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COnfused. It was a bitcoin platform? Isn't the whole point of that stuff, to allow anonymous payments? How can this issue even be a thing? I'm guessing, becaus
by JoeAltmaier 4y ago
COnfused. It was a bitcoin platform? Isn't the whole point of that stuff, to allow anonymous payments? How can this issue even be a thing?
I'm guessing, because bitcoin never worked. Never provided the anonymity it promised. Became just another currency, regulated by whatever random public exchange you signed up for.
- varjag 4y agoThe moment you try to cash out your tokens into money with established bank is the moment you run into KYC requirements.
- max51 4y agoThe company receiving the payment needs to convert the BTC to fiat if they want to pay their employees, infrastructure costs, etc. At a small scale, there are a lot of options to go around it and also avoid KYC, but it's not really a viable solution for a company. They have to work with a bank or another payment processor to convert the crypto and/or manage whatever traditional currency the crypto is converted to. A few years ago, there was a wave of large company accepting crypto (eg. tesla), but most of them have backed down from it. It's like accepting gold coins as a payment for your company. You can't pay your taxes or wages with those even if they have a stable value.