Since KYC had been done on account creation, here's a way to buy HIVE without KYC. You just need stablecoins and time.
Cover image made using HTML and CSS, with light edits using MS Paint.
A Little Bit about KYC
If anyone reading this has purchased Bitcoin, Ethereum, or any high Market Cap cryptocurrency, then at some point we've had to deal with the KYC-- Know Your Customer-- legal requirements of centralized exchnges. Like opening a traditional bank account, KYC requirements require proof of identification. Since centralized exchanges require bank account information along with ID, these two sets of information get tied to whatever wallets are made on your behalf to transact at the centralized exchange.
To some degree, we had to do KYC to obtain a Hive account. On top of that, we created name-like account aliases to serve as our Hive account wallet addresses.
When it comes to KYC, we're all compromised to some degree or other.
Even so, KYC may not be a concern for some Hivers. If you don't care about KYC when it comes to Hive, then you're all set!
If you're a Hiver for whom KYC is a concern, you do your best to minimize its use going forward. After all, why make it easier for the rascals than it needs to be?
Strategy for Buying HIVE without KYC
1️⃣ Buy stablecoins from the centralized exchange.
The two places where KYC will come into effect are on-ramp and off-ramp for fiat currency. Since this is the case, it makes sense to buy stablecoins at the centralized exchanges first.
Since the goal is to purchase HIVE, it doesn't matter which stablecoins you buy at this stage; just make sure Hive Engine has an equivalent SWAP.* token for it.
2️⃣ Wait for the transaction to clear.
This varies from centralized exchange to centralized exchange which accepts fiat currency from a bank account. It can be as long as 7 days, or as short as 3 days; check with your centralized exchange to be sure. Whatever period this is, wait that many days.
3️⃣ Once the transaction clears, offload to a wallet you control.
This could be a MetaMask wallet, or a hardware wallet. As long as you control this wallet, it doesn't matter what it is.
4️⃣ Deposit these stablecoins to Hive Engine
Follow the instructions at either Hive Engine or at Tribaldex. Allow for some lag time between the time the deposit is made and when Hive Engine / Tribaldex shows the SWAP.{stablecoin} tokens in the wallet.
5️⃣ Sell these SWAP.{stablecoin} tokens for SWAP.HIVE.
Once the wallet page shows SWAP.{stablecoin} tokens, sell them for SWAP.HIVE.
6️⃣ Withdraw SWAP.HIVE to the HIVE Wallet.
From whatever DEX you use to buy or sell Hive Engine tokens (Hive Engine, LeoDex, or Tribaldex), withdraw as much SWAP.HIVE as liquidity permits. If sucessful, a similar amount of HIVE will have been added to your HIVE wallet. (Transaction fees are always involved in DEX deposits and withdrawals).
Just My Two Sats
There are many ways to buy HIVE if you have a Hive account. A few of these ways include credit cards and services such as PayPal. If KYC is not a concern, then you have many ways indeed to buy HIVE.
If KYC is a concern, there are still ways to buy HIVE. To minimize KYC activity at the on-ramp and off-ramp of centralized exchanges, buy stablecoins first.
Once transactions clear, offload the stablecoins to a wallet you control, then transfer to Hive Engine. After a short delay, the wallet page will show a similar amount of SWAP.{stablecoin} tokens. At this stage, sell these tokens for SWAP.HIVE. Liquidity permitting, withdraw the SWAP.HIVE; after confirming that all went well, an equivalent increase in HIVE will appear in the HIVE wallet.
| Links in image | URLs |
|---|---|
| Daily Crypto Markets Live Blog | https://leofinance.io/@leomarkettalk |
| LeoFinance | https://leofinance.io |
| TheTerminal | /created/hive-101265 |
| Hive Projects | https://hiveprojects.io |
| Dust Sweeper | @dustsweeper |
| Dust Bunny | @dustbunny |
| Links in image | URLs |
|---|---|
| "...to make up for..." | https://leofinance.io/hive-167922/@magnacarta/who-is-magnacarta-and-why-is-he-sending-me-pizza |
| LeoFinance | https://leofinance.io/@magnacarta |
| Proof of Brain | https://proofofbrain.blog/@magnacarta |
| ♦ D.Buzz-only ♦ D.Buzz: ♦ at-magnacarta.buzz | https://blog.d.buzz/#/@magnacarta.buzz |
| Festivus | https://festivusweb.com/index.php |