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May 06, 2020, 01:03:33 PM |
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Hi all, I'm new to crypto as recently I have free time on the internet and see an ads about it. Google brings me here, and medium, some crypto websites too. I want to own some coin and try to invest. The only way to buy crypto is credit card. I'm confused that why I must provide my identity, passport number and image of it, and photo of my face. I read and know that crypto is anonymous, why I must kyc to buy coin?
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Csmiami
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May 06, 2020, 01:12:38 PM |
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The only way to buy crypto is credit card.
This statement is very far away from being true. You can buy crypto in some of the following ways (just thinking a few, not putting much effort into it): - Selling other crypto for BTC
- Bitcoin ATMs (cash)
- Buying them from another person (again, cash)
- Wire transfer (exchanges or other person)
- Prepaid cards (similar to gift cards, offered in some supermarkets)
- Sell amazon codes (or any other) codes for crypto
- ....
Alternatively, you can also sell goods and accept BTCBTC payments, offer some kind of service and get paid in BTCBTC, and the list goes on I'm confused that why I must provide my identity, passport number and image of it, and photo of my face.
You only have to verify your identity with some centralized platforms, and some even have a non KYC limits established. I read and know that crypto is anonymous, why I must kyc to buy coin? Bitcoin (and most crypto) pseudo-anonimous, all transactions are publicly available in the blockchain, so if you "only" have to know who one particular address belongs to to see most of their movements. Luckily, there are some procedures to prevent this, and getting a more anonimous experience.
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Cnut237
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May 06, 2020, 01:15:37 PM |
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I read and know that crypto is anonymous, why I must kyc to buy coin?
First of all be careful to only use reputable sites. As to why you need to go through KYC - since bitcoin and other cryptos started to attract serious money, they came more to the attention of governments around the world. KYC is partly to protect users and partly to comply with legal safeguards against terrorism and money-laundering. Exchanges and gateways that don't comply with the laws of the country in which they are based are liable to prosecution. You must also remember that blockchains are transparent. It is only anonymous so long as there is no connection to a fiat gateway. KYC is an increasingly contentious subject. There is plenty about it online, have a read of this for example.
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Maus0728
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May 06, 2020, 01:37:38 PM |
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I assume that you have at least created a bitcoin wallet. If you do, you can try buying bitcoin at https://localbitcoins.com/. This site allows you to find willing seller in your vicinity with varities of payment method such as paypal or meeting up with someone so as to avoid KYC. https://coinatmradar.com/ if you prefer using btc ATM. ATM allows you to buy bitcoin using fiat while surrendering your btc wallet QR code bitcoin address in its scanner to receive the equivalent amount of bitcoin at the current rate.
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OmegaStarScream
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May 06, 2020, 01:55:28 PM |
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I assume that you have at least created a bitcoin wallet. If you do, you can try buying bitcoin at https://localbitcoins.com/. This site allows you to find willing seller in your vicinity with varities of payment method such as paypal or meeting up with someone so as to avoid KYC. -snip- KYC is obligatory in LBC, and in-person transactions has been removed sometime ago. I would suggest OP to use LocalCryptos instead.
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alik111
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May 06, 2020, 03:56:57 PM |
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Hi all, I'm new to crypto as recently I have free time on the internet and see an ads about it. Google brings me here, and medium, some crypto websites too. I want to own some coin and try to invest. The only way to buy crypto is credit card. I'm confused that why I must provide my identity, passport number and image of it, and photo of my face. I read and know that crypto is anonymous, why I must kyc to buy coin?
Actually Cryptocurrency is very risky because of huge scammers and in crypto buying like Bitcoin you may have issues.Here is a huge risk to lose funds by being trapped from any scammer.Thats why to be safe some platforms must need to verify kyc.And it is increase your crypto transection limits too. But it's not mandatory in all exchanges and you can easily buy it from your local country exchanges without doing kyc.And many big exchanges have features to buy without taking your personal details through kyc. And you can try Binance Exchange,MXC exchange and many others.
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Review Master
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May 06, 2020, 04:51:29 PM |
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The only way to buy crypto is credit card. I'm confused that why I must provide my identity, passport number and image of it, and photo of my face. I read and know that crypto is anonymous, why I must kyc to buy coin?
Credit card is not the only way to buy crypto-currency. You can even use this forum to buy bitcoin or other crypto-currency because most trusted users help others to escrow any deals. So, if you find out anyone who is willing to sell bitcoin or any crypto, just do escrow with any escrowers and make the deal without any tensions of scamming. Without escrow don't make any deal in this forum if you don't know him personally. Kyc is only need in the CEX ( centralized exchange ) to buy crypto with credit cards. Here is the list of escrow services: https://bitcointalk.org/index.php?topic=2439910.msg24991775#msg24991775
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TheEconomists
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May 06, 2020, 05:35:38 PM Last edit: May 06, 2020, 06:21:56 PM by TheEconomists |
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The only way to buy crypto is credit card.
This statement is very far away from being true. You can buy crypto in some of the following ways (just thinking a few, not putting much effort into it): - Selling other crypto for BTC
- Bitcoin ATMs (cash)
- Buying them from another person (again, cash)
- Wire transfer (exchanges or other person)
- Prepaid cards (similar to gift cards, offered in some supermarkets)
- Sell amazon codes (or any other) codes for crypto
- ....
Alternatively, you can also sell goods and accept BTCBTC payments, offer some kind of service and get paid in BTCBTC, and the list goes on I'm confused that why I must provide my identity, passport number and image of it, and photo of my face.
You only have to verify your identity with some centralized platforms, and some even have a non KYC limits established. I read and know that crypto is anonymous, why I must kyc to buy coin? Bitcoin (and most crypto) pseudo-anonimous, all transactions are publicly available in the blockchain, so if you "only" have to know who one particular address belongs to to see most of their movements. Luckily, there are some procedures to prevent this, and getting a more anonimous experience. You should have put some factors into consideration before these point you mentioned above. One, whether in OP community Bitcoin ATM exit, or he/she has other altcoin, whether he/ she knows someone that is ready to sell and so on. I do believe op can find his country men here who have good reputation that he can Bitcoin from in exchange for his local currency if he don't want to subject himself to KYC via crypto currency exchange because even local exchange as recommended by some people above is not free from KYC.
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Csmiami
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May 06, 2020, 05:47:56 PM |
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One you should have put into consideration before these point above is whether in OP community Bitcoin ATM exit, or he/she has other altcoin, whether he/ she knows someone that is ready to sell and so on.
I had indeed considered that, but my objective was to make OP see that there are (many) alternatives to buying Bitcoin without a credit card. I was not evaluating his personal case, but giving some information for OP and anyone that may have the same question in the future and finds this tread.
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BitSat19
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May 06, 2020, 05:48:35 PM |
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The only way to buy crypto is credit card. I'm confused that why I must provide my identity, passport number and image of it, and photo of my face. I read and know that crypto is anonymous, why I must kyc to buy coin?
Credit card is not the only way to buy crypto-currency. You can even use this forum to buy bitcoin or other crypto-currency because most trusted users help others to escrow any deals. So, if you find out anyone who is willing to sell bitcoin or any crypto, just do escrow with any escrowers and make the deal without any tensions of scamming. Without escrow don't make any deal in this forum if you don't know him personally. Kyc is only need in the CEX ( centralized exchange ) to buy crypto with credit cards. Here is the list of escrow services: https://bitcointalk.org/index.php?topic=2439910.msg24991775#msg24991775Now many reputable sites also giving this service to users as they able to buy and sell bitcoins and altcoins for credit card without any hassle and KYC mean Binance and HitBtc both offering this service and CEX is not good and please think before doing any business with this scam exchange.
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ShowOff
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May 06, 2020, 06:00:44 PM |
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Welcome to the bitcoin forum, you are in the right place to get knowledge about bitcoin and other cryptocurrency and without reducing my respect for other users, then I will only give a few additional suggestions for you and hopefully there are benefits. If you live in a country that already has a bitcoin ATM, then you will easily buy it at an ATM using cash, but you will only get bitcoin and not for other cryptocurrencies. For countries that dont have a bitcoin ATM, I think there are several ways to buy or sell bitcoin, such as: - Conduct transactions with other users (Use escrow services to increase security)
- Choose an exchange that does not require you to send the KYC form if you object to KYC. But lately KYC is one of the conditions for exchange if they want to continue to operate in countries that apply KYC rules for cryptocurrency users.
- You can buy on an exchange that uses KYC but you must consider that it is a safe exchange.
- The rest, you can also get buying and selling services from trusted users in the forum as done by one of our local users. [ZAKY-CELL] Jual Beli Bitcoin - Voucher Indodax - Official P2P Binance - Escrow by AakZaky
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SpanishSoldier
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May 06, 2020, 06:38:56 PM |
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I assume that you have at least created a bitcoin wallet. If you do, you can try buying bitcoin at https://localbitcoins.com/. This site allows you to find willing seller in your vicinity with varities of payment method such as paypal or meeting up with someone so as to avoid KYC. -snip- KYC is obligatory in LBC, and in-person transactions has been removed sometime ago. I would suggest OP to use LocalCryptos instead. Along with LocalCryptos, I'd also recommend HodlHodl.com. Once, user gets pro, Bisq.io is the best for non-KYC purchase of BTC.
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o_e_l_e_o
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May 06, 2020, 06:46:30 PM |
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Here is a huge risk to lose funds by being trapped from any scammer.Thats why to be safe some platforms must need to verify kyc. Completing KYC at an exchange doesn't reduce your risk of being scammed in any way. In fact, completing KYC puts you at a higher risk of being scammed since you are sending all your personal information to a complete stranger, who can then do whatever they like with it, including commit identity theft, fraud, or sell your details to others. Keeping your personal information, KYC documents, email address, etc., private is a good way to protect yourself from some scams, and taking due care and due diligence will protect you from the others. As mentioned above, LocalCryptos, Bisq, or Hodl Hodl are the best non-KYC peer-to-peer exchanges at the moment, which allow you trade safely and protect your personal information and privacy.
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Csmiami
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May 06, 2020, 08:20:55 PM |
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Dear firend, KYC is essential for transactions between cryptocurrencies and fiat money, and this is only to protect your security and prevent any fraud
No, it is not. And you can still get scammed in places requiring KYC
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BitSat19
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May 06, 2020, 08:34:42 PM |
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Dear firend, KYC is essential for transactions between cryptocurrencies and fiat money, and this is only to protect your security and prevent any fraud
No, it is not. And you can still get scammed in places requiring KYC Yes its happen many time here on this forum KYC never give any protection to any one from scam its just formality from few exchanges and sites just because of International laws and judiciary restrictions.
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KiloFoxtrot
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May 06, 2020, 10:05:59 PM |
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The only way to buy crypto is credit card.
On the contrary, I've encountered some crypto and crypto exchanges that actually do not accept credit cards as a method of payment. But I noticed this only during the ICO of some of the new altcoins that I was somehow interested in participating, when I was still new to crypto.
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Eth pro (OP)
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May 07, 2020, 12:51:11 AM |
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Thank you for your suggestions friends. I read all. You clarify me many things. I think I will use https://localcryptos.com/ to buy 1eth first. Crypto is a larger world than I thought. You said about Bitcoin Atm. I didn't know it yet. It sounds interesting. I'm going to explore it now.
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nakamura12
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May 07, 2020, 01:47:02 AM |
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Hi all, I'm new to crypto as recently I have free time on the internet and see an ads about it. Google brings me here, and medium, some crypto websites too. I want to own some coin and try to invest. The only way to buy crypto is credit card. I'm confused that why I must provide my identity, passport number and image of it, and photo of my face. I read and know that crypto is anonymous, why I must kyc to buy coin?
Cryptocurrency is really anonymous but the platform that you have didn't follow the purpose of crypto being anonymous. The have their own reasons for that like to prevent money laundering and more that's why they will ask you to complete the KYC on their platform before you can buy some coin. Just make sure you go to ansite that is reputable by doing some research.
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20kevin20
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May 07, 2020, 07:12:35 AM |
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Thank you for your suggestions friends. I read all. You clarify me many things. I think I will use https://localcryptos.com/ to buy 1eth first. Crypto is a larger world than I thought. You said about Bitcoin Atm. I didn't know it yet. It sounds interesting. I'm going to explore it now. I never tried out localcryptos or other platforms to buy crypto off with fiat, but I've used lots of different ATMs. Make sure your closest ATM does not have KYC (or maybe it has a certain limit you can deposit without KYC - check their terms & conditions or call their number to find out) and also make sure it's open now that most businesses are closed. If you can find one nearby, I suggest you to try it out at least once. Feels much safer imo and you don't have to work with banks to get your cryptos, so as long as there's no KYC.. risks are little. ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif)
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slackovic
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May 07, 2020, 07:19:42 AM |
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Thank you for your suggestions friends. I read all. You clarify me many things. I think I will use https://localcryptos.com/ to buy 1eth first. Crypto is a larger world than I thought. You said about Bitcoin Atm. I didn't know it yet. It sounds interesting. I'm going to explore it now. I never tried out localcryptos or other platforms to buy crypto off with fiat, but I've used lots of different ATMs. Make sure your closest ATM does not have KYC (or maybe it has a certain limit you can deposit without KYC - check their terms & conditions or call their number to find out) and also make sure it's open now that most businesses are closed. If you can find one nearby, I suggest you to try it out at least once. Feels much safer imo and you don't have to work with banks to get your cryptos, so as long as there's no KYC.. risks are little. ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) Also, he can try a local crypto exchange that has an office. For example, in my country we have few crypto exchanges that doesn't require a user to do KYC up to a certain amount. And even if I want to invest larger amount, I can buy crypto several days in a row because the limit is set to 24 hour period.
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