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this post was submitted on 22 Aug 2024
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Sure, but so is your local bank. If your alternative is cash, Kraken is trusted just like your local bank is trusted. KYC honestly doesn't matter for most people, because the exchange cannot know what you're using the funds for, so the government/your bank will only know how much you've converted to crypto.
But yeah, if KYC is a deal-breaker, there are a lot of other options. But be careful, because this can open you up to scams, so only do this if you know what you're doing. That's why I recommend Kraken, it's easy for people to get into and it's safe.
Yea, but the bank still has a different usecase, and is treated as untrusted. KYC matters to me because a) one more place can leak my very sensitive documents; b) these exchanges can ban me or deny me entry because of my citizenship; c) crypto here is a gray area and having a legal record of me purchasing it might bite me later, even if it is unlikely.
But true, it can work. Especially for businesses.
Yeah, just be careful. I personally would prefer to buy in-person with cash in that case.
I do just that)