Hello guys, Its finally here the instant payment system is in beta mode! Also electroneum has released its KYC process. I understand other articles on here have already discussed what is KYC and the various tiers of 1,2 and 3.
But I got thinking and I am curious to know if it will be obligatory to confirm as tier 3 KYC in the future, the reason I say this…
As an example lets say I have 50,000 coins in by electroneum wallets and it is 5/7 years in the future and the price of electroneum is 3 dollars. Therefore I will have 150,000 thousand dollars worth of cryptocurrency in my wallet.
Now for the sake of the example lets say I want to sell all my coins on an exchange and at the current price of electroneum which was 3 dollars.
Would there be an issue moving this amount of monetary value to an exchange if I dont have a KYC tier 3 status or will i have to be approved at tier 3 before I am able to send coins to an exchanges
I would love to here other peoples opinons on this or any claRification will be much apprieciated
As it looks now, yes that’s going to be a problem. You have to find your own balance between security (coins in electroneum wallet) and liquidity (coins on exchange) if you aren’t certain you’ll upgrade to tier 3.
I responded similarly as below:
I agree with @Nicolas right now you don’t need it then but to transfer it in the future you will have to do KYC then in order to send it away again sadly
My big questions is the amounts they have on the ETN wallet are still not high and over a 3 month period of time. Even if I have lvl 3 im only allowed $10,000 EUR over 3 months? It seems I just need to get out of the ETN wallet altogether if I even want full access to my coins.
By the time it’s 5 - 7 years, a lot will have changed from the experience the team and ETN ecosystem will have… It’s hard to give an “appropriate” right now answer for such a timeline. My opinion, of course.
Not quite, but I was initially confused by the same thing.
Tier 2 allows up to $10,000 EUR, and Tier 3 allows over $10,000 EUR.