3 ms·
The problem with crypto is that there is no good on-ramp. For example: To buy crypto on Coinbase, you have to send them a scan of your passport and your bank a
by TrickyQuestion 6y ago
The problem with crypto is that there is no good on-ramp.
For example: To buy crypto on Coinbase, you have to send them a scan of your passport and your bank accounts. I don't want a foreign company to have a copy of my passport.
- throwaway-99482 6y agoNot entirely true. You can use https://localbitcoins.com/ https://localbitcoins.com/ to buy bitcoin without an exchange and then use Uniswap to invest into up and coming tokens. If they're on Coinbase, it is often already too late to be an early stage investor.
- TrickyQuestion 6y agoLocalbitcoins seem to do the same digital KYC dance as Coinbase. So you will probably also have to copy your passport for them.
- doopy1 6y agoI thought localbitcoins was made illegal in the USA unless the seller has a certian money handling license? It could just be an NY/CA thing, but still...
- ufmace 6y agoI'm fairly skeptical of cryptocurrency hype personally, but if you want to invest 6 figure sums in a startup company, that's a legal agreement, and you're going to be giving a lot more personal information than that to the entities involved. This is no time to be squeamish about who has a copy of your passport.
- TrickyQuestion 6y agoIt is not about providing informtion. But having a copy of my passport allows the other party to identify as me to other parties. That is something I want to avoid.
- nadspoly 6y agoUnless you're in a country that literally outlawed any form of crypto you must have some sort of local company/exchange that would take your money so you can trade. You just have to look for it.