How to stack Bitcoin without KYC
6 ways to Buy Bitcoin without giving up all of your private information.
WTF is KYC?
Know Your Customer, KYC for short, is a set of guidelines to prevent businesses from being used by criminals for illicit activities.
It was first introduced in early 2000s to fight financial crime, terrorist financing and money laundering. The guidelines are said to “enable businesses to better understand their customers and their financial dealings.”
KYC applies to banks, credit unions, currency exchanges, casinos, cryptocurrency exchanges as well as some other businesses.
KYC policies and processes include a Customer acceptance policy, Customer identification procedures as well as requirements for the business to monitor transactions and have a risk management plan.
Criticisms of KYC
The main criticisms of KYC is that the information requested to fulfill the Customer identification policies are intrusive and burdensome to both the business and the customer.
Data collected includes:
picture of government ID
a utility bill
facial scan in some situations.
Many innocent, law-abiding citizens without a permanent fixed address, especially digital nomads, global entrepreneurs and retired travelers are disadvantaged because it’s getting almost impossible to hold any formal banking relationship anywhere in the world without proof of address, bills, or debt documentation required top satisfy KYC.
There is also the problem of governments repeatedly and systematically violating domestic surveillance laws by snooping on the private financial records of citizens and companies, according to government sources.
More on KYC: Know Your Customer: Quick Reference Guide by PWC
DCA Bitcoin services will require KYC
Bitcoin-only companies like Swan Bitcoin have made buying Bitcoin and stacking sats’ simple and easy with Dollar Cost Averaging but these types of businesses require KYC info to be collected.
If you purchase through one of these types of companies, you essentially link your bitcoin addresses to your personal identity and your Bitcoin and transaction history.
This gives these 3rd party companies, banks and governments the ability to track your spending habits, prevent you from using other regulated services, confiscate your bitcoin, come after you for tax liabilities and generally surveil you more that they should.
If privacy and self sovereignty is important to you you will want to consider buying noKYC Bitcoin from one of these services below.
How to Buy no-KYC Bitcoin
Here are the current ways you can buy Bitcoin without giving up all of your private information.