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Do we need to verify our account for these Coins?

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  • Do we need to verify our account for these Coins?

    As many might be aware that when we use payment processors or such options then verification becomes huge thing and is must to work out. I am new to this Coin world and that’s why I am not aware about the process we need to be in for getting these transactions done, so do you think we need to be verifying in order to be able to deal or for doing transactions in these?

  • #2
    No, there is no verification required with Bitcoin. Your wallet is not required to be verified since all the addresses verify their integrity by themselves, so nothing is required like you see on Payment Processor or as such, so this is one thing extremely good about it because we don’t need to get into all that trouble mode of verification and that, it can be used very easily with straight forward idea which makes it so good.

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    • #3
      Verification is obviously not a need in Digital currency as already explained by Maria. However, I think even if there was verification required, I won’t worry about it since we should always be ready and happy to do it. Bitcoin system is like that where there is no way to lose the money, it can only transfer from one hand to another (wallet), so that’s why not much details are required to be put in yet we can work out.

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      • #4
        For many newbies like me, it’s a good thing because verification is often very tough to do for teenagers ( I am not), so that’s why it’s great to have this type of structure, but it does opens up the risk factor and it’s an obvious benefit for people with wrong intention. However, I think it’s not possible to have any changes because the system is built in such way that it can’t be changed or remodel.

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        • #5
          No, it’s not required to be verified because system is not like any payment processor, therefore, it’s not really required at all to verify or do anything like that at all. However, I do believe that we need to keep dealing with trusted person because it could be very risky or else, so it doesn’t matter if it’s verify or not, but we need to deal only with people who can be relied upon and is trustworthy.

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          • #6
            As already said by all…. There is no requirement for us to verify anything with any digital currency because it’s not run by any single organization; therefore, it’s no need for verifying anything at all.

            I found the question be strange because if anyone knows how crypto currencies work then he/she will not be asking such question at all, but anyway, I think it’s okay to discuss anything that we don’t understand or know.

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            • #7
              No there is absolutely no such requirement at all for anyone with these Digital Currencies. I am using Bitcoin and there is no requirement for me to verify the account. It could be said as negative (con), but this can also be good (positive) for some people, so basically just how you see it and that’s how it is going to be. I take very caution approach with dealing with people since I know verification can be harmful for me.

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              • #8
                It’s obviously not required as there is no such system and that’s what I find very good. But, I think the biggest negative point with this is that we can get scammed quite easily. It’s the reason why some sort of coverage to stop scamming would be just priceless but of course, it’s not possible or is it?

                I will any day love to have verification if it avoids the scam and all the stealing that goes into these things.

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                • #9
                  As far I know, it’s fair to say that verification is a really feared word, but I strongly believe this shouldn’t be the way. I believe that we should never ever fear verification especially if we have nothing to hide. I believe due to just lack of awareness, it’s what makes us fear things even when not required. I am always happy if I need to verify myself because this means I am limiting any scams and all such things.

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                  • #10
                    I too never worry about verification part of the scene, but it’s just that I hate over the top stuff, as that’s something not necessary. I am talking about stuff like PayPal, as they always trouble us even if we are verified.

                    This is all to do with their dispute thing, I don’t like it one bit at all! I strongly believe that we must not waste time over this instead waste on something more serious and sensible.

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                    • #11
                      I think verification is harder for Youngers, as obviously many are under 18 and that’s why they can’t verify themselves and for them, it’s fair to say that Bitcoin is blessing in disguise for them. I too believe that it can be good for certain people, but overall you feel very much worried over when doing bigger transactions, so that’s one point that needs to be figured out nicely and it can bring a lot of profits as well.

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                      • #12
                        There is no need for any verification as everything is on a different level as opposed to the usual payment processors. But some Exchanges/Trading Brokers might demand verification from their side and if you still want to use their service, then you need to do verification else not needed!

                        Using coins without verification is for hassle-free usage but at the same time this might help the criminals to launder money which might be a different issue!

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                        • #13
                          No, I don’t think we are required to have verification for using it which makes it so attractive. This is also the con that people talk about, but novice this is the ideal setting, as they can simply start up without having to worry about. Also, it’s become major player when it comes to sites like PTC/HYIP and such, as people can do transactions easily without any major worries at all due to such free fall system.

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                          • #14
                            Yeah, there is no need to verify our wallet or identity to use crypto coins like Bitcoins. The transactions are anonymous which is what makes them quite attractive & unique. You can do all your usual transactions of buying, selling and exchanging without letting your identity known which is not possible with other forms of payments!

                            But then this kind of system can be used by criminals too taking advantage of such feature to indulge in crimes!

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                            • #15
                              No, there is no such requirement for us. We can use it without any verification or anything of that sorts, I believe this is one major reason why newbies find it so good and prefer it. In future this could change as the popularity and the growth is amazing which is making it necessary for the verification and all those sorts of things, but as per now this is not really been required at all.

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