Isn’t KYC anti-ethical to Bitcoin? - page 6.

Coin_trader

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Leading Crypto Sports Betting & Casino Platform

Quote from: 95Bolu on December 09, 2021, 06:01:46 AM

When i first heard about bitcoin, one of the selling points then was the pseudo anonymity. But as of recently, it is hard to purchase any crypto without encountering a form of KYC.

I’m just curious of everyone’s thought on this.

To remain anonymous is only possible if people will not convert Bitcoin to Fiat. All things change when Fiat is already involved since it was already covered by the law. Since Bitcoin is a cryptocurrency, Businesses that accepting it needs to abide the AML policy to all there customer just have there business permit to operate. The idea of being anonymous Bitcoin is only within the Bitcoin blockchain itself and not on the outside market.

Wind_FURY

legendary

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I believe anti-ethical is the wrong term. Centralized services are merely protecting their business. But if KYC, if possible, was coded in the protocol itself, and the developers claim "freedom", "hard money", "anti-censorship", then yes that would be anti-ethical.

K4C

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$CYBERCASH METAVERSE

Bitcoin is the currency which is known for decentralization. But it is about your priorities. There are so many exchanges which are centralized and need kyc . If you need privacy then you can use it by decentralized method . But i think so many people don't want that anyone know about his portfolio .so everyone can get benefits by the decentralization. And if you want to be centralized then you should use exchanges which need kyc .

davis196

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Quote from: 95Bolu on December 09, 2021, 06:01:46 AM

When i first heard about bitcoin, one of the selling points then was the pseudo anonymity. But as of recently, it is hard to purchase any crypto without encountering a form of KYC.

I’m just curious of everyone’s thought on this.

What do you mean by "anti-enthical"?Can you elaborate more on this term?
KYC regulations apply to all financial services.Which government regulations are "ethical" and which are "anti-enthical"?The law is what it is and we have to follow the rules,even though some of rules are BS.
KYC is required when you open a bank account or a forex trading account in fiat currency.
We all want the crypto industry to be viewed by the government as a legit and legal industry.
If we want mass crypto adoption and legalization,this is the price we have to pay.
If you are complaining about not being anonymous,then why don't you use you a privacy coin like Monero.

Cakeonit

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Speaking of mixers, who are the most trusted and larger volume mixers these days? It's been a while, and tbh I've always been very nervous about them wrt exit scams or other vulnerabilities.

tyz

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Quote from: 95Bolu on December 09, 2021, 06:01:46 AM

When i first heard about bitcoin, one of the selling points then was the pseudo anonymity. But as of recently, it is hard to purchase any crypto without encountering a form of KYC.

I’m just curious of everyone’s thought on this.

Yes, it is!
But the Bitcoin community is not a homogeneous group. There are those who use Bitcoin out of idealism and those will certainly not do KYC's. There are alternative platforms where you don't need a KYC, but they are usually technically more complex to use.
On the other hand, there are the opportunists. Those who want to make quick as money with Bitcoin. For them the original idea of Bitcoin is of little or no importance. They have no problem to make a KYC everywhere where a little profit can be made.

bitmover

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bitcoindata.science

Quote from: 95Bolu on December 09, 2021, 06:01:46 AM

When i first heard about bitcoin, one of the selling points then was the pseudo anonymity. But as of recently, it is hard to purchase any crypto without encountering a form of KYC.

I’m just curious of everyone’s thought on this.

Even being forced to do KYC and sending your documents to purchase bitcoin, you can still achieve a pseudo anonymity when buying products.

Let's suppose you bought 10k USD in bitcoin in Coinbase, and you sent your documents there and withdrawal those funds to the address A.

You can just send your coins to a bitcoin mixer (address B), and then the mixer will send you back other coins (which are not linked to your coins from address B) from address C to your address D.

This way you can achieve some anonymity.

Coyster

legendary

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It is still up to the user to either pay serious attention to their privacy and not use exchanges that require KYC, and of course there are ways to purchase Bitcoin without it, thus in my opinion, it's actually not a problem with the network, but with the particular user, as we all know the user is in control and is their own bank, so they have their privacy in their hands, if they want to give it up by using KYC exchanges, then it's on them. Though you can definitely stay safe when you use centralized exchanges, what you basically need to do is just follow the rule of thumb of not storing your funds in there for a long period of time.

Having said that, I know it's pretty difficult to maintain your privacy, but what people must understand that in our contemporary society today, it definitely wouldn't be easy, with the government trying it's best to establish control over many aspects of our lives.

galambo

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You can still trade BTC with anonymity, it all depends on what you prefer. There are so many exchanges around and most of them are centralized that require KYC. If you are ready to compromise on your privacy then you can join these centralized exchanges. But yes I do agree that most common source of BTC trading is through these exchanges.

mk4

legendary

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Paldo.io 🤖

Yes, yes it is. But right now that bitcoin is still not widely adopted by the majority of people, then unfortunately we need these easy to use onramps(though yes we have no-KYC p2p exchanges).

In the end, people will use whatever is easier for them. The typical person doesn’t care about privacy in the first place.

95Bolu

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When i first heard about bitcoin, one of the selling points then was the pseudo anonymity. But as of recently, it is hard to purchase any crypto without encountering a form of KYC.

I’m just curious of everyone’s thought on this.

Topic: Isn’t KYC anti-ethical to Bitcoin? - page 6. (Read 839 times)