I also have a small KYC-free stack.
When buying by bank transfer, however, it is important to note that some people have their bank accounts terminated if they buy KYC free.
Unless you exchange the sats for cash at meetups or something like that, transfers bring you into contact with people whose accounts are potentially flagged or monitored by the authorities.
You could also receive sats that originate from hacks or similar. These are of course also sold on P2P exchanges.
And if you have bought KYC for free, you must be aware that the Bitcoin is outside the system and cannot simply be returned. Selling on a normal exchange then quickly becomes complicated or even impossible.
The savings plan with the S9 Miner for <€200 is well thought out, but absolutely unsuitable with our electricity prices😅
When buying by bank transfer, however, it is important to note that some people have their bank accounts terminated if they buy KYC free.
Unless you exchange the sats for cash at meetups or something like that, transfers bring you into contact with people whose accounts are potentially flagged or monitored by the authorities.
You could also receive sats that originate from hacks or similar. These are of course also sold on P2P exchanges.
And if you have bought KYC for free, you must be aware that the Bitcoin is outside the system and cannot simply be returned. Selling on a normal exchange then quickly becomes complicated or even impossible.
The savings plan with the S9 Miner for <€200 is well thought out, but absolutely unsuitable with our electricity prices😅
••
@stefan_21 Why might a bank account be blocked? The purpose of use often states something else - for example, a Bisq number. Nevertheless, there is a risk that an account will be blocked or frozen if illegal or suspicious activities are suspected.
That's right - with peer-to-peer transactions, you can get sats from anyone, including hackers. This shows the freedom and decentralized nature of the Bitcoin network.
If you buy without KYC, you should ideally also sell without KYC. This makes sense as you often get a premium for Bitcoin on peer-to-peer marketplaces compared to regulated exchanges/exchanges.
Mining in Germany is generally not profitable - unless free electricity is available (e.g. surplus electricity). In the DACH region, solo mining such as Bitaxe or lottery-like mining games that have new winners every 10 minutes are also popular.
It is important to weigh up what you want to achieve: KYC can make sense for pure investment. However, if you are a bitcoiner pursuing data protection and the principles of decentralization, there is a lot to be said for no-KYC. Governments will regulate, tax and consider proposals for greater restrictions - especially if the current monetary system comes under further pressure. Also consider your personal threat model and what measures you want to take for your privacy.
That's right - with peer-to-peer transactions, you can get sats from anyone, including hackers. This shows the freedom and decentralized nature of the Bitcoin network.
If you buy without KYC, you should ideally also sell without KYC. This makes sense as you often get a premium for Bitcoin on peer-to-peer marketplaces compared to regulated exchanges/exchanges.
Mining in Germany is generally not profitable - unless free electricity is available (e.g. surplus electricity). In the DACH region, solo mining such as Bitaxe or lottery-like mining games that have new winners every 10 minutes are also popular.
It is important to weigh up what you want to achieve: KYC can make sense for pure investment. However, if you are a bitcoiner pursuing data protection and the principles of decentralization, there is a lot to be said for no-KYC. Governments will regulate, tax and consider proposals for greater restrictions - especially if the current monetary system comes under further pressure. Also consider your personal threat model and what measures you want to take for your privacy.
••
@innovaclustersolution A bank account could be blocked because I have seen this happen several times.
People who have increasingly traded via Peach or Robosats and the like have suddenly had their bank accounts blocked (on suspicion of money laundering) or terminated immediately without giving any reason.
This does not speak against non-KYC Bitcoin, but rather against our financial system, but you should be aware of this risk.
In the best case scenario, you simply buy Bitcoin for cash at meetups. Alternatively, you can open a second bank account and use it to make payments so that if your account is terminated, it won't be a big problem for you.
I'm also a friend of NoKYC and think that every Bitcoiner should have a NoKYC stack just in case, but you shouldn't think that the system won't defend itself against it and that it's as easy as buying from a KYC exchange :)
People who have increasingly traded via Peach or Robosats and the like have suddenly had their bank accounts blocked (on suspicion of money laundering) or terminated immediately without giving any reason.
This does not speak against non-KYC Bitcoin, but rather against our financial system, but you should be aware of this risk.
In the best case scenario, you simply buy Bitcoin for cash at meetups. Alternatively, you can open a second bank account and use it to make payments so that if your account is terminated, it won't be a big problem for you.
I'm also a friend of NoKYC and think that every Bitcoiner should have a NoKYC stack just in case, but you shouldn't think that the system won't defend itself against it and that it's as easy as buying from a KYC exchange :)
•
11
•