Crypto Debit Cards and KYC | Bitcointalksearch.org

jseverson

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Quote from: borrorofju on June 18, 2019, 02:27:41 AM

it is not the future, but already the present. I heard that the PayPal allowed the use of cryptocurrency. Which means that each user of their service can pay with a crypto through a paypal card.

Not true. They're backing Facebook's Libra (which is as much a cryptocurrency as centralized barely-crypto coins like Ripple and Tether), but they don't want anything to do with other crypto at the moment.

As for crypto debit card alternatives, this article has a detailed list.

AjithBtc

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Cryptocurrency debit cards were an easier approach to reach the common people. As people were already used to the debit cards they find it easy to use the debit cards that were loaded with cryptocurrency or fiat equal to specific value of cryptocurrencies. Without KYC the usage access gets limited, and these kind of services always have third party service partnering which will surely request for KYC. Upon that it is upto the user to go with KYC or stay with limited access.

Mike Mayor

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The tiny amount some people know or think they know amazes me. You shouldn't have to do a KYC because your bank has it anyway. Your bank is under no obligation to hand over the KYC and neither are you.

But don't listen to me. Keep telling people where your family lives and think it's safe. I don't buy this bs about criminals and stopping crime its bs just to have an excuse to extract KYC info from people. People who think crypto is a good idea to launder money clearly have little understanding of things.

D3m1r4wanti

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Quote from: bitbunnny on June 18, 2019, 02:11:19 AM

KYC can't be avoided anymore and everyone who gives any kind of financial services, no matter crypto or fiat, and wants to run legitimate business should performe it. The same is with crypto debit cards. I.use one for a very long time and so far didn't have any isssues.
But these are very sensitive personal data and shouldn't be shared with third party or used for any other purpose. That is why it's very important that company or service provider that requests KYC is trustworthy and strongly sticks to law and regulations. KYC is also a platforme for various frauds so be very careful when you provide your data.

I have experienced KYC in FIAT currency banking, but the first time I became an investor in an ICO project in crypto currency or even just being a bounty hunter I was not used to using KYC to get tokens that were my right.
but now KYC has been much required even in almost all existing ICO projects.

MIner1448

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according to the rules, personal information should not be transferred to third parties, but I still treat such events as KYC carefully and once again it is better not to make identification and pass by.

CAPT.DEADPOOL

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There is a risky risk of using credit cards especially in your fund space because it can access other people and the wallet is not secure so it is difficult to trust new credit cards that cause your funds to lose your wallet Be careful of these.

stompix

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Quote from: MacInTheNet on June 16, 2019, 01:44:52 PM

So guys, please, if you already have a good impression regarding any of those cards, please share (European customers in particular Grin

)

Only one real alternative, wirex, but my recent experiences with them haven't been that happy and their topic is deserted when it's not full of problems.

Quote from: jak3 on June 16, 2019, 01:06:50 PM

So, according to you, when you use an ATM you are identified through the card? Why? Perhaps you are talking about visual identification and artificial intelligence because if you're not, that means things are not anonymous at all...
That's exactly what I mean... If I withdraw some cash, am I identified or not?

Yes, you are, your identity is your card number Tongue

The bank that issued your card knows already and has logged your activity, the bank that owns the ATM (in case it's a different bank) knows that a person using the card xxxx has withdrawn money, and if it thinks there is something suspicious it can request all your info from your bank, its standard procedure)

Quote from: avikz on June 16, 2019, 10:18:00 PM

Quote from: MacInTheNet on June 16, 2019, 10:58:47 AM

when you send your information to them, verify your identity and obtain your higher limits, do your KYC data "travel" beside every payment you do?

Precisely no! When you make a purchase and pay through debit card (be it crypto or not), no identity data travels to the merchants. The merchant only cares about the money and that's it!

Slight correction, the payment processor that is used by the merchants also get your data and stores it.
Not the shop, but the guys that make the transaction possible at their end.

agatha90

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the principle applied by the bank to find out the identity of the customer, monitor customer transaction activities including reporting suspicious transactions and has become the bank's obligation to implement them. So all the identities that have been requested by the bank can be tracked, whether they are used for good or not.

Anonylz

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i believe only the company that requested for your kyc will have it stored on their data base without given access to any third party, so as long as your actions are legal in dealing with other people, your kyc will still remain private until when there is a need for it be use to track you down for any illegal or fraudulent activity, only am not really sure how effective this has been in tracking down scammers and hackers that are so numerous in the crypto market.

borrorofju

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Quote from: americanreamt on June 18, 2019, 02:24:53 AM

I agree that cryptocurrency cards are the money of our future. Take a situation where you need to go to another country. First, you change Fiat to the local currency, then back. So much time spent, so many commissions. A cryptocurrency is universal, it solves the problem of exchange in a few seconds. And there is no doubt that credit and debit cards for digital assets are distributed throughout the world.

it is not the future, but already the present. I heard that the PayPal allowed the use of cryptocurrency. Which means that each user of their service can pay with a crypto through a paypal card.

americanreamt

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I agree that cryptocurrency cards are the money of our future. Take a situation where you need to go to another country. First, you change Fiat to the local currency, then back. So much time spent, so many commissions. A cryptocurrency is universal, it solves the problem of exchange in a few seconds. And there is no doubt that credit and debit cards for digital assets are distributed throughout the world.

bitbunnny

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KYC can't be avoided anymore and everyone who gives any kind of financial services, no matter crypto or fiat, and wants to run legitimate business should performe it. The same is with crypto debit cards. I.use one for a very long time and so far didn't have any isssues.
But these are very sensitive personal data and shouldn't be shared with third party or used for any other purpose. That is why it's very important that company or service provider that requests KYC is trustworthy and strongly sticks to law and regulations. KYC is also a platforme for various frauds so be very careful when you provide your data.

MacInTheNet

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Quote from: Nnuego on June 17, 2019, 04:19:55 AM

Demanding for your kyc is nothing bad because the want to know who they are dealing with or whether have committed any crime that have gotten you wanted before. Albeit your details is always confidential to them

Well... let me be blunt...

You buy 1000$ of crypto.
Those crypto become 1500$.
If you sell and do a bank transfer, you are obliged to be taxed.
If you spend directly for groceries, theoretically, you are not because you haven't had any capital gain.

Are you?

geerus

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Although cryptocurrency debit cards have not yet come into full use, I have often heard about ICO projects that offer this. What is the difference electronic assets or classic debit card - money is money

Bunsomjelican

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Quote from: MacInTheNet on June 16, 2019, 10:58:47 AM

Hi guys,
I have a question about these cards and hope someone can help me understand

Today we have some cards that work anonymously, some that don't and some that do both.
Obviously without the KYC thing, limits are low and that's ok.
I was wondering though:
when you send your information to them, verify your identity and obtain your higher limits, do your KYC data "travel" beside every payment you do?
Or are those info only stored in the company where you required the card from?
That would mean that the payment is still anonymous but if something happens (if you are a criminal and do something bad for instance) the authorities can ask them who you are.
Can anyone clarify this to me please?
Thanks in advance Grin

As far as I know mate, it will still be confidential to keep your identity by the company. or it could happen that it depends on the owner of the company if they will give or not. But I am pretty sure they won't give u it as much as possible so you are still anonymous.

Nnuego

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Demanding for your kyc is nothing bad because the want to know who they are dealing with or whether have committed any crime that have gotten you wanted before. Albeit your details is always confidential to them

pieppiep

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Quote from: MacInTheNet on June 16, 2019, 10:58:47 AM

Hi guys,
I have a question about these cards and hope someone can help me understand

Today we have some cards that work anonymously, some that don't and some that do both.
Obviously without the KYC thing, limits are low and that's ok.
I was wondering though:
when you send your information to them, verify your identity and obtain your higher limits, do your KYC data "travel" beside every payment you do?
Or are those info only stored in the company where you required the card from?
That would mean that the payment is still anonymous but if something happens (if you are a criminal and do something bad for instance) the authorities can ask them who you are.
Can anyone clarify this to me please?
Thanks in advance Grin

I think your KYC information will be stored in the company which is not inside the cards. The card will contain your name, the ID card, but the complete identification will be in the office. But the other people could use your debit card as long as they have your PIN so they can access the debit card to buy anything they have. But if you don't have much balance in that card, then they cannot buy an expensive product.

So when you want to apply for the debit card, you need to make sure that the card will always be on your side, so you know how much your expenses monthly.

joniboini

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I'm not surprised if your company who's supposed to be the one who has your data leak it somehow though. I mean, who knows what they're doing in your back, like what Facebook did in the past. Pretty sure there are other companies who do something like that.

Anyway, at least you can sue them if something bad happens and it's proven that your data was leaked from them (or sold). Unlike when you do KYC to an unknown provider for participating in ICO.

CryptoBry

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Quote from: MacInTheNet on June 16, 2019, 10:58:47 AM

I was wondering though: when you send your information to them, verify your identity and obtain your higher limits, do your KYC data "travel" beside every payment you do? Or are those info only stored in the company where you required the card from?

As far as I know, there are approved procedures that financial firms have to follow in gathering and storing data from their customers and there are penalties that can be imposed when those procedures are not followed and if data is leaked to other parties. This is very important so that there will be trust between parties. In the face of the risks associated with data leakage (like what happened with Facebook recently and the many hacks affecting many online companies), we are expecting tighter regulations and stricter implementation to protect data privacy.

avikz

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Quote from: MacInTheNet on June 16, 2019, 10:58:47 AM

when you send your information to them, verify your identity and obtain your higher limits, do your KYC data "travel" beside every payment you do?

Precisely no! When you make a purchase and pay through debit card (be it crypto or not), no identity data travels to the merchants. The merchant only cares about the money and that's it!

Quote

Or are those info only stored in the company where you required the card from?

Yes! The card providing company is the only responsible party to store your data!

Quote

That would mean that the payment is still anonymous but if something happens (if you are a criminal and do something bad for instance) the authorities can ask them who you are.
Can anyone clarify this to me please?
Thanks in advance Grin

When at least one party maintains your details, how it can be anonymous?? If you do something illegal, enforcement authorities can ask your provider to provide your details! There isn't any anonymity!

Topic: Crypto Debit Cards and KYC (Read 416 times)