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Author Topic: Buying $20 BTC without verification  (Read 67 times)
viwudike
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August 14, 2018, 09:34:42 AM
 #1

In my opinion the main reason for crypto not being widely used is that it is so darn difficulty to get your hands on some. I recently did an unofficial survey among user on my site (+-5000 users) and 85% of them said they do no own any crypto. The main reason they stated was that it takes way too much time/eefort to buy even as little as $5 of BTC, that is phone verification, ID verification, ID with selfie verification, CC verification, and sometimes even proof of address - all of this to get $5 of BTC - no wonder it is not widely adopted.

I completely understand the entire idea behind KYC and money laundry. But surely no one is going to launder money in such small amounts.

My idea is to create a website were you can buy a max of $20 (or maybe $50) using CC. Your credit card is then recorded and you will not be able to make another payment on the site (or maybe only after a year or so). Hence, if you can only buy $50 per year, there is no way you can launder money.

By question to the community, from a legal perspective, what problems could I face if I sell such small amounts via CC without requiring any kind of ID verification? Why is no-one else offering this? I know there are other ways (localbitcoins, buysomebitcoin, etc), but these methods are slow, unreliable, often require a minimum of $50/$100 purchase, and in a lot of cases still end up requiring ID verification, not even mentioning the excessive fees/commission. If you limit customers to $50 a year, clearly there is no way to funnel money on a large scale, and there shouldn't be any need for KYC. Also, are KYC policies required by law, or are these just nice-to-have guidelines?
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August 14, 2018, 10:59:24 PM
 #2

In fact, everything in the circle is on the wrong path to the bitcoin. Why was the bitcoin created? The only thing that makes Bitcoin important is that it's just being a digital money? Hell No! Bitcoin is created to do trading in a excellent anonymity. The second reason behind it is that it is really a fast money. People can use that money currency without any bank. One of the main reasons of the Bitcoin was it could be bought effortlessly, not that, there is no such thing currently. When we try to get bitcoin these days, corporate places want a lot of things like ID card, passport, driver's license, and this situation is inappropriate to the purpose of the bitcoin and such a situation diverts the event from its purpose. Bitcoin must be anonymous, independent and easy to bought.




 





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August 15, 2018, 05:08:17 AM
 #3

I like your idea, but If we're talking about legal perspectives/consequences then we should know which country you're in right now. For example, if we're talking about Indonesia, there is no explicit legal sentence about buying Bitcoin (but it is banned as a means of payment), and on top of that, our government recognized it (and most cryptocurrency in general) as an asset, so there will be no problem running your services in Indonesia.

BTW, another way to buy crypto at small amount is to trade directly via this forum. Member can post a thread stating they want to buy $50 worth of BTC at the current price or something like that. But don't forget, always use an escrow unless you're dealing with a very trusted person.

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August 15, 2018, 08:06:58 PM
 #4

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what problems could I face if I sell such small amounts via CC without requiring any kind of ID verification?
Almost nothing. Compare with the shops online, how often do you see a merchant asking your ID to complete your purchase. also now the majority of cards send an SMS for online transactions

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Why is no-one else offering this?
There is.I used one long ago.

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August 15, 2018, 09:00:35 PM
 #5

I don't think that it is a good idea to buy btc without verification but this is your own decision and you are responsible for this. To my mind, it is better to get btc in another way to get profit

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August 15, 2018, 09:39:04 PM
 #6

My idea is to create a website were you can buy a max of $20 (or maybe $50) using CC. Your credit card is then recorded and you will not be able to make another payment on the site (or maybe only after a year or so). Hence, if you can only buy $50 per year, there is no way you can launder money.

I guess the verifying using CC and KYC are similar. In both of the cases a BTC buyer loose his anonymity, because a credit card is connected to the ID of a person. The problem is that a launder can hire the thousands of people with their credit cards and such a way cash his money out in many transactions.

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August 15, 2018, 09:48:34 PM
 #7

Quote
what problems could I face if I sell such small amounts via CC without requiring any kind of ID verification?
Almost nothing. Compare with the shops online, how often do you see a merchant asking your ID to complete your purchase. also now the majority of cards send an SMS for online transactions
I think he will experience to receive a stolen money or hacked credit card so, if you don't have a KYC or ID verification you will be chasing by FBI because you are the recipient of stolen money who doesn't know the identity of the owner.

So, what information can you give to FBI if you don't have a KYC and ID verification?

If you do not have any information to give I think you will be arrested.

That is why almost all exchange site is asking for KYC or ID verification.
Quote
Quote
Why is no-one else offering this?
There is.I used one long ago.
I never heard that there is a website that offers like this, but if it exists, maybe there is a way to deal anonymously.

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August 16, 2018, 11:34:07 AM
 #8

Quote
what problems could I face if I sell such small amounts via CC without requiring any kind of ID verification?
Almost nothing. Compare with the shops online, how often do you see a merchant asking your ID to complete your purchase. also now the majority of cards send an SMS for online transactions
I think he will experience to receive a stolen money or hacked credit card so, if you don't have a KYC or ID verification you will be chasing by FBI because you are the recipient of stolen money who doesn't know the identity of the owner.

So, what information can you give to FBI if you don't have a KYC and ID verification?

If you do not have any information to give I think you will be arrested.

That is why almost all exchange site is asking for KYC or ID verification.
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Why is no-one else offering this?
There is.I used one long ago.
I never heard that there is a website that offers like this, but if it exists, maybe there is a way to deal anonymously.

It's harder to use a stolen card online now. For most of them you receive a SMS code and need to use it online to confirm, without a code you can't do anything with the card. You can also apply to be PCI compliant
FBI has no authority outside The US. so I would say to them fuck off I am not American

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if you don't have a KYC or ID verification
KYC and ID verification are the same thing

Airbuxf
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August 16, 2018, 12:05:06 PM
 #9

In fact, everything in the circle is on the wrong path to the bitcoin. Why was the bitcoin created? The only thing that makes Bitcoin important is that it's just being a digital money? Hell No! Bitcoin is created to do trading in a excellent anonymity. The second reason behind it is that it is really a fast money. People can use that money currency without any bank. One of the main reasons of the Bitcoin was it could be bought effortlessly, not that, there is no such thing currently. When we try to get bitcoin these days, corporate places want a lot of things like ID card, passport, driver's license, and this situation is inappropriate to the purpose of the bitcoin and such a situation diverts the event from its purpose. Bitcoin must be anonymous, independent and easy to bought.




 





What you're saying here is infact true although goverments won't allow Bitcoin to be so easy to obtain and will regulate all possible ways to buy cryptocurrency. That's why we have and will have KYC an almost all exchanges.
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