che
· 162w
This might be a stupid question, but if someone bought KYC btc off an exchange and then sold it on bisq to me, would that still be considered nonKYC for me? #KYC #plebchain
I would say yes that would be a KYC free purchase. KYC/AML is the requirement for regulated institutions to collect personal information about customers. This makes it easy for state actors to identify you should they wish. Buying through KYC channels means next to zero anonymity for you. The smart plan is to be increasing your anonymity around purchases as much as possible. Things like mining and cash purchases (possible on Bisq) give you a very high degree of anonymity but it is hard to build a substantial stack in this manner. Buying through a p2p exchange using bank transfers is far more straightforward than mining and cash purchase say, but reduces your anonymity to a degree. Your counterparty will know your name and bank details, your bank will have record of the transfer as will the other party’s bank, though it would not be immediately obvious what the purpose of the transfer was. Someone would need access to the BTC seller’s xpub to be able to infer which UTXO was involved.
My point being that using Bisq puts a significantly higher barrier in front of state actors looking to confiscate or punish. In a 6102 scenario states will go for the 99% that used regulated exchanges. Don’t be part of the 99%.
When introducing interested friends and family explain this to them. If they want to dabble a small amount but want a path of least resistance don’t let an exchange be that path. As an example buy through Bisq on their behalf and send some sats to a BlueWallet on their phone.
