Anonymity - good or bad?

[Agbe]

I am happy that cryptocurrency gives a high level of privacy and anonymity, if not the government would have fund a means to punish those citizens that are violating the law of the government that say citizens should not use cryptocurrency. It is because of they will not be able to trace users easily if you are using p2p for trading, exchanges too understand that the government is against their business and they have also remain silent and trade without the government knowing their activities. If it wasn't for privacy that cryptocurrency gives to us, many of us might have been put behind bars. If you are scared of being scammed because the do not know who you are dealing with, then be very careful. Bitcoin benefits is better than the opposite side.

If you look well government is fighting seriously to remove privacy from cryptocurrency and that is why they are fighting to ban all the mixers and also fighting to control Centralized Exchanges. Recently I saw a pop up news from Google app and it says that, LocalMonero which was used to buy and sell  platform might shutdown it operation and more will follow because of the government pressure on them. Some countries government is asking of the Centralized Exchanges to produce the users details to them and once that is provided then the participants of cryptocurrency will be affected.

[Primo1760]

How many of us use aliases in the crypto world? It's fascinating how biases related to sex, age, skin color, or body type seem irrelevant here—it's purely about your ideas and actions. I was on a call the other day, the presenter used a voice changer and there was no video. It felt freeing to engage purely based on the exchange of thoughts.

However, this anonymity has its downsides, it's easy to get scammed. Additionally, there are legal concerns, especially regarding taxation. Some countries are even reducing anonymity to prevent tax evasion. What do you think is a good balance between maintaining privacy and reducing potential misuse in the crypto space?

In fact, crypto anonymity is important here to protect privacy. If I say from my side I will say cryptocurrency is totally illegal in my country now if I have to use cryptocurrency from my country then I must keep secret. If I don't protect privacy, it will cause problems for me. This is how many maintain their privacy by not revealing their names. But if someone feels that no secret should be kept then that is his personal matter. For my part, I will continue to keep the secret because by keeping the secret, I will definitely be able to go safely on my way without any problems.

[Vx1]

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Being anonymous has some pros and cons. However, the rise of the crypto world is primarily due to anonymity, but recent human misconduct has made governments concerned about anonymity. As a financial libertarian, I would certainly support anonymity in the crypto space, but anonymity has become very difficult these days. Various crypto platforms are hindering their anonymity by implementing KYC. Anonymity is certainly good for an honest person but anonymity for those who want to abuse means that they increase the limits of their crime.

Indeed, there are some things that we cannot apply anonymous to this cryptocurrency, for example if we enter a crypto exchange platform.  Like it or not, we have to do KYC to identify ourselves, especially CEX exchanges. 
But for me it doesn't matter, in fact it will feel safer when storing quite a lot of assets on the exchange. For me, the most important thing is, we have to be honest in this cryptocurrency industry, so that we don't feel worried.

[Daiana]

The anonymity is the best in the crypto community but to some extent we are still identifying some members through the identification of the country base their accent and locale the person comes from. Recently my country government asked Binance to release the uses of the exchange in the country to them but Binance refused. And if the government had an assessed and access the users database then many people that are in the cryptocurrency ecosystem Bank accounts would been blocked, banned and stopped from operating. But the anonymity helps us.

The same is the situation in our country, the government doesn't consider Binance or other trading apps or platforms legal, they say they are illegal and anything you do regarding cryptocurrencies is illegal even though there is no clear law about it so far. The banking sector is extremely against cryptocurrencies, you can't make transactions or use an account for cryptocurrency trading purposes.

If you have a bank account and you are suspected by the bank for being involved in cryptocurrencies, they will block your account and freeze your funds immediately, and when you ask them the reason, they will say you need to provide proof of funds to get your account released and funds unfrozen.

       -     Many countries still consider Binance to be an illegal platform. But if you look at the Binance management, they are willing to comply to be able to operate legally in a country or government that they will enter for the communities they have.

Apart from this, the only sad thing is that the bank will suddenly block their users just because it is suspected that they have no proof. It's like if you go through the legal council in court, they make accusations, and then they want the person they accused to prove that they're right. Isn't that stupid? Because in court, that is not possible; instead, you should be the accuser who proves that what you think of someone is correct, because if you don't have evidence, you will come out as a liar. That's just their system, or, in short, "f*ck management and system they have."

Oh I had an issue with my bank that I wanted to stop paying for a specific credit card. However for me to do that I had to answer questions on where I am, how much I earn, if I do international transfers and so on. I was forced to comply, otherwise they would keep on charging me. Is that really how we do business in 2024?

[Agbe]

Oh I had an issue with my bank that I wanted to stop paying for a specific credit card. However for me to do that I had to answer questions on where I am, how much I earn, if I do international transfers and so on. I was forced to comply, otherwise they would keep on charging me. Is that really how we do business in 2024?

Wow! This is strange. Normally there are some bank apps that ask questions when you need credit or debit cards but not to the extent of "how much I earn" and if I do international transactions" . I have only seen, your phone number, email, full name and possibly you mother Maiden name and some simple questions then they process the card for you. Probably the questions are different from different countries. In the decentralized system, only your email and password which can be used to login is okay. And not all those KYC. KYC system is even the worst in the world. Scamming and other fraudulent activities are more in the KYC system.