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That's one use for btc that I hadn't thought of. Neat! However one still has to be careful to somehow fund a cold wallet without linking your ID via the transac
by andrewzah 6y ago
That's one use for btc that I hadn't thought of. Neat! However one still has to be careful to somehow fund a cold wallet without linking your ID via the transactions.
I.e. to use an exchange like binance or coinbase, I have to link my US ID. So if a government actor were after me, they could easily find out about my cold wallet by viewing my transactions, no?. I guess I could -not- divulge the seed words, but that's assuming I'm not being accosted/tortured either.
I would have to use a btc atm (none near me...), swap a visa gift card for btc (and take a ~10-20% haircut...) or find someone to trade cash for coins, which is its own issue.
- parliament32 6y agolocalbitcoins. It's like craigslist: you find people you meet up with, give them cash, they transfer you the BTC (through escrow). No KYC, no shenanigans, you just need to be willing to pay their few-percentage-point fees.
- justaj 6y agoCorrection: Localbitcoins does require KYC.
- parliament32 6y agoYou're right, they do, once you're over 1000€ per year: https://localbitcoins.com/blog/id-verification-update/ https://localbitcoins.com/blog/id-verification-update/
- ryanlol 6y agoIncorrect, localbitcoins only requires KYC for their escrow feature. Most people do not use the useless escrow feature.
- sukilot 6y agoGovernment/warlord-avoiding money transfer like this is the core use case for Bitcoin outside of speculating on its future value. It's not for casual shopping transactions.