Topic: Why do you want NON KYC coin (Read 428 times)

That the preference of individual who keep their identity anonymous and private, because most people is afraid of security breaching. It doesn't matter if we don't confirm ourselves to strangers, so keeping ourselves safe from any fraudulent activities much better if we stay confidential on our personal data. I only provide my personal information with trading site which I usually transact with, but for those non trusted I choose not to divulge everything from my end.

Go Monero (XMR) if you want some real privacy and anonymity for whatever reason.

Well because of these words, ^privacy, and ^security why do people want non-KYC coins.
We need a decentralized platform and a truly decentralized platform will truly give privacy and there should not require any KYC form.
Simple as that.

People, especially bitcoin users, demand privacy and anonymity so that the government cannot track them. They also want to safeguard their personal information because some coins requiring KYC are hazardous. While maintaining our anonymity is extremely important to us, others value security over anonymity.

It is impossible to cash out huge amounts without the authorities knowing. The best option is always pay the taxes and live peacefully as you are not going to get away with it and the pressure of doing these illegally will make anyone weak mentally. You can withdraw small amount within the limit and the authorities will not come chasing but with huge amounts there is no way you can get away.

There are ways but what is the end result if you set up a company in free heavens, the risk is higher and if there is any investigation then you will be caught either way.

I'm wondering though, how you'll want to cash out millions of dollars, euros, etc. in a couple years without the authorities noticing. It's better to pay 20% taxes than landing in jail or only being able to spend tiny fractions of your holdings at a time to remain 'low profile'..

Taxes is the thing that these greedy government needs to be involved with, it's something lucrative on their part I suppose. No wonder this will be part of the whole in the future, these regulations but I think it take amount of time for some consideration. Everyone wants to stay anonymous as possibly as they could not to disclose how much you own or not to harm their personal information online.

KYC takes a considerable amount of time in its review process. Some people need bitcoin immediately so they choose to buy bitcoin on a non KYC exchange. The KYC process should be accepted as quickly as possible in order for everyone to be interested in KYC. KYC is also very important in maintaining the security of an exchange from money laundering.

Avoinding Taxes is also the reason why Government keeps on pushing themselves to be part of crypto. Gone are the days that we can freely use or cashout any amount of crypto without them knowing, there is app that easily converts our crypto to our fiat before but now it became too stricter and blocked users with high amount transactions since they pursue a KYC almost every transaction says to avoid AML. It’s better to have Non KYC coins   if cashing out will be easily accessible but if the area is not yet fully grown and only banks or government related institutions is the way to make it as fiat then it will just be the same. Just always make sure that the platform have the right to conduct KYC to you.

They prefer to keep their identity a secret, and perhaps they are avoiding taxes. And in fact to have bitcoin is not required identity. Giving your identity to other parties is a disadvantage, they may use it for personal gain. Of course this is without the owner's identity knowing.

It’s twice easier to work without KYC. It’s not just about BTC. It’s easier to work with markets that don’t have an obligatory KYC registration to trade. A lot of traders want to stay anonymous and crypto gives this opportunity. KYC registration is ruining everything. KYC is applied to “know your client” (to know traders). But sometimes there occur a lot of problems with this KYC registration. Once after Bounty campaign I get a reward and saw that token is listed on the market where an obligatory KYC registration and in addition to passport they need utility bills on your name and in English. I had problems with this so I got reward but had no opportunity to use it because of KYC.

KYC would mean a little bit hassle on our part but since its already required in most exchanges then we have to comply with it. Even in our day to day activity, just like going in a bank or any remittances to claim money or any stuffs, KYC is also required. So there's no way we can escape from KYC issue since its already part of our daily routine particularly in this time of  pandemic where  every company needs to have an access to its customers.

However, talking about a non KYC coin, bitcoin is definitely a good example on it since its a decentralized coin. I personally want a decentralized coin not just for privacy purposes but also as much as possible i want to keep all my coins secured far from the government's hidden purposes. You know its always good to remain anonymous in every transactions we made with bitcoin but seeing the future of bitcoin soon to be fully legalized and adopted then maybe we should start accepting that KYC will always be a part of bitcoin.

I also agree the tax are kyc dreaded side effects, but in my country, right getting the eye of the federal government and even economic and financial crime commission eyes on you are also why people don't prefer KYC, lately the central bank of Nigeria governor advice against the use of crypto-currency saying it's a tool that brings about crime, KYC makes people vulnerable to the federal government in my country and can they can go as far as an arrest.

The issue is, if you withdraw those coins from the exchange, the exchange knows you have a certain amount of Bitcoin and the corresponding address. Even if you transfer those funds onto another address, that will be traceable through the blockchain.
We call such coins 'KYC coins' because for the exchange and anyone asking it (like your government) it's easy to trace the coins, and see what you spend them on, who you send them to, etc.

That's what people mean when speaking about 'KYC Bitcoin'. They're connected to your identity and you can and will be traced through that information.

Bitcoin is NON KYC why do you say there are bitcoins that use KYC. From my experience, using KYC is when we register for a cryptocurrency exchange account or when participating in a bounty that asks participants to make KYC so that there is no account forgery or account duplication.

There is no such thing as NON KYC coins but any coins you buy from a centralized exchange which you have submitted IDs already, its already linked to you even if it's XMR.

But if you have not submitted KYC documents yet to any exchanges, that's good for you. Because in case there will be a crackdown of BTC owners you are safe. it's a precaution. If you wanna stay that way then better avoid submitting KYC data and be private.

most people's interest in non kyc coins or exchanges. because kyc always danger for our personal security issue, it can be use in illegal stuffs.
binance given access to use their exchange without kyc, required kyc for big portfolio.

That's usually because they don't want to be difficult in buying bitcoin. KYC usually also takes a short time to process. Sometimes it takes up to 2 weeks depending on how long they are. Some people want bitcoin instantly without a long process. Therefore bitcoin non kyc is their solution.

Bitcoin is decentralized, anonymous. We use bitcoin instead of fiat because we want privacy and safety. If we use KYC it's no different than we use fiat, privacy and identity, personal data is controlled by the government or third parties and it is possible that our personal data will be used for malicious purposes. Would you like that to happen to yourself?. Definitely not, no one likes that.

What are you talking about? Let me give you an example in the case of the Netherlands:

You can buy Bitcoin without exchanges, p2p or on a decentralized non-KYC exchange like https://bisq.network/.
You never have to give anyone your public keys, so you're absolutely anonymous when purchasing through Bitcoin.
To avoid tax evasion, you declare that you hold e.g. 20,000€ in Bitcoin end of year, and pay your wealth tax, but nobody still knows which address belongs to you. You can receive Bitcoin, send it, all without anyone knowing who these addresses belong to.

As Bitcoin's value increases and maybe you also accumulate more, you just declare the new value of your holdings at the end of the next year etc.

When your holdings will reach e.g. 20 million € in 20 years (exemplary numbers), you will have a 'paper trail' showing that you accumulated year after year + your holdings increased together with Bitcoin's value increase, so nobody will question where suddenly those 20 million € come from.

You were simultaneously anonymous AND complied with all laws and paid your taxes, which means you'll be able to 'cash out' those non-KYC coins in the far future without issues.

It's not so hard!

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PS: If your goal is to evade taxes using Bitcoin and it doesn't work out due to different reasons, it's not Bitcoin's fault, it's your fault ^{because you shouldn't do that in general}