Purchasing Bitcoin (Security, Identification requirements)

tully

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Quote from: Argwai96 on July 16, 2015, 12:52:31 PM

I would use a localbitcoin trusted seller if your buying under 9k usd as your not require to show identification or report the cash transaction if is under 10k usd, i just see it a lot more easy when it comes to all the id verifications some of this exchanges are asking to buy bitcoin from over 1k usd.

Not bad if your shifting small singular payments around. ID is still a pain in the ass though.

Argwai96

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I would use a localbitcoin trusted seller if your buying under 9k usd as your not require to show identification or report the cash transaction if is under 10k usd, i just see it a lot more easy when it comes to all the id verifications some of this exchanges are asking to buy bitcoin from over 1k usd.

tully

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Suppose it depends really. If it was your breach or theirs, either way the little guy is the one who loses Roll Eyes

Is that US verification requirements though?

OmegaStarScream

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If you don't want to reveal any of your real informations then I suggest you to trade here on Bitcointalk . no one is going to ask you for your ID or passport or residence or any kind of documents .
However you should use something that people use , like Paypal (most likely they won't deal with you because there chargeback and you are a newbie) , you didn't mention which Credit card you have but if you have something famous like Neteller then you have high chance to be able to trade here . Chargeback is difficult to do and they punish who do it as far as I know , so you could use them and people should trust you I guess .

everaja

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Quote from: tully on July 16, 2015, 09:04:43 AM

Greetings,

Just wondering what kind of requirements there are when it comes down to purchasing BTC and whether these requirements change as the medium of purchase changes?

Do you need ID to purchase or can I just purchase with credit/debit card details?

Thanks in advance

Tully Grin

While everything can be done anonymously with your wallet, buying bitcoins does require that you verify a bank account and a phone number but from last 3 years i ahve been observing taht few{most} of the exchanges are making it mandatory for verification like phne and identity , but even today i can find plenty of sites that dont require any verifications. Wink

Be anonymous , be secure.

RodeoX

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The revolution will be monetized!

Quote from: tully on July 16, 2015, 10:41:58 AM

Quote from: RodeoX on July 16, 2015, 10:27:45 AM

...
After my third card replacement in a year from data breaches, I have cut the cord and ONLY use bitcoin online.

What situation would you have to be in to have your card voided?

This last year I was required to replace my card after data breaches at Target stores, Home Depot, and I forget the third one. In any case when you buy something using a credit card you have to give over all the information that is needed to steal from you. It is insured so you wont pay directly, but of course ultimately the customer has to cover the entire cost of fraud.

With bitcoin there is no need to connect identity with money. It's like cash. When you pay with cash the vendor does not check your ID or care who you are. All that matters to them is that the bill is paid.

Because you are in the UK this may be less of an issue for you. In the U.S. we still use unencrypted magnetic stripe cards, much like the ones dinosaurs used millions of years ago. Cheesy

tully

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Quote from: achow101 on July 16, 2015, 10:48:26 AM

Quote from: tully on July 16, 2015, 10:41:58 AM

Quote from: achow101 on July 16, 2015, 10:32:30 AM

Quote from: tully on July 16, 2015, 10:04:57 AM

So it is purely based on the vendor and not an actual legislative requirement?

It depends on your country. I don't know about the UK, but I know that the US has anti-money laundering laws and know-your-customer regulations that require id verification. If the exchange operates in the US, you can assume that these laws will be in play and you will have to go through the verification required by said laws.

Even though I havn't gone into much detail with the exact regulations and rules, the UK isn't far behind the US, I'm assuming Roll Eyes

Aren't there mediums like https://localbitcoins.com that don't require the identification? What do you guys think?

They don't require it, but many people on localbitcoins will be less likely to conduct trades with you if you don't verify your identity. They will be more cautious and you may not able to buy as much as a verified user.

Just wondering what the landscape for BTC legislation is going to look when this thing actually takes off and becomes mainstream.

achow101

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Just writing some code

Quote from: tully on July 16, 2015, 10:41:58 AM

Quote from: achow101 on July 16, 2015, 10:32:30 AM

Quote from: tully on July 16, 2015, 10:04:57 AM

So it is purely based on the vendor and not an actual legislative requirement?

It depends on your country. I don't know about the UK, but I know that the US has anti-money laundering laws and know-your-customer regulations that require id verification. If the exchange operates in the US, you can assume that these laws will be in play and you will have to go through the verification required by said laws.

Even though I havn't gone into much detail with the exact regulations and rules, the UK isn't far behind the US, I'm assuming Roll Eyes

Aren't there mediums like https://localbitcoins.com that don't require the identification? What do you guys think?

They don't require it, but many people on localbitcoins will be less likely to conduct trades with you if you don't verify your identity. They will be more cautious and you may not able to buy as much as a verified user.

tully

newbie

Activity: 28

Merit: 0

Quote from: erikalui on July 16, 2015, 10:07:48 AM

Quote from: tully on July 16, 2015, 09:17:44 AM

Thanks for the quick reply man.

Am based here in the UK so will be buying with GBP. The only trouble is I don't want to go through the lengthy process of verifying my account (yes, I have no patience).

On the link you sent, all of them say they involve "Verification" stages, is this a law or just an ethical thing? What verification stages are we talking about as well?

Thanks again

The verification is what Amph just mentioned and if you want to buy bitcoins from trusted websites, they need this verification. You can buy BTC with cash as well via bitcoinmeetups. Check this: www.coindesk.com/information/buy-bitcoin-uk/

Thanks for the link, will check it out now Grin

Quote from: RodeoX on July 16, 2015, 10:27:45 AM

While there are no rules about identity within the bitcoin protocol, there are a lot of rules for using fiat currency that may apply. That is certainly true if you are using any kind of bank system, like a credit card. Once you have bitcoin then you can buy things online without handing over your identity / financial details to the vendor, card processor, NSA, and presumably the Chinese government.

After my third card replacement in a year from data breaches, I have cut the cord and ONLY use bitcoin online.

What situation would you have to be in to have your card voided?

Quote from: achow101 on July 16, 2015, 10:32:30 AM

Quote from: tully on July 16, 2015, 10:04:57 AM

So it is purely based on the vendor and not an actual legislative requirement?

It depends on your country. I don't know about the UK, but I know that the US has anti-money laundering laws and know-your-customer regulations that require id verification. If the exchange operates in the US, you can assume that these laws will be in play and you will have to go through the verification required by said laws.

Even though I havn't gone into much detail with the exact regulations and rules, the UK isn't far behind the US, I'm assuming Roll Eyes

Aren't there mediums like https://localbitcoins.com that don't require the identification? What do you guys think?

achow101

staff

Activity: 3458

Merit: 6793

Just writing some code

Quote from: tully on July 16, 2015, 10:04:57 AM

So it is purely based on the vendor and not an actual legislative requirement?

It depends on your country. I don't know about the UK, but I know that the US has anti-money laundering laws and know-your-customer regulations that require id verification. If the exchange operates in the US, you can assume that these laws will be in play and you will have to go through the verification required by said laws.

RodeoX

legendary

Activity: 3066

Merit: 1147

The revolution will be monetized!

While there are no rules about identity within the bitcoin protocol, there are a lot of rules for using fiat currency that may apply. That is certainly true if you are using any kind of bank system, like a credit card. Once you have bitcoin then you can buy things online without handing over your identity / financial details to the vendor, card processor, NSA, and presumably the Chinese government.

After my third card replacement in a year from data breaches, I have cut the cord and ONLY use bitcoin online.

erikalui

legendary

Activity: 2632

Merit: 1094

Quote from: tully on July 16, 2015, 09:17:44 AM

Thanks for the quick reply man.

Am based here in the UK so will be buying with GBP. The only trouble is I don't want to go through the lengthy process of verifying my account (yes, I have no patience).

On the link you sent, all of them say they involve "Verification" stages, is this a law or just an ethical thing? What verification stages are we talking about as well?

Thanks again

The verification is what Amph just mentioned and if you want to buy bitcoins from trusted websites, they need this verification. You can buy BTC with cash as well via bitcoinmeetups. Check this: www.coindesk.com/information/buy-bitcoin-uk/

tully

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So it is purely based on the vendor and not an actual legislative requirement?

Amph

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Quote from: tully on July 16, 2015, 09:17:44 AM

Thanks for the quick reply man.

Am based here in the UK so will be buying with GBP. The only trouble is I don't want to go through the lengthy process of verifying my account (yes, I have no patience).

On the link you sent, all of them say they involve "Verification" stages, is this a law or just an ethical thing? What verification stages are we talking about as well?

Thanks again

usually there are two type of verification, soft and hard one, with the first they only ask you about name and street i guess you might put fake info and commonly there is limit on your deposit and withdrawal

the latter is when they ask for your national ID and proof of residence, which is the real thing that many want to avoid

tully

newbie

Activity: 28

Merit: 0

Thanks for the quick reply man.

Am based here in the UK so will be buying with GBP. The only trouble is I don't want to go through the lengthy process of verifying my account (yes, I have no patience).

On the link you sent, all of them say they involve "Verification" stages, is this a law or just an ethical thing? What verification stages are we talking about as well?

Thanks again

erikalui

legendary

Activity: 2632

Merit: 1094

You can check this site: http://www.plusbitcoin.net/buy-bitcoins-with-credit-card/

You can also purchase bitcoins with a credit card.

tully

newbie

Activity: 28

Merit: 0

Greetings,

Just wondering what kind of requirements there are when it comes down to purchasing BTC and whether these requirements change as the medium of purchase changes?

Do you need ID to purchase or can I just purchase with credit/debit card details?

Thanks in advance

Tully Grin

Topic: Purchasing Bitcoin (Security, Identification requirements) (Read 781 times)