Coinbase Legitimacy/Alternate ways of earning crypto - page 2.

mk4

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Paldo.io 🤖

Quote from: libert19 on February 24, 2020, 10:25:17 PM

Wait what? I did some bounties where projects required kyc, I still have their shit tokens meanwhile those who rewarded me well didn't require any kyc (the one I'm doing currently doesn't require any kyc and is paying well).

Bounties are pretty much hit or miss. Though definitely not every single one as there are definitely legitimate companies and projects out there(though just a very small minority), I mostly see bounties with KYC/AML requirements as just pretty much data collecting schemes.

libert19

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Quote from: Saint-loup on February 24, 2020, 07:53:12 PM

.. you should only do those bounties with KYC if you really need money.

Wait what? I did some bounties where projects required kyc, I still have their shit tokens meanwhile those who rewarded me well didn't require any kyc (the one I'm doing currently doesn't require any kyc and is paying well).

mk4

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Quote from: mikehersh2 on February 24, 2020, 07:38:42 PM

However, in order to "verify" my account, I have to give information such a photograph of my state ID and credit card info.
I'm not one to willingly give away such personal information... is this something I should feel comfortable doing?

I'm personally really not comfortable on giving out KYC information unnecessarily, but it's pretty much required if you want to use the reputable(but highly regulated) exchanges. To be honest I'd be more skeptical if a certain exchange allows trading but doesn't require KYC/AML. I personally only give out KYC/AML information only when really necessary(and with these services heavily researched), and I personally think this is one of those cases that I think it's somewhat necessary especially if you want to be a trader(Coinbase Pro).

In the end, it's completely up to you. If you want zero KYC/AML, try services like Bisq; though non-custodial exchanges like Bisq aren't really the best platforms for active trading due to the bad spreads and liquidity.

squatter

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STOP SNITCHIN'

Quote from: mikehersh2 on February 24, 2020, 07:38:42 PM

I recently made a Coinbase account to do some trading and to use their services that they provide to new users to earn some small amounts of crypto.

However, in order to "verify" my account, I have to give information such a photograph of my state ID and credit card info.
I'm not one to willingly give away such personal information... is this something I should feel comfortable doing?

No. Read this thread: Why KYC is extremely dangerous – and useless

Coinbase was also exposed for selling user data to third parties in a scandal last year.

Unfortunately, regulators have been cracking down on exchanges, and most of them are now requiring KYC. If you want to avail yourself of centralized exchanges -- particularly reputable, fiat onramps -- it's hard to avoid. The decision to verify shouldn't be taken lightly, though, and I would minimize the number of exchanges you do so with.

Saint-loup

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You should read the post from 1miau about that, you will find some answers to your questions : https://bitcointalksearch.org/topic/why-kyc-is-extremely-dangerous-and-useless-5221497

If you are already using an exchange where you can buy cryptos with your fiat it's better to stick with it. I don't know what's your budger for cryptos but you should only do those bounties with KYC if you really need money.

mikehersh2

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Although I've been out of the loop recently... I've been in this space for some time.
With that being said, I was looking to get back into trading/investing/earning some crypto in my spare time.

I recently made a Coinbase account to do some trading and to use their services that they provide to new users to earn some small amounts of crypto.

However, in order to "verify" my account, I have to give information such a photograph of my state ID and credit card info.
I'm not one to willingly give away such personal information... is this something I should feel comfortable doing?
I'm aware of the fact that coinbase is pretty much synonymous with crypto-trading, I just need to hear it from the forum first as to why it's a safe move.

Furthermore, if anyone has any other suggestions, tips, or new methods for earning some crypto... I could use some ideas. I'll continue to search around the forum in the meantime. Thanks

Topic: Coinbase Legitimacy/Alternate ways of earning crypto - page 2. (Read 330 times)