I know the argument that bitcoin is not easy to confiscate is true, however I worry about KYC bitcoin being a target of current/future governments. They know where and know much people have purchased and can likely make lives miserable for anyone not willing to cooperate (as you know from the Trucker protests). I’m not sure what avenue the Canadian government will take to deal with the problems bitcoin will present to them, but it’s pretty obvious they will take drastic measures if need be. Freezing protestors bank accounts and freezing exchanges from interacting with certain wallets was eye opening. I don’t like Canadians options going forward unless a new bitcoin friendly government holds power.
Discussion
You can always sell your KYC coins on KYC exchange to have the proof of sale. Pay taxes on if aplicable and buy nonKYC bitcoin instead.
Bearmarkets are a good place to do it. Your coins are worth less in fiat terms so you might not need to pay any taxes (or less) and you probably buy your sats for cheaper when the price goes down.
Just make sure you buy non KYC if you worry about the govt comming for your bitcoin in the future.
Yes I agree but there is usually limited amount of non KYC available on peer to peer exchanges at very high premiums. It would, however, be worth this price if there is a government crackdown
True, it’s troubling to think about, but I can’t help believing these attempts to control will drive people further into peer-to-peer transactions, which is one of Bitcoin’s greatest strengths in the first place.
I am trying to do more peer to peer. I hope UI for sites that are P2P become easier to use for the avg person. Most ppl I know can barely send a transaction.