The very first hurdle to getting into crypto is exchanging your native fiat currency (USD, EUR, YUAN, Etc.) into your cryptocurrency of choice. That is also the point where you are going to be asked to KYC in most cases because you are using a third party to make this transaction.
Ok, ok, so perhaps the FIRST step is really understand a bit more about Bitcoin and how crypto works and THEN the second step is buying Bitcoin or Ethereum (or even WAX) with your dollars. Either way you end up doing it, there are going to be hurdles you have to overcome.
I take a complete look at the CryptoLocally exchange that combines all the great features of p2p transactions you may have seen on sites like LocalBitcoins with the ease of use we are seeing now in the DeFi space.
Why No KYC Is A Big Deal
So you may already know that KYC stands for "Know Your Customer" and is part of just about every countries anti-money laundering requirements. This means you have to fork over your personal data, including in most cases, things like your social security number, address, etc.
No one REALLY wants to do this, they comply because they want to use the service provided by a third party for something, like an exchange.
CryptoLocally does not require you to KYC for their exchange because it is actually a decentralized exchange or DEX, that allows you to directly trade with another person (no middleman). While we have seen this on a few exchanges before, what is special here is that you can use fiat funding sources like your bank account, Paypal, Venmo, and more to buy cryptocurrency directly from another person.
You can even set up an in person transaction in cash if you want to as well, similar to how LocalBitcoins works.
The whole system works by utilizing WAX smart contracts to hold funds in an escrow so you know that you have no chance of being scammed. This also means that CryptoLocally does not hold your funds on their platform, and you only send funds directly to the person you are trading with through a smart contract. It's non-custodial trading at it's best!
DeFi & Earning Passive Interest
On top of being one of the only decentralized p2p exchanges I have ever seen that allows you to trade fiat for crypto, CryptoLocally is also ramping up their DeFi (decentralized finance) game too. They are launching their own governance token called GIV which will give multiple voting and governance powers to holders including what coins to add to the exchange.
You can also earn interest on your GIV, along with other cryptocurrencies like Ethereum, by simply flicking a switch! Boom, interest gained passively while you sleep! Of course, this feature is a centralized service, so do keep that in mind.
The More You GIV The More You Get
The GIV token is also a vital part of their upcoming features, which I cover in the video above so I won't go into much detail here, where you can access DeFi tools seamless that give you the best returns using algorithmic software that helps reduce your fees for providing liquidity to pools and earn passive fees.
If you are looking for an exchange where you don't have to KYC, but still get access to a whole suite of exchange, DeFi, and interest earning tools, check out CryptoLocally and let me know what you think!
More great reviews on their way, until next time...
'Stache That Crypto Friends!