What is KYC?

#KYC stands for "Know Your Customer", a process designed to protect financial institutions against fraud, corruption, money laundering and terrorist financing. Or at least this is what they want you to believe.

The truth is that KYC is a direct attack on our #privacy and puts us in disadvantage against the governments. True criminals don't care about KYC policies. True criminals know perfectly how to avoid such policies. In fact, they normally use the FIAT system and don't even need to use cryptocurrencies. Banks are the biggest money launders, the HSBC scandal, Nordea or Swedbank are just some examples.

Chainalysis found that only 0.34% of the transaction volume with cryptocurrencies in 2023 was attributable to criminal activity.

#Bitcoin's share of this is significantly lower with 25%! Illicit transactions with Euros accounted for 1% of the EU's GDP or €110 billion in 2010.

KYC only affects small individuals like you and me. It is an annoying procedure that forces us to hand our personal information to a third party in order to buy, use or unlock our funds.

We should start boycotting companies that enforce such practices. We should start using cryptocurrencies as they were intended to be used: without barriers.