Is it just me or has the entry bar become a lot higher?

maydna

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Quote from: sheenshane on June 22, 2020, 08:44:10 AM

Quote from: maydna on June 22, 2020, 07:42:29 AM

~snip~

I tend to agree that 5 years ago there are some Bitcoin faucets that give the whole number of Bitcoin. But that was before, you can't go back time to collect faucet and then back to the present. If there is a time machine, maybe. Cheesy

Yet, Bitcoin is decentralized but the exchange is centralized that wants their costumers too to have KYC verification. That is because they aren't want to involve or simply not associated in any illegal activity that might use in the dark agenda or take advantage of others that might result in a hacking incident.

You can still buy Bitcoin/Sell now without worrying about the KYC verification but with a limited transaction only, below 2 Bitcoin in DEX exchange.

Hahaha, you are right. I really miss that time, but in those years, we need to have many satoshis to sell or withdraw, so the amount of the local money that we get will be bigger.

Yeah, we need to follow the exchange rule, and we see that almost all of the big exchanges now use KYC verification for their members. I agree with that because they can prevent any illegal activity which they don't know.

I prefer to buy bitcoin at Binance if I want to skip the KYC verification. Still, I think that is not necessary because if we verify the account, we can use bigger transactions for withdrawal and more than 2 bitcoin.

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Quote from: Parazyd on June 20, 2020, 05:33:02 PM

Is it just me, or are people really ready to give out their identity just to buy some Bitcoins on an online exchange?

There is a choice for you. Either
1. You register on an online exchange to trade your coins but it really requires KYC but still you have a choice to not use their exchange if you aren't comfortable in giving your info to them. Or
2. Use DEX which is right now not that popular unfortunately.

Most of the popular exchanges right now are centralized like Binance. Its not that they are ready to give their identity out but they have no other choice but to do it if they really want to use the exchange. You can go P2P with a trusted midman/escrow if you want to hide your identity.

wozzek23

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Quote from: Parazyd on June 20, 2020, 05:33:02 PM

Is it just me, or are people really ready to give out their identity just to buy some Bitcoins on an online exchange?

There are decentralized exchanges, it’s only centralized that will request for your ID verification before you’re able to buy and sell BTC or any altcoin. The thing with centralized is that they are easy, and it’s not just only about being easy, they are also secure than when you’re making use of decentralized; DEX should only be used by people with good experience in cryptocurrency trading and also in how cryptocurrency works. And I don’t think it’s late to buy Bitcoin, you can still buy now that we are riding on $9k price, just do research and know where you should get in at. And moreover, there is no where it’s said that you must buy 1 BTC, just buy what you have.

Quote from: AakZaki on June 22, 2020, 06:31:06 PM

Buying bitcoin will not be complicated by any platform, it is only as security for the platform and for ourselves.

Yes; moreover buying bitcoin got simpler than what we had some 5 years back. With respect to my country and all possible means for buying bitcoins, things got simpler and time saving; now I am able to buy bitcoin from my mobile device using P2P fund transfer facility itself and I am sure I cannot do the same 4 to 5 years back.

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If the exchange platform is like binance I believe and will give my identity by doing KYC. many new exchange platforms are currently developing, but choosing an exchange platform that has high quality and security is very important to do. do not choose exchange carelessly.

Identity verification aims to reduce scammers who enter the platform. With the application of KYC, each user will be identified. We know that at this time many scammers commit crimes and harm many people. Buying bitcoin will not be complicated by any platform, it is only as security for the platform and for ourselves.

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Quote from: yazher on June 22, 2020, 09:16:23 AM

They're not the same as they used to be in the past where you can get your BTC unanimously without sending them your documents. but now things are getting rough especially to those who didn't register to their respective local exchanges earlier. they're making some updates about they're KYC method now and unlike before, they're asking for some new requirements as we have in our local exchanges other Identification cards are not valid anymore.

Security enhancement is what they are doing now. What they are today is not their benefits but for everyone who wants to own and buy Bitcoin for the sake of our security. Yet it was found difficult into those people who have nothing to show, no valid ID's, and those people who are below 18 years old who can bear a government ID. If we have the supporting documents and our intention is good, then we have nothing to complain regarding KYC and be a compliant with it. Imposing strict rules is not the way it makes people getting hard to may investment and own Bitcoin but for the reason to eliminate illegalities.

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Quote from: ranochigo on June 20, 2020, 10:00:04 PM

The rise in the popularity of Bitcoin has made it a lot more attractive for people who are seeking to do illicit activities. I don't think KYC is the panacea to money laundering and terrorist financing but it could help to filter out those who are doing so. Its fairly normal that KYC has increased given the fact that there's a higher adoption of Bitcoin and that there are legislation passed to regulate it.

KYC is kind of users protection not still many consider it just the opposite, as a threat to their privacy. To my opinion people still don't take safety and security in virtual world serious enough, don't project themselves properly and that is why they are exposed more than it's necessary.
That also applies to Bitcoin and Bitcoin wallets and people should be aware that everything that has material value attracts people with malicious intentions so why don't use all available tools to protect yourself.

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Quote from: rodskee on June 20, 2020, 10:05:25 PM

Quote from: Parazyd on June 20, 2020, 05:33:02 PM

Registering on an exchange and trying to deposit money has lead me into plenty of rabbit holes where I was requested different ways of identity verification which aren't quite comfortable per-se. Moreover, it seems that more and more regulations are in place and it's not as easy as it once was. Mining aside, I think things are getting difficult in a way, and it provokes certain thoughts. Thoughts of Bitcoin being more exclusive than it ever was.

Again, regulations are being implemented by each government rules, since bitcoin a form of currency each government have it's own
laws to avoid laundering and illegal activities.

You're trying to explain his statement to him. It's like he was saying "food is of lower quality now than it used to be 50 years ago" and you're answering with "yes but it's normal because of mass production". I agree with OP that it's much harder now to obtain Bitcoin than it was a few years back and the reasons are just as he's pointed out:
Mining difficulty and KYC. I'd also add the price to the mix, but that's a relative matter as we all have different definitions of the word expensive.
KYC is really a limiting factor for new investors. Furthermore, higher market cap makes it harder for fiat money (even big) to impact the exchange price. Probably this explains why we're sitting below 10k for months despite the halving.

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Quote from: meanwords on June 20, 2020, 09:49:03 PM

I noticed that your last post was January 29, 2016 which is a long time ago. Just above that (2017-2018) is the largest pump that Bitcoin had which you probably missed and the boom of ICO and a lot of projects which a lot of have turned out to be scam. Because of that, authorities have become aware of cryptocurrency and have made a lot of regulations and rules to control illegal activities within cryptocurrency.

That must have been the reason why exchanges and other crypto service related provider level up their security upon using their platform. As we all know the cryptocurrency has already attracted the eye of the government and all of them now needs to comply with Anti-money laundering law. If you could simply use an exchange any time you want even not verified back then, now the scenario isn't the same anymore.
If you have nothing to hide, or just simply trading or holding it will be fair enough for you to let them know who you are.

Quote from: Parazyd on June 20, 2020, 05:33:02 PM

Is it just me, or are people really ready to give out their identity just to buy some Bitcoins on an online exchange?

All of people on a centralized exchange has to do the same, I find nothing wrong with it unless they use it to do illegal activities, that's another buggy thing.

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Quote from: stiffbud on June 22, 2020, 09:41:01 AM

Quote from: Parazyd on June 20, 2020, 05:33:02 PM

After about five years of not touching Bitcoin, I notice that it became quite difficult to acquire BTC and get (back) into crypto compared to what it was like some years ago. Registering on an exchange and trying to deposit money has lead me into plenty of rabbit holes where I was requested different ways of identity verification which aren't quite comfortable per-se. Moreover, it seems that more and more regulations are in place and it's not as easy as it once was. Mining aside, I think things are getting difficult in a way, and it provokes certain thoughts. Thoughs of Bitcoin being more exclusive than it ever was.

Is it just me, or are people really ready to give out their identity just to buy some Bitcoins on an online exchange?

People don't have any secure and fast way to purchase bitcoins so they are ready to do KYC now a days. Every exchange has upgraded the norms, previously where you could have easily purchased bitcoins by just typing in your name and address on the exchange but now you should always do full KYC to be able to purchase bitcoins. I guess it is because of the exchanges saving their backs if any kind of illegal money comes on the exchange then they would have the culprit to blame.

Yeah, I guess so.

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Quote from: Parazyd on June 20, 2020, 05:33:02 PM

After about five years of not touching Bitcoin, I notice that it became quite difficult to acquire BTC and get (back) into crypto compared to what it was like some years ago. Registering on an exchange and trying to deposit money has lead me into plenty of rabbit holes where I was requested different ways of identity verification which aren't quite comfortable per-se. Moreover, it seems that more and more regulations are in place and it's not as easy as it once was. Mining aside, I think things are getting difficult in a way, and it provokes certain thoughts. Thoughs of Bitcoin being more exclusive than it ever was.

Is it just me, or are people really ready to give out their identity just to buy some Bitcoins on an online exchange?

People don't have any secure and fast way to purchase bitcoins so they are ready to do KYC now a days. Every exchange has upgraded the norms, previously where you could have easily purchased bitcoins by just typing in your name and address on the exchange but now you should always do full KYC to be able to purchase bitcoins. I guess it is because of the exchanges saving their backs if any kind of illegal money comes on the exchange then they would have the culprit to blame.

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They're not the same as they used to be in the past where you can get your BTC unanimously without sending them your documents. but now things are getting rough especially to those who didn't register to their respective local exchanges earlier. they're making some updates about they're KYC method now and unlike before, they're asking for some new requirements as we have in our local exchanges other Identification cards are not valid anymore.

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Quote from: Parazyd on June 20, 2020, 05:33:02 PM

After about five years of not touching Bitcoin, I notice that it became quite difficult to acquire BTC and get (back) into crypto compared to what it was like some years ago. Registering on an exchange and trying to deposit money has lead me into plenty of rabbit holes where I was requested different ways of identity verification which aren't quite comfortable per-se. Moreover, it seems that more and more regulations are in place and it's not as easy as it once was. Mining aside, I think things are getting difficult in a way, and it provokes certain thoughts. Thoughs of Bitcoin being more exclusive than it ever was.

Is it just me, or are people really ready to give out their identity just to buy some Bitcoins on an online exchange?

I understand how confusing it is for an early adopter how the regulation of exchanges today operates. As I understand you have been absent(idle) for 5 years and for those years, several crypto regulations had been implemented. I remember Bittrex, in its early years, to let anyone register and use their platform even without providing KYC but not anymore. I think newcomers or those who accepted the fact that they need to provide their identity in order to use the exchange doesn't mind to undergo KYC.
Bitcoin is always as it is. I don't see any exclusivity towards it. If we want to buy BTC we need to follow the rule and regulations regardless of social status.

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Quote from: maydna on June 22, 2020, 07:42:29 AM

In the 5 years ago, not much sellers who sold bitcoin than today, but people can get bitcoin from playing faucet. The popularity of bitcoin itself is not too big as today, so only a few people from one country has an interest in bitcoin. But in that year, I believe that people can buy bitcoin from the sellers who they trust, and they can buy over and over from those sellers.

I tend to agree that 5 years ago there are some Bitcoin faucets that give the whole number of Bitcoin. But that was before, you can't go back time to collect faucet and then back to the present. If there is a time machine, maybe. Cheesy

Yet, Bitcoin is decentralized but the exchange is centralized that wants their costumers too to have KYC verification. That is because they aren't want to involve or simply not associated in any illegal activity that might use in the dark agenda or take advantage of others that might result in a hacking incident.

You can still buy Bitcoin/Sell now without worrying about the KYC verification but with a limited transaction only, below 2 Bitcoin in DEX exchange.

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Quote from: Tipstar on June 22, 2020, 05:46:23 AM

Buying bitcoin 5 years ago, at least for me was more problematic than it's now. There were simply no bank integration from my country and every buy should be made with traders or miners. Exchanging the acquired coins were much easier. But the buying process led to many scams. Now the buying and selling are easier and sometimes cheaper on fees.

In the 5 years ago, not much sellers who sold bitcoin than today, but people can get bitcoin from playing faucet. The popularity of bitcoin itself is not too big as today, so only a few people from one country has an interest in bitcoin. But in that year, I believe that people can buy bitcoin from the sellers who they trust, and they can buy over and over from those sellers.

With the popularity of bitcoin grows bigger, people can buy bitcoin easily, and I am sure they have local sellers or exchanges which help them to buy and sell bitcoin. But the price will not be the same as what they see in the exchanges because that seller will use some fee for making a transaction.

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Buying bitcoin 5 years ago, at least for me was more problematic than it's now. There were simply no bank integration from my country and every buy should be made with traders or miners. Exchanging the acquired coins were much easier. But the buying process led to many scams. Now the buying and selling are easier and sometimes cheaper on fees.

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Quote from: coupable on June 20, 2020, 06:08:03 PM

Of course not only you. Many users still refuse to reveal their personal info just to use an online exchange. The case is different with you because you were absent during the last years as many changements has been happened so far.
There are still some good options that can help you buy and sell bitcoin without the need to expose your identity through KYC process. I guess you didn't search for decentralised exchanges or peer to peer exchanges where you can just make direct trades or a fast swap, but it still depends on the pairs your are using/looking for.
Take a look at localcrypto (old localethereum), it's maybe the suitable option for you after you being inactive for a long period.

Knowing your customer requires personal information which is necessary to avoid fraud activities. There is no anonymity when you are doing transactions even in decentralize way. It is better because that way you can trust the platform that you are using and safe to make different transactions on it.

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Quote from: thesmallgod on June 21, 2020, 11:39:53 PM

You know then, identity theft and AML is not that prolific but now everyone will agree with me that the rate at which scammers are getting involved in crypto is really scary. Centralized exchange are scared of taking risk which might see them being involved in a law suit. Take for instant, bitfinex is being accused of coin manipulation. AML/KYC is now becoming a must in many platforms. You hardly see any platform that is centralized that won't put a limit on amount of money that can be withdrawn unless you submit your identity for verification. That is when you can withdraw higher money. DEX could have actually be the most efficient and comfortable place to have limitless transaction but issue of low liquidity when trading is the major drawback

Exactly, I think part of the reason why the use of kyc is highly emphasized on, bad people can take advantage of being anonymous to scam people, cases like this is main reason why kyc is very important, to protect both the users and the exchange, with the growing number of scammers this days it is good to have kyc.

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You know then, identity theft and AML is not that prolific but now everyone will agree with me that the rate at which scammers are getting involved in crypto is really scary. Centralized exchange are scared of taking risk which might see them being involved in a law suit. Take for instant, bitfinex is being accused of coin manipulation. AML/KYC is now becoming a must in many platforms. You hardly see any platform that is centralized that won't put a limit on amount of money that can be withdrawn unless you submit your identity for verification. That is when you can withdraw higher money. DEX could have actually be the most efficient and comfortable place to have limitless transaction but issue of low liquidity when trading is the major drawback

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Quote from: Parazyd on June 20, 2020, 05:33:02 PM

After about five years of not touching Bitcoin, I notice that it became quite difficult to acquire BTC and get (back) into crypto compared to what it was like some years ago. Registering on an exchange and trying to deposit money has lead me into plenty of rabbit holes where I was requested different ways of identity verification which aren't quite comfortable per-se. Moreover, it seems that more and more regulations are in place and it's not as easy as it once was. Mining aside, I think things are getting difficult in a way, and it provokes certain thoughts. Thoughs of Bitcoin being more exclusive than it ever was.

Is it just me, or are people really ready to give out their identity just to buy some Bitcoins on an online exchange?

I think it's just you. When I entered the bitcoin space back in late 2014/early 2015 there were next to no exchanges that made buying bitcoin easy. Coinbase was the first exchange I used and it lacked any sort of support what so ever. All the exchanges back then would make you send it a photo of yourself and drivers license. I think if anything it's gotten significantly easier these days.

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That's like a thing that has been predicted and we all know this will happen one day and it's already starting to happen. Regulations are becoming more strict.
KYC process has become more tough. Unlike before were you are told to upload your KYC, now you are asked for a live one because scammers found ways to use people's ID to create multiple account.
There are CEX that allows deposit and withdrawals of 2 BTC total per day without undergoing KYC procedure but only asked to submit ID once FIAT transaction is involved. One of them is Binance.

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Quote from: Parazyd on June 21, 2020, 02:34:17 AM

Exchanges such as...? I've tried three popular ones, and they all wanted stuff either upon registration or fiat deposit.

All centralized exchanges will ask for your KYC if you're doing a fiat transaction. If you don't wanna do that then P2P like Bisq is your choice. There are several options and reviews on the Service section, you might want to check it out.

That being said, if you're only dealing with crypto to crypto, some centralized exchanges don't ask for KYC as long as you're not making more than 2 BTC tx a day. That being said, they can still randomly ask it if they found something 'suspicious' about your account.

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Quote from: meanwords on June 20, 2020, 09:49:03 PM

I noticed that your last post was January 29, 2016 which is a long time ago. Just above that (2017-2018) is the largest pump that Bitcoin had which you probably missed and the boom of ICO and a lot of projects which a lot of have turned out to be scam. Because of that, authorities have become aware of cryptocurrency and have made a lot of regulations and rules to control illegal activities within cryptocurrency.

Quote from: Parazyd on June 20, 2020, 05:33:02 PM

Is it just me, or are people really ready to give out their identity just to buy some Bitcoins on an online exchange?

A lot of people, especially investors who are into the profit, doesn't really care much about their personal information getting presented to some exchanges because it is easier to exchange cryptocurrency in centralized exchanges than decentralized one which doesn't need any personal information.

But there's still a lot of exchanges that doesn't require KYC to withdraw but limited features and requires KYC for a larger activity.

Exchanges such as...? I've tried three popular ones, and they all wanted stuff either upon registration or fiat deposit.

You're right about investors after profit, yes. They won't care about their personal data, the same way they don't when they trade Forex.
However I'm not one of them, but rather using it - or at least trying to use it - as an anonymous asset.

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Quote from: pooya87 on June 20, 2020, 10:41:38 PM

i don't think they are.
as far as i can remember ever since i joined bitcoin world (which was in 2014) trying to buy bitcoin with fiat has always been hard and the centralized exchanges always required KYC and had a lot of "jump through hoop" requirements because they were working with fiat and banks. things might have become a little more strict but not by a lot.
the only major change i see is the altcoin exchanges that didn't have fiat or KYC which now have it and that makes no sense.

While you're kinda right, I still feel is's more rigorous than it ever was. I agree that it always was a bit difficult, and this reminds me of a topic I started back in 2015 where I was saying the same thing. https://bitcointalksearch.org/topic/m.13336921

Times were different indeed, I'm just kind of annoyted that it got worse, rather than better.

Quote from: pooya87 on June 20, 2020, 10:41:38 PM

Quote from: Parazyd on June 20, 2020, 05:33:02 PM

Is it just me, or are people really ready to give out their identity just to buy some Bitcoins on an online exchange?

you are not giving out your identity to "buy bitcoin" you are doing it to "deposit fiat from a bank or similar method". and since fraud is a very common thing when fiat and banking system is involved they must require KYC.
if you wanted to do anything else similar with fiat you still have to take similar steps.

It's nitpicking and I still stand by my statement that the only way to acquire bitcoin these days (for a "mere mortal") is by getting it with fiat money. Hardly any non-technical person will go through the trouble of setting up miners, or even going to buy scamcoins just to get some bitcoin in their wallet.

What I'm talking about here is the entry bar as I've mentioned in the topic title. And people will still get introduced to this "anonymous and private cryptocurrency" by online exchanges, not shady people selling it to you for cash in a McDonalds restaurant.

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Crypto is changing so quickly and you are back after 5 years, which is more than enough time in crypto world. Everything has changed, from exchanges to prices to everything

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Quote from: Anonylz on June 20, 2020, 11:00:38 PM

Things have really change from five years before bro, nowadays the procedure to buy btc is more rigorous than what it use to be, the process of identification is more tedious than before, now your personal information are not only required, you still need to do selfie with ID for the process to complete, yeah, I believe there are more regulations than before I guess this is part of the growing acceptance of btc by the larger population and some top companies and parastatals,

Majority don't care about given out identities now, it is not just buying btc your identity is required, now doing bounties too some require identification, kyc also required for participating in some IEOs, it is like the norms of crypto now, the days of being a complete anonymous space is gradually becoming a thing of the past.

I think the bar was set to higher for the greater good because in my opinion, there is a prevalence of cybercrime and with the population slowly leaning to technological advancement, I think that the bar being higher is a reasonable thing to do, remember that crypto has been used for illegal activities such as drug trade, prostitution, terrorism and money laundering ever since its conception so I think that having these threats as backing reason for the standards is reasonable enough.

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Quote from: Parazyd on June 20, 2020, 05:33:02 PM

After about five years of not touching Bitcoin, I notice that it became quite difficult to acquire BTC and get (back) into crypto compared to what it was like some years ago. Registering on an exchange and trying to deposit money has lead me into plenty of rabbit holes where I was requested different ways of identity verification which aren't quite comfortable per-se. Moreover, it seems that more and more regulations are in place and it's not as easy as it once was. Mining aside, I think things are getting difficult in a way, and it provokes certain thoughts. Thoughs of Bitcoin being more exclusive than it ever was.

Is it just me, or are people really ready to give out their identity just to buy some Bitcoins on an online exchange?

Why did you left the Bitcoin community for five years?You missed a lot of opportunities.
Government regulations and KYC are a thing,but KYC policies and ID verification is mandatory if you register a bank account and for almost every fintech company in the world,even the online wallets like Paypal,Skrill,Transferwise,etc.Opening a forex trading account also requires ID verification.The crypto trading platforms want more customers,that's why they have to abide by the rules.Staying in the shadows and refusing to implement regulations has some advantages,but a lot more problems and disadvantages in the long term.
Everyone hates KYC,but almost nobody (except the scammers) wants to break the law.
Bitcoin isn't more "exclusive". It's just more widely accepted then 5 years ago.

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Quote from: Parazyd on June 20, 2020, 05:33:02 PM

After about five years of not touching Bitcoin, I notice that it became quite difficult to acquire BTC and get (back) into crypto compared to what it was like some years ago. Registering on an exchange and trying to deposit money has lead me into plenty of rabbit holes where I was requested different ways of identity verification which aren't quite comfortable per-se. Moreover, it seems that more and more regulations are in place and it's not as easy as it once was. Mining aside, I think things are getting difficult in a way, and it provokes certain thoughts. Thoughs of Bitcoin being more exclusive than it ever was.

Is it just me, or are people really ready to give out their identity just to buy some Bitcoins on an online exchange?

It is not difficult to answer because that will depend on each people. Some people are okay to buy some bitcoin on an online exchange with KYC, but other people prefer to buy bitcoin at the online exchange without KYC, and we already have that choice. We have many ways to buy bitcoin, and we don't have to purchase bitcoin directly on the online exchange because I am sure that we have so many bitcoin sellers in each country who will help people who want to buy bitcoin without filling the KYC. We can use them to buy some bitcoin, and I think the fee will not be big than the online exchange.

But once again, that will depend on where people want to buy bitcoin.

Anonylz

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Things have really change from five years before bro, nowadays the procedure to buy btc is more rigorous than what it use to be, the process of identification is more tedious than before, now your personal information are not only required, you still need to do selfie with ID for the process to complete, yeah, I believe there are more regulations than before I guess this is part of the growing acceptance of btc by the larger population and some top companies and parastatals,

Majority don't care about given out identities now, it is not just buying btc your identity is required, now doing bounties too some require identification, kyc also required for participating in some IEOs, it is like the norms of crypto now, the days of being a complete anonymous space is gradually becoming a thing of the past.

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i don't think they are.
as far as i can remember ever since i joined bitcoin world (which was in 2014) trying to buy bitcoin with fiat has always been hard and the centralized exchanges always required KYC and had a lot of "jump through hoop" requirements because they were working with fiat and banks. things might have become a little more strict but not by a lot.
the only major change i see is the altcoin exchanges that didn't have fiat or KYC which now have it and that makes no sense.

Quote from: Parazyd on June 20, 2020, 05:33:02 PM

Is it just me, or are people really ready to give out their identity just to buy some Bitcoins on an online exchange?

you are not giving out your identity to "buy bitcoin" you are doing it to "deposit fiat from a bank or similar method". and since fraud is a very common thing when fiat and banking system is involved they must require KYC.
if you wanted to do anything else similar with fiat you still have to take similar steps.

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Quote from: Parazyd on June 20, 2020, 05:33:02 PM

After about five years of not touching Bitcoin, I notice that it became quite difficult to acquire BTC and get (back) into crypto compared to what it was like some years ago.

Bitcoin is widely popularized unlike before, you need now to follow the process, it's not the same where you can mine from your laptop
of pc and send it to a exchange wallets and trade.
Nowadays, there are regulations coming from each countries who adopted this system that you need to comply. Old years are no longer
exist in terms of the process.

Quote from: Parazyd on June 20, 2020, 05:33:02 PM

Registering on an exchange and trying to deposit money has lead me into plenty of rabbit holes where I was requested different ways of identity verification which aren't quite comfortable per-se. Moreover, it seems that more and more regulations are in place and it's not as easy as it once was. Mining aside, I think things are getting difficult in a way, and it provokes certain thoughts. Thoughts of Bitcoin being more exclusive than it ever was.

Again, regulations are being implemented by each government rules, since bitcoin a form of currency each government have it's own
laws to avoid laundering and illegal activities.

Quote from: Parazyd on June 20, 2020, 05:33:02 PM

Is it just me, or are people really ready to give out their identity just to buy some Bitcoins on an online exchange?

People / investors who are treating this venue as a good place to earn money are willing to take this risk, knowing that high rewards
are waiting if you make it into succession.

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Obviously, it's not only you, but there also are many bitcoin who keeps their identity for safety and security, it is really advisable for every bitcoin because they don't do it they will be prone from the attacks, once the hackers or the scammers access their information and data, they can use it for some purposes. They can use it to access some of your accounts.

ranochigo

legendary

Activity: 3038

Merit: 4418

Crypto Swap Exchange

The rise in the popularity of Bitcoin has made it a lot more attractive for people who are seeking to do illicit activities. I don't think KYC is the panacea to money laundering and terrorist financing but it could help to filter out those who are doing so. Its fairly normal that KYC has increased given the fact that there's a higher adoption of Bitcoin and that there are legislation passed to regulate it.

meanwords

full member

Activity: 1624

Merit: 163

I noticed that your last post was January 29, 2016 which is a long time ago. Just above that (2017-2018) is the largest pump that Bitcoin had which you probably missed and the boom of ICO and a lot of projects which a lot of have turned out to be scam. Because of that, authorities have become aware of cryptocurrency and have made a lot of regulations and rules to control illegal activities within cryptocurrency.

Quote from: Parazyd on June 20, 2020, 05:33:02 PM

Is it just me, or are people really ready to give out their identity just to buy some Bitcoins on an online exchange?

A lot of people, especially investors who are into the profit, doesn't really care much about their personal information getting presented to some exchanges because it is easier to exchange cryptocurrency in centralized exchanges than decentralized one which doesn't need any personal information.

But there's still a lot of exchanges that doesn't require KYC to withdraw but limited features and requires KYC for a larger activity.

Wexnident

hero member

Activity: 2758

Merit: 675

I don't request loans~

Probably cause you went to the exchange that actually requires KYC to buy Crypto. We're all in the same boat tbh, quite disappointed with how exchanges are ruining the concept and idea of anonymity that Bitcoin provides with their KYC just so that you can buy some. Anyway, most people just use KYC now for the sake of avoiding any hassle to buy BTC. Yes, it makes your identity public, but it's a lot more convenient in the long term. There's also the idea of people using KYC because they want security, after all, they might see BTC not as a currency but rather just an investment. This makes the usage of KYC quite reasonable imo, and this is another sad part of how it's turned out today.

Darker45

legendary

Activity: 2576

Merit: 1860

Everybody's going through the same.

However, rather than seeing a more exclusive Bitcoin, I am seeing a more mainstreamed Bitcoin, a Bitcoin that has already kicked the hornet's nest, a Bitcoin that has already gained enough attention. Hence the labeling, KYC, tight regulations, attacks, and so on.

As much as I hate to reveal some personal information about me, I have done it quite a number of times for convenience's sake. But if this is non-negotiable to you, there are always ways to get away with it.

KrisAlex18

full member

Activity: 742

Merit: 160

I think it's not only you, but there are also so many people who keep their identity when doing an online exchange, the anonymous here in this crypto world is very high because once you show off your identity you will be prone to many attacks. There are many hackers and scammers in this crypto world, so once you didn't hide your identity they will become interested in you, it will be easy for them to gain access to your accounts. So if you don't want to have any problems, you should keep your information private, there is nothing for us to show our information publicly, you are just encouraging hackers and scammers by the things you have done.

Kemarit

legendary

Activity: 3080

Merit: 1353

Quote from: Parazyd on June 20, 2020, 05:33:02 PM

After about five years of not touching Bitcoin, I notice that it became quite difficult to acquire BTC and get (back) into crypto compared to what it was like some years ago. Registering on an exchange and trying to deposit money has lead me into plenty of rabbit holes where I was requested different ways of identity verification which aren't quite comfortable per-se. Moreover, it seems that more and more regulations are in place and it's not as easy as it once was. Mining aside, I think things are getting difficult in a way, and it provokes certain thoughts. Thoughs of Bitcoin being more exclusive than it ever was.

Yes, back in the days, it was really easy to acquire Bitcoin, even faucets are very profitable many years ago. But as soon as Bitcoin gain some traction as supposedly money making scheme, in the last 4 years. the landscape has change, specially that world regulatory bodies is coming after crypto traders and obviously exchanges are going to be at the mercy of this regulations like FATF.

Quote from: Parazyd on June 20, 2020, 05:33:02 PM

Is it just me, or are people really ready to give out their identity just to buy some Bitcoins on an online exchange?

I guess crypto traders here are in a dilemma, we are suppossedly (psuedo) anonymous but it looks like it will not be the case now and moving forward. But there are options like DEX, and some CEX will not require KYC if you don't reach their withdrrawal threshold.

Yamifoud

hero member

Activity: 2828

Merit: 518

The moment had come that we can't hide anything in crypto and our identity will prevail. Things that it changed and most likely people aren't wanting it to happen but this will also help to prevent scam and other fraudulent actions or any kind of market illegalities. That's to accept that you'll not need to become anonymous once you are a crypto holder and much more of you are in trading.

Anyway, it doesn't make me feel bad about it as it was in the concern of our security but I don't have to accept becoming a centralized one in the future and being controlled by someone else.

coupable

hero member

Activity: 2338

Merit: 757

Top-tier crypto casino and sportsbook

Of course not only you. Many users still refuse to reveal their personal info just to use an online exchange. The case is different with you because you were absent during the last years as many changements has been happened so far.
There are still some good options that can help you buy and sell bitcoin without the need to expose your identity through KYC process. I guess you didn't search for decentralised exchanges or peer to peer exchanges where you can just make direct trades or a fast swap, but it still depends on the pairs your are using/looking for.
Take a look at localcrypto (old localethereum), it's maybe the suitable option for you after you being inactive for a long period.

Parazyd

hero member

Activity: 812

Merit: 587

Space Lord

After about five years of not touching Bitcoin, I notice that it became quite difficult to acquire BTC and get (back) into crypto compared to what it was like some years ago. Registering on an exchange and trying to deposit money has lead me into plenty of rabbit holes where I was requested different ways of identity verification which aren't quite comfortable per-se. Moreover, it seems that more and more regulations are in place and it's not as easy as it once was. Mining aside, I think things are getting difficult in a way, and it provokes certain thoughts. Thoughs of Bitcoin being more exclusive than it ever was.

Is it just me, or are people really ready to give out their identity just to buy some Bitcoins on an online exchange?

Topic: Is it just me or has the entry bar become a lot higher? (Read 447 times)