Post
Topic
Board Bitcoin Discussion
Re: Isn’t KYC anti-ethical to Bitcoin?
by
AicecreaME
on 14/12/2021, 11:15:13 UTC
When i first heard about bitcoin, one of the selling points then was the pseudo anonymity. But as of recently, it is hard to purchase any crypto without encountering a form of KYC.

I’m just curious of everyone’s thought on this.

Bitcoin originally has the redeeming quality of anonymity, however, as time passes by, anonymity isn't really much prioritized by the users most especially the newbies who are only after profit. This is because before even entering crypto, they are used to central organizations that require KYC to be able to use their platform. In addition, to some users, it isn't really much of a big deal even for those who are pioneers in the crypto world. I think it really just boils down to the matter of preferences. There are people who know the risks of KYC, yet they still choose to do it because they have no other choice, otherwise they will not be able to utilize the platform because they will not be verified if they won't undergo such. There are also people who know the risks but don't really mind as long as they benefit. There are also people who just basically go with the flow. The reasons for each one differs and that's totally okay as long as they know they are responsible for whatever will happen to their funds for signing up to such.

There are still exchangers that don't require KYC but there are only a few of them left because of legality issues such as avoiding AMLA and obeying the local government. Anyone could opt to do whatever they think would make their account secure and more convenient while being used because we're all entitled to that. After all, we are not really being forced to undergo such. We still have choices and it just depends on us whether we will prioritize convenience or safeness.