How many BTC users actually care about privacy?

Abiky

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Quote from: The Cryptovator on September 18, 2021, 02:31:00 PM

If you ask me then only 5% of Bitcoin users care about privacy. Nowadays it's become impossible to use reputed and Big centralized exchange. So privacy is already exposed when you are using one of them who required KYC. If you go to trade P2P then there are liquidity and fees issues. More concern you will not find your desired trading pair. Only holders could prevent their privacy who aren't related with any centralized exchange.

We don't have a choice. Avoiding centralized exchange means we will face many issues during buy and sell our cryptocurrency. Even do we care about our wallet privacy? Those wallets have been using could trace our IP address if you aren't using VPN or Tor. Even we want to keep our privacy but sometimes we are hopeless. It's too much hassle for a few people dealing with Bitcoin without centralized exchange.

That's certainly true, mate. A very small number of people actually care about their privacy. The rest are simply ignorant of what's happening in the real world. Convenience/ease-of-use is what matters most in today's society. It's no wonder why centralized exchanges and centralized wallet providers are dominating the crypto/Blockchain space. If people actually cared about privacy and decentralization, centralization wouldn't had prevailed by now.

Things aside, I believe that P2P platforms and decentralized exchanges are excellent for preserving your privacy. But they're often constrained by low liquidity and somewhat-high fees. At least, it's better something than nothing. As long as it's possible to achieve privacy with Bitcoin, there should be nothing to worry about. Just my opinion

Dr.Osh

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Quote from: thirdprize on September 18, 2021, 11:45:19 AM

If you are going to use a big exchange in the future then you will need KYC. The only other way to get BTC will be on the black market. Would that put you off?

if all CEX needed to use KYC, I would probably pick one exchange, and probably the most popular at the time. however, if there are still CEXs that don't use KYC, I'll probably use that. although there is a daily WD limit, but I think it's quite worth it. well, this is for the worst thought. other than that, I might still be able to find bitcoin sellers and make transactions directly if all CEX use KYC.
other than that, we don't know how many people actually hide their identity, because as far as I know, nowadays most crypto users will KYC to make trades, or withdrawals if it needs to be done.

TinaK

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Quote from: thirdprize on September 18, 2021, 11:45:19 AM

If you are going to use a big exchange in the future then you will need KYC. The only other way to get BTC will be on the black market. Would that put you off?

There are still there are many of them, P2P exchange will be the answer of those who care about their privacy, there is no need to go to the black market which is full of scammers and has no security for every transaction. But if you think it is basic KYC, there is nothing wrong with that as long as it does not involve uploading documents like valid ID. You can purchase bitcoin even without revealing your true identity.

I think as of now, it is a part of bitcoin adoption to face government legalization. Time will come, the concept of decentralized will become a centralized one.

Emitdama

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Very little, even though KYC sometimes still does not guarantee that the market is safe. It could be that it was used to get our data when KYC. To be safe. I recommend using an exchange that is already very reliable. You can see it at coinmarketcap. And my market advice is binance. Because binance is trusted by everyone in cryptocurrency.

Yes, right now mostly are doing this all for money or more profit so just because of this if some exchange implementing KYC we have nothing from community because large number of members now feeling without this they can't stay here, so they're done this all very quickly without any issue even we have still many problems steal of data or assets.

In early days crypto was much better as we were able to do this all freely and have no issues with this all still many those care about their privacy they are doing this all through P2P even they are facing some fees issues, but they are still happy because they are doing this all freely and have no issues with privacy.

Ridi

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To protect our privacy, we should use a new Bitcoin address each time we receive a new payment.we can use multiple wallets and BTC users actually care about privacy.

kotajikikox

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Quote from: thirdprize on September 18, 2021, 11:45:19 AM

If you are going to use a big exchange in the future then you will need KYC. The only other way to get BTC will be on the black market. Would that put you off?

if all that KYC thing comes around in the future , then i will definitely grab that Black market chances though maybe when that time comes i don't need to buy or purchase bitcoin because i already has what i wanted to earn .
years from now i maybe off buying bitcoin instead will be focusing in altcoin then.

leea-1334

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Quote from: Rahman11 on September 21, 2021, 02:27:51 PM

All Bitcoin transactions are public, traceable, and permanently stored in the Bitcoin network.

Unlike the characteristics of "public" and "permanently stored" however,,, "traceability" for Bitcoin exists in different levels. Some wallet addresses are marked and everybody knows they belong to exchanges but with the use of several tools such as coin mixing, or even layer 2, or coinjoin, traceability becomes harder and harder.

And this is how the question is important for us.

rahmatullah9305

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Quote from: thirdprize on September 18, 2021, 11:45:19 AM

If you are going to use a big exchange in the future then you will need KYC. The only other way to get BTC will be on the black market. Would that put you off?

wouldn't it be safer to use KYC to make an exchange. KYC is a rule that is applied to find out the identity of users which aims to prevent fraudulent use. for me if KYC becomes a mandatory rule will also not let me go, some major exchanges require KYC of course to complete it is the main choice to be fully functional in using it.

donaldlloyd

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I think the reason we are btc users is because we care about security and privacy

Rahman11

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All Bitcoin transactions are public, traceable, and permanently stored in the Bitcoin network. Bitcoin addresses are the only information used to define where bitcoins are allocated and where they are sent. These addresses are created privately by each user's wallets.
Bitcoin is a decentralized digital currency that uses cryptography to secure transactions. ... Hackers can steal bitcoins by gaining access to bitcoin owners' digital wallets.

SoeNan89

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Blockchain uses a decentralized system that allows efficiency. When someone buys Bitcoin coins, a computer system connected to the Blockchain network will record and provide validity automatically. So, minimal errors, faster, cheaper and easier. By using google verification I will it's already very secure.

Cafex

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If it is one of the best exchanges that we are talking about, then I don't make it a big deal. I already made KYC for Binance exchange for example and I'm using the exchange in many ways happily. We already give our private information to many places. Who knows who has our information now in their hands. As long as we continue to be careful, they shouldn't be much problem.

the rise

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It would be safer to use KYC, although buying in the dark market without an identity, but it can threaten incoming files very hard to believe. KYC takes a bit of time but it will make us comfortable in transacting.

suzanne5223

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It is difficult to know the number of Bitcoin users that really care about their privacy most Bitcoin users that care about their privacy are user who are welcome information of the benefit and people who are member of crypto community (like this forum).

Quote from: thirdprize on September 18, 2021, 11:45:19 AM

If you are going to use a big exchange in the future then you will need KYC. The only other way to get BTC will be on the black market. Would that put you off?

No, for every problem have it own solution and the last time I checked we have p2p exchange site and it is easy to find a buyer/seller on this forum while do anyone make use of black market site which would land her into trouble.

ChiBitCTy

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I care about privacy and take a lot of steps to ensure that my privacy remains intact, to an extent. I use the signal app, which the best encryption app out there for calls and texts and other privacy measures during my daily life. That said, I have always stated that I think bitcoin becoming private would be the worst thing ever for it. I know that's not necessarily the topic at hand, but it's to the point that I think we need to make sure things dont become too private otherwise the gov will shut things down. simple as that.

deathcode

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Quote from: RiskySanchez on September 21, 2021, 08:13:04 AM

It is impossible for bitcoin to be regulated by anyone which means the blockchain system can be accessed by anyone. KYC is one of the regulations from the government in certain countries that aims to avoid money laundering but it does not make it difficult for investors or someone to transact in the crypto market because KYC in the application is not too difficult to process, I also agree with this KYC policy on Bitcoin because of this have a good purpose to protect our money and asset crypto

KYC will probably be measurable on bitcoin asset owners on the exchange. but for those who have a personal wallet or even an offline wallet, I think it will be difficult to measure it.
the government may still find it difficult to regulate even have data for every crypto asset owner. maybe but not all.

RiskySanchez

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It is impossible for bitcoin to be regulated by anyone which means the blockchain system can be accessed by anyone. KYC is one of the regulations from the government in certain countries that aims to avoid money laundering but it does not make it difficult for investors or someone to transact in the crypto market because KYC in the application is not too difficult to process, I also agree with this KYC policy on Bitcoin because of this have a good purpose to protect our money and asset crypto

bryant.coleman

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Quote from: thirdprize on September 18, 2021, 11:45:19 AM

If you are going to use a big exchange in the future then you will need KYC. The only other way to get BTC will be on the black market. Would that put you off?

What do you mean by black market? I am a registered user of more than a dozen exchanges, although I haven't used any of them for almost three years. On the other hand, it is relatively easy for me to convert my cryptocurrency to fiat using a P2P platform (which doesn't have any privacy requirement). And even for mainstream exchanges, their KYC process is not very strict. I know a few guys who are using exchange accounts that are registered in the name of others. Also, KYC documents are easily available in the dark market and you can use them to set up a fake exchange account.

leea-1334

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Quote from: Zedpastin on September 20, 2021, 09:09:39 AM

Using a p2p exchange that requires KYC defeats the point of using p2p imo. If you want to avoid mass data collection then Binance and Coinbase should be the ones to avoid. You should be directly trading with another person with minimal data collection as possible because p2p is usually more expensive in fees then centralized exchanges. I only use p2p because there is no data collection usually I would recommend changing to a different platform and avoid giving your information up. I am not sure why Binance has one of the best reputations for exchanges because imo they have been one of the worst at handling compromised coins and have made mistakes which should not be happening for a exchange which holds millions of dollars worth of Bitcoin on their platform.

I do not really agree. People have been doing p2p for a long time, not just for Bitcoin, but for other currencies, simply so that they can set their own fees, and earn or buy/sell in between the spread of regular brokers.

P2P like Localbitcoin was really big and still so popular in some countries especially where I am because you are not looking exactly for anonymous people but actual people (besides if you do p2p you still see their name sometimes depending on your method anyway).

dunfida

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Quote from: thirdprize on September 18, 2021, 11:45:19 AM

If you are going to use a big exchange in the future then you will need KYC. The only other way to get BTC will be on the black market. Would that put you off?

We would really be heading there whether we do like it or not.KYC is on the way and we are currently seeing on whats happening with Binance on where all users should verify their accounts

or else you wouldnt really get the full function of such account.So you wont really be having any choice but to verify if you do wish to continue but if not then you c an always leave because

if you do push up on trading with DEX? Its hard considering that fiat/crypto pairs arent that possible.

Topic: How many BTC users actually care about privacy? (Read 569 times)