💰Buying Bitcoin on an Exchange?
Why YOU should reconsider
Bitcoiners,
Here is why you should consider buying Bitcoin without compromising your identity so that you can protect yourself against bad actors looking to steal your wealth in the future.
KYC vs Non-KYC
Before we get started, you should know ONE thing - the difference between KYC and Non-KYC exchanges.
KYC (Know Your Customer) - identifying and verifying the identity of the customer through independent and reliance source of documents, data or information.
Using a KYC Bitcoin exchange is the best way to legally buy bitcoin in the United States as it adheres to Anti-Money Laundering laws like a traditional bank.
Non-KYC essentially means the opposite of KYC. Using a Non-KYC bitcoin exchange allows you to buy bitcoin that is not tied to your identity which is useful for privacy reasons. It can be considered illegal today in the United States, however, there are legitimate reasons to buy Non-KYC bitcoin outside of wanting to buy illegal drugs on the dark web.
Example of Why to Consider Buying Non-KYC Bitcoin
Let's say you decide to buy 10 bitcoin today for $200,000 on a KYC exchange such as Coinbase.
That is a considerable amount of wealth you are investing into bitcoin but not an absurd amount. What happens if hold onto your bitcoin for 10 years and bitcoin is then trading at a price of $1M per bitcoin? That $200,000 investment is now worth $10M in today's purchasing power.
Since you bought on a KYC exchange, your name and address is now tied to that $10M worth of bitcoin. Potential bad actors can now target you for online scams and physical attacks if any data is leaked from the exchange you used to buy that original 10 bitcoin. These data leaks actually happen quite often and is a major downside to forcing individuals and exchanges to adhere to KYC banking laws.
Next Steps
Start looking into ways to acquire Non-KYC bitcoin!
You can buy Non-KYC bitcoin on P2P marketplaces such as Bisq, buy it using a bitcoin ATM, or mine bitcoin in a pool.
Happy Monday,
-Pod
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Eric Podwojski
Founder, Bitcoin EDU
Twitter:Â @epodrulz
Disclaimer: This should go without saying: This is not financial advice. This is not investment advice. I write this newsletter for education and entertainment. Act accordingly.
