True, but then crypto only becomes useful for illegal transactions which isn't what we want
ipitco
joined 2 weeks ago
Sure, what you said is true, but again, I'm talking about crypto -> fiat
If exchanges close, websites stop accepting them, and you can't withdraw to fiat
Regulation can easily kill most of the cryptocurrency market
Trading on non CEX is a massive pain as well
Storing for long time on cold wallets makes you vulnerable to volatility, which isn't good for high amounts. It's essentially investing on a high risk asset.
Who is gonna ask?
The exchange, the website... It happens frequently
there are no rules where you send your crypto and you don't have to explain to anyone
AML and KYC procedures are a thing in crypto, just make a few searches
Time to bring back crypto!
Sounds like crypto
Yea, it is a bit of a pain as well, but it has some benefits compared to traditional payment methods, unlike paying in shares
Pretty sure crypto pump and dump criminalization is still a thing. In the end, you're asking for someone to invest in something you benefit from, which is illegal in some places
Following crypto trails is easy when there's only one destination..
You're putting too much trust in the system. If there's a doubt you will be asked to clear it, they won't do it for you
No one pays in shares because no one accepts this and it’s annoying to do?
Sure, volatility with crypto is annoying, but it will happen with a currency that works in every country, even fiat is volatile
It’s basically the same as directly sending
The exchange will know what you spend crypto on
They would not, but you would not be anonymous this way. You get problems when:
- The crypto you received is through a shady source (it could be any individual which pays you with dirty coins)
- You engaged in pro-privacy activity, which links you with illegal activity, like coin mixers to blur the origin and destination of crypto
- You received more crypto than you bought
As long as you stay with centralized exchanges and directly send crypto to some websites, you should in theory always be fine (as long as you don't send them to criminal or pro-privacy services), but that's not the original goal of crypto
Apart from that, some countries straight up force you to declare every transaction you make with crypto, which isn't doable for most people and puts them in illegality
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Yea crypto -> fiat is easy for businesses that declare their income. It's still a pain to do, but they’re used to having an entire service dedicated to that already
A full crypto ecosystem is what crypto enthusiasts are wanting to achieve. It would be amazing.