Post
Topic
Board Bitcoin Discussion
Re: Buying BTC from KYC exchange
by
o_e_l_e_o
on 26/07/2021, 19:53:37 UTC
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.
No, it doesn't. Completing KYC puts you at more risk, not less, since you are now risking all your personal information as well as your coins. Completing KYC also does nothing to prevent against account hacks or other attacks. The safest way to trade is on a decentralized platform which does not require KYC nor does it require you to deposit your coins to their centralized wallet. Your information and coins cannot be stolen if the exchange never has either to begin with.

KYC is asked by exchangers for a reason. And that reason is to guarantee the users that their funds are on a safe place.
That doesn't even make sense. KYC is demanded because the government want to track bitcoin users.