Topic: Is it possible to reveal our identity in the local exchange? - page 2. (Read 479 times)
Well. If Bitcoin would be legalize it is in the governments power to make law which will require us to give information of our identity through transactions in the cryptocurreny and we can do nothing about it, whether we like it or not. Therefore it is better to be in favor to avoid conflicts of interest.
No way. Idea is to be free and untraceable, so why I should show my identity? OFC, to pay taxes and blah blah... I will, but I will not submit KYC to exchange.
IIRC, PP was very loose with their terms a good 5 years ago, which I expected to be tightened up with how AML/KYC became more of a thing than ever before, but reading that they still haven't done anything about it is pretty weird.
It has always been like this. Technically, PayPal isn't doing anything wrong since they abide by the laws within each jurisdiction they are open for business.
The main reason for PayPal to not immediately do anything about the fake registrations is that it economically accounts for a large enough percentage of their revenue/income model. If they force people to immediately upon registration verify themselves with ID and all that, people will move away and PayPal will miss out on a lot fee income. It's a business at the end of the day, which for them is reason enough to allow this. Income is income.
If we look at how things have worked out for crypto related businesses that did actually started to force people to ID verify themselves out of nothing, then it's not good.
What's left of Poloniex after they did it? Not much.
What's left of Bittrex after they did it? Not much.
I use a PayPal account set up with fake details to transact in case I have to, and it works like a charm. I pay someone with a PayPal account in Cash to send a certain amount of PayPal dollars to my account, and then I complete whatever transaction that needs to be completed. The only downside of this is that there is a monetary limit till PayPal starts asking you to verify yourself, but then I dump that account and create a new one. PayPal is technically a bank, but their harsh measures can be easily avoided and abused.
And yes, I am technically abusing their service. I am not using it for illegal activities, but if I can create a PayPal account that easily, so can terrorists, scammers, money launderers, etc.
And yes, I am technically abusing their service. I am not using it for illegal activities, but if I can create a PayPal account that easily, so can terrorists, scammers, money launderers, etc.
IIRC, PP was very loose with their terms a good 5 years ago, which I expected to be tightened up with how AML/KYC became more of a thing than ever before, but reading that they still haven't done anything about it is pretty weird. Financial services blame Bitcoin for being a tool granting criminals too much freedom, but they are doing the exact same thing, but apparently it's not enough for governments to jump in and deal with it. This reeks of hypocrisy and toxic incentives.
Yes, I use local exchange to convert my btc profit into fiat. Of course I'm revealing my picture on the exchange.
Actually I can use other third party service to convert into fiat but as you know , it may cost more expensive rather than convert with yourself using the local exchange
Actually I can use other third party service to convert into fiat but as you know , it may cost more expensive rather than convert with yourself using the local exchange
Facebook also requires to reveal all your information and you get nothing from them, so why not do the same when local exchange ask for it?
Facebook accounts can be created with fake details easily, so that's not really a valid way to look at things.Time will come you will not be able to use the majority of modern applications simply by downloading them, as after installing them, you will be asked to confirm your identity in one way or another. This can be seen as a standard registration procedure asking you to enter your phone number and email, as well as authentication using your Facebook or Gmail account.
Again, you can just use your account set up with fake details, and I can buy a prepaid telephone number for just €1. In the end you can always choose to not use certain apps or services asking for ridiculous amounts of very precious information. I use a PayPal account set up with fake details to transact in case I have to, and it works like a charm. I pay someone with a PayPal account in Cash to send a certain amount of PayPal dollars to my account, and then I complete whatever transaction that needs to be completed. The only downside of this is that there is a monetary limit till PayPal starts asking you to verify yourself, but then I dump that account and create a new one. PayPal is technically a bank, but their harsh measures can be easily avoided and abused.
And yes, I am technically abusing their service. I am not using it for illegal activities, but if I can create a PayPal account that easily, so can terrorists, scammers, money launderers, etc.
so far the main concern that i have seen the governments have towards bitcoin is that they have a hard time taxing it. they they cover it up with things like saying it is used for money laundering,.... but in reality they don't care at all about that. they only care about taxation. and the solution to that is pretty simple and it is to ask exchanges, merchants,... to comply with AML KYC and tax people that way.
Believing the same thing which about money laundering is just really an alibi covering up their full intention when it comes to implemente KYC. Regarding on the question about revelaing identity, then its a "YES"you would really be known yet documentation would be sent to exchangers would be those id's which would display your information.This is where you already give them out those things then expect they do already know your identity and can be used whatever would be the purpose.
Local exchange should do intensified KYC so as to avoid the system of cryptocurrency being abused by other members as well like money laundering, funding of terrorist groups and others as well.
This is a very interesting point, most exchange has no license, no physical office and are anonymous, so you see someone inside the garage of your house creates an exchange and asks their customers to deliver documents to comply with KYC, the people are suspicious and do not deliver these documents. the biggest problem is that our exchange is not serious services
the question is would favor to do KYC on your local exchange?
Well, sometimes KYC can be very annoying, I've already checked my neteller and skrill accounts and have already delivered a lot of documents and today they have asked me for more documents and see that I only move $200 in those accounts.
As we all know that one thing that might hinder the acceptance of the bitcoin system for the government is the hidden identity of the members. Local exchange should do intensified KYC so as to avoid the system of cryptocurrency being abused by other members as well like money laundering, funding of terrorist groups and others as well. Some of the country had done this things already and the question is would favor to do KYC on your local exchange?
KYC is going to happen sooner or later on all regulated exchanges, regardless of what you think of it.
I would have to debate that implementing KYC will have nothing to do with lowering money laundering, nor will it make the users of the exchanges any more compliant. The main function of KYC/AML in my view is to still allow the government to keep track of people's trades better for taxation purposes, which is honestly not something that's negative.
But is it something that's going to all of a sudden legitimise bitcoin as a currency and shed a positive light on all exchanges as you suggest? Probably not. As regulations matures for bitcoin exchanges and services, verification standards will increase as well for sure. There is nothing that you can do to stop this from happening, or speed this process up.
As we all know that one thing that might hinder the acceptance of the bitcoin system for the government is the hidden identity of the members. Local exchange should do intensified KYC so as to avoid the system of cryptocurrency being abused by other members as well like money laundering, funding of terrorist groups and others as well. Some of the country had done this things already and the question is would favor to do KYC on your local exchange?
I have no choice but to comply because I need some funds from time to time and I use what I earn from the forum to pay for my expenses and the fastest and safe way for me to do that is to submit the needed documents for KYC so that I can fund or withdraw from the platform. I have no problems even if the local exchange knew who am I because I am not doing something illegal. They are doing it anyway to comply with the requirements with the government as well since they are licensed by it so they wanted to protect their company for possible case of money laundering and other illegal activities.
Here in our country we have already required to submit valid ID's, Government certificates and other data to our local exchanges to ensure that we are legit persons. Years have past but there is no single complain that a persons data was used or was stolen by other people thru our local exchanges therefore i conclude that our personal data are safe with them so i think there is no problem if a KYC will be applied in every local exchanges as long as it will required by the regulation as per policy of the government.
As long as my data is protected then I have no problems with submitting my documents. I am confident any way that they would keep it confidential and if ever they do something for their own interest then the people will just go to the company. The only thing that worries me when it comes to KYC is submitting it in a bounty or airdrop because we don't know that people if ever they are really using it just for verification purposes.
As we all know that one thing that might hinder the acceptance of the bitcoin system for the government is the hidden identity of the members. Local exchange should do intensified KYC so as to avoid the system of cryptocurrency being abused by other members as well like money laundering, funding of terrorist groups and others as well. Some of the country had done this things already and the question is would favor to do KYC on your local exchange?
I have no choice but to comply because I need some funds from time to time and I use what I earn from the forum to pay for my expenses and the fastest and safe way for me to do that is to submit the needed documents for KYC so that I can fund or withdraw from the platform. I have no problems even if the local exchange knew who am I because I am not doing something illegal. They are doing it anyway to comply with the requirements with the government as well since they are licensed by it so they wanted to protect their company for possible case of money laundering and other illegal activities.
Here in our country we have already required to submit valid ID's, Government certificates and other data to our local exchanges to ensure that we are legit persons. Years have past but there is no single complain that a persons data was used or was stolen by other people thru our local exchanges therefore i conclude that our personal data are safe with them so i think there is no problem if a KYC will be applied in every local exchanges as long as it will required by the regulation as per policy of the government.
As long as my data is protected then I have no problems with submitting my documents. I am confident any way that they would keep it confidential and if ever they do something for their own interest then the people will just go to the company. The only thing that worries me when it comes to KYC is submitting it in a bounty or airdrop because we don't know that people if ever they are really using it just for verification purposes.
I don't see any problem revealing our identity in the local exchange. I think they're requiring this as another form of security for your account. Facebook also requires to reveal all your information and you get nothing from them, so why not do the same when local exchange ask for it? Time will come you will not be able to use the majority of modern applications simply by downloading them, as after installing them, you will be asked to confirm your identity in one way or another. This can be seen as a standard registration procedure asking you to enter your phone number and email, as well as authentication using your Facebook or Gmail account.
so far the main concern that i have seen the governments have towards bitcoin is that they have a hard time taxing it. they they cover it up with things like saying it is used for money laundering,.... but in reality they don't care at all about that. they only care about taxation. and the solution to that is pretty simple and it is to ask exchanges, merchants,... to comply with AML KYC and tax people that way.
Yeah, this is the only concern of the government and that is why they are regulating the exchanges and the whole cryptocurrency. Our information is already in the government files, so I think its not matter anymore all they want is to know who is the holders or investors of cryptocurrency so they can collect taxes. As we all know that one thing that might hinder the acceptance of the bitcoin system for the government is the hidden identity of the members. Local exchange should do intensified KYC so as to avoid the system of cryptocurrency being abused by other members as well like money laundering, funding of terrorist groups and others as well. Some of the country had done this things already and the question is would favor to do KYC on your local exchange?
My country has not yet introduced rules on the taxation of crypto-currencies. Therefore, while I have nothing to fear. However, if the KYC is inspected on the local exchange, everything will depend on the rigidity of the tax rules. If the tax rate is acceptable, then it will be possible to trade on the local exchange, and if it is high, it will be better to do it on foreign stock exchanges. As we all know that one thing that might hinder the acceptance of the bitcoin system for the government is the hidden identity of the members. Local exchange should do intensified KYC so as to avoid the system of cryptocurrency being abused by other members as well like money laundering, funding of terrorist groups and others as well. Some of the country had done this things already and the question is would favor to do KYC on your local exchange?
When people say that to me, it's funny. How many people do you know personally who launder money with cryptocurrency? I am sure that you do not know such people. Then why are you writing about it? These fakes are spread by opponents of cryptocurrencies. I think that KYC is a trouble for cryptocurrencies and KYC contradicts the idea of creating cryptocurrencies.
It’s very possible. Jurisdictions may some day choose to impose KYC on exchanges and there would be necessary measures such as proof of ID which compels you to reveal your identity. I don’t see anything wrong with this so long as your privacy is still protected. This may even reduce scams and fictitious identites from entering or utilizing exchanges. It’s likely that this will soon happen, especially for countries that have already adopted crypto.
As we all know that one thing that might hinder the acceptance of the bitcoin system for the government is the hidden identity of the members. Local exchange should do intensified KYC so as to avoid the system of cryptocurrency being abused by other members as well like money laundering, funding of terrorist groups and others as well. Some of the country had done this things already and the question is would favor to do KYC on your local exchange?
It's very good that they do not know who does. You can have several accounts.
As we all know that one thing that might hinder the acceptance of the bitcoin system for the government is the hidden identity of the members. Local exchange should do intensified KYC so as to avoid the system of cryptocurrency being abused by other members as well like money laundering, funding of terrorist groups and others as well. Some of the country had done this things already and the question is would favor to do KYC on your local exchange?
Here in our country we have already required to submit valid ID's, Government certificates and other data to our local exchanges to ensure that we are legit persons. Years have past but there is no single complain that a persons data was used or was stolen by other people thru our local exchanges therefore i conclude that our personal data are safe with them so i think there is no problem if a KYC will be applied in every local exchanges as long as it will required by the regulation as per policy of the government.
As we all know that one thing that might hinder the acceptance of the bitcoin system for the government is the hidden identity of the members. Local exchange should do intensified KYC so as to avoid the system of cryptocurrency being abused by other members as well like money laundering, funding of terrorist groups and others as well. Some of the country had done this things already and the question is would favor to do KYC on your local exchange?
There is no way out of the KYC system and the issue of identity is a settled case if bitcoin will become mainstream but I really don't understand why people are skeptical about it because the same people who have bank accounts and use their account to carry out crypto related activities are not willing to share their information on an exchange site. Eventually, we will have to decide which one are we able to live with because government that would allow exchange sites to operate within its jurisdiction would want to keep an eye of everybody transacting on such platform not because of those who just want to carry out some little amount of local currency equivalent, but those who are bent on carrying out illegal activities by circumventing the power of the state.
It's not about trust, governments are not threatened with bitcoin more than they are with regular money. As mentioned, the tax is the main problem, since people are getting a lot of money, but governments have nothing to do with it 
There is nothing wrong with identity reveal, I would do it if I had to.
There is nothing wrong with identity reveal, I would do it if I had to. Jump to: