But without Bitcoin legal status as currency/payment method, merchant can't just accept Bitcoin which also hinder adaption.
How do explain the thousands of merchants all over the world, including the USA, who accept Bitcoin then? Are they all breaking the law?
[...]
one note, just to poke
many exchanges now dont accept credit card, they prefer wire transfer (avoids chargeback scamming)
many exchanges now require KYC which takes upto 24 hours to validate before you can exchange
so ill ask you
When can you go on the Internet and buy Bitcoin in five minutes with your credit card ?
[...]
I said
meaningful hinderances. There are
freakin Super Bowl commercials selling Bitcoin to
millions of people. This sure doesn't look like a country where Bitcoin is banned to me.
And not only not banned, but not hindered in any way such that it would
meaningfully reduce adoption.
And doing a little KYC--which is required for every sort of financial instrument, not just Bitcoin--does not hurt anything.
And for what it's worth, if I understand it correctly, most of that stuff is done
voluntarily by the brokerages to protect
themselves from fraud, not some commandment from the government. At minimum they would have to do at least some checks or they would get ripped off. This is not some government killing their business through regulation specially targeted at Bitcoin because they want to eliminate Bitcoin because it "competes with the dollar" or something.