Newbies: Don't use centralized exchanges!

[BlackHatCoiner]

Nigerian transaction added: https://bitcointalk.org/index.php?topic=5505196.0

Thank you, Chilwell. 

[Zanab247]

Binance exchange blocking some countries of it's platform is not robbery, and this doesn't mean the exchange isn't safe for newbies, Binance will warn you to withdraw you funds before they ban those locations, I like this exchange and I have been a user for the past year's now.. No other exchange is better.

I agree with you that binance is a good exchange many traders are using to trade their coins, and it's very safe and secure to make their transactions successful at the end. If binance is banned in your country, you can make use of some exchanges app that is very good like binance, but don't save your coins in exchange app because many people have loss their coins on exchange app, because is not good for people to store coins for long years before they can trade to make profits.

I guess Bybit exchange will give you the security binance use to give to their users, because they function the say way in the exchange market like binance but different team, but Bybit exchange is not too popular like binance.

[Publictalk792]

If you want to sell crypto for fiat, I'd always recommend going decentralized.
You can either find someone directly who wants to get some Bitcoin locally and meet up; or you can use a truly decentralized exchange like Bisq. It's basically just a way to securely find and trade with an unknown person directly. I'm sure that this is legal wherever you are located; that's usually a trade of goods. Like, the same way you can sell a bike on Craigslist or Facebook Marketplace; you can sell Bitcoins. Just not through Craigslist or FB Marketplace, but through https://bisq.network/.

It's much better than using a centralized exchange, since as I wrote above, it's cheaper, anonymous, you don't need to do KYC and you're not at risk of getting funds frozen, confiscated or the exchange having technical downtimes.

I agree that using decentralized methods to sell crypto for fiat is way to go. Meeting up with someone locally or using platform like Bisq provides secure and private way to trade. It is good option that Bisq allows for anonymous transactions without need for KYC reducing risk of funds being frozen.. Additionally avoiding centralized exchanges saves on fees and minimizes risk of technical issues. However it is good to ensure that you are complying with local laws and regulations when engaging in peer to peer crypto transactions.

[OcTradism]

I agree that using decentralized methods to sell crypto for fiat is way to go. Meeting up with someone locally or using platform like Bisq provides secure and private way to trade.

I knew of trade-in-person method but it is risky. You can use this method because it won't touch your bank account and does not need to use bank transfer, it's good for your privacy without connection to bank but as anything else, it has weaknesses.

One of weaknesses and risk to consider with this method, is your safety physically. When you go to trade in person with your trade partner, be careful with faked cash changed hands and physical attacks too.

Known physical Bitcoin attacks
All known physical attacks on Bitcoin and other cryptocurrencies (2014 - 2022)

[sunsilk]

I agree that using decentralized methods to sell crypto for fiat is way to go. Meeting up with someone locally or using platform like Bisq provides secure and private way to trade. It is good option that Bisq allows for anonymous transactions without need for KYC reducing risk of funds being frozen.. Additionally avoiding centralized exchanges saves on fees and minimizes risk of technical issues. However it is good to ensure that you are complying with local laws and regulations when engaging in peer to peer crypto transactions.

What is worrying someday that the regulators and governments will be forcing the people that develops these decentralized exchanges for whichever purpose they are with, data, txids, etc. Yeah, they're decentralized but there's a probable way for the law enforcement to track them and do what just they've been doing to those projects, cryptos that are into privacy.

I am afraid that it is not impossible to happen. But as long as we're able to enjoy these platforms that promotes decentralization, we're good but just to give some thoughts about that day and it will come.

And going on with the centralized exchanges, before, they'd question you and ask more details about you depositing and withdrawing 10-100 Bitcoins. Now, they might even question you more about 0.1 and even lesser while the price of Bitcoin is going up even if you've already passed on their kyc just for that sake.

[Catenaccio]

What is worrying someday that the regulators and governments will be forcing the people that develops these decentralized exchanges for whichever purpose they are with, data, txids, etc. Yeah, they're decentralized but there's a probable way for the law enforcement to track them and do what just they've been doing to those projects, cryptos that are into privacy.

I am afraid that it is not impossible to happen. But as long as we're able to enjoy these platforms that promotes decentralization, we're good but just to give some thoughts about that day and it will come

It is very possible to happen because the biggest risk for governments to attack these decentralized exchanges is their founders, developers are very popular and known publicly.

Governments, if they want to force Decentralized exchanges to change policies on KYC, will have to create pressure on founders of these DEX. If founders don't obey to request from governments, they will be arrested, charged with life sentence and more. Under such terrible pressure, founders will have no better choice rather than to obey the new strict regulation and cooperate with governments.

Why KYC is extremely dangerous – and useless

We can enjoy KYC free on some platforms that will be less popular with time.

[sunsilk]

What is worrying someday that the regulators and governments will be forcing the people that develops these decentralized exchanges for whichever purpose they are with, data, txids, etc. Yeah, they're decentralized but there's a probable way for the law enforcement to track them and do what just they've been doing to those projects, cryptos that are into privacy.

I am afraid that it is not impossible to happen. But as long as we're able to enjoy these platforms that promotes decentralization, we're good but just to give some thoughts about that day and it will come

It is very possible to happen because the biggest risk for governments to attack these decentralized exchanges is their founders, developers are very popular and known publicly.

Governments, if they want to force Decentralized exchanges to change policies on KYC, will have to create pressure on founders of these DEX. If founders don't obey to request from governments, they will be arrested, charged with life sentence and more. Under such terrible pressure, founders will have no better choice rather than to obey the new strict regulation and cooperate with governments.

Why KYC is extremely dangerous – and useless

We can enjoy KYC free on some platforms that will be less popular with time.

We've seen them do their thing against Monero and other privacy coins and, likely, they'd also crack down on these decentralized exchanges.

They don't give a treat on these services and platforms that give more privacy and protection to ourselves but, they see them as a threat.

But as a community, we can do our own thing as well. If they can't patronize these type of exchange that are protecting us, we can.