So, a few days ago, I joined MyCoinTainer, and looked through some of their FAQ's to understand the platform better.
Needless to say, I was told that if I ever wanted to see my funds, (if I were to place any on their site) they would be held hostage until I provided a way to identify myself.
I,then, was thinking about the reason Bitcoin was invented, and it occurred to me...this was why. Invasion of privacy. Government having control over you and your money.
Nakamoto wanted a trust-less cash system that eliminated "3rd party intermediaries." KYC forces people to identify themselves before conducting business. It collects your info, even if they don't store it themselves, because of their governments regulations.
How can a person stay anonymous and conduct business anonymously, when they are forced to identify themselves? Why are platforms asking people to "trust" them with their funds without having to prove they are legit, but make the consumer identify themselves?
KYC ruins everything, and goes against everything Satoshi Nakamoto envisioned for Bitcoin.
As a believer in crypto, and holder of pennies worth, I don't believe we should join places like MyCoinTainer. We should run them out of business and go back to a KYCless transaction.
"But what about all the flaws, and bad things that happen without KYC?!" You are naive if you think that doesn't happen on a daily basis with that $20 in your pocket.
Not everyone is trying to steal your money. Not everyone is trying to help you, either.
Just be smart. Purchase your crypto, and place it in your wallet, and purchase stuff with it.
As my friend said to me a while back when it came to understanding crypto..."it ain't hard, bro!" Just be smart.
Hold most of your crypto assets offline, like in a paper wallet. Only go online to purchase things, sell your crypto, or do a quick trade to fiat if using your crypto isn't an option.
I am waiting for my crypto to grow before taking it offline. I don't have anything worth stealing, maybe a total of $35 in various websites.
That was my thoughts on KYC and why we need to go back to what was originally intended for Bitcoin.
What do you think?
While I agree with the sentiment that cryptocurrencies were made to facilitate anonymous transactions, I think that it would be foolish for us to believe that the road towards worldwide cryptocurrency adoption will not go through regulation. And that incudes KYC. We may not like it but most people will invest visibly and with no intention of following Nakamoto's principles. They will just invest because crypto is an opportunity.