Bitcoin is a peer to peer electronic cash system. It inherently can not be regulated. It’s peer to peer, without a third party. It separates money and state. Are you talking about the on-ramps? They are a temporary phenomenon, as, after hyperbitcoinization, one has to earn their #Bitcoin. We can work around attempts to stop or surveillance us in the meantime…
Everyone keeps complaining about how nostr:npub1sqzr42dj8vx32yd5jcvvl3ytux45kl0etgf6y2ymjvmd7lqmuwmqk9vk7v has to implement some form of KYC to be able to keep operating under the Swiss law.
While I’m not a huge fan of KYC either, I believe it’s a necessity to keep a business running (of course) and to get #bitcoin to the masses.
In my opinion Bitcoin should be regulated in some way at least. Otherwise we’ll never have mass adoption.
Ofcourse there are still other ways to stack sats, but I don’t have any experience with them. I might check them out some day…
I like ease of use, good customer service and a respectable team. In my opinion, as a European Bitcoiner there’s no better service out there (yet?)
I’ll keep using Relai for now.
But you do you.
✌🏻
#bitcoin #btc #kyc #relai #relaiapp #buybitcoin #stacksats
Discussion
Yea I get the whole idea of #bitcoin I think. I get what you’re saying. We’re still very early. If there’s mass adoption, somewhere in the future, and Bitcoin becomes a standard form of money then there’ll also (somehow) be a form of KYC. I don’t doubt it
If they cannot controll our money, how will they eventually enforce their rules upon us?
"Yea I get the whole idea of #bitcoin I think".
The clear uncertainty in what you type shows a lack of understanding when you say Bitcoin needs regulation - It doesn't because it's self-regulating - Rules with no rulers.
I’m just being honest here 😉 does anyone really, fully understand Bitcoin? I’m adding “I think”, because I get the idea of it. But do I completely understand it already? Nope
Absolutely, I do get that, but what's being discussed here is precisely longevity of services when they put themselves into a position of having to succumb to regulatory pressures. Bitcoin as-is fixes this through and through, yet there are exchanges today decide to stick to the old ways. I think it's pretty clear you don't need to know everything in Bitcoin to understand that if a solution to such problems presents itself you should probably build on that rather than having this ongoing in-and-out cycle of "Exchange apologizes to users, they fought long and hard against KYC and you should now consider yourself doxxed and tracked".