Topic: Has Bitcoin Missed the Mark?- The Result of KYC (Read 114 times)
I am new to Bitcoin, but it seems to me like I may have missed the boat, not just financially, but "philosophically" as well. One of the things I really like about Bitcoin is how its design is meant to eliminate third parties and the need to place trust in them. However, now that I have begun the process of attempting to purchase my first Bitcion, I wonder if there is not a sense of irony in the Bitcoin community about the level of trust the exchanges expect from their customers. I opened a dedicated bank account to route my funds through and their expectations in opening an account did not seem nearly as unreasonable as any exchange I have looked at so far. They didn't ask for things such as where I work, how I plan to use my funds, a picture of myself, passport info etc. I am not trying to stay 100% anonymous. I just don't trust any third party as much as what these exchanges expect. It seems to me the end result is that third parties are expecting more trust and information than before Bitcoin. I would be interested to hear from veterans about how they feel about this, as the "cypherpunk" heritage of Bitcoin is very appealing to me, but seems to be faded at this point.
Jump to: