Buy Bitcoin For Fiat Without KYC & Remain Decentralised With Bisq
Hey Jessecretive ones
Governments are beginning to crack down on crypto ownership, some are banning it with the case of Nigeria recently, and others are looking to tax the living hell out of your holdings.
The reason they can monitor what you're purchasing is that many of us are using centralised services. These local exchanges insist on KYC since they have to adhere to KYC and AML laws governments put in place.
What is Know Your Customer (KYC)?
KYC for those of you who don't know is when companies insist that you give up your right to privacy and treated like a criminal before you even start using the service. In most cases, you need to provide your ID/Passport + a visual identity confirmation like a selfie. This data is not only kept by the company you use but the compliance company the use.
The data is also passed on to authorities by request, and that's not all, they can also capture your purchases, your IP, your income sources like bank transfers and other data you leave as a digital footprint.
This also opens up the ability to censor transactions and freeze accounts, something I think becomes more of a danger every day. We do need new ways to transact outside the Coinbase's and Binance's of the world, and there are DEX's coming along on chains like ETH, but they all require you to own cryptocurrency already.
The issue is, fiat to crypto and P2P trades are lagging, and we're forced into using centralised services. There are. However, DEX's trying to solve this problem, such as Bisq.
What is Bisq?
Bisq is a decentralised exchange, but it operates a lot differently from what you may use. Users can buy and sell bitcoin for fiat (or other cryptocurrencies) privately and securely on their peer-to-peer network and open-source desktop software.
There is no registration required and no KYC, the service is open source and runs on a desktop application instead of a website. The application is also routed through Tor servers, making things a little slower depending on your internet connection. That is to assist in marking your online identity and activity.
Why Bisq is different
Trading takes place on a global P2P network of users running Bisq on their own machines. All your data is stored locally on-disk and is never sent to a central server, and every Bisq node is a Tor hidden service by default.
You can fund your account with several options from bank deposits, western union, uphold and more. Naturally, credit cards aren't an option, but you can find ways around that using services like Uphold.
I personally like the concept, it's still a bit slow to use, and there aren't many users on the service making markets. However, I think markets like these will grow in popularity as they start to push crypto out of certain countries.
Keen try Bisq?
If you want to give Bisq a shot, you can find their website here and download their application for your laptop or mobile device.
Have your say
What do you good people of HIVE think?
So have at it my Jessies! If you don't have something to comment, comment "I am a Jessie."
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Posted Using LeoFinance Beta
Yeah all those KYC checks really do take the Bisq-it. HMRC probably have all the info they need. The security and storing of details is always a bug bear - I'll keep an eye on the dex situation as time goes on, feel that things still need some development to make it feel more secure before I go in.
There are not many peeps making markets either, LocalBitcoins is a better bet, but its still a site that can be taken down, where Bisq is a little more robust.
The idea is cool, I think if they could hook up with Bitcoin ATM's now that would be dope, walk up to a machine pop a 100 bucks in sends it to my wallet, lol I'd be all over that.
Yeah I'd be all over that too, although typing out a long ass public address might cause a queue. Plenty of tutting to be had in the UK if that's the case lol
Lol come on mate QR code that shit we're not cave men
Lol! Ooo look at me with my 21st century tech
LOL Bitcoin Amish, curn my own butter 🧈 and stack Sats
Posted using Dapplr
This is like your own little local area network still staying on the internet to communicate.
This is cool.
Not sure how they will be able to make it faster if it’s peer to peer as in this case a lot depends on the Internet speed of other peer.
Yeah it's pretty slow and I think people will need to form groups in their community and country and jump on Bisq to provide buyers and sellers. They haven't done a good job of marketing the tool in my opinion
Interesting progect and the idea behind it is great.
A decentralized excange is always preferable to a centralized exchange even if currently the largest and most popular are centralized but I hope that in the future the direction will change ;)
Thanks for sharing
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Posted Using LeoFinance Beta
I hope so too, I'd like to see more people taking ownership and not trying to speculate. If they want to see why pay fees to an exchange and sell directly to people to me that's a better model
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Posted Using LeoFinance Beta
I think it will also come in handy when we can start travelling again and people need different currencies when they land in another country
I had a Bisq account for quite some time now, I have hardly used it though, we sure need lots of DEXs with ease of use and ways of crypto onramp excluding the banks.
Posted Using LeoFinance Beta
I heard about it a while back but only decided to check it out recently but there's not much activity on there! Next I'll be checking out HodlHodl
Never heard of HodlHodl, I will look it up thanks. The more the better!
Posted Using LeoFinance Beta
This is a great idea. Very much needed given how KYC is creeping into everything. Pretty much all the major exchanges need it now.
Source of funds checking is the next headache but if someone never wants to convert their crypto back to fiat, then this would work perfectly.
Posted Using LeoFinance Beta
For sure, you can only take the gift card idea so far, and they are creeping in on cash faster and faster trying to pull it out of circulation, so we are forced to use transfers and credit cards
I think that it’s such bullshit since most scams use things like bank transfers,credit cards and PayPal and they want to treat crypto like it’s the bad guy..
The more people owning Cryptos the better, and I think that’s what alt coins sort of help with, getting people into the ownership stage
Then when that’s big enough P2P markets will have enough capital to make it easier to trade
Project seems nice ... Hopefully they will comeup with a solution provide the fastest service...
I think this solution only works if banks start to shut down Cryptos companies so it’s more of a fail safe or for those who want to be off the radar this isn’t for everyone
There are also other P2P networks like Paxful and local bitcoins