Is it not mixing the funds thereafter? Accidentally commingling the funds with KYC coins (or not keeping track of the origin of your purchases)? What about buying from a service like Robosats but using CashApp to do it - how big of a risk do you think that is?
10 sats \ 4 replies \ @DarthCoin 1 Mar 2023
They sell back those BTC for fiat. That's the only biggest mistake.
And btw... there's no such thing as KYC or non-KYC BTC.
Bitcoin is just Bitcoin.
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0 sats \ 3 replies \ @SouthParkHodl OP 1 Mar 2023
Hey @Darth do you not think there’s a privacy benefit to acquiring some sats via non KYC? Thanks for your thoughts!
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10 sats \ 2 replies \ @DarthCoin 1 Mar 2023
- Define the term "privacy".
- It really doesn't matter how you acquire BTC. Matter if you start creating a Bitcoin circular economy with it (aka never go back to fiat).
Are KYC exchanges bad? Sure they are, but not because you buy BTC from them, but because you are giving them your personal data!
Your data in their hands and 3rd party hands is the danger, not your BTC.
This is what many people do not understand.
I really don't give a shit if a gov agency knows that I bought BTC from an exchange, but I am concerned that the exchange where I gave them them my personal data they go and sell that data to 3rd parties.
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0 sats \ 1 reply \ @SouthParkHodl OP 1 Mar 2023
thanks @Darth!! that context helps! My thought was that it's easier to track the flow of your sats if you purchased them via a KYC exchange, but to your point, if you're spending the bitcoin and supporting the circular economy, it leaves your hands anyway and what does it matter (except the tax consequences I suppose). Thanks again - I haven't been on here long but I appreciate your posts!
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20 sats \ 0 replies \ @DarthCoin 1 Mar 2023
- self custody your BTC
- never go back to fiat
- support local shops that accept BTC
- work for BTC (be paid in BTC, not fiat)
- read DarthCoin's guides https://darthcoin.substack.com/s/english/archive?sort=new
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10 sats \ 1 reply \ @Wumbo 1 Mar 2023
All of your points are good.
I would add checking the non-KYC price premium vs KYC price.
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0 sats \ 0 replies \ @SouthParkHodl OP 1 Mar 2023
That's a good one - i mean you can get it for 3-5% higher in most cases, which in the long term (even the short term) is nothing.
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0 sats \ 0 replies \ @REDACTED 1 Mar 2023
deleted by author
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