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Monday, September 19, 2022 10:59:04 AM
Obviously there are other small companies like this one.
https://bitgifts.com/
Like $MONI's TheBitGiftCard, you can't tell who is the company behind it easily. Very different than Coinbase.
https://www.coinbase.com/about
To sign up to Coinbase is simple,
BUT if you want to TRADE Crypto you have to verify your identity.
The reason Coinbase and similar companies require ID verification is to comply with AML/KYC laws (Anti-Money Laundering/Know Your Customer). These laws are in place to prevent money laundering and terrorist financing, which IMO most people would support. As the cryptocurrency market matures, these procedures will become standard, so Coinbase is just doing its due diligence.
In comparison, MONI's has nothing about AML/KYC but does have 2 sentences about security actually worded correctly so they have that going for them.
Coinbase has over 100M verified users so it can't be that tough. Maybe that verification process instills confidence to the customer their data won't be misused which is why they have so many customers.in over 100 countries.
Keep in mind many LARGE institutions get hacked so put a lot of security into what they do. Startups get hacked even more often, but you don't hear about the little fishes in the news.
Coinbase has this wonderful help section on their platform that answers many questions. In comparison MONI has nothing, but may one day when they get out of the start up blocks.
Identity Verification FAQ
https://help.coinbase.com/en/coinbase/managing-my-account/update-my-account/identity-verification-faq
Go MONI
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