BORFT" pid='37994' dateline='1547943554:
So with blockchain theyre going to want photo id to send my coin to another wallet? Definitely defeats the purpose…Yamsan" pid='37987' dateline='1547935067:
Yasman, your coins are “safe” on that wallet right now. You are following the correct procedure:Just took me a week and a half to get verified on cashapp…
Im curious about blockchain. Its where ive got my coin at the moment
Never send any cryptocurrency from an exchange to a supplier (or any 3rd party). It kills your anonymity if you skip step #2. Remember, when you signed up for coinbase/gemini/cash-ap/whatever you provided identification tying you to that BTC wallet. If your supplier ever gives up his wallet password (on purpose or coerced or court order) they now have a digital trail directly to your exchange account. This would be bad for you.
- Buy BTC from an exchange
- Send that BTC to your private wallet
- Send BTC from your private wallet to your sources private wallet
People think BTC is anonymous, nothing is further from the truth. BTC is a public distributed ledger. Every BTC transaction from day-1 is visible to anyone with an Internet connection. If I know your BTC address, I can see every transaction that your address ever made. I can see how much BTC you have at that address and who sent it to you. Now there are ways to make YOURSELF anonymous and that is what you have to do to protect yourself. To make yourself anonymous you need to (among other things*) use a wallet somewhere that isn’t “tied” to your name anywhere.
My issue with the blockchain wallet is that it wants to tie your wallet to an email,phone number, and if you continue verification, a picture of your ID. This, in my opinion, is unacceptable. There is no reason for a personal crypto wallet to follow KYC (know your customer) practices. I would never use a wallet that had these requirements as I cannot think of any reason to have to give any private information at all to use my personal wallet.
Another thing I noticed that my buddy does, and I hate this, is he uses the same BTC address all the time. If you send BTC to a source once, then later on the 2nd order they give you the same receiving address, we have a problem… Any modern wallet has (or shoud have) the capability to create a new address for the same wallet. Best practices say that anytime BTC comes into a wallet, then leaves the wallet, the address should change. You can send 1,000 different receiving addresses to 1,000 different people, and they all point to the same wallet. This is, in my opinion, the second most important procedure to help create anonymity.
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