Crypto wallet verification vs Crypto anonymity, which one?

[Brushless4500KV 4214]

When you want to create an online crypto wallet, some of them will ask about your personal information (such as name, address, phone number, etc) to verify your account. If you don't verify your account, they limit how much money you can send or receive in a month or a year. What is the point of this verification? I think this is a big contrast with crypto anonymity. Everyone joins crypto community to trade or transfer money without revealing his/her personal information. This is the real difference between bank accounts and crypto wallets. People do not use cryptocurrency to be controlled by a third party. They use it for independence.

So, why should people give their personal info to some online wallets? What do they want to do with people's information?

[Akbor 1042]

I don't know why they are doing this . I want to prefer you to use my ether wallet for storing your erc20 tokens and you can use hardware wallets too for storing asset. here you don't need to verify your account.

[ultimateclub 392]

I think it's ok as you said, the third party wallets are asking to verify your KYC form for large transactions. You know, in dark web there are many guilty actions occurred with btc. The third party wallets are liable to obey the governmental rules and regulations. If any big amount of btc transferred in their platforms than they will be asked by FBI or law enforcement to justify that why and where that transaction occured. They will do it to prevent illegal actions done by ugly people. If you really don't want to be traced and keep your identity anonymous than you have to create your own wallet through open source programming. 

Edited December 7, 2019 by ultimateclub

[Brushless4500KV 4214]

So, if that's the case, crypto users who own verified wallets are very similar to owners of fiat bank accounts. When someone has access to your personal information and can see all your transaction details, you can't call it decentralization anymore because everything you do is controlled and tracked by a third party. Cryptocurrency and blockchain technology was designed so that everyone can see every transaction done by a specific wallet address but no one can see the personal information of any wallet owner.

Wallet verification is only good to prevent fraud and money laundering but many crypto users prefer to be anonymous to stay safe. They switched from fiat to cryptocurrency to achieve this. Other than that, they would never accept cryptocurrencies.

[fo1lluko1l 487]

I think they are cooperating with someone like intelligence agencies, or governments, since governments can't control blockchain, the creators are forced to give them information about the users of their wallets.

[Sagor 500]

I dont like this process. crypto market is confidential so i dont want give my information to another. i would like to use those wallet who dont want personal information.

[lucky80 1046]

On 12/4/2019 at 1:51 AM, Brushless4500KV said:

So, why should people give their personal info to some online wallets? What do they want to do with people's information?

We should give it to a legitimate company only. It is because they are subject to AML policy. It is an effective method to stop money laundering. 

[Crypto123 0]

Unfortunately this is what most wallets do as well as exchanges. Most exchanges and wallets have become demanding KYC and you must provide photocopies of your true identity. It is extremely stupid and ridiculous and completely contradicts the concept that Bitcoin was made for.

[Crypto_trader 46]

Well i personally recommended you use myetherwallet is best for erc20 token

[deepesh 0]

ro7sr12ae9 - Thanks to Yobit exchange and CryptoTalk forum for the opportunity to earn money for each message

[BrolySSJ 7899]

I prefer to have anonymity when i am dealing with cryptos. Most of the people that are earning and dealing with cryptos would much rather prefer that. Especially because this is a currency that is online. I wouldn't want everyone to be able to access all my accounts.

[MCSGlegend 2210]

I think that governments are asked to keep statistics and collect information about people who use crypto-wallets, so wallets implement user verification.

[Migo 7946]

Sometimes I use a wallet and after some time they will ask me to verify my account with this kyc, and when I see the limits if I didn't give them my documents, I see these limits are good for me, I mean I can't even get higher amounts of money more than what they are requiring, so I will keep it like it is, but generally I don't prefer this kyc at all, if I found it in some wallet or a site I will leave it right away 

[Rickso 768]

On 12/3/2019 at 7:51 PM, Brushless4500KV said:

When you want to create an online crypto wallet, some of them will ask about your personal information (such as name, address, phone number, etc) to verify your account. If you don't verify your account, they limit how much money you can send or receive in a month or a year. What is the point of this verification? I think this is a big contrast with crypto anonymity. Everyone joins crypto community to trade or transfer money without revealing his/her personal information. This is the real difference between bank accounts and crypto wallets. People do not use cryptocurrency to be controlled by a third party. They use it for independence.

So, why should people give their personal info to some online wallets? What do they want to do with people's information?

they do those verification for a simple reason, anti money laundering. so authorities can know if you are using crypto properly or you are using to make illegal things. and exchanges are forced to do this otherwise they can't work on a determinate country

[Whited35 15285]

By collecting your personal information, legit online wallet want to prevent you from the money laundering by choosing the crypto platform. You should be first clear that they want to verify that you are not going to chaet their systems. 

[bentayebsalah 2280]

I prefer to use portfolios that do not require activation of identity or any documents, and even if I have a maximum withdrawal and deposit limit, there is nothing wrong with that important that I will not do my account with the documents

[IamLeader12 682]

Wallets use this information for their own purposes (Collect statistics, for example, so that there are no two wallets created for the same passport), I never pass KYC because it is not clear whether wallets sell this information or not 

[iloveyobit 6599]

I think that both are good and bad at the same time, each portfolio has its own advantages, so the use of documents is necessary and may lead you in one way or another, and also the use of the secret portfolio is also dangerous.

I think that both are good and bad at the same time, each portfolio has its own advantages, so the use of documents is necessary and may lead you in one way or another, and also the use of the secret portfolio is also dangerous.

[Saj555 2250]

I am currently using a Coinbase wallet and there I only need to give my email address and password and to secure my account I need to enable a 2FA system with my phone number. No other documents are required in this wallet system. And I think that a lot of people like this kind of wallet so that they can easily rely on them.  So this might be helpful for the upcoming generation. 

[Calvinpriva 17296]

Maybe they limit us with a small amount so that we can verify our accounts with more powerful details including KYC verification to some sites. Many of wallets they need more details about us and we have nothing to do than accept what they need so that we can be out of their limit.

[BitcryptoHan 2557]

16 hours ago, Calvinpriva said:

Many of wallets they need more details about us and we have nothing to do than accept what they need so that we can be out of their limit.

@Calvinpriva you can have a wallet that requires morning than your phone or computer. So if you do want to by pass the verification process, many wallets can offer you such anonymous wallet. 

[magd 5231]

The wallets that ask for personal information such as the street address, home, and phone number I have not used are complicated and the reason for requesting this information is unknown to me because I am looking for the advantage of keeping my confidential information in the crypto world so I use the wallets that do not request all the information

[BitcryptoHan 2557]

20 hours ago, magd said:

The wallets that ask for personal information such as the street address, home, and phone number I have not used are complicated and the reason for requesting this information is unknown to me because I am looking for the advantage of keeping my confidential information in the crypto world so I use the wallets that do not request all the information

@magd the reason those wallets request for KYC is because they do not want cryptocurrencies to be decentralized and anonymous, and also for easy recovery of your wallet if it is lost. But, if you have your seed phrase and you remember it, you can also use it to recover back wallets that do not even ask for email. So, the point people still talk about is not clear there. 

Edited May 12, 2020 by BitcryptoHan

[BTC Future 3946]

All this information is passed to authorities that requested the exchanges/projects to implement mandatory KYC. Some exchanges as Binance becuase they are under no juristiction they are allowed (for a while) to not demand KYC. Still they might have serious problems in cases of laundering money through their exchange.

I am also against senting private data through the internet and wouldn't trust any online entity with my private information, but exchanges in order to profit more they will try to obey any law and do anything they are told to. Of course this doesn't mean that your private information would be secure. They will eventually lose it and it will be leaked in the darkweb markets.

[George10 9932]

On 12/3/2019 at 8:51 PM, Brushless4500KV said:

People do not use cryptocurrency to be controlled by a third party. They use it for independence.

So, why should people give their personal info to some online wallets? What do they want to do with people's information?

It's true the use of Cryptocurrency is not meant to be controlled by any third part therefore,it is not comfortable seeing a lot of identify verifications and limited access being put in place by wallet providers and other crypto related sites like exchanges and I think the reason behind these measures is to prevent money laundering and fraud activities but less hope our documents are safe in these sites.