Topic: Kyc for accounts or wallets - page 2. (Read 460 times)
KYC can be required for accounts as i can say specially centralized exchanges will ask KYC (for low amount trading still you can use some exchanges without KYC) but you do not need to KYC for non custodial wallets, It can be hardware wallet or software wallet, your assets will be safe.
Speaking of KYC, I've encountered XGo crypto platform today. I really liked how fast was the KYC process there.
According to my Bitcoin understanding Bitcoin is an asset that should be owned by an owner anonymously now my point here is Bitcoin investors especially newbies should be very careful with wallets and crypto accounts that requires kyc for verification most newbies may be shocked or confused but the reasons are for your safety
kyc puts you personal information and privacy at risk it also gives ability for your transactions to be monitored.
So please before making wallet registrations always read through terms and conditions as well as privacy policy
Or rather get a hard ware wallet especially if you have large amounts of Bitcoin or other crypto currencies
Part of the Bitcoin idea was anonymous identity of users
so as an asset owner you should support this notion
DON'T FORGET TO KEEP YOUR KEYS SAFE MATE!!
It's for the account not for the wallet.kyc puts you personal information and privacy at risk it also gives ability for your transactions to be monitored.
So please before making wallet registrations always read through terms and conditions as well as privacy policy
Or rather get a hard ware wallet especially if you have large amounts of Bitcoin or other crypto currencies
Part of the Bitcoin idea was anonymous identity of users
so as an asset owner you should support this notion
DON'T FORGET TO KEEP YOUR KEYS SAFE MATE!!
KYC (Know Your Customer) is the initial requirement for users who want to register an account on the exchange. Multilevel KYC levels with different purposes are designated as withdrawal limits.
Not all exchanges require KYC, but most exchanges require KYC like the exchange operating in my country.
Asset owners already know that keeping Bitcoins is not in exchanges, but in wallets.
Do you already have a trusted wallet? if not, use Electrum and HW.
Privacy and security are the main elements that need to be considered by asset owners.
Don't store assets online, theymos says.
- The only ones that require kyc are usually regulated businesses such as Binance, Houbi, as long as they are centralized that have submitted requirements to the government in order to operate legally regardless of the country they are in.
That's why if you're going to hold Bitcoin or any cryptocurrencies, the non-custodial, or hardware wallet is still really good and include the Electrum or sparrow wallet.
That's why if you're going to hold Bitcoin or any cryptocurrencies, the non-custodial, or hardware wallet is still really good and include the Electrum or sparrow wallet.
You are quite confused with the terms wallets and exchanges. Let me explain you 2 things -
1. Wallet: It holds Bitcoin or any other cryptocurrency. You can send/receive from here.
2. Exchange: They hold Bitcoin or any other cryptocurrency for you. You can send/receive/trade on an exchange.
now there are multiple type of wallets:
1. Hardware Wallet
2. Software Wallet
4. Paper Wallet
1. Wallet: It holds Bitcoin or any other cryptocurrency. You can send/receive from here.
2. Exchange: They hold Bitcoin or any other cryptocurrency for you. You can send/receive/trade on an exchange.
now there are multiple type of wallets:
1. Hardware Wallet
2. Software Wallet
4. Paper Wallet
Part of the Bitcoin idea was anonymous identity of users
so as an asset owner you should support this notion
DON'T FORGET TO KEEP YOUR KEYS SAFE MATE!!
so as an asset owner you should support this notion
DON'T FORGET TO KEEP YOUR KEYS SAFE MATE!!
KYC and Bitcoin wallet? To be sincere I do find this topic funny.
Op, you should start by researching the difference between wallet and exchanges... I guess what you read about or referring to is an exchange and not a non-custodial Bitcoin wallet.
Some custodial wallets require kyc
Yes that is what custodial wallet means - it means someone else stores your bitcoins and not your PC. So they can do whatever they want with it including block it behind "enhanced verification" or loan it out to ill-fated lenders like Voyager or 3AC, and usually in their terms of service you will probably find a clause that says that they have no obligation to give you your money back if A), B), or C) happens.
There is no non-custodial wallet that will request or require their the user to pass kyc verification, except their counterpart like centralized exchanges, custodial wallets and so on..
If at any point a wallet that is supposedly a non-custodial wallet starts asking or suggesting their users to pass kyc verification to probably enjoy some premium services, then know that such a wallet is a custodial wallet and also have a high risk of being hacked, there is even the possiblity of the builders of the wallet having unrestricted access to your fund since they may likely have access to the private keys.
If at any point a wallet that is supposedly a non-custodial wallet starts asking or suggesting their users to pass kyc verification to probably enjoy some premium services, then know that such a wallet is a custodial wallet and also have a high risk of being hacked, there is even the possiblity of the builders of the wallet having unrestricted access to your fund since they may likely have access to the private keys.
I was wondering too because it is never possible for a self custodial wallet to demand for KYC and personal details only CEX could demand for such and if any the self custodial wallet does that, just as you have said, there is likely a possibility of that wallet being porous and it would not be advisable to make use of such wallet for the safety of ones funds.
Noncustodial wallets do not require KYC, he is referring to custodial wallets and custodial exchanges. Both are not even wallets, they are accounts.
Agree. It is actually an account and it is not a private wallet. Custodial wallets or wallets on exchanges can be a place to put Bitcoin in small number temporarily, but it is surely not a safe place for long term holding.Long-term storage is of course a Non-Custodial Wallet that will be safer because it has full control, no KYC, no third-party interference.
Tai chose a secure Non-Custodial Wallet that does not have a seed phrase extraction feature.
Because it will only be a useless Non-Custodial Wallet.
kyc puts you personal information and privacy at risk it also gives ability for your transactions to be monitored.
Your transactions always are monitored on Bitcoin public ledger and can be checked on block explorers.Quote
So please before making wallet registrations always read through terms and conditions as well as privacy policy
You only have to do this when you create your online accounts, exchange accounts to store your bitcoins. You don't have to read their Terms of Servive to know you don't own private keys or mnemomic seed. During the process of account creation, you should realize that it is a custodial or non custodial wallet.Do your research before creating accounts is good so you will not waste your time.
If you use non custodial wallet, you don't have to register any information, no KYC. Just pay attention to research that wallet is open source or close source. You should use an open source wallet.
kyc puts you personal information and privacy at risk it also gives ability for your transactions to be monitored.
So please before making wallet registrations always read through terms and conditions as well as privacy policy
Or rather get a hard ware wallet especially if you have large amounts of Bitcoin or other crypto currencies
KYC is required for wallets on CEX (centralized exchanges).So please before making wallet registrations always read through terms and conditions as well as privacy policy
Or rather get a hard ware wallet especially if you have large amounts of Bitcoin or other crypto currencies
If we don't want to have KYC procedure, we must choose non-custodial wallets.
There are some alternatives for non-custodial wallets:
1). Software wallets
Ex: Metamask
2). Hardware wallets
Ex: Nano X
3). Paper wallets
For a big number of Bitcoin, non-custodial wallets are the most recommended.
Take a look:
https://www.coindesk.com/learn/custodial-wallets-vs-non-custodial-crypto-wallets/
https://www.ledger.com/academy/glossary/non-custodial-wallet
Noncustodial wallets do not require KYC, he is referring to custodial wallets and custodial exchanges. Both are not even wallets, they are accounts.
Agree. It is actually an account and it is not a private wallet. Custodial wallets or wallets on exchanges can be a place to put Bitcoin in small number temporarily, but it is surely not a safe place for long term holding.
When talking of KYC for bitcoin wallet I have not heard wallet to store bitcoin use to have a verification of KYC before you can use it for bitcoin, what I know concerning KYC is when someone is involve in investment platform and the person need to follow the instructions of the platform its when KYC is necessary, with your explanation its difficult to understand your point and what exactly you are saying, when reading your content its confusing to any point I miss out of understanding your point properly, as a beginner like me despite that I'm a little bit higher than you, you need read twice your composition before posting to cross check the sentence and the words rhyme to your poin
However you get my point but for the record you edited your post meaning you did not read through properly before replying always do read through to avoid unnecessary editings
No one is getting your point, and for the record you never mentioned a custodial wallet in your opening post. If you are talking to beginners, try to be clear about what you are saying, at least.
Leaving aside the confusion created by the OP regarding kyc wallets, something I've never heard of. One thing I've been thinking about for a long time is that the governments have mandated that any company that handles other people's money should ask those people to do kyc, so I'm wondering how long it will be before governments start chasing the wallets so that they start forcing their customers to do kyc, because from what I see it's a matter of a few years before we start seeing wallets asking for kyc, unfortunately the damn kyc is here to stay
and every day the situation tends to get worse, I myself am shocked when certain exchanges ask for proof of origin of funds, even being in a bitcoin market, such exchanges want complicated documents, but the most shocking thing is that I do not see any government doing inspections in the exchanges, so I don't understand why they are so hard on people when they ask for kyc, has anyone here ever heard that a casino or exchange was fined by some government because they didn't ask for kyc? Anyway, I hope that at least wallets are not forced to ask for kyc so soon
and every day the situation tends to get worse, I myself am shocked when certain exchanges ask for proof of origin of funds, even being in a bitcoin market, such exchanges want complicated documents, but the most shocking thing is that I do not see any government doing inspections in the exchanges, so I don't understand why they are so hard on people when they ask for kyc, has anyone here ever heard that a casino or exchange was fined by some government because they didn't ask for kyc? Anyway, I hope that at least wallets are not forced to ask for kyc so soon
Exchanges that force us to KYC are to avoid fraud, track money laundering activities…and above all, comply with government regulations. they cannot function and exist without the permission of the government. if you follow the recent information, the US government has also asked Kraken to provide a list of investors for them to tax. If Kraken resists, it is understandable that they will have their business license revoked.
Regarding KYC wallets, I agree with you, it will be done in the near future is inevitable.
Are there really any wallets that require a KYC procedure in order to be used?
Aren't you talking about accounts on exchanges that require KYC (like Binance - Coinbase etc.)?
Most likely. I haven't come across any wallet that requires KYC or extensive requirement of providing personal information. Aren't you talking about accounts on exchanges that require KYC (like Binance - Coinbase etc.)?
And it's not necessary too, the main point of having wallets is to make sure that your funds are in your person. Cold wallets do this by making sure that you can carry them or keep them somewhere safe, shut off from the internet and secured as much as possible. Hot wallets do this by requiring you to create an account with them, complete with seed phrases (which basically acts as your digital profile information anyway) to make sure that it's really you who's accessing the account.
If a wallet ever required KYC in the future that's not a movement towards better security, it's a movement towards collecting data to sell to advertisers as there's no need for KYC at all for wallets.
Leaving aside the confusion created by the OP regarding kyc wallets, something I've never heard of. One thing I've been thinking about for a long time is that the governments have mandated that any company that handles other people's money should ask those people to do kyc, so I'm wondering how long it will be before governments start chasing the wallets so that they start forcing their customers to do kyc, because from what I see it's a matter of a few years before we start seeing wallets asking for kyc, unfortunately the damn kyc is here to stay
and every day the situation tends to get worse, I myself am shocked when certain exchanges ask for proof of origin of funds, even being in a bitcoin market, such exchanges want complicated documents, but the most shocking thing is that I do not see any government doing inspections in the exchanges, so I don't understand why they are so hard on people when they ask for kyc, has anyone here ever heard that a casino or exchange was fined by some government because they didn't ask for kyc? Anyway, I hope that at least wallets are not forced to ask for kyc so soon
and every day the situation tends to get worse, I myself am shocked when certain exchanges ask for proof of origin of funds, even being in a bitcoin market, such exchanges want complicated documents, but the most shocking thing is that I do not see any government doing inspections in the exchanges, so I don't understand why they are so hard on people when they ask for kyc, has anyone here ever heard that a casino or exchange was fined by some government because they didn't ask for kyc? Anyway, I hope that at least wallets are not forced to ask for kyc so soon
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There is no non-custodial wallet that will request or require their the user to pass kyc verification, except their counterpart like centralized exchanges, custodial wallets and so on..
If at any point a wallet that is supposedly a non-custodial wallet starts asking or suggesting their users to pass kyc verification to probably enjoy some premium services, then know that such a wallet is a custodial wallet and also have a high risk of being hacked, there is even the possiblity of the builders of the wallet having unrestricted access to your fund since they may likely have access to the private keys.
If at any point a wallet that is supposedly a non-custodial wallet starts asking or suggesting their users to pass kyc verification to probably enjoy some premium services, then know that such a wallet is a custodial wallet and also have a high risk of being hacked, there is even the possiblity of the builders of the wallet having unrestricted access to your fund since they may likely have access to the private keys.
According to my Bitcoin understanding Bitcoin is an asset that should be owned by an owner anonymously now my point here is Bitcoin investors especially newbies should be very careful with wallets and crypto accounts that requires kyc for verification most newbies may be shocked or confused but the reasons are for your safety
kyc puts you personal information and privacy at risk it also gives ability for your transactions to be monitored.
So please before making wallet registrations always read through terms and conditions as well as privacy policy
Or rather get a hard ware wallet especially if you have large amounts of Bitcoin or other crypto currencies
Part of the Bitcoin idea was anonymous identity of users
so as an asset owner you should support this notion
DON'T FORGET TO KEEP YOUR KEYS SAFE MATE!!
Your post confirms that still many people are not able to distinguish exchange accounts and wallets, you need to complete KYC for accessing an exchange whereas to create a wallet you don't need to provide any information, you can simply create your wallet and keep your private keys safe. So your privacy will be compensated only when you transfer funds from KYCed address to your wallet address since it will bring the connection between two and it will never be erased since every data on blockchain is available in a public ledger.kyc puts you personal information and privacy at risk it also gives ability for your transactions to be monitored.
So please before making wallet registrations always read through terms and conditions as well as privacy policy
Or rather get a hard ware wallet especially if you have large amounts of Bitcoin or other crypto currencies
Part of the Bitcoin idea was anonymous identity of users
so as an asset owner you should support this notion
DON'T FORGET TO KEEP YOUR KEYS SAFE MATE!!
FYI, bitcoin is not really created to bring complete privacy while there are other cryptos has such characteristics but bitcoin is Pseudo anonymous.
Op, I was wondering if what you said could ever exist as to one undergoing KYC for their private owned wallet. I do not think that would be feasible because any company that decides to do that would definitely use their wallet themselves but I know for sure CEX are the ones who conduct KYC as they are mandated to do so and are custodians if all wallet keys on their exchange.
So if you want to stay out of KYC then move your funds and assets out of CEX if you have them there or better still avoid CEX .
So if you want to stay out of KYC then move your funds and assets out of CEX if you have them there or better still avoid CEX .
OP this notice is a bit non-descriptive. The kyc does not affect any personal wallet where private keys are held such as electrum but is required by a series of services such as centralized or custodial wallets. So I agree with you but before buying Bitcoin I suggest you get a good education and after learning the basics use open source wallets. In any case this forum could help.
kyc puts you personal information and privacy at risk it also gives ability for your transactions to be monitored.
So please before making wallet registrations always read through terms and conditions as well as privacy policy
Or rather get a hard ware wallet especially if you have large amounts of Bitcoin or other crypto currencies
So please before making wallet registrations always read through terms and conditions as well as privacy policy
Or rather get a hard ware wallet especially if you have large amounts of Bitcoin or other crypto currencies
You are definitely describing a Centralized services such as exchange and few custodial wallets that stored KYC information of user. Using this kind of service will surely danger your asset since you are not holding your wallet keys when you are storing assets on custodial wallets. Privacy is not your main problem anymore once you use services that requires KYC.
Part of the Bitcoin idea was anonymous identity of users
so as an asset owner you should support this notion
DON'T FORGET TO KEEP YOUR KEYS SAFE MATE!!
so as an asset owner you should support this notion
DON'T FORGET TO KEEP YOUR KEYS SAFE MATE!!
it’s very hard to be completely anonymous on Bitcoin most importantly if you are converting fiat to Bitcoin or vice versa since most the exchange requires KYC and there’s only few decentralized P2P exchange that doesn’t require KYC but with huge price spread than the regular market price. I think you will have no problem for not being complete anonymous since no one will monitor your transaction if you are not doing illegal. Government or someone will not waste time watching someone wallet without any valid reason.
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