WHY DO I NEED I.D. AND PROOF OF ADDRESS ??

[WILLYCLINTON]

WHY DO I NEED I.D. AND PROOF OF ADDRESS TO BUY BITCOIN ??

tried to but bitcoin at several hubs/sites
they all asked for goverment issued id and proof of address

what gives ? i thought bitcoin was anonymous ?

any suggestions ?

[BitcoinNewsMagazine]

WHY DO I NEED I.D. AND PROOF OF ADDRESS TO BUY BITCOIN ??

tried to but bitcoin at several hubs/sites
they all asked for goverment issued id and proof of address

what gives ? i thought bitcoin was anonymous ?

any suggestions ?

Companies have to comply with 'know your customer' and 'anti money laundering' laws to be able to conduct business. You can always buy in person with cash using LocalBitcoins if that works for you.

[WILLYCLINTON]

HUH ?
what ?

"Companies have to comply with 'know your customer' and 'anti money laundering' laws to be able to conduct business."

last time i checked, its mainly banks that have to do that... so is bitcoin a banking product ?

i went to my local pawnshop and bought some items (including silver) and they didnt ask for i.d. .

i just dont get it ..... anybody else got input on this topic ?

[Vod]

BitcoinNewsMagazine covered it pretty well.

[uquid]

WHY DO I NEED I.D. AND PROOF OF ADDRESS TO BUY BITCOIN ??

tried to but bitcoin at several hubs/sites
they all asked for goverment issued id and proof of address

what gives ? i thought bitcoin was anonymous ?

any suggestions ?

That action call : prevent of risk.
i am 100% agree with you bitcoin is anonmous and it not banking product. However, when you buy them you have to use banking products ( cash or bank transfer, credit card....) everytime you using a product like that online ( in case here, the shop not see your face) then they have to required by law asking for KYC.
if you using anonymous products ( litecoin,....) to buy anonymous product (bitcoin...) then the shop will not ask you for KYC

in offfline shop when you go to buy something ( cash, or credit card) in most case ,they will not ask you for verify KYC simple because they know money in your hand is your. Some case if they need to know where money from (big money) they still asking you (or they will put themself in trouble if the souces of money not clean)

[WILLYCLINTON]

BitcoinNewsMagazine covered it pretty well.

HI VOD... question : do you like giving out your personal info in order to buy an "anonymous" product ? ... if someone has your personal info and what you bought, how is it anonymous ?


HI UQUID...  i dont understand what you posted...whats a "KYC" ?

[uquid]

BitcoinNewsMagazine covered it pretty well.

HI VOD... question : do you like giving out your personal info in order to buy an "anonymous" product ? ... if someone has your personal info and what you bought, how is it anonymous ?


HI UQUID...  i dont understand what you posted...whats a "KYC" ?

KYC is know your customer
meaning : you know who you dealing with
if you not see their face , you need see their documents
simple like that bro !

[WILLYCLINTON]

BitcoinNewsMagazine covered it pretty well.

HI VOD... question : do you like giving out your personal info in order to buy an "anonymous" product ? ... if someone has your personal info and what you bought, how is it anonymous ?


HI UQUID...  i dont understand what you posted...whats a "KYC" ?

KYC is know your customer
meaning : you know who you dealing with
if you not see their face , you need see their documents
simple like that bro !

ok, thanks .... well, i guess no bitcoins for me,not interested anymore...im not uploaded my i.d. and proof of adress to some "company"...god knows what they can do with my info, just seems creepy...i guess bitcoin isnt anonymous as proclaimed. thanks for the replies everyone

[Sontoloyo]

ok, thanks .... well, i guess no bitcoins for me,not interested anymore...im not uploaded my i.d. and proof of adress to some "company"...god knows what they can do with my info, just seems creepy...i guess bitcoin isnt anonymous as proclaimed. thanks for the replies everyone

You are welcome, maybe you must know more about Cryptocurrency especially Bitcoin. If you know you will be love. And this forum is rich articles to know and learn about Bitcoin. Waiting you back again.

[European Central Bank]

i guess bitcoin isnt anonymous as proclaimed. thanks for the replies everyone

what the hell does some company's policy have to do with bitcoin's anonymity? you're using a third party service. they can set whatever terms they like. 

[onlinedragon]

In the past I bought successful Bitcoins with prepaid creditcard at https://www.virwox.com. There are relatively high fees but it was working where others asked for too much information about your identity. When mine I.D. was expired I could only find Virwox that still was working.

[botany]

HUH ?
what ?

"Companies have to comply with 'know your customer' and 'anti money laundering' laws to be able to conduct business."

last time i checked, its mainly banks that have to do that... so is bitcoin a banking product ?

i went to my local pawnshop and bought some items (including silver) and they didnt ask for i.d. .

i just dont get it ..... anybody else got input on this topic ?

There have been cases where people have gotten convicted for running an "unauthorized money transmission service", because they sold bitcoins. So you bet bitcoin exchanges / sellers would want to take all the precautions they can.

[marky89]

HUH ?
what ?

"Companies have to comply with 'know your customer' and 'anti money laundering' laws to be able to conduct business."

last time i checked, its mainly banks that have to do that... so is bitcoin a banking product ?

i went to my local pawnshop and bought some items (including silver) and they didnt ask for i.d. .

i just dont get it ..... anybody else got input on this topic ?

In many jurisdictions, it's not only "banks" but those that are in the business of transmitting money. So for example, brokers/exchanges that take your USD in exchange for Bitcoin, or wire you out USD need to hold certain licenses. Being a money transmitter entails certain AML and KYC policies. Different sites interpret the extent to which you must identify yourself differently. Basically, if fiat money is involved, you need to provide documents. If it is all crypto -- deposit, withdrawal, trading -- there are many sites which will not require documents.

[BellaBitBit]

Why not?  It protects you, it protects the exchange, and this is what is needed with Bitcoin if we want mass adoption.  People want to feel secure.  You have to provide this with a regular bank as well.

[Sharma]

WHY DO I NEED I.D. AND PROOF OF ADDRESS TO BUY BITCOIN ??

tried to but bitcoin at several hubs/sites
they all asked for goverment issued id and proof of address

what gives ? i thought bitcoin was anonymous ?

any suggestions ?

Bitcoin is anonymous that doesn't means exchanges or buyer/sellers of bitcoin are anonymous too.If you want to stay anonymous,you better do not deal with them.

[CardShark659]

WHY DO I NEED I.D. AND PROOF OF ADDRESS TO BUY BITCOIN ??

tried to but bitcoin at several hubs/sites
they all asked for goverment issued id and proof of address

what gives ? i thought bitcoin was anonymous ?

any suggestions ?

pretty sure its because of anti money laundering and fraud protection

[philiveyjr]

You will need to submit your Id proof for any service that combines fiat and bitcoins like an exchange, as they are supposed to report on you to prevent money laundering and tax fraud. If you want to buy bitcoins anonymously, I would suggest using something like localbitcoins.

[btccashacc]

ok, thanks .... well, i guess no bitcoins for me,not interested anymore...im not uploaded my i.d. and proof of adress to some "company"...god knows what they can do with my info, just seems creepy...i guess bitcoin isnt anonymous as proclaimed. thanks for the replies everyone

Hi there, i know exactly how you feeling, feeling scared giving our private information to such a company, however i did it since there's only one exchanger in my country and this is the easiest way to convert my bitcoin to cash or vice versa, firstly i was so scared giving my detail to that company, i just dont know what to do, this is the only simplest and cheap way to trade my bitcoin. I might agree with you when trade bitcoin on exchanger bitcoin isn't anonymous anymore, hoping something bad will not going to happen.

[Das]

You will need to submit your Id proof for any service that combines fiat and bitcoins like an exchange, as they are supposed to report on you to prevent money laundering and tax fraud. If you want to buy bitcoins anonymously, I would suggest using something like localbitcoins.

Even localbitcoins is not completely anonymous because you need to verify your phone number hence specify your country, when opening an account with them.

[deadsilent]

On my local bitcoin wallet also needs identifications like pictures and address. It is need for withdrawing your bitcoin into physical money. Its just a normal procedure since its a local wallet and its for security reasons also. Other wallet are not looking for identifications which is good. Some are not.