Too dumb to undrstand

[LogitechMouse]

~

First of all, Bitcoin isn't anonymous. Second of all, if you aren't comfortable with the requirements that the site requires to you as the user then better find another one which will require less for you.

It isn't ignorance at all since you are just a newbie (I assume) and this is part of the training session that you will undergo. One advice, if you aren't comfortable with it then better find another site or exchange. There are some exchanges or sites which doesn't require KYC or if they will require is at least they will not ask for too much information coming from you.

[gentlemand]

Thank you guys. Ye all are truly amazing! I really appreciate the education! I have signed up for localcoinswap so I guess now I have to find someone "trustworthy" to send him/her $ and hope that they'll deposit the equivalent bitcoins into my localcoinswap account/wallet. It's a "coin toss" really...coz I can send the $ through say "western union" to someone, they get the dough and never deposit the coins in my wallet! Is there any way to minimize my risk here? Thanks

Yes.

Use Coinbase.

I know that's not fashionable but it's the most solid company in the crypto space. Many people dislike their politics and actions but when it comes to the security of your data I doubt there's anywhere more reputable.

All of the friction stems from using your local currency to buy it. That's what comes with the regulatory burden and all the ID stuff. You're effectively opening a bank account and that's not possible anywhere in the world without ID.

If you resolve to never put your ID out there you're exposing yourself to much higher costs and much less choice, plus a healthy dose of risk.

If you're looking to buy drugs or gamble or whatever then yes you need to put more thought into it. If you're simply offended at having to hand over info, this is the world we live in. It's avoidable if you're willing to put the work in. I can't be arsed myself.

[kryptqnick]

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!

I don't know, it sounds suspicious to me. Are you trying to buy Bitcoin? In that case, you need an exchange, and since you'll have to pay with your credit card if it's all going to happen online, some of your information will become known automatically. I use local exchanges using bestchange.com (but it really depends on where you're from) and the exchange knows my name and card number, but nothing else. I can see that you've chosen a service already, but I've never used it, so I don't know if it's a good one or not.
Alternatively, you could try to earn BTC or to buy it via ATM (some don't require identification, but it can differ). If you already have BTC and you want to send it to someone, you just go into the wallet, choose the option of sending money, type in the address of the receiver and the amount you're sending. You won't need any other things.

[jademaxsuy]

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!

This is now the result of the scammers. This forum could be a good place here for exchange and so as to remain anonymous.But with the scammers around then we cannot trust anyone here to do a trade or exchange. Now, due to huge money involve and exchanges operators now afraid being drag to money laundering. So, they require all the users to d KYC. KYC becomes more strict upgrading requirements each time to prove oneslf that even include takimg videos and picture while holding the proof.

[crzy]

Don't push yourself that much and don't be too harsh, if you don't understand bitcoin then you should keep on learning. Giving your personal details is your choice because there's a lot of alternatives that you're not require to give any real identity.

Blockchain technology is made of the purpose of a faster transactions and being anonymous, but since many government are requiring business for this matter, they have do choice but to adopt it so they can operate on a legal way. Just give enough information but never share your private keys.

[Josefjix]

I'm assuming your BC is bitcoin BTC, It is the exchange you are using that's asking for your personal information, it is a mandatory task to ask for KYC in almost all centralised exchanges (so, I'm assuming you're using one). There are several alternatives to those kinds of exchanges; you can choose to trade with an escrow or you use a DEX. It depends on the country you're living in. Try knowing the reputations of the exchange you're using and you're submitting your personal information to. Good luck, mate. You can always ask questions here in no time you'd be a pro like every other person.

[o_e_l_e_o]

but when it comes to the security of your data I doubt there's anywhere more reputable.

I know we differ significant when it comes to using centrazlied/decentralized exchanges and our approach to KYC, but even when only discussing centralized exchanges I completely disagree with this statement. Coinbase admitted they were selling customer data to third parties. Coinbase bought out Hacking Team, which manufactured and sold surveillance software to human rights abusers. Coinbase have partnered up with the IRS, the DEA, and the Secret Service. There isn't an entity in cryptocurrency I would trust less than Coinbase with my data.

For OP, as others have said, your issue here is that the fiat side of your transaction is forcing you to complete KYC. It is entirely possible to buy and sell bitcoin without completing KYC, but it does take more effort and work to do than simply opening an account, uploading your passport, and making a trade. Essentially, you need to trade peer-to-peer with other individuals rather than going through a central service like Coinbase or Binance. There are several ways to achieve this. The ones I use predominantly are BISQ, LocalCryptos, or the currency exchange board on this forum. You will need to be able to pay in other forms of fiat to another person, be that cash in person, money order, bank transfer, PayPal, or something similar. You will also need to spend some time reading about the security and escrow measures for the first two, or finding a reputable trader or reputable escrow if you are trading with someone on the forum.

As I said, it takes more time and effort, but I absolutely feel it is worth it to avoid compromising your privacy.

[thesmallgod]

You don't trust coinbase with your info and also coinbase can't trust you that you will be bringing clean crypto to their platform that is why they require KYC. Not only them but also other centralized exchange. They need all this before they allow you to access some other features such as buying with cards. This has nothing to do with bitcoin but rather where you want to store your crypto. By the way no registered bitcoin business will allow you to buy with card without verifying your identity

[gentlemand]

I know we differ significant when it comes to using centrazlied/decentralized exchanges and our approach to KYC, but even when only discussing centralized exchanges I completely disagree with this statement. Coinbase admitted they were selling customer data to third parties. Coinbase bought out Hacking Team, which manufactured and sold surveillance software to human rights abusers. Coinbase have partnered up with the IRS, the DEA, and the Secret Service. There isn't an entity in cryptocurrency I would trust less than Coinbase with my data.

I don't mean privacy from The Man, that's a given. I'm talking more about it being lifted by hacking types.

Some no mark fake volume exchange could be doing anything with what you send them. At least Coinbase are only using it to allow governments to imprison your mind and soul.

If you can find a viable and affordable no KYC option then great. Many people would be turned off, give up or be scammed.

[pixie85]

OP found a site where he could by BTC and regers to it as BTC site, like it was somehow a part of Bitcoin, but it's not.

Every single Internet user can make a site that implements some features of Bitcoin. Maybe it's a qr code, maybe a link to blockchain or a whole exchange.

What that Internet user demands of you is on him, not on Bitcoin. I could make a site where I sell Bitcoin with no KYC. There are such sites. Bitcoin is as anonymous as you make it.

[Chris Barth]

Hey, I never gave my information to anyone. Some wallets/exchanges may require some private information (KYC). However, you can create a wallet or buy bitcoin from other places that don't require KYC. Also, I'd like to advice that you make prior research so you don't fall into the wrong hands. Welcome to the blockchain technology!!
 

[Rengga Jati]

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!

Hello mate, actually you use the centralized exchange. well, in the centralized exchange, you commonly will be asked for your details proven by the ID data, card, and also all of the information needed. It is called as KYC and AML. This has been common in the big exchange, they will ask this kind of information. Actually commonly the exchange wil ensure that the data are safe and private enough so nobody can see your detailed information. but when you are doing any kind of transactions especially trading, other people will not know who you are. They are also no care about whom they are trading. they only sell and buy on the market so nobody cares about the identity.

Actually, there is a way or exchange that needs no KYC or AML. they are commonly called as decentralized exchange. COmmonly you have to sign up with certain email and confirm very simple data and also 2FA. In this case, you can use any kinds of email and also personal data. howver, many decentralized exchanges are not trusted enough. So, you must eb more careful when choosing them.

[MCobian]

Therefore do not sign-up sites that request the KYC procedure, because there are still many platforms that can buy
Bitcoin without having to provide personal data. You just need to be a little diligent in finding platforms that don't
require the KYC procedure. But be careful too, not necessarily the beginning when signed-up does not have to submit
our personal data. But when withdrawing with a certain limit we must submit our personal data. Therefore, do not forget
to read the terms of agreement and read reviews about the platforms.

[Yamifoud]

Hey, I never gave my information to anyone. Some wallets/exchanges may require some private information (KYC). However, you can create a wallet or buy bitcoin from other places that don't require KYC. Also, I'd like to advice that you make prior research so you don't fall into the wrong hands. Welcome to the blockchain technology!!
 

That's an option mate but sad to know that most exchanges are asking KYC when registering to them and that gives you no reason to deny if you have to use their services.

May P2P services could help but the risk is high which people aren't much confidence in using this. Using escrow also is one of other option but never expect that you save fees compared to using exchanger. But never it warrants you at 100% anonymously because all transactions are recorded to blockchain and all have been traceable.

[KnightElite]

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!

Hello mate, actually you use the centralized exchange. well, in the centralized exchange, you commonly will be asked for your details proven by the ID data, card, and also all of the information needed. It is called as KYC and AML. This has been common in the big exchange, they will ask this kind of information. Actually commonly the exchange wil ensure that the data are safe and private enough so nobody can see your detailed information. but when you are doing any kind of transactions especially trading, other people will not know who you are. They are also no care about whom they are trading. they only sell and buy on the market so nobody cares about the identity.

Actually, there is a way or exchange that needs no KYC or AML. they are commonly called as decentralized exchange. COmmonly you have to sign up with certain email and confirm very simple data and also 2FA. In this case, you can use any kinds of email and also personal data. howver, many decentralized exchanges are not trusted enough. So, you must eb more careful when choosing them.

Decentralized exchange is what you need in order for you to buy bitcoin without uploading or giving your identity but there is also a negative of using it because not all of decentralized exchange are legit and many of them have hacked before. I prefer to use centralized exchange like Binance and Bittrex even though there is a KYC that is really required but I make sure first that the centralized exchange that I will use is legit and it has a high security to guarantee that my identity and my funds are in safe hands.

[vapourminer]

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 .

many link their exchange account to their bank account to make it easier to buy/sell. press the button and the money is there in your account (or taken from it).

coinbase is one such place that does this, so does gemini. both are legit exchanges.

[Oasisman]

However, you can create a wallet or buy bitcoin from other places that don't require KYC. Also, I'd like to advice that you make prior research so you don't fall into the wrong hands. Welcome to the blockchain technology!!
 

There are still a lot of exchange that doesn't require KYC, but with a certain restrictions on your transactions like deposit and withdrawal limit. If you want to increase your limit, then that would be the perfect time to comply with the KYC.
Centralized exchange may contradicts the idea of Bitcoin privacy, but I guess that's better than using an unsecured decentralized exchange and risk your funds of possibly lossing everything.

Different opinions and suggestions is expected here because the OP didn't specified the exchange he was using. If only the OP will provide the specific website, then I'm sure he'll be able to get good output.

[cabron]

This is why I tried to tell my sister to just buy byc from me lol that way she won't be sending her information to anyone. Even cashing out BTC actually will still make you not anonymous.
You will have to submit data to any 3rd party you will use for recieving fiat.

The only anon transaction is when you send BTC to another BTC address if that's what you look for.

[Mpamaegbu]

Thank you guys. Ye all are truly amazing! I really appreciate the education! I have signed up for localcoinswap so I guess now I have to find someone "trustworthy" to send him/her $ and hope that they'll deposit the equivalent bitcoins into my localcoinswap account/wallet. It's a "coin toss" really...coz I can send the $ through say "western union" to someone, they get the dough and never deposit the coins in my wallet! Is there any way to minimize my risk here? Thanks

This is your best decision or a p2p. Try as much as you can to avoid any crypto site asking for your bank digits. There are lots of scam sites out there. You do that, you expose yourself and you blame yourself for that vulnerability. I don't know why Binance would ask for citizenship verification from a Level 1 customer. Could it be because it's its American site? I am a non-American citizen and I use Binance (as far back as 2017) and till date I am still on Level 1 (limited to 2btc daily withdrawal though) and I haven't done any citizenship verification apart from my email. I have always had smooth transactions on the site.

[Gotumoot]

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!

You could choose another site to use seems like you are registering to a site with a KYC required to use their service there are so many other providers that you could use without having a KYC.
And it is great that newbies are asking out to know more it is better than being so high and mighty even if you don't know a thing.
It is great to see that there are some who are still eager to know something about what they are about to do and not just blindly signing up.