Website Compiles List of KYC-Free Exchanges, Along With Some Warnings

Website Compiles List of KYC-Free Exchanges, Along With Some Warnings

website-compiles-list-of-kyc-free-exchanges,-along-with-some-warnings

The website Kycnot.me has compiled a list of cryptocurrency exchanges that do not require identity verification to preserve the independence of crypto.

A new website seeking to compile an active list of every cryptocurrency exchange that welcomes traders in some capacity without forcing them to hand over personal information through know-your-customer, or KYC, verification.

Kycnot.me is only concerned with exchanges that support Bitcoin (BTC) or Monero (XMR), asserting that BTC is the largest crypto asset with the most adoption and XMR offers the strongest privacy protections.

The website currently lists 14 KYC-free trading platforms, many of which offer a peer-to-peer marketplace for crypto assets. 

However, the site has listed warnings concerning more than half of the exchanges mentioned — including noting tight restrictions on verification-free use, withdrawal quirks, and requests for certain identity information despite the absence of KYC requirements.

Surprisingly, the list does not include the popular exchanges Binance, KuCoin, or BitMEX.

According to a manifesto posted by the website’s owner to Github, Kycnot.me details its mission to “preserve the decentralized and self-governed essence of cryptocurrencies” by “mak[ing] it easier for people to find trustworthy ways to buy, exchange, trade and use cryptos without needing to identify themselves.”

The post asserts that cryptocurrencies were created “to untie the dependency between the users […] and the centralized entities that are in control […] of our economy,” adding that many “KYC and AML exchanges have grown to “act exactly like a bank.”

Kycnot.me invites suggestions and recommendations from community members.

The post Website Compiles List of KYC-Free Exchanges, Along With Some Warnings appeared first on BTC Ethereum Crypto Currency Blog.

Source: cryptomoneyteam.co

Author: By TeamMMG


Databroker Price Tops $0.0197 on Exchanges (DTX)

Databroker Price Tops $0.0197 on Exchanges (DTX)

Databroker (CURRENCY:DTX) traded 0.9% lower against the dollar during the 24-hour period ending at 10:00 AM ET on June 14th. One Databroker token can now be purchased for about $0.0197 or 0.00000209 BTC on cryptocurrency exchanges. In the last seven days, Databroker has traded 0.9% higher against the dollar. Databroker has a total market capitalization of $1.51 million and approximately $3,867.00 worth of Databroker was traded on exchanges in the last day.

Here’s how other cryptocurrencies have performed in the last day:

  • Crypto.com Coin (CRO) traded 2.4% higher against the dollar and now trades at $0.11 or 0.00001180 BTC.
  • Acash Coin (ACA) traded flat against the dollar and now trades at $0.20 or 0.00002144 BTC.
  • Huobi Token (HT) traded 0.5% lower against the dollar and now trades at $4.26 or 0.00045274 BTC.
  • Maker (MKR) traded down 6.6% against the dollar and now trades at $530.88 or 0.05639482 BTC.
  • Basic Attention Token (BAT) traded up 1.6% against the dollar and now trades at $0.23 or 0.00002470 BTC.
  • IOStoken (IOST) traded 0.3% lower against the dollar and now trades at $0.0396 or 0.00000526 BTC.
  • OKB (OKB) traded 0.5% lower against the dollar and now trades at $5.16 or 0.00054788 BTC.
  • FTX Token (FTT) traded 0.3% higher against the dollar and now trades at $2.88 or 0.00030551 BTC.
  • Kyber Network (KNC) traded 3.7% lower against the dollar and now trades at $1.17 or 0.00012417 BTC.
  • PlayFuel (PLF) traded 0.2% higher against the dollar and now trades at $0.41 or 0.00004408 BTC.
  • Databroker Token Profile

    Databroker (DTX) is a token. It was first traded on January 22nd, 2018. Databroker’s total supply is 225,000,000 tokens and its circulating supply is 76,968,572 tokens. The official website for Databroker is databrokerdao.com. Databroker’s official message board is medium.com/databrokerdao. Databroker’s official Twitter account is @DataBrokerDAO.

    Buying and Selling Databroker

    Databroker can be purchased on the following cryptocurrency exchanges: . It is usually not currently possible to purchase alternative cryptocurrencies such as Databroker directly using US dollars. Investors seeking to trade Databroker should first purchase Ethereum or Bitcoin using an exchange that deals in US dollars such as Coinbase, Changelly or GDAX. Investors can then use their newly-acquired Ethereum or Bitcoin to purchase Databroker using one of the exchanges listed above.

    Receive News & Updates for Databroker Daily – Enter your email address below to receive a concise daily summary of the latest news and updates for Databroker and related cryptocurrencies with MarketBeat.com’s FREE CryptoBeat newsletter.

    Source: theolympiareport.com

    Author: Donna Brown


    Website Compiles List of KYC-Free Exchanges, Along With Some Warnings

    Website Compiles List of KYC-Free Exchanges, Along With Some Warnings

    A new website seeking to compile an active list of every cryptocurrency exchange that welcomes traders in some capacity without forcing them to hand over personal information through know-your-customer, or KYC, verification.

    Kycnot.me is only concerned with exchanges that support Bitcoin (BTC) or Monero (XMR), asserting that BTC is the largest crypto asset with the most adoption and XMR offers the strongest privacy protections.

    The website currently lists 14 KYC-free trading platforms, many of which offer a peer-to-peer marketplace for crypto assets. 

    However, the site has listed warnings concerning more than half of the exchanges mentioned — including noting tight restrictions on verification-free use, withdrawal quirks, and requests for certain identity information despite the absence of KYC requirements.

    Surprisingly, the list does not include the popular exchanges Binance, KuCoin, or BitMEX.

    According to a manifesto posted by the website’s owner to Github, Kycnot.me details its mission to “preserve the decentralized and self-governed essence of cryptocurrencies” by “mak[ing] it easier for people to find trustworthy ways to buy, exchange, trade and use cryptos without needing to identify themselves.”

    What cryptocurrency will become the main one in a year?
    BitcoinEthereum

    The post asserts that cryptocurrencies were created “to untie the dependency between the users […] and the centralized entities that are in control […] of our economy,” adding that many “KYC and AML exchanges have grown to “act exactly like a bank.”

    Kycnot.me invites suggestions and recommendations from community members.

    Source: cryptobrain.net

    Author: by admin


    The Choice Between One’s Own Node and a Staking Service

    The Choice Between One’s Own Node and a Staking Service

    As the Ethereum 2.0 upgrade approaches, users have been showing an increasing interest in the staking process, which would allow them to make a passive income by validating the new network.

    This is evidenced by the growing number of Ether (ETH) wallets and ETH deposits on cryptocurrency exchanges. According to a recent report published by analytical company Arcane Research, the number of Ethereum wallets containing 32 ETH or more — the minimum amount of coins needed to run the staking node — have increased by 13% over the year, and the number of “Ethereum 2.0” Google search queries have grown by around six times since March.

    While some users have already opted to run their own validator node, others are still choosing among becoming an independent validator, joining a staking pool or using staking provider services. But is there actually any difference?

    The upgraded Ethereum network will switch from the proof-of-work to the proof-of-stake consensus algorithm, replacing miners with validators who will bet their coins to verify transactions. Once validators verify honest transactions, they will receive the rewards in the form of passive income — this process is called staking.

    At the moment, the exact size of an annual reward for Ethereum stakers is still unknown. However, according to the project’s roadmap, this value will vary from 1.56% to 18.1% and will be inversely proportional to the total number of validators: When the network increases, rewards contract.

    On the one hand, a staking model can be attractive to a wide range of crypto users because there is no need for expensive mining equipment or special technical skills and might look as simple as having a bank deposit. All that is needed to receive annual interest on staked funds is to store ETH on a hardware wallet.

    However, an in-depth analysis of the requirements for becoming a validator on the Ethereum network has shown that not everything is as simple as it might seem at first glance. The minimum entry threshold of 32 ETH is just one of such requirements.

    Related: Ethereum 2.0 Staking, Explained

    For example, given the ETH exchange rate of $250, the user will need to invest $8,000 to become a validator on the Ethereum 2.0 blockchain. But what about the reward? Taking into account the cost of validation of $180 and an average reward of 5% suggested by Ethereum developer Justin Drake, the annual profit from staking 32 ETH can be around $190. So, given the possible risks of Ether’s price experiencing volatility and users being unable to withdraw funds, this reward model is unlikely to allow an average staker to hit a big jackpot.

    Another task users will have to deal with to be a full validator is running their own validator node. As evidenced by a survey published by Consensys, 33% of the ETH users are ready to perform this task. But that’s not all. Additionally, validators would be required to ensure the uninterrupted functioning of the hardware wallet. If users disconnect, they lose all their daily income. Even worse, if at some point their stakes drop below 32 ETH, users will lose the right to be a validator.

    The Ethereum staking entry threshold is not as high as the cost of running a master node on other blockchain networks, such as Dash, and for many users, high barriers to enter may be unaffordable. That same survey conducted by Consensys also showed that 33% of ETH owners do not intend to participate in network staking, and 71% of those who refused said that they do not hold enough Ether to become a validator.

    The above-mentioned limitations can be circumvented if joining a so-called staking pool or staking-as-a-service providers. Such third-party services — either decentralized or centralized — offer staking on the users’ behalf and relieve them of the need to worry about launching special software or keeping the network online during the life of the staking deposit. And if launching one’s own node can be compared to opening a deposit account at a bank, then staking providers act as brokers, taking on all the risks and maintenance expenses for a certain fee.

    The biggest advantage of such solutions is the ability to earn on staking with any amount of ETH, which becomes a way out for many users who cannot afford to keep their own node. According to Consensys, at least 33% of Ethereum users plan to use third-party services and 20% of the respondents who previously revealed the intention to run their own validator nodes said they would consider using a staking service instead. This raises the question: Which is the better option — a staking pool or a staking-as-a-service provider?

    Today, many crypto exchanges offer staking services for PoS-based coin owners with daily income payments. For example, Poloniex does not impose any requirements on the terms of deposits — the user can trade and withdraw funds at any time. For this, however, users are charged a 25% fee on their rewards, which is said to cover operating expenses and risks associated with the management of the service.

    Bitfinex, another major crypto exchange, claims that it doesn’t charge a fee for its current staking programs, holding a small portion of staking rewards instead. Additionally, as stated on Bitfinex’s website, in some cases, its staking service provider can also take a portion of the rewards collected through the exchange. Meanwhile, staking services provided by Bitfinex are available for any category of users since it’s enough to have as little as $0.10 to start receiving rewards on the platform.

    Paolo Ardoino, the chief technology officer at Bitfinex, revealed to Cointelegraph that the cryptocurrency exchange has the biggest Ethereum cold wallet and is planning to be a key part of Ethereum staking. According to him, Ethereum staking will be quite profitable for users who keep their funds on exchanges:

    “Exchanges like Bitfinex will charge a tiny fee to cover operation costs, but the large majority of rewards will go directly into the pockets of the users. Not all users want to go through the process of custodying their own assets and learning how to stake properly.”

    Changpeng Zhao, also known as CZ, the CEO of Binance crypto exchnage told Cointelegraph that users who actively stake via Binance will be able to earn higher interest rates than those who simply hold cryptocurrency in their accounts:

    “Binance will stake a fractional reserve of the Ethereum held by our users, as we still require some funds to be liquid for users to withdraw at any time, while automatically distributing proportionately the rewards to our users.”

    Another convenience of centralized platforms and custodial services is that they undertake the conversion of the user’s ETH to ETH2. Cryptocurrency services provider Bitcoin Suisse, for instance, claims that it doesn’t charge any commissions for such a conversion, however, it will take 15% from rewards received by its customers. The platform also promises to monitor the timely update of its own software so that the staking process remains uninterrupted and beneficial for the user.

    However, according to some users, staking programs offered by crypto exchanges can lead to the centralization of the Ethereum blockchain. In a conversation with Cointelegraph, Sergey Zhdanov, the CEO of cryptocurrency exchange EXMO, explained that although the exchanges will definitely become the biggest network validators, the influence will be inseparable:

    “Data from Arcane Research and Nansen AI shows that Ethereum wallets with at least 32 ETH, the amount required for ETH 2.0 staking, have grown by 13% this year. The amount of these wallets are more than 120K, so the exchange wallets are taking just 1% of them.”

    Alongside the crypto exchanges, custodian services provided by some institutional players also appear to be willing to offer such services. According to a PricewaterhouseCoopers report, 42% of crypto hedge funds are also involved in cryptocurrency staking.

    Related: ETH Miners Will Have Little Choice Once Ethereum 2.0 Launches With PoS

    Zhdanov also pointed out that many big players will likely be staking ETH by themselves as a tool to hedge the risks of their portfolio and that the popularity of ETH among other altcoins working on PoS will help reduce the centralization risk.

    Speaking about the probability of centralization, Bitfinex’s Ardoino told Cointelegraph that this threat can be possible only in the early phases of the upgrade, adding: “Education on the importance of staking from own wallets will be a key factor in order to reduce centralization.”

    Besides, according to CZ, staking is particularly effective in helping stabilize cryptocurrency prices, as it encourages users to make market buys when purchasing tokens, as well as rewards limit sell orders rather than market sell orders, as users continue to earn staking rewards while their order hasn’t filled yet. He added:

    “Thus, during panics, users are incentivized to set limit orders to sell rather than dump on market, and during bullish periods, users are incentivized to get in faster.”

    Staking pools or decentralized exchanges can be an alternative for those who are concerned about possible centralization and penalties incurred, for example, for going offline. As the decentralized nature implies, everything from rewards to risks is shared among the members of such pools. 

    For example, decentralized staking pool Rocket Pool claims that a user deposit cannot be assigned to a “bad node” since all the pool members share the risk of nodes being slashed and, therefore, the size of the penalty. Thus, if one node fails, each pool member will lose a small number of funds. However, in the case of running a node, it’s the user who’s at risk of losing everything.

    In addition to so-called socialized losses, Rocket Pool introduced its native token that represents a tokenized staking deposit and allows stakers to instantly receive a reward and withdraw it at any time. In addition, the pool does not charge fees for staking. However, in order to join the pool, users will need to have a minimum of 16 ETH — half as much of the minimum amount needed to run an individual validator node, but a lot more than what crypto exchanges would require.

    The entry threshold to become an Ethereum validator has become the most discussed issue among users interested in staking. Many of them argue that 32 ETH is too much and noted that if the required amount was smaller, there would be many more validators on the new network.

    Others said that they wouldn’t lock up 32 ETH just to secure the Ethereum network unless the staking rewards were higher than 10% per year, given that the possible profit could be negligible compared to losses in the event of a coin price drop. Although the exact staking reward size still remains unknown, many users who have revealed their plans to use third-party provider services already said they would choose the platform that offered at least 7.6% in revenue.

    There are also those in the crypto community who appeared to be concerned about the threat of Ethereum centralization, rather than the cost of staking. They, however, appeared to be in the minority. Notably, a significant part of users spoke out in defense of the entry threshold of 32 ETH, comparing this amount to tens of thousands of dollars needed to own master nodes in blockchain networks, such as Dash.

    While the launch date for Ethereum 2.0 is still open, users have time to decide whether they want to participate in the stake or not and how exactly they want to do it. As the examples discussed in this article show, almost any crypto user can become a validator of the new network and receive passive income regardless of their financial and technical capabilities.

    Source: www.cryptobitnews.co.uk


    India’s Rumored Crypto Ban May Be Overblown, Say Industry Pros

    India’s Rumored Crypto Ban May Be Overblown, Say Industry Pros

    Rumors that India might be considering a new ban on crypto may be premature, exchange founders and startup CEOs working in the sector believe.

    Indian news site The Economic Times created a stir Friday by suggesting that lawmakers in India, where the Supreme Court only overturned a punitive banking ban from the Reserve Bank of India (RBI) four months ago, were planning on slapping a new ban on crypto companies.

    The story, titled “With a law, India plans lasting ban on crypto,” cited one unnamed “senior government official” who told The Economic Times that, “A note [presumably on crypto] has been moved (by the finance ministry) for inter-ministerial consultations.”

    The article doesn’t provide any information on what the note could be but says that it was spurred on by the Supreme Court ruling, which allowed crypto exchanges to finally access banking services after nearly two years stuck in the wilderness.

    They then claim that it could well lean on a previous government draft law, from July 2019, which proposed that all forms of cryptocurrency be banned, with anyone caught holding them facing up a fine and up to 10 years imprisonment.

    But is there any substance to this?

    Well, the report in question relates to one published by a government panel, chaired by former Economic Affairs Secretary Subhash Chandra Garg. While the report recognizes blockchain technology is an “important new and innovative technology,” it notes, “with serious concern,” that the use of cryptocurrencies in India is “mushrooming” at an alarming rate.

    Highlighting that many crypto assets don’t have any intrinsic value and supporting the RBI ban, the report concludes: “the Committee has recommended a law banning the cryptocurrencies in India and criminalising carrying on of any activities connected with cryptocurrencies in India.”

    The only exception, they say, would be a digital currency issued by the state itself.

    “This is all leaked information,” Shetty said. “There is movement for sure, but no one has been able to get clarity on whether it specifically talks about a ban, or whether it talks about just moving forward with regulation. There are a lot of assumptions.”

    Based on his own government sources, Shetty said he believes that the Finance Ministry is consulting with other government departments to determine what the next regulatory step should be.

    “I’ve personally met people in government, right, ministers in Parliament, and what I’ve seen is they’ve been very positive about regulating,” Shetty said. “Some of them have been very vocal that a ban is not the solution because they understand technology … they understand that banning a technology is not a solution.”

    The original draft bill from the Garg committee – which has long since been wound up – is still floating in the Finance Ministry and Shetty agrees it could form part of the “default content” when determining how to move forward with crypto regulation.

    “Someone from the Finance Ministry has proposed that they should consider looking into cryptocurrencies and figuring out what to do, either to ban it, or to regulate it,” Shetty said, as the lifting of the RBI ban has made this a priority for officials. “[The government] wants to see progress and regulations,” he added.

    But, he points out, the idea of reaching out to other departments is in order to take in other viewpoints. Citing Bloomberg Quint’s appraisal of the note, Shetty highlighted: “if in any way, they [the Finance Ministry] get pushback that a ban is not the right way approach, then they would set up another committee, which would explore [crypto] regulation.”

    “I see this as a positive step,” he continued, “there is no clarity in India today. It’s a good thing that someone is taking the initiative.”

    Shetty’s thoughts have been echoed elsewhere.

    A spokesperson for the Bangalore-based exchange CoinSwitch said, “the report has no mention of the particular government body responsible for such actions or contains quotes from reliable sources. As such there is a lack of clarity and until further details reveal we would carefully monitor the situation.”

    Gupta noted the lifting of the RBI ban has led to record trading volumes and user adoption, calling recent growth in the sector “unprecedented.”

    CoinTelegraph reported earlier this week that there has been a flurry of new exchanges launching in India, as well as a wave of outside investment from global players, including OKEx and Binance.

    “Given the previous open-mindedness of government officials and regulators in the Supreme Court case, where they were willing to engage with cryptocurrency sector leaders in dialogue about the future of the industry – we are confident that a similarly communicative approach will be taken in making this decision,” Gupta said .

    Among some of the existing industry players in India’s crypto scene, a consensus is building around starting more formal dialogues with officials. There’s already an active crypto-related trade body within the Internet and Mobile Association of India, which helped challenge the RBI ban.

    Shetty said WazirX was looking at creating a self-regulatory framework.

    “We have to show our government on why we are already practicing KYC [know-your-customer verification] and all the standard practices in India as exchanges,” he said. “I think a formal regulatory note from us would be helpful in going in the right direction.”

    CoinDesk reached out to the India’s Finance Ministry for comment, but did not receive a response by press time.

    Disclosure

    Source: theunivers.info

    Author: admin


    Website Compiles List of KYC-Free Exchanges, Along With Some Warnings


    Previous
    Cryptocurrency exchangesUbex (UBEX) Hits Market Capitalization of $740,955.13
    Next
    Cryptocurrency exchangesInstitutional Trading and Cryptocurrency Industry
    Did the article help? Rate it
    1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
    Loading...
    Add comment

    Get Awesome Reviews

    Coins, exchanges, wallets, crypto games, crypto cards.
    Search for reviews and share your own experience.

    GO TO REVAIN