Nostr Web Client

The point is, that you can still. But soon you can not. Fees will be way too high. That also means, self custody is not possible for most people.

With KYC, there is no freedom to transact when you have to suffer consequences after you did. Its the same with freedom of speech. When you can say what you want but afterwards you get punished, it is not freedom.

With low onchain fees, people can transact p2p. It is way harder to stop than people using trusted third parties which KYC them. This is not different to Paypal or a bank account. And this is what is happening.

If we learned anything from the canadian trucker protests, it is that we need to avoid KYC by all means and give people the power to self custody and transact with low fees, without intermediarys.

That was the whole point of bitcoin from the beginning.

Real Bitcoin is what is written in the Bitcoin Whitepaper. A p2p currency.

The Plebest 1y ago

Those are valid concerns, but BCH doesn't solve these problems any better than BTC. They only reason why BCH is not KYCed so much and doesn't have big transaction fees is that nobody cares about it. If for some reason BCH became popular it would end up in the same place as BTC.

Reply to this note

Please Login to reply.

Discussion

Chuck Langstrumpf 1y ago

I am just saying that in hindsight, it is the real bitcoin as it was meant to be used as p2p money.

What we have as BTC now is something completely different, a store of value which gets integrated into the banking system with KYC and AML. And custodial wallets and trusted third parties.