Does kyc really matter if I don't plan on having an exit ramp \ stacker news ~bitcoin

Does kyc really matter if I don't plan on having an exit ramp

1243 sats \ 25 comments \ @Recongraves 10 Sep bitcoin

Currently have kyc BTC, huge fan of lightning Network. Because I am a constant user of lightning. Plan on doing my business with lightning as well , peer-to-peer I'm not sure if I'm so worried about kyc I might be misguided in this situation.

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552 sats \ 18 replies \ @DarthCoin 10 Sep

If you stay in Bitcoin and never go back to fiat, nobody can come to you to say what you did with your own money. Is not their damn business.

KYC is only for fiat not for Bitcoin. KYC apply only for fiat.

KYC is mostly done to milk data from people and use it with 3rd parties. very few times govs go to check that data. KYC is dangerous because your data will go to unknown hands and who knows what they are doing with. So that's why is good to avoid it as much is possible.

The best way is to earn in BTC, spend in BTC, save in BTC. FUCK FIAT.

21 sats \ 16 replies \ @Recongraves OP 10 Sep

I completely agree btc's my main saving vehicle. But I will never go back to the paper. Currently trying to find a way to attach lightning to my business. Also setting up a miner not a great one but it something. Node coming soon. What do you think is the best lightning wallet in the US for Android. Having a hard time finding a quick one for people to download that's simple

142 sats \ 15 replies \ @DarthCoin 10 Sep

Start reading my Bitcoin guides: https://darth-coin.github.io/ You will find all kind of info for merchants

best lightning wallet in the US for Android.

There's no such thing as "best wallet". Read #583496 There's no such thing as "wallet in the US for Android"... are all Bitcoin wallets, wherever you are.m Bitcoin have no borders.

You can categorize wallets by their features

or by how users are "climbing" the ladder of them

or by 4 main categories

10 sats \ 3 replies \ @Recongraves OP 10 Sep

I understand. I have people interested but normally only if they can on board as quick as possible. I don't necessarily like this due to the load time preference of BTC which I have. But if somebody wants to pay me or add them and they need to download it within 2 minutes to run the app. I'm sure you covered it in the link you sent me reading it now

131 sats \ 2 replies \ @DarthCoin 10 Sep

But if somebody wants to pay me or add them and they need to download it within 2 minutes to run the app.

coinos.io or walletano.com - not even need to install anything, no KYC, no bullshit. But then after that must climb the ladder to a self-custodial one... Read more in my guides, you have all you need there.

142 sats \ 1 reply \ @Wumbo 10 Sep

I will backup Darth's recommendation on coinos.io it is very quick custodian lighting wallet.

You might also find this post interesting #548942

It is several months old and some data is out of date (example Mutiny).

10 sats \ 0 replies \ @Recongraves OP 10 Sep

You guys are the best

0 sats \ 10 replies \ @Recongraves OP 10 Sep

Thank you so much for the help it's much appreciated does this mean the kyc coin on my hardware wallet compromised meaning that I have to get a new hardware wallet and or wipe the wallet to use a new address in non-kyc. Does this my lightning wallet on Phoenix is bad too

163 sats \ 9 replies \ @DarthCoin 10 Sep

No. Don't do anything. As long as your BTC are in your own custody with a hardware wallet, you have nothing to worry.

Does this my lightning wallet on Phoenix is bad too

No. Why do you think is bad?

21 sats \ 0 replies \ @Recongraves OP 10 Sep

I appreciate you taking your time out of your day to reply. It is absolutely breathtaking how amazing the Bitcoin community is with support and guidance. Thank you all

0 sats \ 7 replies \ @Recongraves OP 10 Sep

I'm just trying to understand the stained metaphor. For instance I've been looking at telling a story using the op return as an attachment is this how they're coding the kyc into the coins

42 sats \ 6 replies \ @teemupleb 11 Sep

Regulators might decide for example that coinjoined bitcoin are not recognized by licensed Bitcoin service providers.

63 sats \ 0 replies \ @DarthCoin 11 Sep

licensed Bitcoin service providers

what a bullshit. Regulations are ONLY for fiat businesses, not for Bitcoin.

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0 sats \ 4 replies \ @Recongraves OP 11 Sep

I don't understand what you mean by service providers. Is there something I'm not understanding that will physically stop the transaction from going through from another person that wants it

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10 sats \ 0 replies \ @Recongraves OP 10 Sep

Thank you so much

121 sats \ 4 replies \ @bitalion 10 Sep

I agree with @DarthCoin, and I tell you more every time you buy Bitcoin on a centralized platform where you have done KYC, you are staining those coins forever (unless you do a coinjoin). Many people think that if they move their coins to a lightning service they have already solved the problem; but what would happen if someone else used those coins in illicit activities? You no longer have them but the last associated identity is yours, you may have a bad time (I'm speculating). That's why it's best to buy BTC on platforms that don't ask for KYC, I repeat it's a bad privacy practice and as it says @DarthCoin that information can fall into the wrong hands You can use these platforms https://hodlhodl.com https://learn.robosats.com/ https://lnp2pbot.com/index.html

121 sats \ 1 reply \ @joda 10 Sep

You can't be prosecuted for a crime you didn't commit. It's the same with dollars-- if you at one time owned a dollar (or a car, or a hammer) that was later used in a crime, you are in no way culpable.

0 sats \ 0 replies \ @Recongraves OP 10 Sep

I would agree with this line of thinking. Just trying to figure out what the actual persecution of on chain analysis would cause. They can't stop me they can't stop me what does their knowledge do for them?

0 sats \ 0 replies \ @Recongraves OP 10 Sep

Saved all the websites checking it out. Is there a difference in between having one hardware wallet with kyc and one hardware wallet with not if I send non-kyc to a hardware wallet with kyc does that compromise the non-kyc coin

0 sats \ 0 replies \ @Recongraves OP 10 Sep

So does this mean over time the majority of the coins will be stained if the American public decides to jump on heavy with the adoption and only use kyc.

100 sats \ 0 replies \ @oliverweiss 10 Sep

It does in a way that “they” know, govts know, exchanges know, and we know that they are not super good with protecting their data, your data, neither govts nor exchanges. So it is a risk in my view.