How do you open a wallet without ID or verification? I tried a few years ago and couldn't ever figure it out, just got looped back to the big exchanges that wanted a picture of you and your ID.
Those are the on/off ramps, since they deal in Fiat currency they are centralized. IE.... Binance, Coinbase, Crypto.com
when they are holding your crypto you don't actually own crypto. you own a credit with that company. it's only when you withdraw your crypto to your own wallet that you control that you actually own it.
That's how so many people lost their money when FTX collapsed. they left their crypto with the exchange and when the company collapsed their funds were lost.
Once you get crypto in your own wallet there a bunch of different wallet apps you can use and setting up a new account is as simple as a few clicks and generating a new address.
You can even swap and trade crypto through various decentralized exchanges. it's when you go to change it back to USD that you'll have to deal with an institution again.
How do you open a wallet without ID or verification? I tried a few years ago and couldn't ever figure it out, just got looped back to the big exchanges that wanted a picture of you and your ID.
Those are the on/off ramps, since they deal in Fiat currency they are centralized. IE.... Binance, Coinbase, Crypto.com
when they are holding your crypto you don't actually own crypto. you own a credit with that company. it's only when you withdraw your crypto to your own wallet that you control that you actually own it.
That's how so many people lost their money when FTX collapsed. they left their crypto with the exchange and when the company collapsed their funds were lost.
Once you get crypto in your own wallet there a bunch of different wallet apps you can use and setting up a new account is as simple as a few clicks and generating a new address.
You can even swap and trade crypto through various decentralized exchanges. it's when you go to change it back to USD that you'll have to deal with an institution again.