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Also almost all governments have KYC/AML/CFT regulations that apply to crypto exchanges as well. And governments can monitor, control, sanction your bitcoin tra
by vinay_ys 6y ago
Also almost all governments have KYC/AML/CFT regulations that apply to crypto exchanges as well. And governments can monitor, control, sanction your bitcoin transactions by controlling these exchanges through regulations. When the local currency becomes unstable and the local government becomes unstable, one should assume access to crypto exchanges like coinbase will be very very hard.
- lynx234 6y agothis is where decentralized exchanges like Uniswap come into play, no KYC, no account
- RestlessMind 6y agoAnd how do you move your money to/from a DEX? It still needs a regulated exchange like Coinbase to interface with Fiat money, no?
- vinay_ys 6y agoYes, that's correct. Basically, bitcoin doesn't have privacy and is losing self-sovereignty through regulation.
- thinkmassive 6y agoYou can sell goods and services locally and accept Bitcoin as payment. Craigslist even added a “cryptocurrency ok” flag you can set on your posts. LocalBitcoins enables face to face transfers. Bisq is a DEX that enables remote exchanges using any form of payment, including most centralized payment services, and even cash through snail mail.
- RestlessMind 6y agoBut then, the seller has to pay taxes - either business taxes if it is a merchant or capital gains taxes in case they sold an asset. And taxes are paid only in Fiat. So you still need Fiat integration somewhere.
- thinkmassive 6y agoYou’re right, “not your keys, not your coins”