#Bitcoin vs #Fiat
Discussion
Alright, help a girl out with the abbreviations. KYC?
Know your customer.
This is how exchanges and government can track you.
So like, asking for name, date of birth, address and all of that when you open an account?
If they didn't ask for that, wouldn't there be a lot more fraud?
There's a two tier justice system. Rules for them and rules for you.
They allow suspicious transactions all the time. When they get caught, its a fine, no one goes to jail and the fine is written off as a "Cost of business".
With Bitcoin you can be in control of your Satoshi. Some people are not, they leave it on big Bitcoin exchanges, which is where they they also track you.