and seeing the current market prices are fantastic it seems they blocked my account and asked for KYC, when I was able to enter with KYC but all deposit addresses changed and the balance was lost without being able to do anything.
hero member
Activity: 2366
Merit: 838
April 21, 2022, 10:13:57 PM
#47
Every company wants to collect data because they know how much precious it can be for themselves even like future promotions,etc. I don't really use blockchain.com anymore because its one of the wallet filled with bugs even after this much experience they can't be able to provide experience like coinbase atleast.
Fortunately, you are free too choose what exchanges or wallets to use and decide to submit your identity documents for KYC or reject to do so.

There are non KYC exchanges and platforms for you to use: https://kycnot.me/
Not your keys, not your coins: https://notyourkeys.org/
KYC is dangerous and when you lose your identity documents on the Internet, you lose it forever. Why KYC is extremely dangerous and useless
sr. member
Activity: 2520
Merit: 280
Hire Bitcointalk Camp. Manager @ r7promotions.com
April 21, 2022, 11:49:26 AM
#46
Every company wants to collect data because they know how much precious it can be for themselves even like future promotions,etc. I don't really use blockchain.com anymore because its one of the wallet filled with bugs even after this much experience they can't be able to provide experience like coinbase atleast.
member
Activity: 362
Merit: 12
April 21, 2022, 10:41:40 AM
#45
I also received the same email from Blockchain wallet.But I have not verified and they offered another 20$ bonus
 for holding 100$ Bitcoin. I just ignored this offer as I am not interested to do kyc verification.
full member
Activity: 896
Merit: 115
April 21, 2022, 01:56:15 AM
#44
if not for the sake of centralization, then whats the need for asking people to do kyc. its a pity we are speaking and talking daily about freedom but yet we are at the mercies of centralized exchanges and custodian wallets. its good there are always alternatives so you can make many choices.
newbie
Activity: 48
Merit: 0
April 20, 2022, 11:20:36 PM
#43
I suggest you read the reviews on this page. People there are discussing the topic of verification on the blockchain.com site.
legendary
Activity: 2380
Merit: 5213
April 17, 2022, 05:54:37 PM
#42
I do believe they don't have access to passphrases and that technically the coins do belong to customers.
As the source code isn't available to the public, there is no way to know that. It's possible that they have access to users seed phrase
(The 12 words you use for recovering your wallet is called seed phrase, not passphrase.)



Can you use your blockchain.com seed phrase in another wallet provider and access your funds?
Yes. The seed phrase they give you is BIP39 and is compatible with many other wallets.


I'm also curious if blockchain.com restrict your money for suspicious activity since they require information that centralized exchanges and custodial wallets usually do.
blockchain.com is both a wallet and an exchange.
If your fund is on their wallet, it can be recovered using your seed phrase.
If your fund in on their exchange, they can do everything they want.
sr. member
Activity: 1554
Merit: 413
April 17, 2022, 05:02:38 PM
#41
I used to keep my money in the Blockchain wallet, and I was okay with it. I had my pass phrase, password, 2FA. Then there was a time when I wanted to access my wallet, but the code from Blockchain just didn't arrive to my phone, and the email confirmation didn't arrive either. It was a technical issue, of course, and everything arrived the next day, but that's when I decided to move to Electrum, at least. I'm glad I did that, given how Blockchain is starting to involve KYC, reporting taxes and stuff. But as for the safety of storing money on Blockchain, I do believe they don't have access to passphrases and that technically the coins do belong to customers. Still, though, why risk it if there are good alternatives.
If I'm not mistaken, as you've also mentioned, Blockchain.com does provide you with your seed phrase and private key. Although, I've also faced similar issues with what you've claimed. Not on the same platform, it was BitGo, was my fault though and not the service's.

I had lost access to my 2FA device, resetting it requires 48 hours, for security purposes of course. As a result, I lost a great trading opportunity, and that's one of the reasons I turned to Electrum, even though it was purely my fault.
I never used this service and I have o plans to do so but kindly answer these questions. Can you use your blockchain.com seed phrase in another wallet provider and access your funds? I'm also curious if blockchain.com restrict your money for suspicious activity since they require information that centralized exchanges and custodial wallets usually do.
hero member
Activity: 1680
Merit: 845
April 17, 2022, 04:12:44 PM
#40
I used to keep my money in the Blockchain wallet, and I was okay with it. I had my pass phrase, password, 2FA. Then there was a time when I wanted to access my wallet, but the code from Blockchain just didn't arrive to my phone, and the email confirmation didn't arrive either. It was a technical issue, of course, and everything arrived the next day, but that's when I decided to move to Electrum, at least. I'm glad I did that, given how Blockchain is starting to involve KYC, reporting taxes and stuff. But as for the safety of storing money on Blockchain, I do believe they don't have access to passphrases and that technically the coins do belong to customers. Still, though, why risk it if there are good alternatives.
If I'm not mistaken, as you've also mentioned, Blockchain.com does provide you with your seed phrase and private key. Although, I've also faced similar issues with what you've claimed. Not on the same platform, it was BitGo, was my fault though and not the service's.

I had lost access to my 2FA device, resetting it requires 48 hours, for security purposes of course. As a result, I lost a great trading opportunity, and that's one of the reasons I turned to Electrum, even though it was purely my fault.
legendary
Activity: 3248
Merit: 1402
Join the world-leading crypto sportsbook NOW!
April 17, 2022, 11:19:32 AM
#39
I used to keep my money in the Blockchain wallet, and I was okay with it. I had my pass phrase, password, 2FA. Then there was a time when I wanted to access my wallet, but the code from Blockchain just didn't arrive to my phone, and the email confirmation didn't arrive either. It was a technical issue, of course, and everything arrived the next day, but that's when I decided to move to Electrum, at least. I'm glad I did that, given how Blockchain is starting to involve KYC, reporting taxes and stuff. But as for the safety of storing money on Blockchain, I do believe they don't have access to passphrases and that technically the coins do belong to customers. Still, though, why risk it if there are good alternatives.
hero member
Activity: 1680
Merit: 845
April 17, 2022, 11:01:06 AM
#38
I remember LocalBitcoins, a site I had accessed a few years ago, but asked for identification in order to trade. The services you've mentioned are not that well-known here, and not as direct as exchanges. Bisq on the other hand, is similar to DeFi exchanges, which certainly come in handy and could be used as an alternative indeed.

Most of my funds are in BSC, via the metamask wallet, thus, I certainly get your point, nor am I planning to move them anytime soon. However, when withdrawing to fiat, the most convenient is exchanges, and probably the most direct.
Bisq just still remains the most decentralized exchange, just that alerts can be managed on mobile app but the trades is through using personal computer using open-source software. This may not be convenient and the trading volume may not be as high as on centralized exchanges, but people that wants privacy still prefer it to centralized exchanges that demand for KYC.

Alternatively, you can still try Hodlhodl or Localcryptos. Localcryptos still have considerable high liquidity, try it before complaining that using centralized exchanges are more direct. There is nothing more direct than to send or receive bitcoin directly on an address generated by your noncustododial wallet rather than using centralized exchanges which you do not have the keys, you will still need to transfer the coins to noncustodial wallet to have full control over the coins.

Decentralized exchanges like Bisq is not the same as those altcoin exchanges that are altcoin based because you can not exchange to fiat on the altcoin based exchanges.
I'm not implying that there aren't any decentralised services that could potentially substitute for exchange usage, but it's all I've used for the past years. I'm not underestimating the platforms you're mentioning, nor the need for decentralisation, personally, I'm storing my funds on Metamask, instead of an exchange or a custodial wallet.

My opinion is simply stands that our actions are easily monitored, unless you're avoiding Google, Facebook and banking services, your data is out there, providing your details on an exchange isn't something new, nor unusual.
hero member
Activity: 2702
Merit: 716
Nothing lasts forever
April 17, 2022, 10:24:27 AM
#37
I'm starting to believe that even wallet providers and exchanges are shifting towards a centralization of cryptocurrencies, debunking previous theories about anonymity of funds and personal freedom.

What are your thoughts about this? Do you think more and more services will adopt similar techniques?

Ofcourse they are, why do you think most exchanges are asking for KYC details these days.
Exchanges are holding their user's personal details linking to their crypto portfolio.
As cryptocurrencies get more adopted the governments will probably use the KYC details for regulation.
This will increase the centralization but will also bring in mass adoption of cryptocurrencies.
Privacy coins will still exist but only those who care more about privacy will stick to those cryptocurrencies.
Pages:
Jump to: