Topic: Too dumb to undrstand - page 2. (Read 671 times)

I know we differ significant when it comes to using centrazlied/decentralized exchanges and our approach to KYC, but even when only discussing centralized exchanges I completely disagree with this statement. Coinbase admitted they were selling customer data to third parties. Coinbase bought out Hacking Team, which manufactured and sold surveillance software to human rights abusers. Coinbase have partnered up with the IRS, the DEA, and the Secret Service. There isn't an entity in cryptocurrency I would trust less than Coinbase with my data.

For OP, as others have said, your issue here is that the fiat side of your transaction is forcing you to complete KYC. It is entirely possible to buy and sell bitcoin without completing KYC, but it does take more effort and work to do than simply opening an account, uploading your passport, and making a trade. Essentially, you need to trade peer-to-peer with other individuals rather than going through a central service like Coinbase or Binance. There are several ways to achieve this. The ones I use predominantly are BISQ, LocalCryptos, or the currency exchange board on this forum. You will need to be able to pay in other forms of fiat to another person, be that cash in person, money order, bank transfer, PayPal, or something similar. You will also need to spend some time reading about the security and escrow measures for the first two, or finding a reputable trader or reputable escrow if you are trading with someone on the forum.

As I said, it takes more time and effort, but I absolutely feel it is worth it to avoid compromising your privacy.

I'm assuming your BC is bitcoin BTC, It is the exchange you are using that's asking for your personal information, it is a mandatory task to ask for KYC in almost all centralised exchanges (so, I'm assuming you're using one). There are several alternatives to those kinds of exchanges; you can choose to trade with an escrow or you use a DEX. It depends on the country you're living in. Try knowing the reputations of the exchange you're using and you're submitting your personal information to. Good luck, mate. You can always ask questions here in no time you'd be a pro like every other person.

Don't push yourself that much and don't be too harsh, if you don't understand bitcoin then you should keep on learning. Giving your personal details is your choice because there's a lot of alternatives that you're not require to give any real identity.

Blockchain technology is made of the purpose of a faster transactions and being anonymous, but since many government are requiring business for this matter, they have do choice but to adopt it so they can operate on a legal way. Just give enough information but never share your private keys.

This is now the result of the scammers. This forum could be a good place here for exchange and so as to remain anonymous.But with the scammers around then we cannot trust anyone here to do a trade or exchange. Now, due to huge money involve and exchanges operators now afraid being drag to money laundering. So, they require all the users to d KYC. KYC becomes more strict upgrading requirements each time to prove oneslf that even include takimg videos and picture while holding the proof.

I don't know, it sounds suspicious to me. Are you trying to buy Bitcoin? In that case, you need an exchange, and since you'll have to pay with your credit card if it's all going to happen online, some of your information will become known automatically. I use local exchanges using bestchange.com (but it really depends on where you're from) and the exchange knows my name and card number, but nothing else. I can see that you've chosen a service already, but I've never used it, so I don't know if it's a good one or not.
Alternatively, you could try to earn BTC or to buy it via ATM (some don't require identification, but it can differ). If you already have BTC and you want to send it to someone, you just go into the wallet, choose the option of sending money, type in the address of the receiver and the amount you're sending. You won't need any other things.

Yes.

Use Coinbase.

I know that's not fashionable but it's the most solid company in the crypto space. Many people dislike their politics and actions but when it comes to the security of your data I doubt there's anywhere more reputable.

All of the friction stems from using your local currency to buy it. That's what comes with the regulatory burden and all the ID stuff. You're effectively opening a bank account and that's not possible anywhere in the world without ID.

If you resolve to never put your ID out there you're exposing yourself to much higher costs and much less choice, plus a healthy dose of risk.

If you're looking to buy drugs or gamble or whatever then yes you need to put more thought into it. If you're simply offended at having to hand over info, this is the world we live in. It's avoidable if you're willing to put the work in. I can't be arsed myself.

First of all, Bitcoin isn't anonymous. Second of all, if you aren't comfortable with the requirements that the site requires to you as the user then better find another one which will require less for you.

It isn't ignorance at all since you are just a newbie (I assume) and this is part of the training session that you will undergo. One advice, if you aren't comfortable with it then better find another site or exchange. There are some exchanges or sites which doesn't require KYC or if they will require is at least they will not ask for too much information coming from you.

In what website you have signed up with those information? BTC is the acronym of bitcoin just for that little correction. The exchange or website you have registered asks for KYC and usually you can avoid that with other wallets if you want to buy bitcoin.

Just choose the exchange where they are not requiring you KYC. You can create wallets that won't ask for your information, electrum for example. But if you use a local exchange and they ask for KYC and you don't like it, look for someone to do a p2p transaction in your place.

Yes it would mean that your transaction is not anonymous since that site will be able to trace your transactions and find out that it was you.
To buy bitcoin anonymously you will have to buy it from an exchange which offers peer to peer services without KYC.
For example, localbitcoins offer peer to peer transactions without KYC but then too you will have to provide your account details where you want to receive your money. You can also make transactions using cash and can meet a trader locally and offer him cash for bitcoins but then you will have to hide your identity if you want to be completely anonymous. Other than that there is no other way around.
When dealing with bitcoin to fiat this is only disadvantage. May be in future there will be a payment system which will allow to send fiat money anonymously.

Those are the verifications to your wallet and set up because nowadays most of the platform right now requires to have a KYC to verify their customers and avoid getting spam to their database and information. Now let's that to the main question of OP how does the bitcoin becomes anonymous and this is the reason because every time you make a transactions/txs you have a specific bitcoin address and this your key to send and receive funds now in every person who holds bitcoin now has this address and some of them had multiple addresses if you want to make anonymously to your funds you can use the bitcoin mixer we have the different mixer on the internet like the blender.io and the chipmixer I hope this will help you this is the simplest way I can explain how does the bitcoin become anonymously.

If you're still concerned with your privacy when doing P2P, maybe decrease the exposure of your CC/card with something like Privacy or any other services. It would be even better if your bank support creating virtual disposable card to spend your money.

The platform is using "escrow" in which it minimizes the risk of losing your fiat while doing an exchange. The website also have numerous P2P account where it reflects "Verified" and "Professional Trader". Not only that, it also shows how many "likes" the buyer/seller he/she got from trading with other people.

As far as I know, you can have a conversation to the seller upon accepting your offer. That is how the trade goes like when I used P2P marketplace of Binance even though it requires to me to have KYC. LOL

Will do. Thank you!

Actually, it's hard to say that all your transactions will be smooth but if you are using localcoinswap, you can check the thumbs up they have.
The more thumbs up, the better. I guess.
And also, they have secure escrow protection, so at least relatively safe.
But you can check other crypto exchanges that don't require KYC like crex or unnamed.
Depends on which coin you want to trade as they have their own list of trading pairs.

Thank you guys. Ye all are truly amazing! I really appreciate the education! I have signed up for localcoinswap so I guess now I have to find someone "trustworthy" to send him/her $ and hope that they'll deposit the equivalent bitcoins into my localcoinswap account/wallet. It's a "coin toss" really...coz I can send the $ through say "western union" to someone, they get the dough and never deposit the coins in my wallet! Is there any way to minimize my risk here? Thanks

Binance US requires stringent KYC, and it's only Binance US that requires that. I'm from SEA and I didn't really encounter any problems with that, so in your case, Binance may not be the get to go since it redirects you to the US site. Probably try and look up exchanges that don't require KYC in the US. Psuedoanonymous doesn't really reveal your real info. It just shows the wallet the coins were from in a transaction, and they can't really connect any real information from that transaction to you, that is unless the exchange you went on requires KYC. If CEX's don't really work out for you, try looking for DEX that you can easily access.

you are confusing bitcoin with the websites/services.

when you sign up to use a website/service such as Coinbase, Binance,... you are subjected to the rules of those websites. this has absolutely nothing to do with bitcoin. it is your choice to use them and give up your KYC,... and let them track you.

otherwise using bitcoin doesn't need any of these sites and doesn't require KYC or anything like that. it is 100% peer to peer.
part of the problem is that you have fiat and want to dump that for bitcoin. so you are subjected to fiat laws.

This is not about whether or not Bitcoin is anonymous. This is not even about Bitcoin. You don't have a Bitcoin yet, do you? All you have is fiat. That is the problem. You are going to buy Bitcoin with fiat. And because all you have is fiat, you cannot easily spend it without revealing some personal information. This is fiat's problem.

If you don't want to transact using CC or Paypal or bank deposit or remittance services or even cash because that would mean revealing your entire person, then I don't know how you would be able to spend that fiat. Try searching within your local city or town if there is a Bitcoin ATM nearby. 

Ok, I just tried signing up for binance, but it directed me to US site and asked to register there! At the reg page it says I have to prove to them that I'm a US citizen, which means they want my full info lol. Furthermore, even I go through the reg phase, how would I pay for btc's? Again, they'll have all my bank info! So back to ground zero what's the advantage of cryptocurrency if my transactions are transparent and my real info is traceable! To me you can either conduct a transaction anonymously or you can't. pseudo-anonymous, doesn't mean anything. Not that I'm trying to do anything crazy here, all I'm trying to do is a buy a stupid vpn service and pay for it in cryptocurrency, so we're only talking about $50 or $100, if at all. Thanks.

Expect that KYC must be complete on some exchanges especially local wallets or exchanges so you can convert your BTC into your local currency.

There's plenty of exchanges that don't require KYC but have limited features like a limited amount of money to withdraw or deposit.

Also, take note that BTC is not anonymous, they can still trace your transactions and can see your balance in the blockchain. Like what @TravelMug said, it's pseudonymous, not anonymous.