What happens if i dont verify KYC for years?


#1

i want to hodl for long term and dont need to send or spend ETN.
Can i verify later?


#2

I think that if you want to hodl best option is to store at OFFLINE wallet and KYC you dont need :slight_smile:


#3

you should confirm your name


#4

I think you can verify it at anytime but I don’t know if you can access your balance then after this first month without doing atleast the level 1 KYC :wink:


#5

If you hold for years, 1st you will hold 10’s if not 100’s of thousands of dollars worth of ETN and will just need to get verified if you want to send to online wallet or mobile wallet, but you can by pass can send them direct to exchange using CLI wallet.


#6

A bit farfetched to just hold for 5-10 years. In the meantime ETN could already be accepted as a means of payment worldwide. So you have to cover all grounds, just in case.


#7

i just want to know if i can verify later or not.


#8

And if you can’t, what then? They create a paper wallet for you and force you to transfer to it?


#9

@battyroy yeah I think you can verify it later also because in the future there will be new people that start using ETN to and they will have to do it then also so I think you won’t have a problem doing it later :wink: :+1:


#10

Maybe the rules might change anyway, they are a British company and the UK won’t be in the EU after next year?


#11

Yeah with the brexit it is possible that rules change or that it will be diffrent in the uk then :thinking:


#12

I expect things like that will stay fairly standard to keep in line with the global financial market place, but you never know. If we turn into a low tax banana republic in a desperate attempt to attract business anything could happen, we might even need ETN as a currency. :wink:


#13

Would be funny to see banana trees in the rainy UK :yum:


#14

But, by golly, if we have bananas they’ll be whatever shape we want them to be, and no interference from Brussels!


#15

The conclusion is that they have nothing to win if they block you or other guy. They need mass adoption and I am 100% sure they will change the verification in order to please all the people.
They just launched it man. Even the most powerful brands in history needed time to adapt to the market. They are on a learning curve, the same as we.
Passion and patience go hand in hand. Whoever possesses these attributes will be in a win win situation.


#16

I agree @eFiJy i think so also because Else everyone Will keep having problems and it won’t be good for electroneum on the long run then either :thinking:


#17

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? Not bragging but even with it down now I own way more than this. It seems I just need to get out of the ETN wallet altogether if I even want full access to my coins.


#18

As far as i know level 3 is 3,333 and above does it really got a limit of 10,000? Because you are right i got way more then that also that would mean that it Will take a lot of people forever to get their Electroneum off the wallet again if the price might rise high in the future :thinking:


#19

I’m really not understanding the kyc need. If I’m using the app wallet to store my coins maybe? What if I’m keeping my coins in the exchange wallet?


#20

not verifying for years might cause ass-cancer :wink: