Quote from: MarjorieZimmermanGinger on Today at 02:46:36 AM

Quote from: Briankimp1 on April 08, 2024, 12:32:46 PM

My question to us right now do you think Bitcoin will eventually erase the commercial banking sector???

Bitcoin was not created to replace commercial banking, bitcoin is an alternative and we use bitcoin freely and independently. It is unlikely that bitcoin will replace commercial banks as many countries only allow the use of bitcoin as an investment asset. Bitcoin being anonymous will be much safer and that is why people simply avoid KYC, but if you use an exchange that requires KYC that means our data is also recorded on that exchange.

Most people avoid KYC, but when we use an exchange that has obtained an operating permit in our country, KYC is an important thing to do because otherwise we cannot carry out transactions. Although there are options that we can do and if we want to appear more anonymous then use an exchange that does not require KYC.

Personally I don't think so, most people are using centralized exchanges and I guess up to 90% of investors have accounts on centralized exchanges. Very few people care about KYC because people's real purpose when investing in bitcoin is profit, getting rich quickly, not looking for privacy as we think. I just ask one question, if your income is not even $1k or $2k per month and you have to work 14 to 16 hours a day, do you need more privacy or more profit?

Bitcoin was created with the intention of being a decentralized currency, but why did it become an investment and speculation? Everything has its reason.