How important is it for BTC to be non KYC?

[btcnbegun]

Like someone DCA'ing every 2 weeks however holding off on putting in larger sums until they have mastered non KYC?

[IIrik11]

very important where govt. is not pro-crypto

my govt. puts 30% tax on crypto capital gains as if it is a lottery winning

therefore, most people in my country if not all use foreign exchanges or p2p

to avoid this tax but the downside of that is we have to 10% over the market price when buying

[wileecryptoty]

I won't KYC until I'm ready to sell something.  At that point I'll tell the government that I own bitcoin.

[logfiles]

Maybe you first have to understand the reason Bitcoin came into existence. Start from here - https://bitcoin.org/en/bitcoin-paper
No KYC means there's no way Government or anyone else can link the Bitcoins to you in case they have ill intentions. The need to avoid KYC is more of a privacy thing.

we have to 10% over the market price when buying

Not if you choose the right markets. 10% is huge.

[kotajikikox]

Like someone DCA'ing every 2 weeks however holding off on putting in larger sums until they have mastered non KYC?

What is the connection between DCAing and non kyc? You do not need to implement DCA as a strategy to prefer non KYC. Some people are not doing DCA but prefers non KYC because they are protective of their privacy while some who may not be that strict about KYC might also not want to DCA.

[X-ray]

Like someone DCA'ing every 2 weeks however holding off on putting in larger sums until they have mastered non KYC?

If you're DCAíng and don't want to do KYC just send your BTC to your self custody wallet.

Some exchange allow buying with limited amount without KYC so I think there's a way.

If you're holding your BTC on their platform and not doing KYC however, I won't be surprised if someday they enforce it and it might involve freezing your funds.

[pooya87]

Like someone DCA'ing every 2 weeks however holding off on putting in larger sums until they have mastered non KYC?

What is the connection between DCAing and non kyc?

Nothing really, apart from the fact that most people who purchase bitcoin, do it on some centralized exchange and almost all of them require KYC. So unlike the bad title OP chose, the centralized service has KYC not bitcoin.

The importance of it comes down to how much the user believes in financial sovereignty. For most people, it is all about making some profit in which case KYC is not as big deal (which is why CEX is still popular!) but for anybody who seeks financial sovereignty, any form of surveillance (that includes KYC) is in complete contradiction.

[BlackBoss_]

Like someone DCA'ing every 2 weeks however holding off on putting in larger sums until they have mastered non KYC?

Bitcoin blockchain does not require Bitcoin users to KYC before using it. There is also no censorship on Bitcoin blockchain and no transaction reversibility too.

KYC or not, it is up to users to choose how and where to buy and sell their bitcoins. Whether that method and place is KYC required mandatorily or not, it's responsibility of people to decide what they want and what they do.

Reminder: do not keep your money in online accounts.
Events made you scare about custodial wallets, centralized exchanges.
Why KYC is extremely dangerous – and useless.

Find no KYC exchanges there
https://kycnot.me/?categories=exchange

[mindrust]

If you value your privacy, it is the most important. Do you think the government needs to know your every purchase? Do you think they need to know about your pronhub subscription? Why should they?

Whenever you accept to do KYC, you are playing into their hands. You accept their terms. They want you to think theirs is the only way but that’s not true. You got options. You can decide not to comply. You can use a decentralized service which doesn’t do KYC AML under any circumstances.

You have a choice. Let’s shove them blue pills up in their arse

[Aanuoluwatofunmi]

Like someone DCA'ing every 2 weeks however holding off on putting in larger sums until they have mastered non KYC?

Not every buy we made have to be on a centralized platform, this serious mistake is what many have been making, when they failed to realized that bitcoin was not introduced to pass through KYC and centralized platforms before we can acquire it, being an independent currency, we should be able to know various ways we could secure our privacy while we take hold of acquiring bitcoin by the various channels we intend to use.

[dkbit98]

Bitcoin is non-KYC right now, and it is important to stay like this.
Two people located in different countries around the world can freely exchange coins without third party or verification.
Governments and big companies would probably like to turn everything kyc-only, including bitcoin, to make it easier controlling people.

[Natalim]

Having non-KYC promotes privacy. So if you can sell your bitcoin without having to pass through KYC, I think it’s more of an edge for you, you don’t let any centralized institution to get to know that you have bitcoin, or else it will serve as a threat for your bitcoin in the future, as well as with your bitcoin account.

However, I think this may only remain a dream these days because KYC has already been normalized and every time we decide to sell our bitcoin, except for P2P, it’s like we are giving the exchange permission to have an access to our bitcoin, or even to our valuable personal information.

[Zlantann]

The importance of it comes down to how much the user believes in financial sovereignty. For most people, it is all about making some profit in which case KYC is not as big deal (which is why CEX is still popular!) but for anybody who seeks financial sovereignty, any form of surveillance (that includes KYC) is in complete contradiction.

Only a few number of people buy Bitcoin because of the privacy it offers. Most people are concerned with making money from investing in Bitcoin, so they are comfortable using centralized platforms. Maybe we might start cherishing the decentralized nature of Bitcoin when the government freezes our assets or closely monitors our financial transactions. People have been traced and arrested in my country because they gave out their personal information to centralized exchanges. The highest benefit of owning Bitcoin is not profit but privacy.

[Moreno233]

Like someone DCA'ing every 2 weeks however holding off on putting in larger sums until they have mastered non KYC?

What is the connection between DCAing and non kyc? You do not need to implement DCA as a strategy to prefer non KYC. Some people are not doing DCA but prefers non KYC because they are protective of their privacy while some who may not be that strict about KYC might also not want to DCA.

I think the OP is referring to the possibility of DCAing Bitcoin in a decentralized exchange such as Bisq. Maybe the OP have the mindset that putting large amount of money into Bitcoin and getting that through CEX might attract the attention of the authorities hence the need to opt for non KYC platform. This is what I understand about the post and if that be the case, CEX may need source of funds and other information which you should easily provide and buy your Bitcoin before transferring to your personal wallet.

[BitMaxz]

I think the OP is referring to the possibility of DCAing Bitcoin in a decentralized exchange such as Bisq. Maybe the OP have the mindset that putting large amount of money into Bitcoin and getting that through CEX might attract the attention of the authorities hence the need to opt for non KYC platform. This is what I understand about the post and if that be the case, CEX may need source of funds and other information which you should easily provide and buy your Bitcoin before transferring to your personal wallet.

Based on the title, he is asking about the importance of BTC that doesn't have KYC; he is just giving a sample of if he is DCAing bitcoin with no KYC.
There's no other advantage of having a BTC with no KYC; it's your privacy concerns. If you don't want someone to monitor your investment in BTC for the long term, then buying BTC on a non-KYC exchange is a good option, and there's no hassle of going through exchanges that ask for KYC verification. I don't see the importance of having BTC with no KYC, but if you are concerned about your privacy, that's the reason why we are going to use an exchange with no KYC.

[Botnake]

Like someone DCA'ing every 2 weeks however holding off on putting in larger sums until they have mastered non KYC?

If you value your privacy, then you will know how important it is for your bitcoin not to be required with KYC. The sad thing is, looks like KYC has already been adopted by majority of the exchanges, otherwise these exchanges will also be punished by the regulatory bodies once they fail to exercise KYC verification on every crypto transaction.

Indeed, there are quite advantages if we don’t comply with KYC, but as what the regulatory bodies imply, safety and security of our coins are their ultimate goal, and with that there are no valid reasons not to comply.

[SquirrelJulietGarden]

Based on the title, he is asking about the importance of BTC that doesn't have KYC; he is just giving a sample of if he is DCAing bitcoin with no KYC.
There's no other advantage of having a BTC with no KYC; it's your privacy concerns. If you don't want someone to monitor your investment in BTC for the long term, then buying BTC on a non-KYC exchange is a good option, and there's no hassle of going through exchanges that ask for KYC verification. I don't see the importance of having BTC with no KYC, but if you are concerned about your privacy, that's the reason why we are going to use an exchange with no KYC.

Buying Bitcoin without KYC is good for privacy but there are other practical steps which can affect a personal privacy. Privacy must be protected at the start and along the way, to keep it as most private as possible. You can not buy bitcoin without KYC but later share your public address together with your identity somewhere on the Internet.

Protect your Bitcoin privacy https://bitcoin.org/en/protect-your-privacy
Bitcoin Privacy Guide https://bitcoiner.guide/privacy/
Bitcoin Privacy Resources https://www.lopp.net/bitcoin-information/privacy.html

[freedomgo]

If you value your privacy, it is the most important. Do you think the government needs to know your every purchase? Do you think they need to know about your pronhub subscription? Why should they?

Whenever you accept to do KYC, you are playing into their hands. You accept their terms. They want you to think theirs is the only way but that’s not true. You got options. You can decide not to comply. You can use a decentralized service which doesn’t do KYC AML under any circumstances.

You have a choice. Let’s shove them blue pills up in their arse

If only these newbies know the value of privacy, then they won’t resort into buying from centralized exchanges, but I don’t think they know actually the real risk out from trusting centralized exchanges. No problem with us early investors here as we are fully aware what’s with KYC, but the problem is on the newbies who purchase their crypto without thinking whether to prefer non-KYC or just go with the flow and later on regret their decision.

[BitHodlers]

By doing KYC you add several new risks to yourself, and you gain absolutely nothing from it. Perhaps if you are located in an unlucky place, you may save a little bit in fees when trying to acquire Bitcoin but the added risk outweighs the savings. For one, your data can be compromised and exposed online. Further, this information may be used against you both by criminals and by the government. If your purchase history leaks, you could be targeted by local criminals. If the government becomes hostile, you will be targeted as well.

You should avoid KYC if you can.

[promise444c5]

If you're DCAíng and don't want to do KYC just send your BTC to your self custody wallet...

Sending your BTC to a custody wallet doesn’t really have anything to do with avoiding KYC. It all depends on the source. Most people buy coins from CEX exchanges using KYC, then move them to self-custody wallets because they don’t care . When the time comes to shave off some or sell (through CEX exchanges), it’s much easier because the coins originally came from a KYC-verified source.

Unless you have a specific reason for the coins (maybe for privacy), or you’re trying to stay completely off the grid, you’d need a different source. But even then, it’s hard to know where your sats are really coming from, so it gets a bit more complicated than just being a  DCA holder who doesn’t  really care about all that, but yeah! you have the privacy that’s not linked to any KYC -source .

AFAIK, only the exchange has your personal details..unless there’s a data breach, or the government are on to it..you must be on their radar