Crypto-Bridge goes KYC! Wut??

By Jelly Fish | cryptofun | 2 Oct 2019


A year or so ago I tried to sign up into a crypto-exchange (I don't want to mention its name here) to trade my hard-mined alt-pennies into the Holy Bitcoin. As usual, the exchange wanted my email and a somehow paranoid password. Then 2FA. Then I suddenly run against KYC. No matter that you're not US or EU, you can't trade a satoshi without KYC... So, they wanted my papers and I sent them my driver's license. I wonder if they could even understand what was written on it, but it was accepted, anyway. And then -- BANG!!!1 "You must send us a selfie holding your license in one hand and a piece of paper with the current date written on it in another"! Uhummmm.... Guys, you know, I'm not a circus monkey, I'm a married adult with children and a middle-management job position... "Is it a joke or some kind of idiocy test?", I replied. To their honor, they did have sense of humor. My KYC was approved without selfies.

If you want to know how a KYC idiot looks like -- here you're a good example, although from Coinsbit.io 

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Recently I came across a tweet 

CryptoBridge is a decentralized exchange ranked #248 at Coingecko with daily trading volume of about 25-30 BTC.

Some long time ago it was a quite handy place with many small new altcoins (probably because they charged much less for listing), an original overall concept of Bitshares, and a nice little feature of Bridgecoin BCO staking.

Unfortunately, after numerous "improvements", for me it all ended up with a messy GUI with nasty glitches here and there, unbelievable fees and "staking" pennies. Even now they try to charge me 2 BCO for unstacking my duly ended position -- stating about "0 fee" on their page right before my eyes.

And the last straw is a KYC for everyone with no exception, on a decentralized(!) crypto(!!) exchange worth 30 BTC of hardly known altcoins... 

Now I'm steering away from CryptoBridge because it simply can't offer me anything I couldn't find on other exchanges (say, like Graviex from my previous post). I should probably say bye-bye to my tiny stake of BCOs. I will never forget you, baby...

 

Pros of staking BCO at CryptoBridge :

  • Amount of BCO is limited, so the coin might well rise in value
  • Earnings are paid mainly in BTC, ETH, BCO and BTS
  • There's no minimum amount to stake
  • Longer lock-up period pays more dividends (e.g. if you stake 1000 BCO for a year -- the dividends will be as if you stake 2000 BCO)

Cons :

  • There're fees for both opening and closing staking position (I saw as much as 30 BCO either way)
  • There're "lock-up" periods from 3 to 12 months
  • Annual returns are moderate, don't expect double or triple digits
  • From my experience, I don't feel that the exchange will stay alive for a long time after recent "improvements"

 

Disclaimer: I'm not an employee or owner of any crypto exchange. The article is purely informational and not any kind of financial advice or guarantee. I myself own small assets at CryptoBridge.

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Jelly Fish
Jelly Fish

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