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but how many friends would you really trust with your billing information?
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You wouldn't have to. If you register someone's Kindle to your account, they don't automatically have access to your billing information—unless you're unwise enough to give them your account login. They might be able to charge a bunch of ebooks on your credit card directly from their Kindle (1-click) while they're registered to your account, but they won't have access to your personal details. All you're doing is de-registering and registering Kindles by exchanging serial numbers so you have access to each others archives.