Quote from: mrust_mobile on January 10, 2025, 04:16:16 AM

Most services are doing KYC checks first like you are creating a bank account and that kills the purpose of using crypto imo. If wanted to share my ID with the merc, I would use my credit card.

In my country it is even against the law to accept crypto for goods if you are a merchant. They simply banned crypto from being a currency. It us just another stock that goes up or down here. Legally, nobody can use it to purchase any goods which is very sad. You sell your crypto first and then you buy your stuff.

I guess it all depends where you are living.

In many countries buying something with crypto is a taxable event and that kills crypto too. They say everytime you buy something with crypto, you’ll have to pay taxes because you are actually buying it with usd. You cashed out without cashing out.

They do pretty much what my gov do but they do it indirectly.

In this picture there are 2 main problems:

1- Buying something with crypto is mostly not anonymous anymore unless you do a p2p trade which nobody does.

2- Most govs either ban crypto payments or they tax every purchase via crypto. That’s why I call it crypto because obviously it is not cryptocurrency anymore.

Exactly. KYC greatly defeats the purpose of crypto. It forces merchants and businesses to treat it the same way as credit/debit cards. The whole point is to use crypto as cash. Otherwise, why bother using it? Most people don't care about centralization or strict KYC/AML guidelines, so they will continue using these services no matter what.

I know Bitrefill complies with KYC, but you're only required to give away your ID if you reach a certain deposit threshold/limit. Not sure how eGifter and Gyft work. At least, more merchants are accepting crypto as payment method. Who knows? Maybe we'll be able to live entirely off crypto in the future. I sure hope so.