Your Passport and Driver's licence are the Private Keys for your Life

in #cryptocurrencies6 years ago

In the crypto world people always issue warnings like

"Don't give your private keys to anyone"
"Guard your private key with your life"

However when it comes to KYC it's a whole different game. Your passport and drivers licence are the private keys for your life. If anyone gets a hold of them they can and do impersonate you. In the past people people paid a fortune for them but all they need to do today is put up a website and offer ico freebies, or sell a crypto for fiat, and people will hand over those keys for peanuts. Who ever thought being a criminal could be so easy?

Sure, previously we would have to show ID in real life, but generally it was just that, show. It wasn't make a digital copy and store it on an external harddrive for security (someone on local bitcoins really did tell me that once. I laughed my head off and quit that transaction sharpish). Even when in real life someone made a copy of your ID you knew that these people were bound by local laws and jurisdiction. Trust was enforced with the backing of the law ......and even that is not always enough. There are no international laws to help you out if someone walks off with your ID.

Until there is something international in place that has teeth and can protect my ID I am treating it like I would treat a private key for crypto.

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