Quote from: Learn Bitcoin on Today at 01:16:37 PM

Quote from: Inwestour on October 01, 2023, 01:43:22 PM

Governments will always seek control, this will especially apply to Bitcoin due to its decentralized nature. Of course, they will try to convince that banks are the best place to store bitcoins, thereby taking control of it.

This is going to be Bitcoiner's 2nd mistake. The first mistake they made was trusting exchanges with their Bitcoin. Bitcoiners are supposed to use exchanges to exchange the coins, and their balance is supposed to remain after the end of the transaction. People started using exchanges as wallets and kept their BTC there even after the end of the trades.

At first, the exchanges weren't collecting users' private data. Slowly, they started asking for private information, and people didn't think twice because exchanges started offering bonuses for their KYC.

Now, if people start using banks for their crypto transactions widely (People already using banks), this is a success for them and a failure of Satoshi's goal.

But I think the fact that exchanges force users to KYC is because the government is the one who orders it, so to speak, all the things that make bitcoin gradually become more centralized may be a big plan of the government behind it. But I don't think everyone will use exchanges or banks to store their bitcoins. Don't forget that most people choose bitcoin because they are fed up with bank or government policies and they look to bitcoin as an escape. So there will be many people who will continue to use bitcoin with non-custodial wallets, not everyone will be stupid enough to go back to banks and trust the government again.