Topic: Centralized and kyc platforms can pose risks in the future - page 3. (Read 518 times)
Where I'm from people look at me like am crazy when I talk about crypto, they don't even believe one can make any good amount of money out of it, till date most people believe it's Ponzi scheme like MMM and others so people here don't care, if you talk about voodooizm and rituals then you are on point since they believe this is the only way to be a billionaire nowadays, different stores for different countries mate
Ok, I have been using binance right from the start when it comes to Fiat withdrawal and KYC verification is been verified, are you saying criminals can track my address all the way from binance down to Africa? They will never get here successfully 🤣🤣🤣, their plane will crash before they reach their destination lol, that's just a joke thanks for sharing the warning, the best we can do is get used to P2P strategy and that's what I'm using on binance exchange right now and also stay low-key cos we don't know who is watching
We can't totally avoid centralized exchanges especially if someone trades a lot or has a huge volume of crypto or funds to trade. With most decentralized noncustodial services, it's hard to come a cross an exchange of that caliber with high liquidity or trader with huge volume of assets, so people are eventually forced to use centralized services that have the volumes.
Sometimes even p2p exchanges can prove challenging security wise especially if offers involve meeting your trading partner to exchange the BTC for cash in hand. The person you are meeting could be malicious and just posing as a trader yet he's a thief/robber you could tell you to transfer your BTC at Gun point.
Also during transfers involving bank accounts and Electronic payment, you will still have to share some of your information with the other third party such as account number, email, name the account is registered to and some times even the location.
Sometimes even p2p exchanges can prove challenging security wise especially if offers involve meeting your trading partner to exchange the BTC for cash in hand. The person you are meeting could be malicious and just posing as a trader yet he's a thief/robber you could tell you to transfer your BTC at Gun point.
Also during transfers involving bank accounts and Electronic payment, you will still have to share some of your information with the other third party such as account number, email, name the account is registered to and some times even the location.
I agree, being secure and private as a cryptocurrency user is very important. A lot of people assume anyone who they know is involved in crypto is earning a lot, especially when different markets start pumping and this can make those people targets
In addition to the points you made;
• Do not reveal you are into crypto, except if absolutely necessary, and never reveal how much you hold
• If you own a hardware wallet, use an extended passphrase to create an alternate address that can be used for plausible deniability should you find yourself in trouble.
In addition to the points you made;
• Do not reveal you are into crypto, except if absolutely necessary, and never reveal how much you hold
• If you own a hardware wallet, use an extended passphrase to create an alternate address that can be used for plausible deniability should you find yourself in trouble.
I believe this is not only happening in my country but in all other countries, we need to be very careful before we will become criminal's targets. There are many ways criminals are thinking about ways they want to steal from us, physical harm can still involved. There was a case I read recently about someone saying he had trezor with him in his home when theives came but did not touch the trezor after stealing other valuable things.
Some thieves are unable to make use of people's Bank ATM cards because they are afraid of the account they will send the money to not to be traced, that is why some will have to go to ATM with the cards to withdraw some money, but there are daily limit that someone can withdraw, this can safe the victim not to lose money much.
But we are in the time of cryptocurrencies, no daily limit, we can withdraw as possible as we can as all can be withdrawn. We need to be careful with the information we are having online, be careful of exchanges that are custodial, even we must be careful of the so called information require while buying hardware wallets, find ways not to give right information that can make criminals trace your home or work place.
This is still the time most offline thieves know nothing about hardware wallet, that is why the trezor was not stolen, even the thieves can require for the pin and other necessary information needed to be able to transfer all coins on the hardware wallet. We are still lucky today to have those offline bad actors not to physically attack someone, but the day may come.
The advice is that we should try all possible ways to avoid custodial services, they are the threat that may favor thieves tomorrow. To use cryptocurrencies properly, go 100% noncustodial, also do not fill in right information while buying hardware wallets.
Some thieves are unable to make use of people's Bank ATM cards because they are afraid of the account they will send the money to not to be traced, that is why some will have to go to ATM with the cards to withdraw some money, but there are daily limit that someone can withdraw, this can safe the victim not to lose money much.
But we are in the time of cryptocurrencies, no daily limit, we can withdraw as possible as we can as all can be withdrawn. We need to be careful with the information we are having online, be careful of exchanges that are custodial, even we must be careful of the so called information require while buying hardware wallets, find ways not to give right information that can make criminals trace your home or work place.
This is still the time most offline thieves know nothing about hardware wallet, that is why the trezor was not stolen, even the thieves can require for the pin and other necessary information needed to be able to transfer all coins on the hardware wallet. We are still lucky today to have those offline bad actors not to physically attack someone, but the day may come.
The advice is that we should try all possible ways to avoid custodial services, they are the threat that may favor thieves tomorrow. To use cryptocurrencies properly, go 100% noncustodial, also do not fill in right information while buying hardware wallets.
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