Pages:
Author

Topic: Too dumb to undrstand - page 3. (Read 671 times)

legendary
Activity: 2268
Merit: 2327
Marketing Campaign Manager |Telegram ID- @LT_Mouse
July 24, 2020, 09:05:30 PM
#7
First of all, it's BTC not BC and denoted by BTC sometimes.
Since you said you have choosen coinbase, you have to verify your identity before you start buying BTC. And yes, you can be traced easily if you use centralized services to buy/sell bitcoin. Better you use p2p method to avoid your identiry to be leaked.
newbie
Activity: 5
Merit: 4
July 24, 2020, 09:00:28 PM
#6
Thank you all for the the info. Looks like I have to do some more research on the subject and educate myself on it. The site in question is called "coinbase". But here's another one for you... If I'm to get cryptocurrency online, I'm obviously not paying cash for it, so whether the purchase is made through company abc or xyz, they'll have my info, (i.e. my cc or PayPal, etc...) IOW, that's a traceable coz that how I'll most likely end up paying for these coins... Cheers!
full member
Activity: 1232
Merit: 186
July 24, 2020, 08:47:31 PM
#5
One thing is for sure, avoid that website and choose an alternative. Because IMHO, that was too much for a KYC. Giving your name, address or even your contact number is reasonable but asking for your bank account is beyond the limits already. May I ask what website you signed in? For us to verify if it was legit/reputable or not.

I understand if you feel uncomfortable right now. Good thing you seek advice here first Smiley.
hero member
Activity: 2632
Merit: 833
July 24, 2020, 08:35:34 PM
#4
Bitcoin is not anonymous per se, it's psuedo anonymous.

Exchanges now are requiring you to submit your personal info to adhere with KYC (Know-Your-Customer) policies. And if we are still with traditional systems like banks to purchase BTC we need to fulfill the requirements.

Also there is a FATF guidelines, https://www.fatf-gafi.org/publications/fatfrecommendations/documents/guidance-rba-virtual-assets.html
copper member
Activity: 246
Merit: 7
buy bitcoin, hodl bitcoin
July 24, 2020, 08:34:47 PM
#3
You can always buy bitcoin on somewhere else with no kyc, maybe here or some website like localbitcoins
hero member
Activity: 2758
Merit: 675
I don't request loans~
July 24, 2020, 08:24:43 PM
#2
Well, it is anonymous till date, but it's anonymous on its transactions. The fact that your account creation was littered with KYC wasn't really the fault of Bitcoin, but rather the fault of the company behind the exchange you're creating your account. (I'm assuming BC is BTC kay?). There are other exchanges out there that let you create an account without any KYC and let you transact BUT after a certain limit has been met, then you need to provide your information to them, an example would be Binance. There are also DEX's that don't require you to KYC as well as P2P trading which probably requires escrow service to ensure secure transactions.
newbie
Activity: 5
Merit: 4
July 24, 2020, 08:13:30 PM
#1
Hey guys/gals, maybe I'm too dumb to understand how BC really works, but I just signed-up on a BC site and before I can purchase a few coins, I was asked for all my REAL information, including last 4 of my SS#, address, and even a bank account to link my BC account to! So I'm scratching my head, "how can this be anonymous" they know everything about me and if I buy anything using that BC account, I just opened, it'll be just as transparent as buying w/ cc lol. Again please forgive my ignorance, but can someone briefly explain how can any transaction from a BC account be anonymous, if they collect every piece of information about you before allowing you to open an account! Thanks!
Pages:
Jump to: