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> It's true that trying to buy/sell bitcoins via an exchange will subject you to AML requirements, but in-person transactions won't. Nobody does bitcoin transa
by TedDoesntTalk 6y ago
> It's true that trying to buy/sell bitcoins via an exchange will subject you to AML requirements, but in-person transactions won't.
Nobody does bitcoin transactions in person, at least not in America and not anyone I know. I have several bitcoins and the only way to use them is through an exchange like coinbase, who require the same identity documents that a bank does.
You could argue “but you just have to find vendors who accept bitcoin!” But with 3 bitcoin I won’t find enough vendors to spend it on.
- gruez 6y ago>Nobody does bitcoin transactions in person, at least not in America and not anyone I know. https://localbitcoins.com/ https://localbitcoins.com/ >You could argue “but you just have to find vendors who accept bitcoin!” But with 3 bitcoin I won’t find enough vendors to spend it on. There are also bitcoin-for-gift-card stores, which vastly expands your vendor options.
- Talanes 6y agoHow is buying gift cards not just a more restrictive way of converting your Bitcoin to the currency on the gift card?
- gruez 6y agoIt is, but the restrictiveness of mostly mitigated because you can either 1) buy gift cards to stores you visit on a regular basis (eg. nearby supermarket) 2) buy gift cards only after you've decided what to buy. It's also adventurous compared to converting to cash directly because there's usually a discount on the gift card (compared to having to pay a fee for cash), and that AML regulations are laxer.
- davidgerard 6y agolocalbitcoins has KYC now
- andirk 6y agoAnd Overstock accepts BTC and isnt famous for over-working and under-paying their employees.
- GoblinSlayer 6y agoTor project does. Coinbase is not the only way to use bitcoin.