Post
Topic
Board Bitcoin Discussion
Re: Crypto exchanges have to learn and improve on their security
by
Z-tight
on 26/09/2023, 16:32:17 UTC
You are right; the KYC was made so that fraudulent activity would be reduced and people could not scam others in p2p trades, etc.
Bisq is a p2p exchange, no kyc and no data required to trade on bisq, yet it is so difficult to scam your trading partner in the bisq network, except they do not know what they are doing. Bisq is so secure because funds are locked in a 2-of-2 multisig wallet, and the two traders control the keys during the trade. This is more effective to mitigate scam as you control your funds as you trade, you don't lose control of it like you do in Binance or Coinbase.