I watched this video;
https://www.youtube.com/watch?v=REEpl06Fh3k
Is this true that, once we buy KYC BTC, out wallet balance and address will be permanent in the public?
Who can see those info? People that run nodes?
#asknostr
Discussion
Generally if you buy bitcoin on a KYC-d exchange, and you send your bitcoin to your own address, they will get to know your address. If you know an address in bitcoin, you can see all incoming and outgoing transactions forever on bitcoin because it is transparent and public.
But only the KYC-d exchange will know it, and everyone who they tell to. But this of course can be everyone.
Therefore it is generally advised to follow some privacy increasing steps.
Thank you so much! Clarified.
Wanted to zap. but did not work.
I will try later again :)
What if I send it into a cashu or fedimint?
It totally depends on your expected privacy:
1️⃣ Exchange knows your stash + spending
2️⃣ Exchange knows your stash but not spending
3️⃣ Exchange knows nothing
To reach 2️⃣
- Mixing to cold storage
- Mix while spend
- Spend via cashu/lightning
- Send out to own address via lightning/cashu (I don't know Fedi yet)
(Cashu has bigger privacy guarantees as lightning in general)
To reach 3️⃣
- Buy p2p without centralized exchange
For option 3, assuming your money is currently in a bank, bank knows you are transferring potentially large amounts of funds to whatever payment method you are using to by coin.
- You can buy in small increments
- If you buy p2p, you will wiretransfer to individuals which could be that or other things
- I generally think you shall not use your daily bank anyway for this not to risk that
I generally think it's a cup half empty vs half full situation. If I buy small amounts via an exchange, and immediately spend to a mint, then at least things stay consistent. If I buy small amounts kyc free, I could be buying from a known criminal. That could look even more shady. Also, why do I need buying bitcoin to be kept a secret? As long as the coins lead to a mint and disappear, what's the diff? Buying bitcoin is not a crime.
I think this totally depends on individual perspectives.
Depending on your view of the future, your expectations of it, you might want to hide this info. 🤷♂️
vires in numeris
Fortunately, using a mint to get started is the easiest way to onboard people.
UI is getting better for sure.
I am also trying to make a small doc/article to help people use the benefits of bitcoin.
I think UX and comfort matters a lot.
But don't forget to learn history too 🫡