Forget selfies and passports – crypto should be private

[bitbollo]

bitcoin is p2p money. money is private.
unfortunately we had to pass thorugh all these useless regulations or maybe not, there is a specific reason why "governments" have introduced all of these enforcements. At least in my country I have always see a clear lack of interest if not leading directly to clear sabotage.
My first satoshi has been taken with.. VIRWOX... literally in a metaverse or at least it was something like that at this time.
Probably the best solution would be just a society fiatless

[The Cryptovator]

Whatever you said is only followed by real crypto users who care about their privacy and care about their funds. I never support storing funds into exchange anyway; they might freeze for any reason. I have learnt a costly lesson previously with Binance, though later it was loved and the account became useable again. But you will be surprised when you notice general crypto users never care about their data. Even there are people who sell their KYC only for small money. They will verify KYC for your account, so the problem isn't only the centralised platform; we are responsible too.

Do we care about privacy and about our funds? Then we have to find the solution and seek options available on the market. Unless we protect ourselves, then anyone else can't protect us. Still, we haven't learnt about the wallet system, so how do we learn about the privacy? Really it's a matter of knowledge; we have very little crypto knowledge, and blindly we trust centralised exchanges that lead to crying later. We have to teach ourselves and have to find alternatives; then we could protect our privacy and funds as well.

[purple_sparkles]

bitcoin is p2p money. money is private.
unfortunately we had to pass thorugh all these useless regulations or maybe not, there is a specific reason why "governments" have introduced all of these enforcements. At least in my country I have always see a clear lack of interest if not leading directly to clear sabotage.
My first satoshi has been taken with.. VIRWOX... literally in a metaverse or at least it was something like that at this time.
Probably the best solution would be just a society fiatless

I think it’s still a good thing when there are alternatives. If everyone is pushed into using only digital currency, it becomes much easier to create mechanisms of control and pressure. I like the idea of bitcoin because it offers a certain level of privacy, but if there were only digital money, it could also lead to certain social disruptions and increased control. I’m sure many people have heard of the idea of digital slavery. I won’t go too deep into it, but to avoid such a scenario, it’s important that people have alternatives.

[Zaguru12]

Most people choose centralised exchange because that's what they know, that's what comes to their mind anytime they have need for exchange, because the centralised exchanges have been more marketed and publicised than the Dex. Most people on the street outside this forum don't even know if there's anything like Dex. I believe the level of advertising that the centralised exchanges have made and are still doing, the Dex are yet to get to that level. When you meet random people on the street, ask them to mention any exchanges they know, you will likely hear Binance, Coinbase, and few other popular cex, hardly will you hear them mention any Dex.

This is exactly what the centralized exchanges actually want, they know that without marketing it, they won’t be this popular. First of all let’s clear the air, the amount put aside for marketing by this centralized exchanges cannot be matched by decentralized exchanges because the money they get from fees alone is actually worth the advertisement.

If you look at a product or platform doing way too much advertisement then be sure that what they actually care about is their profit and nothing more. Decentralized exchanges do not actually have that power to do this advert because they are not chasing after this huge profits like centralized exchanges and that’s why they do not actually bother themselves with much advertisement. Centralized exchanges are actually simply for businesses alone

[ZAINmalik75]

Are you really a compliant officer, and is that actually true what you are saying? I am not asking, but I am surprised to see how you put things like that. Although I also agree how precious these instant exchanges can be for us, as they ask for no documents and no compliance checks, and they give clean coins from their own pockets. They are taking our worries and giving us their happiness haha. If we put it this way, it won't be wrong.

But I was serious about asking, are you really a compliant officer who works in a centralized exchange, or did you just put all this to show how things actually are? Although there is no doubt in anything you said, because that's probably how they are taking things. It is not their problem, no one is going to ask them, so they take things lightly, while we as consumers trust them the most.

[yhiaali3]

Your long post reminded us of a funny, stupid, annoying, but simultaneously amusing incident.
I transferred $30 worth of Bitcoin from a mixer to Binance, and although I met all of KYC's requirements, Binance sent me a message immediately after the deposit stating that there was a suspicious deposit in my account and that I needed to provide additional evidence about this deposit.

I laughed and wondered if a small deposit of $30 in Bitcoin was worth all this trouble from Binance? Did this $30 pose a security threat to the US government and the governments of the world?

It seems that they are just pointing a "finger in the sky," and the amount itself is not important at all. I also came across something similar and stopped interacting after such methods of "respecting the client."

Yes, I also believe that because they asked for information about the site from which the transfer was made, so I gave them random information and the problem was easily solved. Now several months have passed since the incident and I use my account normally without problems.

Most likely, as you mentioned, because the amount was small, they didn't scrutinize it too closely and the problem was solved, but with larger amounts there will be a different story.

[NotATether]

You!!!! I almost thought you got a new job.

But always, I have largely stopped using centralized exchanges entirely. (Not that I used them even occasionally in the first place).

I still haven't compiled a conplete database of P2P fiat off-ramps yet, as there are plenty of channels and groups on various social platforms that I have not accounted for. But when I do that, I think people will be able to stop using Binance P2P and co. and perhaps begin trustworthy trades in these circles.

[Alphakilo]

Are you really a compliant officer, and is that actually true what you are saying? I am not asking, but I am surprised to see how you put things like that. Although I also agree how precious these instant exchanges can be for us, as they ask for no documents and no compliance checks, and they give clean coins from their own pockets. They are taking our worries and giving us their happiness haha. If we put it this way, it won't be wrong.

But I was serious about asking, are you really a compliant officer who works in a centralized exchange, or did you just put all this to show how things actually are? Although there is no doubt in anything you said, because that's probably how they are taking things. It is not their problem, no one is going to ask them, so they take things lightly, while we as consumers trust them the most.

This is always the case I have with using centralized exchange. One got to always be calculative when doing a transaction or trading P2p just so as not to be flagged and for countries that have restrictions on using some P2P services on their exchange, my question is his safe is sending from one CEX to another even safe?
Crypto of course should be private but when faced with the economic and financial crimes commission department in my country for suspected money laundering activities, because of how you always have funds for investment and transactions that would have to go through local channels in order to use fiat for normal transactions, one always has this fear of being probed or flagged and questioned on the source of income or how it was transacted because using a DEX counters any regulations that overseas CEX and it is a concern for the government.

[SamReomo]

A great post about those centralized exchanges, they're destroying our privacy and still we allow them to use our KYC data and we willing send our KYC data to them so they can know who we are and share our data to governments or to those who might misuse our data. B1exch and such high privacy exchanges are best alternatives for exchanging crypto currencies but there's one issue that can't be solved and that's converting our crypto to fiat money because even at bisq many countries are missing and their currencies can't be traded, I hope in future there'll come a solution where users will be able to swap crypto-currencies to fiat but their privacy will remain protected. For high level of privacy B1exch is the best option for every crypto trader/user.

[Alpen]

bitcoin is p2p money. money is private.
unfortunately we had to pass thorugh all these useless regulations or maybe not, there is a specific reason why "governments" have introduced all of these enforcements. At least in my country I have always see a clear lack of interest if not leading directly to clear sabotage.
My first satoshi has been taken with.. VIRWOX... literally in a metaverse or at least it was something like that at this time.
Probably the best solution would be just a society fiatless

My first Bitcoin was bought on a Chinese exchange and withdrawn to a Blockchain.info wallet. The thing is, crypto developers did little to simplify the understanding of blockchain, key management, and wallets for everyday users.

It was the emergence of exchanges and other custodial services that truly opened Bitcoin up to a wider audience. If we're talking about mass adoption of BTC, it won't happen without real retail use — buying goods and paying for services.

I run a business myself and accept Bitcoin as payment for my services, but I was required to complete KYC with Cryptomus — otherwise my business would essentially be operating underground. I honestly don't know how to run a crypto business without verification. And if crypto businesses don't grow, there will be no mass adoption of Bitcoin — and it's unlikely the market cap will ever climb above $1 trillion. After all, the growth we saw in 2024–2025 would have been impossible without the launch of BTC ETFs

[Synchronice]

I like this style of story writing. It's a good sarcasm, it's a mixture of dark humor and propaganda in reverse, good job, mate. By the way, things aren't as easy as you think and I feel like, you think too much from your own perspective and you completely ignore the fact that crowd exist. The crowd is stupid, they need someone who will guide them what to do and what not to do. People have been slaves for centuries and it's in their genes to obey the master(s).
No-KYC also comes with different set of risks, including counterparty, liquidity and exit scams, with no legal resources when something goes wrong.

[Kelward]

We live in a world where the government and private agencies have made it that your identity is much safer with them, no need to panic.

Asking questions and not doing as asked to, to provide details about yourself now feels like a must thing to do. And if you feel it is not, you won't be allowed to get the services others are receiving.

You see, the systems in place are there to make everyone succumb by revealing their personal details without hesitation or questioning of what happens furthermore

We were all cool with these systems because we didn't know better until Bitcoin came and changed the narrative for us and that is why governments are still skeptical about it, even the so-called Bitcoin friendly countries. Government wants to control everything and everyone in their domain so they need to have all your personal information and they will make you to believe that it is for your own safety. Meanwhile we have the most corrupt people running the same government that claims to want to protect your interest. We cannot totally avoid centralized systems because Bitcoin holders cannot live in isolation but as much as we can we should try and protect our freedom and privacy in a decentralized system like holding Bitcoin in none custodial wallets.

[Lucius]

I love this series of threads. Not just because of the topic, but because of how he presents it.

The problem, in the case of this specific issue for example, is that the general public has started using CEX and similar platforms without anyone holding a gun to their heads, and most of them either won’t read the post or won’t be convinced by it. The people who are most convinced are those of us who already thought exactly the same about giving your personal data to centralized entities, even if we hadn’t thought to put it that way.

Centralized is something that is easier, simpler, more comfortable and understandable to most people. To them, every CEX is a bank for cryptocurrencies, just like there are banks where they keep fiat - and besides, their great hero CZ literally told them to their faces that they are stupid and that 99% of them will lose their coins if they keep them in non-custodial wallets.

The average person simply doesn't care about privacy, just look at how they share their data with every store that has a loyalty program. I'm already thinking about hanging a card around my neck that says "I don't have your app and I don't want it."

[ZAINmalik75]

This is always the case I have with using centralized exchange. One got to always be calculative when doing a transaction or trading P2p just so as not to be flagged and for countries that have restrictions on using some P2P services on their exchange, my question is his safe is sending from one CEX to another even safe?

This is universal then! I thought it was normal only here although not that normal but corruption is what most of the departments have been doing, they are doing it on purpose like to raise flags first and then ask for money, otherwise they could cause more trouble maybe. It is better to stay away from them and let's just hope for not being tagged or flagged but one day comes.

Crypto is private, it is us who chose to link our personal life like our fiat life with crypto life we think doing p2p could keep us anoynmous while we are getting funds on our banks? We are literally giving away out privacy by doing p2p and some times the cases are useless but just to take more and more from you or make an example out of you.

[Agbamoni]

Personally I don’t fully agree that people don’t care at all. I think people actually care about privacy, they just don’t have many real options or they don’t fully understand what they are giving up for that swift illusion of simplicity and convenience that all this platforms package for users.

The honest truth is that most people just want something that works fast and easy, so they follow whatever platform is popular without thinking deeper about control or data. It's not always that they don’t care, sometimes its just convenience over awareness. But slowly and surly, as more people experience issues like frozen funds or data leaks, I think more users will start paying attention and looking for better alternatives.

Actually, everything you said is literally what Mia Chloe meant. People dont care about it, doesnt mean if decentralization is implemented efficiently, they wont want that. It's just that, they dont care anymore because of the process, the delay to complete KYC when they have an urgent need to attend to. People dont care because, one way or another, their information can be hacked, leaked, or sold. We live in a world where it is easier to trust someone on paper than with their actions. I am a core fan of decentralization and anonymity, but guess what. I'm the only exchange that dont require KYC has started requesting for KYC, now I'm left with no choice but to follow the crowd.