[grubles]

>>This all assumes the exchange will even do business with them following their extensive KYC checks....I've never had a bank require...a passport..

One can deduce from the context that a passport is required to use bitcoin. It's FUD and incorrect.

What do banks require in order to open an account?

From the 1st result on google:

your name, your date of birth, your current address and phone number, Social Security number (in most cases) and your email address.

You don't need any of those to use bitcoin. You don't need any of those to buy or sell bitcoin.

[vectorpush]

> One can deduce from the context that a passport is required to use bitcoin.

You deduced incorrectly. I'm saying that if the KYC system flags the recipient, for whatever reason, then they will likely be required to produce a passport.

[grubles]

The KYC system is the exchange's, not bitcoin's. It's similar to blaming TCP/IP because a website requires you to use a password to log in.

[vectorpush]

> The KYC system is the exchange's, not bitcoin's

This is obvious. What is your point? Nobody is arguing that KYC is a requirement of bitcoin. Let me break down exactly what I'm saying:

1. For the vast majority of people, bitcoin is impractical as a method of payment for every day needs.

2. As a result of this, most people don't want bitcoins, and instead prefer legal tender that is usable wherever they might need to spend it.

3. The most practical and least stressful method for converting bitcoins into legal tender is through an exchange.

4. Exchanges have KYC procedures.

Very simple.