I've not been able to get into Bitcoin because of the KYC issue. It's not even so much of a principle thing for me (though that's certainly part of it), I just don't feel comfortable offering sensitive documents to CEXes, which are undoubtedly one of the largest targets for black hats. Considering the fact that I have no way to verify they're doing due diligence on their security, and considering the fact that the docs they require aren't easy to replace if there's a data breach, I certainly won't give it to them. Most I might consider is a passport.
That said, KYC itself is complete anathema to the core principles of what Bitcoin is supposed to be. I really don't know how anyone is okay with it, but I also don't know any other way to get around it unless you know people in your personal life who can transact with Bitcoin (and I don't, since I live in a rural small town that has a majority of elderly folks). DEXes might be an option but every time I've tried to use one, it just didn't work out, and there are a few Bitcoin ATMs within an hour's drive... but the problem is that they cost a 20% fee, which is absolutely ABSURD.
Jacob | Five Eye Tea
npub14z…jmw42
2024-08-08 03:00:37
in reply to nevent1q…70uh
Author Public Key
npub14zwvjvf0ztfp8hlwzv2hqtpjhaugwrgecrvlwrggq2vj8kdd36tscjmw42Published at
2024-08-08 03:00:37Event JSON
{
"id": "3601fcc73e89fb26db40a48dabf1a060d5aef9294c0f1749919669649a514f1e",
"pubkey": "a89cc9312f12d213dfee1315702c32bf78870d19c0d9f70d08029923d9ad8e97",
"created_at": 1723086037,
"kind": 1,
"tags": [
[
"p",
"2b02eb89b2e878a55f10e44d434b5a8ea6a41cf8ad2336bb3429910a22ac341a",
"wss://nostr.bitcoiner.social/",
"Bilbo Baggins"
],
[
"e",
"8e27d253a729044ad655c8c7a1a6223c0bea4b4a02e11f04ff36cacd71397461",
"wss://nostr.bitcoiner.social/",
"root",
"2b02eb89b2e878a55f10e44d434b5a8ea6a41cf8ad2336bb3429910a22ac341a"
]
],
"content": "I've not been able to get into Bitcoin because of the KYC issue. It's not even so much of a principle thing for me (though that's certainly part of it), I just don't feel comfortable offering sensitive documents to CEXes, which are undoubtedly one of the largest targets for black hats. Considering the fact that I have no way to verify they're doing due diligence on their security, and considering the fact that the docs they require aren't easy to replace if there's a data breach, I certainly won't give it to them. Most I might consider is a passport.\n\nThat said, KYC itself is complete anathema to the core principles of what Bitcoin is supposed to be. I really don't know how anyone is okay with it, but I also don't know any other way to get around it unless you know people in your personal life who can transact with Bitcoin (and I don't, since I live in a rural small town that has a majority of elderly folks). DEXes might be an option but every time I've tried to use one, it just didn't work out, and there are a few Bitcoin ATMs within an hour's drive... but the problem is that they cost a 20% fee, which is absolutely ABSURD.",
"sig": "7ca940e226c5cfe6b1f0e571802da589d2a94b8d7300e2f1cd6e32a3ab02313adeb07b70b26e01053940abd082e3ebfa20009e3da99dc2ad1317d42090651815"
}