Why do you want NON KYC coin

[Botnake]

Just interested to hear people's reasoning for wanting NON-KYC bitcoin.  Im guessing its so that one can deny ownership from "the man"

The main reason is that to keep anonymity is important for everyone and a lot of people are looking for this to avoid paying tax as well, if we are going to have KYC then we can have a tax for every transaction we may have. This is the reason why the government cannot put a tax in a decentralized system because they cannot track who is having the transaction.

That's also my point. I would love to keep my personal details privately so as much as possible, i will choose a non-KYC coin so that if i end up gaining huge profits then i won't have to pay the tax that will be associated in it. Its definitely a hard time for us investors to pay the tax that we cannot benefit in the end, yet we are obliged to pay.

But since most of the coins right now are already asking for KYC then we have no choice but to comply with it. After all, at least we can help others through our hard earned investments.

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[Kasabus]

People especially those who are into cryptocurrency want privacy and anonymity so the government couldn't track them. Also, they want to protect their personal information because some coins that require KYC are risky. Keeping our private identity is too important but others prefer security more than anonymity.

That's also the good thing about having KYC to have more security rather than anonymity. But its not only the bases so we can be more secured with our coins. We should also be responsible and careful when choosing exchanges and as much as possible, DYOR first so we can have those legit and reliable ones wherein  our real identities will also be safe and secured.

For me, either you end up having KYC or non-KYC coin the important is you also do your part. Learn to be more cautious in everything you do because if you do even a single mistake, you will never get rid of its consequences and you get to suffer with it.

[mk4]

That's also the good thing about having KYC to have more security rather than anonymity. But its not only the bases so we can be more secured with our coins. We should also be responsible and careful when choosing exchanges and as much as possible, DYOR first so we can have those legit and reliable ones wherein  our real identities will also be safe and secured.

How is having KYC increase security though? Though I never recommend unnecessarily leaving funds on exchanges, Binance has fared really well in the past few years with them not requiring KYC(for sub 2 BTC withdrawals). Having KYC means even your personal security is actually harmed if it's the case that the exchange's KYC database gets breached. (e.g. Ledger database breach)

[n0nce]

When holding Bitcoin without KYC, you have to keep in mind 2 VERY important things:

1) Never trash private keys to any of your wallets. It might be needed to prove by signature when exactly you bought the coin. It has to be plausible that you were able to afford the Bitcoin you have, otherwise they'll assume you got it illegally. I'm getting back to that later.

2) You cannot evade taxes, no matter how much you hate them. It's a big crime in most countries and you don't wanna get caught doing it.

2.1) If you live in a country where only capital gains tax is collected, you can easily buy non-KYC coin, never tell anyone and have your privacy. Also in case e.g. government turns super evil and wants to seize BTC (like they did with gold), they won't know you have any. However, when you'll want to sell it or buy something, you'll be 'de-anonymised' and asked where the funds come from. By still having the private key to the address the funds arrived in, e.g. a transaction for 100BTC in 2012, you can prove you were able to afford 100 Bitcoin in a certain point in time (like 2012 in this example) since you owned ~1000 bucks and spent them on BTC. If not, esp. if the funds moved through a mixer recently, they must assume you acquired them recently and if you're not a top-earner it's unrealistic you acquired them legally.

2.2) If your country collects wealth tax, which means you have to declare at the end of each year how much 'stuff' you possess, you HAVE to declare how much / many Bitcoin you have yearly. Otherwise, when you'll want to spend a large portion of your holdings in the future, even proving you own the coins for a long time won't help you since that way you'll prove you evaded taxes every year. If you try to show you acquired it recently, at a value of millions of dollars / euros, etc., you'll be questioned how you made that much money within a year. In any way, you won't be questioned for a public key / address, so you can still hold your non-KYC coin anonymously, your identity won't be tied to an address, since they just want to know the fiat valuation of your holdings.

For the tax-evasion interested here in this topic: do consider moving to Germany in the future when you'll want to 'cash out', maybe a few years prior. At least under current German and Austrian law, if you held for at least 1 year (e.g. by showing the coins didn't move for a year), all gains are tax-free. There is also no wealth tax on the holdings, so no need to declare anything until you spend.

[Lanatsa]

Just interested to hear people's reasoning for wanting NON-KYC bitcoin.  Im guessing its so that one can deny ownership from "the man"

If you do try to look back on what kind of market we've been dealing off then this is something that you cant really say that this is where KYC shouldn't really be a thing.

Everyone do love anonymity and this is why we do love no-kyc kind of investment specially dealing with sales or prelaunch thing but depending on your risk management take because

there are instances on where there are exemptions specially if the project is truly exceptional and really does have a potential

[TinaK]

Just interested to hear people's reasoning for wanting NON-KYC bitcoin.  Im guessing its so that one can deny ownership from "the man"

Bitcoin was created for financial freedom, for privacy purposes, and this interpretation will keep addressing not to use KYC procedures while accepting cryptocurrency and bitcoin is the best example for that. The reason is you can hide your profit and such thing there are bad guys hiding behind on bitcoin and since our government was against fraud since the start and bitcoin a tool for them that is why there is need a KYC in most country. Tax evasion was the most common case that I found why they are hiding their asset on bitcoin.

[witcher_sense]

KYC as a procedure of identity verification was invented by the banks so that they were able to control who could enter the system and who didn't. The traditional system relies on identity verification to prevent terrorists, opposition, criminals, and other unwanted persons from accessing the financial system. Whether or not it has been successful in doing so is the question of another topic. Bitcoin was created to stay permissionless forever. At a protocol level, it doesn't require nor contain any personal details and allowing everyone to join and participate. So, why do we want non-KYC coins? Because, otherwise, if there would only be KYC coins, we would merely be replicating a traditional system of permission access, which would result in the same mistakes being made once again. Bitcoin, however, is supposed to fix what the traditional system has done wrong.
  

[n0nce]

Just interested to hear people's reasoning for wanting NON-KYC bitcoin.  Im guessing its so that one can deny ownership from "the man"

Bitcoin was created for financial freedom, for privacy purposes, and this interpretation will keep addressing not to use KYC procedures while accepting cryptocurrency and bitcoin is the best example for that. The reason is you can hide your profit and such thing there are bad guys hiding behind on bitcoin and since our government was against fraud since the start and bitcoin a tool for them that is why there is need a KYC in most country. Tax evasion was the most common case that I found why they are hiding their asset on bitcoin.

You're not gonna successfully tax evade millions in Bitcoin, though. I guess yes, for small amounts, but nothing larger.
I get it for privacy and anonymity, but you must declare holdings or profits, depending on jurisdiction, with larger amounts to prevent landing in jail.

[Questat]

Just interested to hear people's reasoning for wanting NON-KYC bitcoin.  Im guessing its so that one can deny ownership from "the man"

If you do try to look back on what kind of market we've been dealing off then this is something that you cant really say that this is where KYC shouldn't really be a thing.

Everyone do love anonymity and this is why we do love no-kyc kind of investment specially dealing with sales or prelaunch thing but depending on your risk management take because

there are instances on where there are exemptions specially if the project is truly exceptional and really does have a potential

And people wanted to keep themselves anonymous to anyone. Though KYC is still an option, it has come to the point that most exchanges are asking for it when creating an account. They are the reason why it loses the anonymity feature of crypto, we are urged to do this which is very unlikely especially when we don't want to do it.  Maybe we have to start accepting the reality that we are almost losing the anonymity feature we have and it is probably lost it totally in the future.

[n0nce]

Maybe we have to start accepting the reality that we are almost losing the anonymity feature we have and it is probably lost it totally in the future.

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!

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}

[Marvell1]

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.

[indo1]

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.

[Tigerheart3026]

Data security guarantees cannot guarantee the safe storage of KYC data. If used by criminals it will harm us. I really don't like KYC but it seems like all administration is forcing us to fill it. Have you received word that currently binance has required all members to fill out KYC. Actually if there is a guarantee of security we will feel calmer. But I understand their business needs data to comply with regulations, so it's like a relationship that we have to fulfill because we need each other.

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.

[bittraffic]

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.

[NelfiNovita]

Just interested to hear people's reasoning for wanting NON-KYC bitcoin.  Im guessing its so that one can deny ownership from "the man"

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.

[n0nce]

Just interested to hear people's reasoning for wanting NON-KYC bitcoin.  Im guessing its so that one can deny ownership from "the man"

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.

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.

[BIT-BENDER]

Probably so they don’t have to pay taxes on profits. I know that I would love to avoid paying tax on bitcoin when I sell. I’ve been HODLING many coins for over 7 years, it doesn’t feel fair that I should have to pay 20% tax on profits.

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.

[Viscore]

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.

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.

[V-t.Ester]

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.

[huu78]

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.