Learn about Centralised Exchanges, Decentralised Exchanges, KYC/AML laws and censorship.
There’s a lot I try to unpack in this video, but the main idea I want to get across is to get your keys off the exchange.
The intent of this entire course is for you to understand and inherit characteristics of a sovereign individual. Part of that starts with true ownership of a wealth preserving asset that cannot be confiscated. This means that you self-custody all your bitcoin/cryptocurrency.
I touch on other subjects including; chain analysis, the best places to buy crypto, easiest places to buy crypto and places you should definitely get your crypto from. There are many options available, so as always, I will leave some resources below so that you can do your own due diligence.
Ideally, you will want to avoid KYC (Know Your Customer) all together.
KYC means they know who you are. If the exchange doesn’t agree with your politics, religion, race, social id score, location. You can be blocked and likely even doxxed. Like the people who decided to donate to this cause.
The hardest part of this process for you will be exchanging your fiat for crypto, aka fiat on ramps. If you’re looking for a way to convert your fiat into crypto, please check out non-kyc fiat on ramps.
If you already have crypto and want to trade it, please check out Decentralized exchanges.
You can also check out these additional resources.
Centralized Exchanges are great for onboarding your grandparents and unwitting beginners into crypto, but the true value proposition of crypto currency is derived from the ability to facilitate a trustless transaction allowing for true peer-to-peer settlement. This is the revolution of bitcoin. No middleman required. Don’t be fooled by NFT’s, Meta-verses, smart contracts and all the other accessories that come with blockchain technology. That stuff is great, but removing the middle man is the crux of this system.
If we continue to leave our Bitcoin on Centralized exchanges then we lose this key feature and risk losing it forever…
If we allow nations to control the bitcoin supply through KYC and eventually confiscation. We will be thrusted deep into the darkest ages our world has ever seen. Be responsible and don’t let that happen.
Below are just a few examples of how these major exchanges are tracking you.
Check out this tool Coinbase is now marketing for chain-analysis.
Bitcoin and crypto in general are actually not that anonymous. Cash is a much better tool for anonymity. Because bitcoin is a PUBLIC ledger, anyone can see the transactions and follow the money. This can be combatted several ways, but it is generally out of reach for the average user. Once your identity is tied to a specific wallet or transaction through KYC, it’s very easy to track everything you do from there on out. Unless you break the deterministic system by introducing randomness.
Global elites love this. A while back the federal reserve published a paper regarding bitcoin and how they would not adopt it unless they could control it.
Cryptocurrency DLT arrangements, such as Bitcoin, are examples of permissionless systems. The financial industry, however, is focused mainly on developing permissioned systems because these systems offer a way to provide controls over important functions performed in the arrangement.https://www.federalreserve.gov/econresdata/feds/2016/files/2016095pap.pdf
One of the cards they will try to play in the future, if they can’t control bitcoin, is forcing us to adopt their own digital currency.
These are called CBDC’s
CBDC’s are pretty much just a digital dollar. They should never be adopted by the masses or we will find ourself in a dystopian future highlighted by the images below.
Self custody or find yourself in custody.