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KYC and AML exist for a reason - investigating and stopping massive amounts of financial crime. People want to convert between fiat currency and BTC, that’s wh
by fossuser 6y ago
KYC and AML exist for a reason - investigating and stopping massive amounts of financial crime.
People want to convert between fiat currency and BTC, that’s why they end up interacting with these regulations.
You can’t currently live only using BTC, but even if you could, the public ledger of every transaction would make it pretty easy to figure out your scheme and come after you anyway whenever you tried to convert the money to actually do anything.
- aww_dang 6y agoBTC is a poor candidate for day to day transactions. I'm not sure it can ever reach that level of adoption under the current conditions. Lightning network has been a Rube Goldberg machine of complications. There are other altcoins like NANO which are a better fit for actual transactions. https://www.youtube.com/watch?v=iVNyr4Q3jq4 https://www.youtube.com/watch?v=iVNyr4Q3jq4 Agree that there's no way to reach a 100% homogeneous cryptocurrency economy and that exchanges are necessary. As an example, taxes are always paid/priced in the state's currency. Even if we could reach that point, I doubt it could be done by an entire economy switching their billing over to BTC overnight. Exchanges facilitate adoption.