Blockchain.com Wallet KYC - page 3. | Bitcointalksearch.org

tranthidung

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Quote from: Marvell1 on April 03, 2022, 11:29:54 PM

Yes, OP mentioned blockchain.info before, but now it has changed its name to blockchain.com. They are not like coinbase, they provide seed cluster for us and we have full control over our assets. But as OP said they started offering KYC, I think it's not secure anymore.

If they give you (customers) mnemonic seeds, you still have control on your coins. At least until they do some crazy changes. Meanwhile, to protect yourself, you can import wallets by given seeds to Electrum wallet ie. and move your Bitcoin to another wallet (not another address in the same wallet).

Read my topic, link above for a simple guide.

maxreish

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Quote from: franky1 on April 03, 2022, 08:35:16 PM

oh people.. your missing the point

blockchain.info wallet(separate department from the exchange) is the wallet service where you can export your private keys..

but thats not the point. its not about the symantics of "custodial"

it's about that blockchain.com exchange (different department) is a service that is an exchange
its the fiat exchange element that creates the need for KYC

Well, thanks for clarifying the point. Since it is one of the well known crypto exchange, the need to know your customer service is a must, considering to know all the details for them to provide better service , to prevent fraud and to know how those customers are using their platforms.

Marvell1

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Quote from: Bitcoin_Arena on April 03, 2022, 06:52:02 PM

Quote from: hosseinimr93 on April 03, 2022, 03:04:44 PM

Quote from: franky1 on April 03, 2022, 02:55:57 PM

because blockchain.com is not jsut a custodial wallet but an exchange.

Blockchain.com is a non-custodial wallet and exchange.
Their wallet gives you the seed phrase and you have full control over your fund. Of course, I wouldn't recommend anyone to use blockchain.com. It's close source and we don't know whether the keys are stored on their server or not.

Based on what OP said, it looks like he was referring to the old era Blockchain.info wallet, which never gave one any back up phrase or seed phrase that they could use to restore an account... Correct me if am wrong.

Yes, OP mentioned blockchain.info before, but now it has changed its name to blockchain.com. They are not like coinbase, they provide seed cluster for us and we have full control over our assets. But as OP said they started offering KYC, I think it's not secure anymore.

tranthidung

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Quote from: Ultegra134 on April 03, 2022, 02:24:28 PM

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.

It's a natural trend. Crypto market need more regulations in order to expand its adoption. Regulation and adoption will move together. I believe that we won't see massive adoption if there will be no more and stricter regulations on the crypto market.

I share two topics on KYC and wallet recover with seeds from Blockchain.com

franky1

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oh people.. your missing the point

blockchain.info wallet(separate department from the exchange) is the wallet service where you can export your private keys..

but thats not the point. its not about the symantics of "custodial"

it's about that blockchain.com exchange (different department) is a service that is an exchange
its the fiat exchange element that creates the need for KYC

the KYC element is not about the wallet service. but the fiat exchange service
something that has been integrated straight into the site when you log in.. there is no way to separate your login from having access to their exchange part.

(sidenote. if you want to get into symantics. go to blockchain.info/.com find the login page.. and then put your browser into 'offline mode' and see how far you can get at just client side.. it will surprise you)

Bitcoin_Arena

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Quote from: hosseinimr93 on April 03, 2022, 03:04:44 PM

Quote from: franky1 on April 03, 2022, 02:55:57 PM

because blockchain.com is not jsut a custodial wallet but an exchange.

Blockchain.com is a non-custodial wallet and exchange.
Their wallet gives you the seed phrase and you have full control over your fund. Of course, I wouldn't recommend anyone to use blockchain.com. It's close source and we don't know whether the keys are stored on their server or not.

Based on what OP said, it looks like he was referring to the old era Blockchain.info wallet, which never gave one any back up phrase or seed phrase that they could use to restore an account... Correct me if am wrong.

Upgrade00

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Quote from: Marvelman on April 03, 2022, 03:09:23 PM

I thought Blockchain.com was a non-custodial web wallet. Can't you just take your seed phrase and import your wallet into another wallet, like Electrum?

You can, but I would consider that an unsafe way to secure your funds as you cannot verify how your keys and seed phrases were stored on their platform. It is much better to sweep the funds to a new wallet you've created on a non custodian, open source wallet software, like electrum.

And of course, you verify the signature.

vv181

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Quote from: Ultegra134 on April 03, 2022, 02:24:28 PM

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?

Regulation will come into play. As you may have heard, recently there is even some initiative to collect non-custodial wallets user identities using AOPP, fortunately, some wallets already decided to remove it. Nevertheless, it doesn't mean that governments will stop at that point. Expect that the government will figure out how to enter a few applications/entities/platforms that have centralized points.

CaVO32

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Quote from: Ryker1 on April 03, 2022, 03:44:22 PM

Quote from: Marvelman on April 03, 2022, 03:09:23 PM

I thought Blockchain.com was a non-custodial web wallet. Can't you just take your seed phrase and import your wallet into another wallet, like Electrum?

^[snip]

Well, this is possible --you can export your blockchain.com seed to Electrum.
This is a non-custodial wallet if they will enforce to ask KYC if I were in OP case, I will transfer to Electrum. They are paying $5 for that? Well, I cannot change my personal data into a $5 which is can risk my privacy. It is good if you will use other wallet platforms that should open-source wallets and the only answer is Electrum for this question.

In exchange of your info, they will have a "bonus" of $5. Nope, better use electrum, free and no KYC. But with today's crisis, a lot will still avail of that 5 bucks in exchange of their KYC details. The electrum wallet is a user friendly as you don't need big storage to get one. And you also have the full control of your coins. If you are a crypto user, better limit where you send your info. Even if we say, they have good intentions, we will never know where will these big data end up with down the road.

Ryker1

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Quote from: Marvelman on April 03, 2022, 03:09:23 PM

I thought Blockchain.com was a non-custodial web wallet. Can't you just take your seed phrase and import your wallet into another wallet, like Electrum?

^[snip]

Well, this is possible --you can export your blockchain.com seed to Electrum.
This is a non-custodial wallet if they will enforce to ask KYC if I were in OP case, I will transfer to Electrum. They are paying $5 for that? Well, I cannot change my personal data into a $5 which is can risk my privacy. It is good if you will use other wallet platforms that should open-source wallets and the only answer is Electrum for this question.

coupable

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I think that all the old members of the forum have used this wallet in their beginnings and before it turned from just a normal wallet to a trading platform that has its weight in the market. Identity proof procedures have been imposed since that time, but the mechanism of the wallet’s work has not been compromised, and then the wallet was developed to become in the form of an application on mobile phones, which is an application that appears to be decentralized, but it is not known about the mechanism of its servers factors.

Marvelman

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I thought Blockchain.com was a non-custodial web wallet. Can't you just take your seed phrase and import your wallet into another wallet, like Electrum?

edit: I just noticed that hosseinimr93 answered similarly as I was writing this.

hosseinimr93

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Quote from: franky1 on April 03, 2022, 02:55:57 PM

because blockchain.com is not jsut a custodial wallet but an exchange.

Blockchain.com is a non-custodial wallet and exchange.
Their wallet gives you the seed phrase and you have full control over your fund. Of course, I wouldn't recommend anyone to use blockchain.com. It's close source and we don't know whether the keys are stored on their server or not.

franky1

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because blockchain.com is not jsut a custodial wallet but an exchange.
your you can use fiat to buy bitcoin via blockchain.com.. that part of their business means customers using that service need to be KYC'd

the hint is in the topic post

Quote

If you sold, swapped, or earned rewards on your crypto in the last year, you likely owe taxes.

its not saying"if you hold crypto. or if you use us as just a wallet
it clearly says if you exchanged or earned income then you probably need to pay tax on that fiat value

o_e_l_e_o

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Quote from: Ultegra134 on April 03, 2022, 02:24:28 PM

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.

Web wallets like blockchain.com have always been centralized. If you use their website, then you are placing complete and total trust in them and all the third parties which they use, and are at the complete mercy of their closed source backend (which has had a number of critical vulnerabilities in the past). The same is true of centralized exchanges. You cannot have any personal freedom if you store your coins on an exchange, since the exchange can choose whether or not to let you spend those coins. As the old saying goes "Not your keys, not your coins." If you aren't storing your bitcoin in your own wallet, then you don't actually own any bitcoin. You have no freedom, no security, and no privacy.

This says nothing about the principles of bitcoin though. Bitcoin itself is still censorship resistant and allows complete freedom to do what you want with your own money. Hold bitcoin in your own wallet and you can enjoy these benefits. Let a third party hold your bitcoin for you and you are at their mercy.

Ultegra134

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Back in 2012-2013, I had a few Blockchain.com wallets, back then, no details were asked, there wasn't even an option to login via email. Recently, I received an email from them about a promotion. They were offering $5 in BTC, if you completed the KYC process, by providing your personal details, such as residence, uploading your driver's license, or other form of identification.

On top of that, they've now added a section about taxation of cryptocurrencies, providing you with the ability to export tax statements.

Quote

Do I owe taxes on my crypto?
If you sold, swapped, or earned rewards on your crypto in the last year, you likely owe taxes.

Quote

We have partnered with CoinTracker to simplify your tax reporting. Cointracker is fully supported in the US, Australia, UK, Canada and also provides capital gains reports for users around the World. Get free tax reports for up to 500 transactions with CoinTracker or use a service provider of your choosing.

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?

Topic: Blockchain.com Wallet KYC - page 3. (Read 580 times)