29 sats \ 3 replies \ @KoreaComK 25 Jul 2023 \ on: What counts as KYC? bitcoin
If you buy bitcoin using your credit card, your data will be linked to the purchase of this asset in a specific datacenter. This makes the tax authorities come after you and consequently know who you are (actually it's the opposite, but you understand).
When you buy a git card from someone else you don't pass data that can be used for the other party to show who you are.
For example: your address data cannot be used to find out your security number or any other document you have for them to document this with the tax authorities. Therefore, this model is safer than using your credit card details.
The gift card itself can be traced to me easily. If the p2p exchange is raided they can be forced to provide a list of gift cards used, no? I assume the exchange provides an escrow service of something. It's not as direct as credit card but it certainly doesn't seem foolproof to me. Amazon knows who bought the card.
Anyway, what about buying with credit card in foreign country?
reply
How can the gift card be traced to you easily? Buy the gift card with cash from one of these:
reply
The problem in my view is that you are using an exchange. Maybe if you use a decentralized solution like Robosats you don't have this problem. Communications can be made directly with the user without a trusted third party.
About credit card in another country, I believe it can help, however, it is important to check that the countries and the company do not share information with the country in which you gave your information, because if they do, it could be a problem too.
reply