Several people have expressed their concern that Brave’s use of only the Uphold Wallet for paying out Brave Rewards earnings may suppress its continued growth and plans for mass adoption due to the compulsory KYC requirements which many are not so comfortable with.
Under the current arrangement, all Basic Attention Tokens (BATs) earned through the Brave Rewards program must first be sent to the user’s verified Uphold account before they can be cashed-out to fiat through a linked bank account or converted to any other cryptocurrency the user chooses.
As a result, if you don’t have a verified Uphold account you shouldn’t expect to receive your earned BAT money.
This arrangement doesn’t go down well with a lot of people who feel being subjected to a compulsory KYC is against the fundamental ideal of cryptocurrency and blockchain technology –decentralization.
Simplifying access to funds with the Uphold Multi-Crypto Debit Card
Recently, on a March 4th, 2020 update Brave’s partner for BAT payouts, Uphold, announced that it will be launching a new multi-asset, crypto-enabled debit card to make cashing out BAT money earned through the Brave Rewards program easier and convenient for users.
This means that users who wish to cash out their BAT will be able to do so and spend their crypto rewards and any other cryptocurrencies in their Uphold account more easily across millions of supported ATMs, POS terminals, and online merchant stores worldwide.
Have you applied for your Uphold Card yet? Click here to apply NOW
Cashing Out BAT via the Brave Crypto Wallets
Did you know that Brave has a native, standalone Crypto Wallet similar to MetaMask for storing Ethereum (ETH) and other Ehtereum based tokens including BAT.?
Did you also know that this feature is currently functional within your current browser? Have you ever used it?
I guess the answer is NO. Personally I haven’t used it too, though I know there’s an Ethereum wallet sitting right there on Brave Browser.
Expectedly, you do not have to do any sort of verification in order to use the Crypto Wallets and you control the private keys to the wallet.
More so, the Brave team has suggested that Brave’s built-in Crypto Wallets will eventually be integrated with Brave Rewards in the nearest future. Users will be able to move their BAT earnings from Brave Rewards seamlessly between their Verified Uphold account and Brave’s Crypto Wallets and vice versa.
…“The next big piece of work will add Uphold support to Crypto Wallets. That’ll let you manage assets in your Uphold account inside of Crypto Wallets, and directly transfer crypto assets between your verified Uphold account, Brave Rewards, and Crypto Wallets.” ~Brave.
As an alternative to Uphold’s custodial 1allet, the team is working on integrating the Crypto Wallets feature directly with Brave Rewards. Thus letting you take full control of the private keys to your Brave Rewards wallet.
The only obvious benefit of this is that you hold the keys to your tokens rather than trust Uphold to keep them safe for you.
However, you will be sacrificing the benefits of withdrawing your earnings directly to the bank and other convenience that Uphold offers.
More so, though we expect the Brave in-built Crypto Wallets to offer more anonymity there might still be at least a few personal details required to use the wallets as per international laws.
“…Of course, we’ll still need to meet US and international regulatory requirements when you earn BAT through Brave Rewards. That’ll probably mean some sort of identity verification process. But we’re committed to ensuring that Brave knows the absolute minimum about you... Designing that system to ensure that we follow the law while ensuring that you remain anonymous is a big deal for us, and one of the most substantial components of this work ahead.” ~Brave.
Hopefully, bank details and government-issued IDs wouldn’t be needed, otherwise, it wouldn’t be much worth it.
Not to get your hopes too high; this feature will not be live any movement soon but I strongly feel it’s something worth waiting for; and for me, I think I might be using both wallets as the case may be for different kinds of transactions.
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This is a battle between convenience and privacy and I am so looking forward to having multiple ways to cash out my BAT from Brave Rewards.
Which of the cashing out options do you prefer? –A native Brave Crypto Wallets without strict KYC requirements or the robust financial services and convenience offered by Uphold?