Quote from: AicecreaME on Today at 12:28:00 PM

Quote from: brainactive on July 25, 2021, 02:51:18 AM

Up until now, I thought the only way to convert fiat to BTC is through KYC exchanges. It seems like there are alternatives such as Bysk. Did I shoot myself in the foot by purchasing through KYC exchanges?

I totally see nothing wrong in purchasing bitcoin thru platforms that require KYC. As a matter of fact, KYC makes me more secure and at peace that my transactions will be done safely because they provide higher level of security against hackers attack. KYC is asked by exchangers for a reason. And that reason is to guarantee the users that their funds are on a safe place. I bet you've done several transactions using KYC exchangers before, so why bother now?

If you are thinking of trying different exchanger that do not require KYC, it's still up to you. But make sure to always be on your guard because maybe instead of saving up some bucks on processing and transaction fee, you'll lose even more by trying to be frugal.

Why? KYC provides no additional security. In fact, you are more vulnerable, because now your identity is at risk, in addition to your money.

I think people are so brainwashed into giving up their privacy that they associate that with somehow being better. That's an illusion.

Mt. Gox - required KYC - hacked.
Bitfinex - required KYC - hacked.

Here are 45 other exchanges that were hacked. Most, if not all, required KYC:
https://www.hedgewithcrypto.com/cryptocurrency-exchange-hacks/

There is nothing stopping the owner from the exchange from sending all of the crypto to another wallet, closing the exchange and defrauding everyone of their money. It's happened multiple times before. KYC gives people a false sense of security.

That can never happen with something like Bisq. It is open source. Any attempt by the developers to steal your funds would be immediately apparent in the code. Other DEX can be trusted the same way a centralized exchange is - based on reviews.