Mining KYC Free Sats (BingBong Bitesize Bitcoin)

To begin with, what is Bitcoin? When bit 47? A lot of people are familiar with lightning and liquid is effectively layer two. But one, two, nine. What is taproot? For in taproot, that's the first new protocol upgrade since Zagwet.

Difficulty adjustments. How do mnemonic seed words work? UTXO management.

What's up, you ungovernable misfits? Bingbong here, bringing you another bite-sized Bitcoin. Today, we will be talking about KYC free sats from mining. One of the trade-offs to using Bitcoin is the public blockchain.

This was not so much an issue when Satoshi Nakamoto created it, and I am not sure he envisioned it being where it is today. Bitcoin was meant to be a unit of exchange. A peer-to-peer cash system that removes the middleman, aka the banks.

If you can cut out the banks, then you can cut out the government. I mean, come on, hasn't the government done enough to fuck up our financial system? Continuously printing money that is not backed by anything?

Sending infinite amounts of it across seas while people suffer here in our own country? The responsibility we give these people only to have them do what they want. Most times, I feel they do this without ever thinking about the people that put them in office.

So enough about how messed up the government can be, because I feel there is a solution. Some think that solution is to buy Bitcoin and hold it until the government turns the dollar into nothing.

I'm not saying this is a bad idea. What I do worry about is how someone purchases the Bitcoin. Before making a purchase on an exchange, that entity requires KYC information, or know your customer information.

They require a picture of your driver's license next to a picture of yourself, and maybe even your social security number. Unfortunately, this information is kept in a database that they pay a third party to protect.

A quick search on the internet will come back with data leaks all the time. Now that they have this information and you make a purchase of Bitcoin, they can follow your transaction history to see what you're doing with it.

It really mimics the system that is in place today. You are being tracked and they sell you a lie saying it's to protect you from money launders and illegal activity. They even bring in third party chain analysis companies to track the transactions.

And if they don't like what you're doing with it, you may get an email stating you are in violation of some policy they have. I know this from personal experience. I purchased Bitcoin on an exchange and moved it off the exchange.

Well, they did not like where I sent it. And I got an email stating they would choose to close my account if it happened again. Now if we go back to the white paper that Satoshi wrote, he says a peer-to-peer exchange, no middleman, to say the least it did not take long before I was looking for ways to get around this.

Now you can buy Bitcoin from Bisk, Hoddle Hoddle, or RoboSats, where you are just transacting with another peer, where little to know KYC information is exchanged and held on a database somewhere.

You can also mine Bitcoin for KYC free sets. I have to say for me, this option is the best. I believe it could be the best for you too. When choosing this option, you first have to acquire some miners.

The next step is to figure out what pool to mine with. Now there are pools that do require KYC information, but there are also many that do not. Everything has trade-offs, so you should do your own research.

I can tell you that I have mined with Slush Pool and Lincoin Pool. Both of these pools only require an email address to be able to mine with. Both have been good pools to mine with. The payouts are a little different, but for the most part, they are reliable-based pools.

So now you may be thinking, but can't chain analysis companies still follow transactions from pool payouts? And yes, you're right, they can. But as long as your email you use can't be linked back to you, then they cannot figure out who the pool is sending the funds to.

Another good thing to do is to send your Bitcoin to a non-custodial wallet. This is a wallet like Sparrow Wallet or Samurai Wallet. They allow you to create a wallet without any information from you.

If you use this method, you are greatly enhancing your privacy in the Bitcoin space. It was explained to me a while back that made sense to me. It goes like this, buying Bitcoin on an exchange is like going into the bathroom and leaving the stall door open.

Anybody that comes in the bathroom can see you. Mining Bitcoin with a KYC free pool is like going to the bathroom but closing the stall door. People, or in this case chain analysis, can see someone is in the stall but they don't know who it is.

I truly believe this is the kind of vision Satoshi had when he created Bitcoin. People transacting on the network and appear to peer fashion. Without having to worry about some entity that might someday ruin your life savings.

I know this may sound overwhelming and a lot to take in, but I feel like we owe it to Satoshi's vision of what Bitcoin was meant to be. I hope today if I did not change your mind on the dangers of KYC, I hope to at least get you thinking about it.

I can remember the first time someone talked to me about this. My first thought was no way, this is way too much. I just wanted to buy some Bitcoin, but the longer I stayed in this space, I felt it was part of my duty to help protect this creation and do my part to help keep it decentralized.

Well, that's all for now. Any questions, feel free to hit me up on Twitter @bingmong_BTC. Have a plebtastic day. Thanks for listening, I really hope you enjoyed that one. If you have any questions, do feel free to reach out and I will answer anything that I can.

I really appreciate everyone who's been streaming Sats, sharing this with friends and family, retweeting and contributing. If you haven't already seen all the work that we've been putting in for plebmine a month, the best place to go is ungovernable misfits.com.

Mr. Crown has been working really hard to create a beautiful page dedicated to plebmine a month. Check it out at ungovernable misfits.com and we'll catch you on the next one.