BTC India
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Serious question.
For the sake of argument, lets say we get to hyperbitcoinization.
If I’m trading BTC for a service or a good in a p2p fashion, I can do that without kyc. The government can’t stop that.
But let’s say Walmart or Amazon starts to accept Bitcoin.
There’s the no way they will be allowed to accept BTC without kyc.
Even if the government doesn’t ban BTC and allows businesses to take btc as a form of payment, they will mandate kyc for any BTC transactions.
That’s seem inevitable to me. I don’t see how you can get around that.
The more popular BTC becomes, the more it will be regulated to prevent money laundering, illegal activities, etc.
Then it will not be neutral money anymore and can be censored just like the USD.
Maybe programmers can get around that with new censorship resistant techniques.
I’m aware of coinjoin, but that can be detected and BTC that uses coinjoin can be censored.
Would love to hear serious feedback and comments on this.
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View Reddit by cherrytoffee – View Source
> There’s the no way they will be allowed to accept BTC without kyc.
When you walk into a Walmart to buy eggs, and pay with cash, are they doing a full KYC on you?
Why would accepting Bitcoin would be an issue?
> I’m aware of coinjoin, but that can be detected and BTC that uses coinjoin can be censored.
Are you aware of r/thelightningnetwork? It’s impossible to know where the sats are coming from, unless you open a direct channel with each customer.
Political power comes from the barrel of a gun. Controlling commerce no matter what the medium of exchange will always be within the capabilities of federal governments. What Bitcoin protects against is the weaponization of monetary policy and inflation, as well as the freezing of your assets (so long as you have sole custody of your btc). While I do believe that btc is the best form of money out there and is far superior to fiat, I also think that totally escaping the influence of federal governments and creating some sort of libertarian global standard of exchange is a chimera. Sorry to confirm your fears haha but I don’t see this as contrary to the goal of Bitcoin at all and I’m not too concerned about it.
The government doesn’t own the world and it’s our duty to remind them they work for us.
Bitcoin is a peer to peer electronic cash. Walmart is not your peer, they are a mega corporation. Stop worrying about walmart and use Bitcoin as it was intended!
> Even if the government doesn’t ban BTC and allows businesses to take btc as a form of payment, they will mandate kyc for any BTC transactions.
Bullshit.
Fiat is not a part of the Bitcoin specification. You are free to trade *anything* else to obtain BTC.
A circular economy solves KYC nicely. Stop being a corporate toady and trade, instead of “buy”.
non kyc bitcoin is actually permanent and inevitable too. so…..
and since dollars are becoming more and more kyc, and totalitarian, bitcoin will remain a better option. because even if you were right (you are not clearly), bitcoin remains better than fiat because bitcoin cannot be censored, whether it has kyc or not.