Buying BTC from KYC exchange - page 2.

o_e_l_e_o

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Quote from: AicecreaME on July 26, 2021, 07:28:00 AM

As a matter of fact, KYC makes me more secure and at peace that my transactions will be done safely because they provide higher level of security against hackers attack.

No, it doesn't. Completing KYC puts you at more risk, not less, since you are now risking all your personal information as well as your coins. Completing KYC also does nothing to prevent against account hacks or other attacks. The safest way to trade is on a decentralized platform which does not require KYC nor does it require you to deposit your coins to their centralized wallet. Your information and coins cannot be stolen if the exchange never has either to begin with.

Quote from: AicecreaME on July 26, 2021, 07:28:00 AM

KYC is asked by exchangers for a reason. And that reason is to guarantee the users that their funds are on a safe place.

That doesn't even make sense. KYC is demanded because the government want to track bitcoin users. Whether or not an exchange demands KYC says nothing about how secure your funds are on that exchange.

BrianH

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Quote from: AicecreaME on July 26, 2021, 07:28:00 AM

Quote from: brainactive on July 24, 2021, 09:51:18 PM

Up until now, I thought the only way to convert fiat to BTC is through KYC exchanges. It seems like there are alternatives such as Bysk. Did I shoot myself in the foot by purchasing through KYC exchanges?

I totally see nothing wrong in purchasing bitcoin thru platforms that require KYC. As a matter of fact, KYC makes me more secure and at peace that my transactions will be done safely because they provide higher level of security against hackers attack. KYC is asked by exchangers for a reason. And that reason is to guarantee the users that their funds are on a safe place. I bet you've done several transactions using KYC exchangers before, so why bother now?

If you are thinking of trying different exchanger that do not require KYC, it's still up to you. But make sure to always be on your guard because maybe instead of saving up some bucks on processing and transaction fee, you'll lose even more by trying to be frugal.

Why? KYC provides no additional security. In fact, you are more vulnerable, because now your identity is at risk, in addition to your money.

I think people are so brainwashed into giving up their privacy that they associate that with somehow being better. That's an illusion.

Mt. Gox - required KYC - hacked.
Bitfinex - required KYC - hacked.
Here are 45 other centralized exchanges that were also hacked. Most, if not all, required KYC: https://www.hedgewithcrypto.com/cryptocurrency-exchange-hacks/

There is nothing stopping the owner from the exchange from sending all of your crypto to another wallet, selling your personal identification, closing the exchange and defrauding everyone of their money. It's happened multiple times before. KYC gives people a false sense of security.

That can never happen with something like Bisq. It is open source. Any attempt by the developers to steal your funds would be immediately apparent in the code. I trust the software, because the code is not hidden like Coinbase or other proprietary, centralized exchanges.

Other DEX can be trusted the same way a centralized exchange is - based on reviews.

Iceblast

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I think exchanges that implement kyc are better at this time than those that don't implement kyc. because in my opinion now kyc security can be tested better and can be used as one of the reasons for our assets to avoid negative things

bryant.coleman

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Quote from: mk4 on July 24, 2021, 10:06:51 PM

The answer to your question will depend on how security/privacy paranoid you ere.

Fortunately, it's not the end of the world for you, and all you can do right now is to not further the damage. Use peer-to-peer no-KYC exchanges like ~~Bysk~~Bisq[1], HodlHodl[2], and LocalCryptos[3]. And if you want to get a step further, probably contact the exchange you used and try to get your account(and data) deleted.

The P2P platform that I am using right now has the option to delete the user account. But I am not sure whether all the data is deleted or not. Because the trust factor comes in to play here. There is no guarantee that they will purge all the user data, even if the account holder opts for that. There may be legal issues that surface later, and some of the exchanges would retain at least some information related to the users. The platform also claims that the communication between the buyer and seller is not visible to them, unless any of the parties opt for dispute resolution. If that is the case, then we don't have anything to worry. But once again, are they saying the truth and can we trust them?

Text

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That just depends on who will use the service of exchangers. If he is not comfortable or does not want to undergo verification, he should not continue. In such situations, we must know or have enough knowledge of the risks or possible consequences and be willing to accept and be prepared for whatever may happen. If it's okay with you, then there's no problem. If I had to choose between the two if the centralized leading and proven or if the decentralized you doubted and you had almost no idea how to use it, I would still choose the more trustworthy.

AicecreaME

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Quote from: brainactive on July 24, 2021, 09:51:18 PM

Up until now, I thought the only way to convert fiat to BTC is through KYC exchanges. It seems like there are alternatives such as Bysk. Did I shoot myself in the foot by purchasing through KYC exchanges?

I totally see nothing wrong in purchasing bitcoin thru platforms that require KYC. As a matter of fact, KYC makes me more secure and at peace that my transactions will be done safely because they provide higher level of security against hackers attack. KYC is asked by exchangers for a reason. And that reason is to guarantee the users that their funds are on a safe place. I bet you've done several transactions using KYC exchangers before, so why bother now?

If you are thinking of trying different exchanger that do not require KYC, it's still up to you. But make sure to always be on your guard because maybe instead of saving up some bucks on processing and transaction fee, you'll lose even more by trying to be frugal.

yazher

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Quote from: brainactive on July 24, 2021, 09:51:18 PM

Up until now, I thought the only way to convert fiat to BTC is through KYC exchanges. It seems like there are alternatives such as Bysk. Did I shoot myself in the foot by purchasing through KYC exchanges?

Depends on what kind of exchange you are talking about since when are you gonna convert it to fiat, most of the country's local exchanges are required to get from you your personal info and source of income. Like our local exchange where you can't withdraw minimum until you proved that you are the real person behind the names and address you registered on their website. For us, there's nothing wrong with it because that's just the way it is and once you have done so, conveniently you can withdraw your money from their exchange.

masterrex

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Quote from: brainactive on July 24, 2021, 09:51:18 PM

Up until now, I thought the only way to convert fiat to BTC is through KYC exchanges. It seems like there are alternatives such as Bysk. Did I shoot myself in the foot by purchasing through KYC exchanges?

I think it depends on your personal perspective because I believe that KYC is not bad, I'm a law-abiding citizen, and in my country if we transact to a bank we should go through a KYC procedure it was required by the law and also in my country I can buy Bitcoin and other cryptocurrencies in a central Bank regulated and license crypto exchange so buying BTC on a KYC exchange is not a problem with me.

dkbit98

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Quote from: brainactive on July 24, 2021, 09:51:18 PM

Up until now, I thought the only way to convert fiat to BTC is through KYC exchanges. It seems like there are alternatives such as Bysk. Did I shoot myself in the foot by purchasing through KYC exchanges?

No you didn't shoot yourself in the foot, but it's always better option not connecting your bitcoin addresses with your real identity.
One option you have is using bitcoin mixers like Chipmixer that will make very hard for anyone to identify source of your coins,
or you can use exchanges that allow trading (with some withdrawal limits) even if you didn't pass kyc verification.
Best option is using decentralized exchanges like Bisq or P2P trading websites like LocalCryptos that nobody can control.

Karartma1

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One last point from my side: also avoid to share your personal data with other companies unless really necessary! I'm thinking specifically at the Ledger hack: many people opsec got smashed because they bought a ledger at some point in time. For those who saw only their email leaked, that's not a big thing. But for those who had their personal info shared, I can only say good luck.
Always be wary when asked to give your data to some entity, whichever it maybe. In the era of internet, your data is never safe.

dzonikg28

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Quote from: AakZaki on July 26, 2021, 12:41:23 AM

Quote from: lablab03 on July 24, 2021, 10:30:13 PM

Totally not safe to trust with exchange that requires KYC, if your purpose only is to have a secured account, because that's not important anymore right now as long as you are buying through trusted exchanges.
~snip~

It's a shame if you think like this. I slightly disagree with you. Indeed, there are several cases that have made some data on KYC spread to irresponsible people. But I think not all even exchange though. They do KYC because it is a procedure. If we don't want KYC then don't register. Even at the bank you have also submitted paper documents, that also includes KYC. They seek security for the continuity of their business, so they must know our data, with guaranteed confidentiality. It's a shame some exchanges don't have KYC but have a smaller limit when withdrawing money.

Of course they do and to a certain degree that is ok, but there is a difference between providing your documents to JP Morgan Chase or Yobit. Cheesy

The former may lose your data, too, but at least you can have some feeling of security that they don't gather your documentation for malicious intent. A lot of exchanges do that, not talking about Binance here as I deem them trustworthy.

o_e_l_e_o

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Quote from: Hippocrypto on July 25, 2021, 04:47:39 PM

Not really mate, it's not a big deal as unless that exchange breached your private information. We need to be careful on trusting unknown exchanges that requires us to submit kyc. Much better to buy btc at trusted sites like binance or ettoro.

Binance have been hacked and had thousands of users' KYC data stolen in the past. Being a large exchange doesn't mean you are automatically safe using them.

Quote from: Ryker1 on July 25, 2021, 04:52:53 PM

However, why do we need to be afraid to have KYC, this KYC for me is fine and there is nothing wrong with providing KYC, if you know how this will help to reduce causing of crimes, you will be amazed.

If you don't value your privacy and are happy to complete KYC, that's fine for you. Doesn't mean everyone else thinks the same way though. There is also very little evidence that KYC helps prevent any crimes.

Quote from: lalabotax on July 25, 2021, 06:00:07 PM

Why do you seem too afraid of KYC exchange? Don't they state the guarantee of your data security on the exchange?

No exchange can guarantee security, and if they say that, then they are either stupid or deliberately trying to deceive you.

Quote from: lalabotax on July 25, 2021, 06:00:07 PM

Those top exchanges surely won't sell your data or share it with scammers, they know how to keep their members' trust.

Coinbase sold customer data for years, and yet are still one of the biggest exchanges out there. Exchanges can seemingly do pretty much anything and their users don't seem to care.

raisajahan

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I really appreciate to your topic that buying btc from kyc exchange because some exchange accept deposit before kyc verification but when they go for withdrawl their funds they are facing problem. But sometimes it is not recoverable because depositor can't provide exact information then they may unable to withdrawl their funds. I exactly faced this problem several times. So its also my advice not to go deposit fund kyc verification without this you may lost your fund forever.

BrianH

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Concerning to see so many people give up their privacy so easily... Why are people so willing to accept centralized exchanges and give up their personal identification to unknown entities?

The biggest downside to centralized exchanges is quality of service. They control everything. Exchanges have stolen people's crypto many times. Coinbase service was terrible. I also have my suspicions that they are run by the government.

With many DEX, the exchange will process your exchange within seconds. It's effectively an API and happens automatically.

For fiat, Bisq is an option. It can be slower, but you actually control the wallet and their is little risk of fraud, due to the deposit system. The more people that use it, the faster it is.

AakZaki

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zknodes.org

Quote from: lablab03 on July 24, 2021, 10:30:13 PM

Totally not safe to trust with exchange that requires KYC, if your purpose only is to have a secured account, because that's not important anymore right now as long as you are buying through trusted exchanges.
~snip~

It's a shame if you think like this. I slightly disagree with you. Indeed, there are several cases that have made some data on KYC spread to irresponsible people. But I think not all even exchange though. They do KYC because it is a procedure. If we don't want KYC then don't register. Even at the bank you have also submitted paper documents, that also includes KYC. They seek security for the continuity of their business, so they must know our data, with guaranteed confidentiality. It's a shame some exchanges don't have KYC but have a smaller limit when withdrawing money.

carrigan

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It may not be very safe, but as you say, it also happens in my country. In every local exchange of my country, we must register in exchanges that have licenses from our government. And we can only use the exchange for deposits, trading, and withdrawal after we are completing and approved the KYC.

However, if it is about going to KYC in the global exchanges, I will prefer not to use them because it is too wide.
I will prefer to use some exchanges that don't need KYC like Binance.

lalabotax

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Why do you seem too afraid of KYC exchange? Don't they state the guarantee of your data security on the exchange? You can choose top exchanges with a good reputation if you want to ensure your KYC data be safer. Those top exchanges surely won't sell your data or share it with scammers, they know how to keep their members' trust. It is also the reason why most top exchanges regularly update their security system. I think we don't be so afraid of KYC exchange, it is not needed.

BuNga_cute

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Quote from: ?? on ??

There is nothing bad in buying bitcoin from centralized exchange and doing kyc as their rules says. You did this because you are okay with it. There are some alternatives to converting BTC to fiat or vice versa like the one you mentioned.

I also have no problem buying Bitcoin from centralized exchanges that do enforce KYC procedures, as long as the exchanges have a good reputation.
Since most centralized exchanges are licensed by the government, so they have to follow government rules by imposing KYC. But the benefits are
usually safer and there is an option to convert Bitcoin to fiat, which can make withdrawals to our bank account. That's why I feel comfortable using
my country's local exchanges to buy Bitcoin.

Ryker1

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Quote from: Ararbermas on July 25, 2021, 10:23:01 AM

Quote from: brainactive on July 24, 2021, 09:51:18 PM

Up until now, I thought the only way to convert fiat to BTC is through KYC exchanges. It seems like there are alternatives such as Bysk. Did I shoot myself in the foot by purchasing through KYC exchanges?

its an old way before you can buy bitcoin from exchanges. But nowadays it's not recommended at all since mostly exchanges are not safe from hacking. By the way what do you mean Bysk? If it's a new exchange or whatever it's because to be honest i never heard such name before. So i suggest to buy bitcoin through binance, latoken or any legit platform to secured your money from scam exchanges out there.

Well, I smell something this OP trying to shill this exchange OP said ^[Bysk].
However, there are too many alternative ways to buy bitcoin without KIYC, on P2P exchanges that mentioned on the first page and also perhaps bitcoin ATM considering that you can purchase bitcoin without KYC but I think in a limited amount only. Yes, Binance is also a good crypto exchange if you purchase bitcoin under 2 bitcoins. However, why do we need to be afraid to have KYC, this KYC for me is fine and there is nothing wrong with providing KYC, if you know how this will help to reduce causing of crimes, you will be amazed.

Hippocrypto

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Quote from: brainactive on July 24, 2021, 09:51:18 PM

Up until now, I thought the only way to convert fiat to BTC is through KYC exchanges. It seems like there are alternatives such as Bysk. Did I shoot myself in the foot by purchasing through KYC exchanges?

Not really mate, it's not a big deal as unless that exchange breached your private information. We need to be careful on trusting unknown exchanges that requires us to submit kyc. Much better to buy btc at trusted sites like binance or ettoro.

Topic: Buying BTC from KYC exchange - page 2. (Read 626 times)