Buying BTC from KYC exchange - page 4.

avikz

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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?

There are many alternatives as pointed out by mk4 so shift your business with them and avoid KYC exchanges at your will. But a lot depends on your local jurisdiction. If crypto is legal in your country, then you are good but tax will come along the way. But if the legal status of crypto is still not finalized, it's best to avoid kyc exchange.

Also look for a data protection law if available in your country. If you reside in European Union, the GDPR law empowers you to take control of your data. So you can ask the exchanges to delete your data.

Karartma1

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To all those who want to know more about the KYC creep there's this very informative website which has all the basics. Before getting into the no-KYC world is always best to first untangle all the kyc coins you have from the ones you wish to acquire KYC-free. That's very important in order to avoid jeopardizing your no-kyc set-up
https://bitcoinqna.github.io/noKYConly/

virasog

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Quote from: asyakashi on July 24, 2021, 10:20:30 PM

KYC exchanges are exchanges that guarantee the safety of their users, there may be some exchanges that do not use KYC, but as such these exchanges are less secure, and look un professional, I really like KYC exchanges because they are of good quality and professional.

P2P exchanges are the only way to convert your fiat into bitcoin. 90% of these exchanges require KYC and provide a built in escrow service. Unless you are want to avoid Kyc and take a bit of risk, you may try other methods. I am using binance P2P without any issues to convert my fiat into btc or vice versa.

DOH!

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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?

Well, there is probably no other gateway than from P2P on centralized exchanges, as far as Fiat is concerned, perhaps KYC is a must in the current state of affairs. Fiat on ramp has to do the same as KyC to get into slaughterhouses. In most cases, they don't want to put their ass into KYC, but maybe there is no other option yet. Lol

Husires

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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?

When you buy from platforms, you buy from central authorities that have a license to buy and sell bitcoin, and according to the laws of combating terrorism and money laundering, we must provide data based on the amount of money you want to transfer, many countries require verification of identity and residential address for transactions from 5 thousand dollars, but they differ according to Country.

When you buy from dexs, you buy from individuals, and all the platform does is provide a guarantee that you will not be scammed.

Coyster

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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.

No it is not the only way to convert your cash to Bitcoin, i mean Bitcoin transactions were expected to take place without a third party, which exchanges obviously are, so that means you can convert your fiat to BTC through P2p transactions, and right now I'm not referring to P2p options on exchanges, but with another Bitcoin user who sends you Bitcoin for your cash, but such transactions requires trust, and in this network you're not expected to trust anyone, and that's were the dilemma lies. Having said that, there are reputable users on this forum who trade btc for cash, they have been doing it for quite a while and are trusted to a very, very large extent, people who are paranoid of trading on exchanges can find it easier trading with such users. But overall you will be fine on centralized exchanges if you don't store or leave your funds there and you don't trade on fraudulent or new exchanges.

Wexnident

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Quote from: brainactive on July 24, 2021, 10:17:49 PM

Is there a way to reverse the damage? Perhaps through things like mixers etc? What are your thoughts on those?

Are you trying to remove the label of your personal info from your wallet? Hmmm I don't think so? Unless you start from scratch. Granted exchanges would have info about your past wallet, but they'd have no info about your current one as long as you don't do KYC again. You also won't transfer funds from your old wallet to you new wallet since that may lead to them tracing you and they can safely assume that you did something. Checking your next transactions then and one could easily assume whether the new wallet of yours was a merchant or really yours.

Still tbh, there's no problem with buying BTC from exchanges if you aren't that paranoid about privacy. You've been basically living you're entire life like that anyway.

KaliLinux

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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?

My question is, why so much concern/fear about buying BTC from kyc exchange? You probably must have done that kyc before you were able to do that transactions I believe and you weren't concerned then? I have used kyc exchange since the beginning of my cryptocurrency dealings and don't have a problem with it until now the financial institutions are banned from doing any crypto transactions, so we result to P2P.
If it 8s not a crime in your country to do cryptocurrency trade then I don't think there should be this much concern except otherwise.

DrearyUrbanite

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Quote from: asyakashi on July 24, 2021, 10:20:30 PM

KYC exchanges are exchanges that guarantee the safety of their users, there may be some exchanges that do not use KYC, but as such these exchanges are less secure, and look un professional, I really like KYC exchanges because they are of good quality and professional.

Sorry, but I would doubt the first half of your statement a lot! Yes, reputable exchanges that are licensed and well established in the market are quite trustworthy when it comes to KYC. There are a loooot of exchanges asking for your documentation with nothing else in mind but selling your data on the black market. Don't take KYC as a an indicator for the trustworthiness of the exchange itself...

Bttzed03

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Quote from: asyakashi on July 24, 2021, 10:20:30 PM

~ I really like KYC exchanges because they are of good quality and professional.

You probably don't have that much stored on exchanges that's why you're not worried of locking account/seized funds and hacks. If you're not declaring your income from crypto, your so called professional exchanges can also give your personal information to your local tax man.

BrianH

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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?

If you want true privacy, convert it to Monero and use a VPN + Tor browser to mask your IP. Even if someone knows you purchased BTC, it won't be linked to you after you trade it away.

There are many decentralized exchanges (DEX) that deal only with alt coins. Sometimes these DEX will ask for KYC. 99.99% of the time they will not. I have never been asked for it.

This is a good start:
https://swapzone.io/

If you are barred from using an exchange, because it is not supported in your country, use a VPN to route through an IP in another country and you can use that exchange.

BTC is never truly anonymous, but you can do a good job of keeping your privacy if you take the right steps.

Poker Player

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

Totally not safe to trust with exchange that requires KYC,

What? Don't talk nonsense. It is one thing if you lose privacy and anonymity, and another if it is not secure. I agree with the comment above:

Quote from: asyakashi on July 24, 2021, 10:20:30 PM

KYC exchanges are exchanges that guarantee the safety of their users,

For the OP, it is necessary to take into account what quantities we are talking about. If you buy $2K, it does not matter if you do it in a non-KYC exchange, although I understand that in these there are fewer offers, but if you buy $200K, you better do it in a regulated exchange, because if not tomorrow you can have a serious legal problem to sell or to justify where it has come from.

mk4

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Quote from: brainactive on July 24, 2021, 10:17:49 PM

Is there a way to reverse the damage? Perhaps through things like mixers etc? What are your thoughts on those?

Depending on what "damage" you're referring to. If you're referring to your personal information being handed over to the exchange, probably not. If you meant you want more privacy on the coins you're holding, then you can use CoinJoins through Wasabi and Samourai or Mixers like ChipMixer.

Quote from: asyakashi on July 24, 2021, 10:20:30 PM

KYC exchanges are exchanges that guarantee the safety of their users,

https://cryptosec.info/exchange-hacks

Darker45

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Quote from: brainactive on July 24, 2021, 10:17:49 PM

Is there a way to reverse the damage? Perhaps through things like mixers etc? What are your thoughts on those?

Probably the only damage was that you have submitted your personal information to the exchange. For now, withdraw your funds outside of that platform, keep them in a wallet whose private keys are under your sole control, and, as mk4 suggested, contact the exchange and request that all personal information pertaining to your account be deleted immediately.

If you wish, you may also use a mixer. It's up to you, but it wouldn't reverse the damage. It wouldn't erase your personal information stored somewhere.

lablab03

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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. As the matter of fact there's a lot of issue when using KYC on some exchanges nowadays , which it became very dangerous because of some scammer out there. It's like you let them use you personal information for short..

goinmerry

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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?

Nothing wrong with that. Don't overreact to that selling privacy issues.

If it seems to give you the benefit and advantage you want why you comply with the KYC there in the first place, then it's all good. Buying crypto with fiat is difficult for some and if your case isn't the same, nothing to worry about as it gives you convenience in return just by complying with KYC.

asyakashi

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KYC exchanges are exchanges that guarantee the safety of their users, there may be some exchanges that do not use KYC, but as such these exchanges are less secure, and look un professional, I really like KYC exchanges because they are of good quality and professional.

brainactive

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Is there a way to reverse the damage? Perhaps through things like mixers etc? What are your thoughts on those?

mk4

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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.

[1] https://bisq.network/
[2] https://hodlhodl.com/
[3] https://localcryptos.com/

brainactive

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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?

Topic: Buying BTC from KYC exchange - page 4. (Read 626 times)