Topic: Is it possible to reveal our identity in the local exchange? (Read 478 times)
I think it also makes sense to be a reason why there are some countries that reject bitcoin, the hidden identity is only a pseudonym used and is very difficult to track,
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 is very possible that we reveal our identity as long as we do not break the law, because it is impossible for us to do business without knowing who we are partnering withI think by being open to things we do not want can be prevented, such as terrorist financing or laundering money, because the authorities will always oversee the movement of money that is not fair, and very good in the future because the purchase and sale of crypto currencies is safer, and the bitcoin currency can be more trusted.
This is one of the purpose of having KYC so that our identities will be reveal and to be identified in case if there is anomaly during our transactions. We just hope that the local exchanges will always abide the law of private data policy so that our identities will not be steal or else the government regulation will become useless.
Once you passed the KYC you already revealing your personal data to the exchange, revealing identity is just a kind of losing a term of being anonymous. This policy, I try to avoid but there is sometimes you need to reveal first your identity before you have earned in crypto.I afraid the possible happen in the future of this implementing KYC, nowadays whether we it or not crypto and banking system is being regulated.
A vote against the legislative Assembly. Personally, I do not consider it a violation of my rights. On the contrary, I will feel calmer if I know other market participants and I will be sure that these are not bots.
This is one of the purpose of having KYC so that our identities will be reveal and to be identified in case if there is anomaly during our transactions. We just hope that the local exchanges will always abide the law of private data policy so that our identities will not be steal or else the government regulation will become useless.
Their reasoning behind that way of thinking is that they aren't wealthy enough to become a victim of theft and whatnot. They don't realize how stupid they make themselves look by talking this level of nonsense.
I kind of understand the general apathy towards their own data. They simply don't know any better regarding the potential risks, and it's hard to blame them considering how new all of this internet boom is -- it hasn't even lasted one generation. The concept of protecting your online privacy hasn't even reached the mainstream until a few years ago. Things are starting to change, with websites being open about their privacy policies, etc. so people are bound to wise up as we go along. But yeah, the "nothing to hide nothing to fear" mentality is just stupid.
That being said, I guess it just boils down to trust for those who are informed. I have nothing against sharing your data for as long as you know the potential risks. I just find it funny that people seem to feel like they don't have a choice with KYC, like exchanges are absolutely necessary.
Their reasoning behind that way of thinking is that they aren't wealthy enough to become a victim of theft and whatnot. They don't realize how stupid they make themselves look by talking this level of nonsense.
I kind of understand the general apathy towards their own data. They simply don't know any better regarding the potential risks, and it's hard to blame them considering how new all of this internet boom is -- it hasn't even lasted one generation. The concept of protecting your online privacy hasn't even reached the mainstream until a few years ago. Things are starting to change, with websites being open about their privacy policies, etc. so people are bound to wise up as we go along. But yeah, the "nothing to hide nothing to fear" mentality is just stupid.
That being said, I guess it just boils down to trust for those who are informed. I have nothing against sharing your data for as long as you know the potential risks. I just find it funny that people seem to feel like they don't have a choice with KYC, like exchanges are absolutely necessary.
KYC/AML will destroy nothing but the convenience of using of an exchange, and even then, there will be some people that won't mind.
If people are not valuing their privacy enough by handing over precious information to ICOs requiring KYC/AML verification, then they definitely won't mind handing over their information to an established exchange.It's shocking to me how people don't care about anything as long as they are in a position allowing them to potentially make profit. Some people blatantly admit that they don't care about it.
Their reasoning behind that way of thinking is that they aren't wealthy enough to become a victim of theft and whatnot. They don't realize how stupid they make themselves look by talking this level of nonsense.
I prefer anonymity, it's good that we still can.
Since there is no clear regulation of the crypto currency, I would prefer to hide information about me. And suddenly they will want to accuse me of illegal money laundering. So at least no one will know that it's me.
Yepp, KYC is another part that will slowly destroy the concept of cryptocurrency. 'Money laundering and funding of terrorist' is news which cannot be proven by facts, they only plan and look forward to the future of cryptocurrency with suspicion. However, we cannot prevent and make Banking Cartels become stronger, because until now, many cryptocurrency users are still relying on banks to exchange cryptocurrency into money fiat, there is no special way prepared by cryptocurrency to overcome this.
I don't necessarily support KYC, but I thought I'd point out that KYC/AML is required of any business that carry money laundering risk. It doesn't matter if they deal with fiat or Bitcoin which means it doesn't discriminate against crypto.
It's also targeted towards businesses themselves, not individual people -- meaning anyone can skip it by simply not dealing with businesses that implement them. Let's not forget that Bitcoin was originally meant to be peer-to-peer anyway. KYC/AML will destroy nothing but the convenience of using of an exchange, and even then, there will be some people that won't mind.
yes this can be one reason why most countries have not issued a decision about bitcoin, because maybe the state also wants clarity about the use of bitcoin user identity and so on, but there may be many more reasons about the country because the country's decision must be considered.
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?
So basically you are talking in favor of strict KYC norms for the crypto currency user and you think that it would progress the market by effectively eliminating the criminals from the system! I don't think it will help the cryptos grow in the way of progress, instead it will make the Banking Cartels stronger and they will continue to have the upper hand to your own financial decision. Cryptos look good in its original way. Any attempt to temper with the originality will only create roadblock from the crypto community.
Regulations are somewhat necessary but over-regulation will kill the entire market and we will effectively transfer the power to the regulatory authority to take financial decisions on our behalf. That's not good and I would not favor that!
Regulations make us aware that the government is fully in control of everything that is done by its people, I just have an expectation that decentralized system will make many new people come and understand the decentralization system with certainty.
*Not some of the countries. All of the countries have at least individuals doing crimes with involvement or help from Bitcoin. To answer your question if local exchanges have been required by the government then I won't be mad about it. It just makes the competition standard and equal. If the stock exchange requires brokers to identify their customers first they should also do it to the crypto market period. Identifying yourself as a user or trader would help the government as you are cooperating with their rules.
impossible to enforce on the wider crypto space though, surely people see this? Yes, it will happen on any legal entity/centralized exchange, because that is their world, they have jurisdiction over it. Standard and equal, sure... in which jurisdiction and for how much of the wider population? How can it be standardized and equal across the board (whether or not you think that is a good thing), when it is literally impossible to enforce except via centralised legal entities,,, all the innovation and excitement will simply remain in the open-source/decentralized elements and the centralized bits will always be playing catch up... stale and controlled.
kyc/aml is only about control, and infiltrating the crypto space with the corrupt, fraud that is the Legal system.
But yes, centralized exchanges (and DEX with elements of CEX or Legal entities) will no doubt bend over to take the KYC/AML compliance demands.
Anyone who is interested in their own privacy or freedom will steer as clear as possible from these... proper DEX/atomic swaps and private smart contracts will be the go-to ways of exchanging... though yes there will be compromises in convenience or trade speed initially.
But yes, centralized exchanges (and DEX with elements of CEX or Legal entities) will no doubt bend over to take the KYC/AML compliance demands.
Anyone who is interested in their own privacy or freedom will steer as clear as possible from these... proper DEX/atomic swaps and private smart contracts will be the go-to ways of exchanging... though yes there will be compromises in convenience or trade speed initially.
*Not some of the countries. All of the countries have at least individuals doing crimes with involvement or help from Bitcoin. To answer your question if local exchanges have been required by the government then I won't be mad about it. It just makes the competition standard and equal. If the stock exchange requires brokers to identify their customers first they should also do it to the crypto market period. Identifying yourself as a user or trader would help the government as you are cooperating with their rules.
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?
So basically you are talking in favor of strict KYC norms for the crypto currency user and you think that it would progress the market by effectively eliminating the criminals from the system! I don't think it will help the cryptos grow in the way of progress, instead it will make the Banking Cartels stronger and they will continue to have the upper hand to your own financial decision. Cryptos look good in its original way. Any attempt to temper with the originality will only create roadblock from the crypto community.
Regulations are somewhat necessary but over-regulation will kill the entire market and we will effectively transfer the power to the regulatory authority to take financial decisions on our behalf. That's not good and I would not favor that!
THE SUCCESS OF BITCOIN EXCHANGE IS THE CREDIBILITY OF ID KEPT HIDDEN .BUT IF THE LAW ENFORCES YOU TO DO SO YOU HAVE TO.IT IS ALWAYS BETTER TO REMAIN VISIBLE RATHER THAN HIDDEN TO AVOID FUTURE PROBLEMS.
If it requires then i would give my information and also because i need to use that exchange. If i would have another option, i would choose those not requiring KYC.
It is not right to demand KYC on the exchange, why should I do this to use my own money?
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. 
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.
In principle, it's okay if you introduce Kyc, then maybe there will be support from states. And maybe even the states themselves will start working with the crypto currency!
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 may be a good step in order for the butcoin to be safer as well as in this idea the government will gain its trust to bitcoin. Thre is nothing wrong in giving your identity if you are doing the right thing, therefore it is okay for the government to regulates this scenario. With this many illegal attacks will be avoided.
I think there is a KYC in the local market, I strongly agree, if it can avoid crime and more transparent.
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 think this is legal. Because KYC is a necessity for local exchanges. There are so many hackers and they can steal lots of tokens in the local exchange at any time. So KYC is way helps stop it
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?
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