⭐ Merited by malevolent (1)
stop people from doing money laundering.
KYC helps solving certain problems such as hiding income taxes, stealing money from other people,
KYC helps solving certain problems such as hiding income taxes, stealing money from other people,
Stop being paranoid mate
The reason why they establish KYC is because they want be protected against scammers. I hope you understamd it
.
The reason why they establish KYC is because they want be protected against scammers. I hope you understamd it
.I don't blame them for KYCs
I've complied
With cases of stolen funds and hack attempts, they're dealing with large amounts of BTC.
I've complied
With cases of stolen funds and hack attempts, they're dealing with large amounts of BTC.
:weeping_satoshi:
Kyc is a way of proofing an identity or ownership of something against possible frauding
An Essential Introduction to Bitcoin for Ill-Informed Newbies:
In Bitcoin, ownership of funds is exclusively proved by control of the cryptographic private keys that can be used to satisfy the output script for a UTXO (i.e., a coin). This is why it is called cryptocurrency.
The foregoing is no mere semantic quibble: I have just stated the purpose of Bitcoin. Absent that purpose, Bitcoin would be only the worlds slowest, most-expensive, least-private, most horrifically inefficient financial database; and it would be idiotic to use it for anything.
If you have the private keys, it is your Bitcoin. If you do not have the private keys, it is not your Bitcoin. Not only does KYC fail to augment these rules: KYC is incapable of contradicting these rules. Observe that if I have Bitcoin (i.e., if only I have the private keys), then no exchange, no government, and no court can freeze or seize it. Indeed, centralized exchanges can only impose KYC because when you use their services, you do not own the Bitcoin: They own the Bitcoin. If you are a good little doggie and roll over on command, then they may be charitable and let you use itor maybe not. If they decide that your KYC just aint good enough, then you will rapidly discover that your Bitcoin is not yours at all; and I will laugh at you.
HTH, HAND.