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All of that fancy crypto goes through a few regulated CEX entry points to become USD because people and businesses pay for expenses (notably, taxes) in USD.
by conradev 2y ago
All of that fancy crypto goes through a few regulated CEX entry points to become USD because people and businesses pay for expenses (notably, taxes) in USD.
- cjbgkagh 2y agoI think it's more the know your customer (KYC) laws that are shutting down the alternatives.
- conradev 2y agoThose laws predate crypto, and so from the government's perspective the alternatives were operating illegally: https://www.fincen.gov/news/news-releases/fincen-penalizes-peer-peer-virtual-currency-exchanger-violations-anti-money https://www.fincen.gov/news/news-releases/fincen-penalizes-p... https://bitcoinmagazine.com/culture/man-sentenced-illegal-money-transmission-services-localbitcoins https://bitcoinmagazine.com/culture/man-sentenced-illegal-mo...
- mrkramer 2y agoYou can exchange your existing crypto for another crypto in numerous ways and there use to be localbitcoins.com where you could buy crypto with cash and vice versa p2p in person.
- kelnos 2y ago"Used to be" isn't really helpful.
- mrkramer 2y agoThey probably couldn't figure out the legal part behind p2p in person crypto exchange but I didn't follow the crypto scene for the last few years so idk if there are any alternatives to localbitcoins.com The most safe and private way would be to mine crypto coins and then spend them or exchange them for other crypto or digital currencies. Even Satoshi was pro exchange[0]. [0] https://satoshi.nakamotoinstitute.org/posts/bitcointalk/95/ https://satoshi.nakamotoinstitute.org/posts/bitcointalk/95/