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by grubles 4110 days ago
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.
1 comments

> 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.