How did AML kill the decentralized market of Bitcoin?

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Quote from: Questat on October 09, 2024, 08:53:07 AM

Of course, I get it, but the point of this thread, which I’ve already updated, is that we’re no longer enjoying the same privacy and freedom we had in the past. I’m sure you’ve been around longer than me, and if you remember, back in 2016, KYC wasn’t strictly enforced on exchanges and casinos. Now, it’s become a big issue, with some platforms even using it to scam people. Things have really changed, though Bitcoin’s system has stayed the same.

Sometimes we have more privacy, and sometimes we have less privacy. I believe governments can change too and in many nations, citizens can use their votes for forcing governments to change. If governments don't change, they will be voted out by citizens.

It's big issue and barrier for Bitcoin and users in future but we see how Bitcoin Spot ETFs were approved in the USA. after more than 10 years of first application. Was Gensler and SEC proactively with their approvals and did they feel happy with their approvals?

We can see clearly in the announcement letter of Gensler, that he was not happy about that, but he was forced to approve Bitcoin Spot ETFs. Privacy is harder to achieve than Bitcoin Spot ETFs, but I don't think it is impossible to have in future.

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Quote from: seoincorporation on October 08, 2024, 09:14:21 AM

Quote from: Questat on September 28, 2024, 06:54:39 AM

Can we still enjoy the decentralized nature of bitcoin?

Bitcoin is decentralized, and that will not change, but users are not Anonymous, and you are confused about the terms because the fact that it's decentralized doesn't mean it's not traceable. The decentralized nature of Bitcoin means that no one can make decisions alone about the coin and it' future, it means all the people need to agree if there will be a change. That's the decentralized factor of the coin, and if casinos and exchanges require a AML or a KYC, that doesn't affect the decentralization of the coin.

Of course, I get it, but the point of this thread, which I’ve already updated, is that we’re no longer enjoying the same privacy and freedom we had in the past. I’m sure you’ve been around longer than me, and if you remember, back in 2016, KYC wasn’t strictly enforced on exchanges and casinos. Now, it’s become a big issue, with some platforms even using it to scam people. Things have really changed, though Bitcoin’s system has stayed the same.

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Quote from: Questat on September 28, 2024, 06:54:39 AM

Can we still enjoy the decentralized nature of bitcoin?

Bitcoin is decentralized, and that will not change, but users are not Anonymous, and you are confused about the terms because the fact that it's decentralized doesn't mean it's not traceable. The decentralized nature of Bitcoin means that no one can make decisions alone about the coin and it' future, it means all the people need to agree if there will be a change. That's the decentralized factor of the coin, and if casinos and exchanges require a AML or a KYC, that doesn't affect the decentralization of the coin.

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Quote from: Synchronice on October 08, 2024, 07:32:02 AM

Quote from: pawel7777 on October 03, 2024, 04:47:53 PM

And I don't think Blackrock or alike would care too much about taking control over Bitcoin's network. It wouldn't make much sense for them to attempt that, unless we're talking about some larger plot involving governments and three-letter agencies.

I don't say that it's directly BlackRock that wants to take control over Bitcoin's network but isn't that what the US and other governments want to do? Maybe through BlackRock and other companies and not directly?
I think, they want to control Bitcoin transactions. If Trump wins and manages to make the rest of the coins mined in the USA, then he will definitely set a censorship on Bitcoin transactions, i.e. will force miners to ignore transactions that he doesn't want to get confirmed.

One of the cons or negative thing about institutional funds are flowing into this market already is that they could possibly be able to start up with that kind of probability that it could really be that going into the path on trying out to centralized the market or something that do talks about having the potential of possible manipulation on which we know that these institutions or even into those billionaires who are really that trying out to accumulate coins as much as they could. This has used to be a decentralized thing but gradually it do really make out those kind of changes due to regulation and dealing up with those institutions that are trying out to accumulate coins as much as they could. We do know that it would really be that hard to stop on the time that they will really be having plans in terms of possible manipulation.
Due to the fact that transactions couldnt be easily be traced up or would be known then we do know on what are the possibilities that they will really be using it on other way.

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Quote from: pawel7777 on October 03, 2024, 04:47:53 PM

And I don't think Blackrock or alike would care too much about taking control over Bitcoin's network. It wouldn't make much sense for them to attempt that, unless we're talking about some larger plot involving governments and three-letter agencies.

I don't say that it's directly BlackRock that wants to take control over Bitcoin's network but isn't that what the US and other governments want to do? Maybe through BlackRock and other companies and not directly?
I think, they want to control Bitcoin transactions. If Trump wins and manages to make the rest of the coins mined in the USA, then he will definitely set a censorship on Bitcoin transactions, i.e. will force miners to ignore transactions that he doesn't want to get confirmed.

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Quote from: pawel7777 on October 03, 2024, 04:47:53 PM

Quote from: Synchronice on October 03, 2024, 06:09:47 AM

Know Your Customer requirement doesn't ruin the decentralization of Bitcoin, nor does the AML policy. What destroys Bitcoin decentralization is the fact that centralized companies, i.e. companies like Binance, Coinbase, BlackRock, Fidelity and others destroy the decentralization. The fact that Trump (if he wins) plans to make the rest of the Bitcoins labeled as Made In The USA, kills the decentralization.
When centralized companies, that are managed and regulated by a certain group of people or by the governments, take their hands on a majority of coins, miners, nodes and so on, that process is what kills decentralization.

From a purely network decentralisation point of view, the KYC requirements indeed don't matter (unless they could get expanded on miners etc), but apart from network decentralisation, there's another crucial feature of Bitcoin - censorship resistance.
If we sleep-walk into a reality where all Bitcoin transactions are only done by verified users using KYC-compliant exchanges/wallets with any peer-to-peer platforms or non-custodial wallets delegalised, that feature could get heavily crippled.

And I don't think Blackrock or alike would care too much about taking control over Bitcoin's network. It wouldn't make much sense for them to attempt that, unless we're talking about some larger plot involving governments and three-letter agencies.

Would really pose challenges if every bitcoin transaction will require certain kyc requirements. However, it will only happen in platforms where they are regulated under government protocols. But for others, people can still do their transactions anonymously, especially if it is p2p or wallet to wallet txs.

As this currency is going mainstream, we can't eradicate the fact that the government will have certain protocols to implement on this currency. We can treat this market as just any other business, which needs to comply with government protocols to establish their business. Hence, the implementation of AML/KYC can't be prevented.

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Quote from: Synchronice on October 03, 2024, 06:09:47 AM

Know Your Customer requirement doesn't ruin the decentralization of Bitcoin, nor does the AML policy. What destroys Bitcoin decentralization is the fact that centralized companies, i.e. companies like Binance, Coinbase, BlackRock, Fidelity and others destroy the decentralization. The fact that Trump (if he wins) plans to make the rest of the Bitcoins labeled as Made In The USA, kills the decentralization.
When centralized companies, that are managed and regulated by a certain group of people or by the governments, take their hands on a majority of coins, miners, nodes and so on, that process is what kills decentralization.

From a purely network decentralisation point of view, the KYC requirements indeed don't matter (unless they could get expanded on miners etc), but apart from network decentralisation, there's another crucial feature of Bitcoin - censorship resistance.
If we sleep-walk into a reality where all Bitcoin transactions are only done by verified users using KYC-compliant exchanges/wallets with any peer-to-peer platforms or non-custodial wallets delegalised, that feature could get heavily crippled.

And I don't think Blackrock or alike would care too much about taking control over Bitcoin's network. It wouldn't make much sense for them to attempt that, unless we're talking about some larger plot involving governments and three-letter agencies.

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Quote from: Z-tight on September 30, 2024, 01:05:59 PM

Quote from: Questat on September 29, 2024, 10:41:41 PM

it’s not about the network but more about the market. Check out some of the posts above..sorry for any confusion!

All right, i get your point now. It is true that there are more centralized firms and services in the industry than there are decentralized ones, and the government continues to attack the industry with regulations and anti-privacy policies. However, there are still ways we can use BTC privately without giving our data to centralized third party services, the thing is most people in the industry don't care about their privacy, so they choose the 'convenience' of centralized services.

The decentralized exchanges are gradually reducing and ineffective because of the government activities claiming that they are promoting scams and money laundry. This is the language of the government and they want to regulate everything in their palm. The way things are going, we could be surprised that if the government keeps striking decentralized exchanges because of their anonymous transactions, we could be surprised that it will effect our privacy and we will no longer be able to carry out transactions easily without our information being leaked. We are seeing more of centralized exchanges these days and people are forgetting about the centralized ones even when it comes to coins listing.

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Quote from: Questat on September 28, 2024, 06:54:39 AM

However, with the current AML (Anti-Money Laundering) policies in place, it seems like Bitcoin’s decentralization is being challenged by regulations, especially with the introduction of KYC (Know Your Customer) requirements.

Can we still enjoy the decentralized nature of bitcoin?

The government can challenge Bitcoin decentralization but they would never win because Bitcoin can succeed without the government. Why many people think that soon Bitcoin is going to become centralized is because they think that Bitcoin can not succeed without the government approval. You do not need a centralized exchanges to trade Bitcoin and you do not need centralized wallets also. You can use non constodial wallets and P2P exchange to trade your Bitcoin and still you would not have to do any KYC. Bitcoin is not the only currency being used to commit money laundering because fiats is still the biggest currency they use but they do not like Bitcoin because it gives power to us over our finances but the government wants to control our finances and not allowing us to do it ourselves.

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Quote from: Questat on September 28, 2024, 06:54:39 AM

As we all know, Bitcoin is decentralized, and in its early days, we were proud of that fact--believing no government could control it and even thinking it might replace fiat. Those were the days when we were highly optimistic about Bitcoin’s future.

However, with the current AML (Anti-Money Laundering) policies in place, it seems like Bitcoin’s decentralization is being challenged by regulations, especially with the introduction of KYC (Know Your Customer) requirements.

Know Your Customer requirement doesn't ruin the decentralization of Bitcoin, nor does the AML policy. What destroys Bitcoin decentralization is the fact that centralized companies, i.e. companies like Binance, Coinbase, BlackRock, Fidelity and others destroy the decentralization. The fact that Trump (if he wins) plans to make the rest of the Bitcoins labeled as Made In The USA, kills the decentralization.
When centralized companies, that are managed and regulated by a certain group of people or by the governments, take their hands on a majority of coins, miners, nodes and so on, that process is what kills decentralization.

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Quote from: Haunebu on October 03, 2024, 04:39:58 AM

I wouldn't say it killed the decentralised aspect of BTC, but it definitely minimised it to a large extent thanks to constant government interference. These policies can never fully kill off such an important feature which is the silver lining.

Also, I noticed some people actually talking about siding with Trump because of his support for crypto in this thread which is nonsensical since no political leader at that level will ever honestly support BTC and the crypto world.

Yeah, can play that game all he wants, but at the end of the day, he is a politician, not a crypto enthusiast, for a lack of a better word Grin

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Quote from: Haunebu on October 03, 2024, 04:39:58 AM

I wouldn't say it killed the decentralised aspect of BTC, but it definitely minimised it to a large extent thanks to constant government interference. These policies can never fully kill off such an important feature which is the silver lining.

Also, I noticed some people actually talking about siding with Trump because of his support for crypto in this thread which is nonsensical since no political leader at that level will ever honestly support BTC and the crypto world.

Wanting and pursuing privacy is not a crime, it's basic human rights and it is universally written in many national constitutions. It's only governments respect their national constitutions and actually serve their people or only want to distort constitutions, basic human rights, to gain more power for their administration at national scale.

Governments can not catch all crimes, can not prevent all money laundering activities, and they will not be able to prevent all money laundering through Bitcoin blockchain. But to be clear, Bitcoin blockchain was not created to serve criminals and for money laundering. Governments can not let criminals exist in their countries and only try to break down tools used by criminals. It's like catching things on tip of iceberg but under it deeply, crimes are there and untouched.

Governments will not be able to break down Bitcoin decentralization too.

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I wouldn't say it killed the decentralised aspect of BTC, but it definitely minimised it to a large extent thanks to constant government interference. These policies can never fully kill off such an important feature which is the silver lining.

Also, I noticed some people actually talking about siding with Trump because of his support for crypto in this thread which is nonsensical since no political leader at that level will ever honestly support BTC and the crypto world.

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Quote from: Questat on October 03, 2024, 04:27:02 AM

Quote from: EFS on October 02, 2024, 08:09:32 AM

AML policy changes very little things. Those who want to launder money can still do what they want with fiat money. They don't need crypto currency solutions for that. The way governments view crypto currencies has started to change positively in recent years. Many have realized that they can't control Bitcoin and are looking for ways to regulate it. Centralized exchanges' KYC/AML solutions are part of this. But it's still possible to use Bitcoin without using anything centralized. I don't think governments have the power, resources, and more importantly the will to change that.

We’re already on that path, and the changes have hit the market hard, especially when it comes to privacy. Before, we could freely gamble using exchanges or online wallets, but now we have to be cautious, as many exchanges are prohibiting gambling transactions. That’s a big shift since it takes away the ease of quickly trading and cashing out your winnings. I get that change is inevitable, and we just have to adapt and not expect things to go back to how they were.

Can you tell me a bit more about that? What was considered a gambling transaction and how did they describe it? Never experienced or seen it myself, that's why I am asking, of course.

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Quote from: EFS on October 02, 2024, 08:09:32 AM

AML policy changes very little things. Those who want to launder money can still do what they want with fiat money. They don't need crypto currency solutions for that. The way governments view crypto currencies has started to change positively in recent years. Many have realized that they can't control Bitcoin and are looking for ways to regulate it. Centralized exchanges' KYC/AML solutions are part of this. But it's still possible to use Bitcoin without using anything centralized. I don't think governments have the power, resources, and more importantly the will to change that.

We’re already on that path, and the changes have hit the market hard, especially when it comes to privacy. Before, we could freely gamble using exchanges or online wallets, but now we have to be cautious, as many exchanges are prohibiting gambling transactions. That’s a big shift since it takes away the ease of quickly trading and cashing out your winnings. I get that change is inevitable, and we just have to adapt and not expect things to go back to how they were.

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Quote from: EFS on October 02, 2024, 08:09:32 AM

AML policy changes very little things. Those who want to launder money can still do what they want with fiat money. They don't need crypto currency solutions for that.

They can launder dark money with many methods, with fiat currency or with cryptocurrency. They do money laundering for a long time and will not stop because of AML in cryptocurrency market. If banks can not prevent money laundering, even laws against it in bank field exists a longer time than in cryptocurrency field, it's hard to think AML will block all money laundering with cryptocurrencies as tools for criminals.

Quote

The way governments view crypto currencies has started to change positively in recent years. Many have realized that they can't control Bitcoin and are looking for ways to regulate it. Centralized exchanges' KYC/AML solutions are part of this. But it's still possible to use Bitcoin without using anything centralized. I don't think governments have the power, resources, and more importantly the will to change that.

Governments have their biased regulations against this market because they hate it, and don't want it to grow more and grow with sharp rate. To do this, they pass more new and stricter regulations against this market but their law enforcement shows that they don't treat cryptocurrency market fairly and abuse their power into law enforcement.

2024 Cryptocurrency money laundering report. Dark market has low share of money laundering concentration.

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AML policy changes very little things. Those who want to launder money can still do what they want with fiat money. They don't need crypto currency solutions for that. The way governments view crypto currencies has started to change positively in recent years. Many have realized that they can't control Bitcoin and are looking for ways to regulate it. Centralized exchanges' KYC/AML solutions are part of this. But it's still possible to use Bitcoin without using anything centralized. I don't think governments have the power, resources, and more importantly the will to change that.

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Quote from: DeathAngel on October 01, 2024, 12:59:00 PM

I guess you can’t have ultimate mass adoption without regulation though so it’s tough.

Regulations are one thing, but what they are doing is overkill. By acting every time as if Bitcoin was the basis for drug dealing and Money Laundering it shows how fake the whole scenery is and that they are not setting up all these Regulations for preventing Crime but to monitor us.

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Quote from: Questat on September 28, 2024, 06:54:39 AM

Can we still enjoy the decentralized nature of bitcoin?

Technically, it’s possible. You need to find sites or services that don’t ask for KYC and can spend the bitcoins there. Alternatively, if you want to trade Bitcoins, then you need to find exchanges that don’t ask for KYC. At last, if you want to convert your Bitcoins to fiat, then use P2P services and exchanges. So these are some possible ways to enjoy freedom through the decentralized nature of the coin. But soon as everywhere KYC is becoming mandatory, I am afraid that the decentralized nature will soon evaporate from everywhere.

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I agree that a lot of the market is now centralised, as people use major crypto exchanges, and those exchanges are custodial (plus usually have KYC procedures). But to me, it's a matter of having a choice. Many choose centralised services, perhaps because it's convenient and maybe because they feel like they can trust the companies providing those services. But there are non-custodial wallets, and there are ways of exchanging Bitcoin without going through KYC or through centralised platforms which store your funds. And I'm okay with people picking what feels right for them, as long as I can choose what I prefer, which is non-custodial wallets and local exchanges which don't store customers' funds.

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Quote from: Questat on September 28, 2024, 06:54:39 AM

As we all know, Bitcoin is decentralized, and in its early days, we were proud of that fact--believing no government could control it and even thinking it might replace fiat. Those were the days when we were highly optimistic about Bitcoin’s future.

However, with the current AML (Anti-Money Laundering) policies in place, it seems like Bitcoin’s decentralization is being challenged by regulations, especially with the introduction of KYC (Know Your Customer) requirements.
Can we still enjoy the decentralized nature of bitcoin?

I think anti money laundering scheme has something to do with privacy of Bitcoin transaction and not really decentralization. When the government want everyone who do crypto transactions identified by their image and any other means of identification, that means the privacy payment of Bitcoin is already defeated, people can't hide transaction from the government because the moment you sent Bitcoin to kyc exchange, it becomes identifiable.

The decentralization has something to do with government been in control of Bitcoin in any form from the network down to its protocol. Right now, if you want to send Bitcoin through the Bitcoin network from your custodial wallet to another wallet address, no government can says otherwise and your transaction can't be flag by anyone, it doesn't have to pass through the government, this is what I think Bitcoin decentralization is about and not necessary the KYC aspect because that's a choice for people that want to use it.

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Bitcoin still works exactly as intended but yes, AML & KYC laws have spoiled the party a little bit. You can always use a P2P marketplace. Some Bitcoin ATMs are anon or you have to leave a mobile number or something, could use a burner though. I guess you can’t have ultimate mass adoption without regulation though so it’s tough.

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Quote from: Questat on September 28, 2024, 06:54:39 AM

As we all know, Bitcoin is decentralized, and in its early days, we were proud of that fact--believing no government could control it and even thinking it might replace fiat. Those were the days when we were highly optimistic about Bitcoin’s future.

Bitcoin is still decentralized today. It cannot be challenged as long as we use its blockchain for transaction and not undergoing centralized exchanges.

Quote from: Questat on September 28, 2024, 06:54:39 AM

Can we still enjoy the decentralized nature of bitcoin?

Are we not still enjoying it? Through P2P exchanges government has no say about the transaction. Only on the centralized platform KYC can affect the transaction of Bitcoin. So if we wanted to fully exercise decentralization, avoid centralized platforms, or suffer the extent of KYC procedures.

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Quote from: Questat on September 28, 2024, 06:54:39 AM

As we all know, Bitcoin is decentralized, and in its early days, we were proud of that fact--believing no government could control it and even thinking it might replace fiat. Those were the days when we were highly optimistic about Bitcoin’s future.

However, with the current AML (Anti-Money Laundering) policies in place, it seems like Bitcoin’s decentralization is being challenged by regulations, especially with the introduction of KYC (Know Your Customer) requirements.

Here's a brief definition of AML and money laundering for context.

Quote

Money laundering is a type of financial crime. It involves taking criminally obtained proceeds (dirty money) and disguising their origins so they’ll appear to be from a legitimate source. Anti-money laundering (AML) refers to the activities financial institutions perform to achieve compliance with legal requirements to actively monitor for and report suspicious activities.

https://www.sas.com/en_ph/insights/fraud/anti-money-laundering.html

Can we still enjoy the decentralized nature of bitcoin?

You bring up a good point. There are ways to solve this however. Projects like Samurai wallet(currently shut down atm) are ways to keep decentralized nature of Bitcoin alive. Check out Ashigaru wallet https://ashigaru.rs/ (This wallet was released by anonymous developers and is less than 10 days old as of this post. be careful and aware of risks. However it is non custodial fork of samurai.) AML policy makers are trying to "color" bitcoin to see if is used properly or possibly from or for nefarious purposes. As far as the base layer, that will always be decentralized.

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Quote from: Questat on September 29, 2024, 10:41:41 PM

it’s not about the network but more about the market. Check out some of the posts above..sorry for any confusion!

All right, i get your point now. It is true that there are more centralized firms and services in the industry than there are decentralized ones, and the government continues to attack the industry with regulations and anti-privacy policies. However, there are still ways we can use BTC privately without giving our data to centralized third party services, the thing is most people in the industry don't care about their privacy, so they choose the 'convenience' of centralized services.

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Quote from: Questat on September 28, 2024, 06:54:39 AM

Can we still enjoy the decentralized nature of bitcoin?

We can. If someone wants to make transactions more freely, they can use a decentralized exchange, there are several decentralized exchange websites that they can use bisq.network, or similar platforms, with the help of these platforms they can buy/sell Bitcoin without the need for KYC. And moreover, until now Bitcoin is still decentralized and it is still relevant to the idea when it was originally developed. Although now more people treat Bitcoin as an investment asset and more large institutions are involved in it, but Bitcoin is still widely used for transactions globally and no single entity/government can regulate the Bitcoin network - it shows that how the decentralized nature of Bitcoin is still relevant and exists today.

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At the end of the day, Bitcoin on its own is still a decentralised coin. Using it in a centralised way doesn't stop the coin from being centralised. Bitcoin on its own is not owned, controlled and managed by anybody or set of people, so anybody can use it, anybody can own it and sell it if he wants to.

Quote from: SickDayIn on September 30, 2024, 05:54:08 AM

In the early days, a significant portion of cryptocurrency holders were involved in illegal activity.

This is a common misconception that has been going on for years and it has now been debunked.
People against bitcoin and crypto keep coming up with various excuses of why bitcoin is bad and why it shouldn't be acceptable, they talked about the damage to the climate and how it's facilitates illegal activities, which are not true.
I'm not saying people don't use bitcoin for illegal things, but it's exaggerated. There is no crime that is been committed with bitcoin now that has not been in existence long before bitcoin and there's no crime that has increased simply because bitcoin was created.

Quote

In 2021, 0.15% of known cryptocurrency transactions conducted were involved in illicit activities like cybercrime, money laundering and terrorism financing, representing a total of $14 billion.

Wikipedia

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AML hasn't killed any decentralized part of Bitcoin. Bitcoin was always designed as a public ledger, the intention was never for transaction to be fully anonymous. If you make poor OpSec choices and ignore the power of data analytics, then yes some of your coins may be linked to your identity.

In the early days, a significant portion of cryptocurrency holders were involved in illegal activity. For example, in 2019, criminal activity represented 2.1% of all cryptocurrency transaction volume (reference: https://www.forbes.com/sites/haileylennon/2021/01/19/the-false-narrative-of-bitcoins-role-in-illicit-activity/). Whereas today in 2024, it's only 0.34% (reference: https://www.chainalysis.com/blog/2024-crypto-crime-report-introduction/)

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I am still optimistic about the future of Bitcoin! Even though we all wanted to stay anonymous while using Bitcoin, deep down in mind, we all were doubtful about the regulations. Governments do not like things done under their nose without letting them know. So they have ceased and closed the decentralized exchanges. That was expected to happen to be honest.

But Bitcoin can be still used in an anonymous way. However, you will have to acquire bitcoin through mining and cannot move those to exchanges. Use peer to peer bitcoin transactions to remain anonymous.

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Does the procedure of undergoing KYC/AML mean that your bitcoin is becoming an asset controlled by a central figure? Nope.

Then how would you explain AML killing the decentralization aspect?

What we are concerned about is the disclosures of amount of bitcoin being held by people. This should not pose a threat to law abiding citizens - maybe we will see taxation in future, but that would not hurt us unlike what it will hurt criminals.

The bright side is that more frauds will be caught and scammers will start avoiding bitcoin's pseudo-anonymity to escape authorities.

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Quote from: coolcoinz on September 29, 2024, 03:18:03 PM

Quote from: Smartprofit on September 29, 2024, 01:30:40 PM

In my opinion, KYC and AML procedures are not aimed against the decentralization of the first cryptocurrency, but against the anonymity and privacy of its users.

Really? How are you anonymous when using a centralized custodial service? Were you ever anonymous?

10 years ago when there weren't many regulations, you were still tracked by your bank. There was no forced KYC on exchanges but if you wanted to buy bitcoin you had to send money from a bank. That transaction could always be traced back to you if the agencies like the IRS or the police decided to investigate.

It was the same when you wanted to sell bitcoin on exchange. You had no KYC, could make the account using a burner email, but you had to send fiat money somewhere. Even if you sent it to a paypal account that account had some KYC involved, for instance to activate it you had to send money from a bank account first to confirm your identity.

Bottom line, there was never any anonymity if you wanted to use fiat money, but it was always there when you transacted p2p.

I am anonymous whenever I use fiat (cash). Cash is currently (probably) the highest level of anonymity and privacy available to humans.

Bitcoin is pseudonymous. A third-party blockchain analyst can see all Bitcoin transactions, but they cannot determine who is making those transactions. This used to be the case...

Nowadays, thanks to AML and KYC procedures, Bitcoin is not even pseudonymous, it is absolutely not anonymous and not private.

People use fiat gateways and deanonymize themselves (and indirectly their counterparties). This is a big problem.

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Quote from: Z-tight on September 29, 2024, 03:38:39 PM

Quote from: Questat on September 28, 2024, 06:54:39 AM

As we all know, Bitcoin is decentralized, and in its early days, we were proud of that fact--believing no government could control it and even thinking it might replace fiat. Those were the days when we were highly optimistic about Bitcoin’s future.

I never expected BTC to replace fiat, even Satoshi who created BTC didn't create it for it to replace fiat, it was created as an alternative currency to fiat and not its replacement.

That was way back in the day, man... Some people were really optimistic about it, and I’ll admit, the thought crossed my mind too, but only briefly. I remember because I was working at a bank at that time..I'm talking about 2016, when I first registered here, right before that major bull run happened.

Quote from: Z-tight on September 29, 2024, 03:38:39 PM

Take note that BTC is still decentralized, there is no kyc or aml policy in the BTC network in itself or on-chain, kyc is for centralized crypto services and they do not represent BTC. There is also no government controlling BTC, it is censorship resistant and permissioness, it is up to bitcoiners to decide how they want to use their BTC.

Yes, of course, but the subject was shifted for the sake of discussion; it’s not about the network but more about the market. Check out some of the posts above..sorry for any confusion!

Quote from: nelson4lov on September 29, 2024, 05:27:10 PM

Now that Bitcoin has an ETF, I don't think there's going to be a time that we'd not have government eyes on Bitcoin especially now that Bitcoin is officially on wall street markets. The decentralization we can still have has to do with how nodes are distributed and how concensus and decision making among these nodes + community is going to be carried out. I think that is the part that will most likely not get directly by governments unless they come up with nonsensical policies to prohibit certain activities such as restrict mining or try to gain gain more hash rate and coordinate the network.

We're still good for now.

And experts say that this will be the reason for liquidity and price stability in the market, but pure Bitcoin enthusiasts and HODLers wouldn’t agree with that.

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Now that Bitcoin has an ETF, I don't think there's going to be a time that we'd not have government eyes on Bitcoin especially now that Bitcoin is officially on wall street markets. The decentralization we can still have has to do with how nodes are distributed and how concensus and decision making among these nodes + community is going to be carried out. I think that is the part that will most likely not get directly by governments unless they come up with nonsensical policies to prohibit certain activities such as restrict mining or try to gain gain more hash rate and coordinate the network.

We're still good for now.

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Quote from: Questat on September 28, 2024, 06:54:39 AM

As we all know, Bitcoin is decentralized, and in its early days, we were proud of that fact--believing no government could control it and even thinking it might replace fiat. Those were the days when we were highly optimistic about Bitcoin’s future.

I never expected BTC to replace fiat, even Satoshi who created BTC didn't create it for it to replace fiat, it was created as an alternative currency to fiat and not its replacement.

Take note that BTC is still decentralized, there is no kyc or aml policy in the BTC network in itself or on-chain, kyc is for centralized crypto services and they do not represent BTC. There is also no government controlling BTC, it is censorship resistant and permissioness, it is up to bitcoiners to decide how they want to use their BTC.

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Quote from: Smartprofit on September 29, 2024, 01:30:40 PM

In my opinion, KYC and AML procedures are not aimed against the decentralization of the first cryptocurrency, but against the anonymity and privacy of its users.

Really? How are you anonymous when using a centralized custodial service? Were you ever anonymous?

10 years ago when there weren't many regulations, you were still tracked by your bank. There was no forced KYC on exchanges but if you wanted to buy bitcoin you had to send money from a bank. That transaction could always be traced back to you if the agencies like the IRS or the police decided to investigate.

It was the same when you wanted to sell bitcoin on exchange. You had no KYC, could make the account using a burner email, but you had to send fiat money somewhere. Even if you sent it to a paypal account that account had some KYC involved, for instance to activate it you had to send money from a bank account first to confirm your identity.

Bottom line, there was never any anonymity if you wanted to use fiat money, but it was always there when you transacted p2p.

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The AML policy provides a barrier for Bitcoin as a decentralized cryptocurrency. Some governments have a problem with decentralized Bitcoin so that some countries ban Bitcoin. Countries that ban Bitcoin are afraid of money laundering by corruptors or criminal transactions such as buying weapons and buying illegal drugs. However, in countries that accept Bitcoin, there is no problem with decentralized Bitcoin because that is where the advantages of Bitcoin lie. People who live in countries that accept Bitcoin are very happy because they can benefit from decentralized Bitcoin, they can buy something with Bitcoin and can also benefit from trading bitcoin because the price of bitcoin is not controlled by the government but rather buyers and sellers who can control the price of Bitcoin.

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Quote from: Questat on September 28, 2024, 06:54:39 AM

As we all know, Bitcoin is decentralized, and in its early days, we were proud of that fact--believing no government could control it and even thinking it might replace fiat. Those were the days when we were highly optimistic about Bitcoin’s future.

However, with the current AML (Anti-Money Laundering) policies in place, it seems like Bitcoin’s decentralization is being challenged by regulations, especially with the introduction of KYC (Know Your Customer) requirements.

Here's a brief definition of AML and money laundering for context.

Quote

Money laundering is a type of financial crime. It involves taking criminally obtained proceeds (dirty money) and disguising their origins so they’ll appear to be from a legitimate source. Anti-money laundering (AML) refers to the activities financial institutions perform to achieve compliance with legal requirements to actively monitor for and report suspicious activities.

https://www.sas.com/en_ph/insights/fraud/anti-money-laundering.html

Can we still enjoy the decentralized nature of bitcoin?

In my opinion, KYC and AML procedures are not aimed against the decentralization of the first cryptocurrency, but against the anonymity and privacy of its users. This, of course, also causes great harm to the Bitcoin network.

If we talk about Bitcoin decentralization... Bitcoin decentralization lies, firstly, in the decentralization of mining, secondly, in the decentralization of coin ownership, thirdly, in the decentralization of development. Every time we hear that some country bans Bitcoin mining, we must understand that this is an attack on Bitcoin decentralization!

Every time we hear that some country bans Bitcoin transactions or introduces mandatory declaration of cryptocurrencies - we must understand that this is an attack on Bitcoin decentralization!

Every time we hear that Bitcoin ETF funds plan to use part of their profits to provide grants to developers - we must understand that this is an attack on the decentralization of the first cryptocurrency!

Bitcoin decentralization is a very big value and it would be a shame to lose it.

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I don't see any problem with AML or KYC since I am not doing any illegal activities. This is only in centralized exchange platform so decentralized platform still exist although most exchange platforms being made are centralized exchange platform which as you have known that they require KYC and follow the rules to avoid violating the AML.

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Quote from: Questat on September 28, 2024, 06:54:39 AM

Can we still enjoy the decentralized nature of bitcoin?

As regards the Anti money laundering policies, it is concerned to all centralized legal organizations, but Bitcoin doesn't have any centralized organizations or office, the centralized exchange that makes possible the trading of Bitcoin is only in compliance with the AML policy, that's why they ask for KYC, it doesn't stop the decentralization of Bitcoin. If you want decentralization, never use a centralized exchange that ask for your personal information before you can use the exchange.

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Decentralization is such an ill-treated word. Bitcoin is not decentralized as long as there are no KYC procedures involved in some centralized exchanges. Bitcoin is decentralized as long as the individual can download the blockchain and autonomously verify everything without trusting a third party. That's the most appropriate definition for it.

Regulations might impact the market, but Bitcoin, the protocol, is immune. Do not forget that it was molded by the most severe financial crisis of the last century.

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AML regulation generally target exchanges and centralized services, making it more difficult for bad actors to use crypto for illegal means such as money laundering. In fact, most people in the industry support such rules, because these can build trust that could help crypto gain wider adoption long-term.

Said that, Bitcoin as such is still decentralized. The core protocol is not under the control of any government or entity. We still can use Bitcoin in a decentralized manner if you're interacting straight with the blockchain, using peer-to-peer transactions. Again, that is a challenge to deal with, privacy versus regulatory compliance. But, as we have seen, the industry is in a flux, and some sets of regulations, like the ones in the European Union's MiCA framework, actually encourage more crypto adoption while keeping safety concerns important.

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Quote from: goldkingcoiner on September 28, 2024, 01:42:49 PM

AML has nothing to do with Bitcoin and it did not kill the decentralized nature of Bitcoin.

AML is enforced on centralized platforms where people don't own any private key of their fund.

With Bitcoin, people can make choices, between owning private keys with non custodial wallets or not owning private key with centralized platforms. If they choose the first option, they are free from KYC.

There is no way to KYC a Bitcoin public address and we know that Bitcoin private keys are massive. KYC Bitcoin private keys, public addresses is like KYC all atoms in the universe. It's simply impossible to do.

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Quote from: Questat on September 28, 2024, 06:54:39 AM

As we all know, Bitcoin is decentralized, and in its early days, we were proud of that fact--believing no government could control it and even thinking it might replace fiat. Those were the days when we were highly optimistic about Bitcoin’s future.

I honestly do not think the early birds of Bitcoin ever thought it would replace Fiat. It is a far fetched dream even now, let alone back then.

Quote from: Questat on September 28, 2024, 06:54:39 AM

However, with the current AML (Anti-Money Laundering) policies in place, it seems like Bitcoin’s decentralization is being challenged by regulations, especially with the introduction of KYC (Know Your Customer) requirements.

In fact, it made things better AND worse for Decentralization. Worse because it is getting much harder for Decentralization to work and evolve freely. See the case of Wasabi where they had to either leave the project behind or comply. But things are getting better too and Decentralization is evolving like never before simply because due to these Regulations, the Developers had to find alternatives to make Decentralization stronger while avoiding the obligation of introducing Know Your Customer or Anti Money Laundering Regulations.

Bisq is still here. Haveno too. Bitcoin still works any where in the World. Decentralization still exists and this incentivized the creation of better alternatives, but I have to admit they are not always easy to use so there is a learning curve involved too.

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Quote from: Questat on September 28, 2024, 09:24:42 AM

Now, as adoption grows, we see the government stepping in, regulating heavily, and squeezing out that anonymity we once thought was core to Bitcoin.

To be fair because bitcoin as a payment system has the most transparent ledger that is available to anyone to go through, we could never consider it anonymous.

Quote from: Questat on September 28, 2024, 05:28:19 PM

So I'm changing the topic to "How did AML kill the decentralized market of Bitcoin?" so everyone will focus on its market, not the technical aspect.

That makes more sense. Unfortunately regulations have only created more restrictions for the adoption while not helping protect the adopters. But I still wouldn't use the term "kill" to describe what happened since we already have decentralized marketplace as well. From Bisq as a decentralized network all the way to self-hosted market places similar to the dead OpenBazaar project.

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Quote from: goldkingcoiner on September 28, 2024, 01:42:49 PM

AML has nothing to do with Bitcoin and it did not kill the decentralized nature of Bitcoin.

Thanks, I definitely agree with that.

So I'm changing the topic to "How did AML kill the decentralized market of Bitcoin?" so everyone will focus on its market, not the technical aspect.

Thanks @Slow death, you are getting my point.

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AML has nothing to do with Bitcoin and it did not kill the decentralized nature of Bitcoin.

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AML did not kill any part of Bitcoin. It just made it slightly harder to buy and sell, that's all. It's not really a big hurdle if you know where to go to trade. There were (and still are) a lot of P2P platforms for this.

If the folks at XMR are able to on-ramp from cash easily, its easy to think that we have less trouble doing the same.

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Quote from: Questat on September 28, 2024, 06:54:39 AM

Can we still enjoy the decentralized nature of bitcoin?

Honestly, the good old days when we could buy bitcoin with fiat and then enjoy decentralization very easily are coming to an end, even though bitcoin itself remains decentralized, but the fact that exchanges are constantly asking for KYC, so the only thing that has become decentralized is bitcoin itself, at least for now wallets are not asking for KYC, now the market itself has become centralized. If people want to use bitcoin in the real world, they must accept centralization. A few days ago I logged into my Binance account and saw a warning: "Your ID has expired" and there was a link for me to upload a recent ID. I said to myself: "Shit, damn KYC" and I immediately uploaded a recent ID. Talking about decentralization at this point, I don't think it's even worth it.

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The only change that happened with Bitcoin is the fact that most exchanges and services that are dealing with bitcoin or cryptocurrencies are now centralized platforms due to regulations, and for users to purchase or make deposits into these platforms, we are required to pass a KYC process for AML. However, the nature of Bitcoin is still the same and can’t be changed at all.
The blockchain in Bitcoin is decentralized which mean nobody can take control over it, and many users still deal only with way that keep their identity hidden and away from transactions inside centralized platforms without an illegal reason as money laundering, peer to peer marketplaces are still alive today because so many users dealing with them.

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Quote from: Questat on September 28, 2024, 06:54:39 AM

Can we still enjoy the decentralized nature of bitcoin?

Of course you can, as long as you are avoiding centralized platforms.

Having said that, people generally don't care about all these bitcoin characteristics that makes it so unique so they don't don't mind stricter regulation that are making our life harder as it makes them feel safer.

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Quote from: Questat on September 28, 2024, 06:54:39 AM

Can we still enjoy the decentralized nature of bitcoin?

Bitcoin network is decentralized, if you ask about it now, and you can have privacy with Bitcoin if you do as follows

Use a non custodial, open source wallet.
Run a Bitcoin full node.
Use Tor.
Use change addresses.

If you cleverly use your Bitcoin inputs and outputs, you can have anonymity too.

In future, I don't know what will happen with Bitcoin decentralization but one thing to know, cost to do 51% attack is expensive and chance of success and get profit from an attack is low.

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The old days are gone; in the past, we could easily sign up on exchanges like Poloniex and Bittrex with just an email address. But now, they're much stricter with their verification. Exchanges wouldn't be this strict without government intervention, as they aim to satisfy their clients, you know, the more traders they have, the higher their profits.

Take Binance, for example. It’s one of the biggest exchanges, but due to a lack of regulations or internal controls, they got tagged for money laundering, leading to CZ’s removal as CEO and got imprisoned for violating the law. So, let’s leave the past behind and focus on the present. There are still ways to stay anonymous, but they're quite limited. As mentioned, P2P transactions are possible (except Binance p2p), but they're high-risk. Most of us now have probably come to accept these strict regulations, but what's key is that the government still can’t control Bitcoin’s network- or even its price.

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Quote from: Questat on September 28, 2024, 06:54:39 AM

Can we still enjoy the decentralized nature of bitcoin?

That's true. Governments have started asking crypto platforms to do KYC for their users due to AML regulations.
While AML regulations are good but at the same time it is taking away our privacy.
But bitcoin hasn't changed a bit and this allows us to stay off the grid forever if we take the precautions.
We can still enjoy decentralization but it depends on how good we are with privacy.

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Quote from: Questat on September 28, 2024, 06:54:39 AM

As we all know, Bitcoin is decentralized, and in its early days, we were proud of that fact--believing no government could control it and even thinking it might replace fiat. Those were the days when we were highly optimistic about Bitcoin’s future.

Bitcoin was decentralized the early days and it still is. If it wasn't decentralized, we would be seeing so much issue arising. We would be seeing people controlling which transaction to include and which not to. You can still open your own wallet and make transactions without any third parties being involved. As long as you aren't dealing with fiat currencies or centralized exchange/institutions, you don't have to be worry about the government. There is no government yet that controls bitcoin. And we shouldn't believe that bitcoin will replace fiat currency. It was never meant to.

Quote from: Questat on September 28, 2024, 06:54:39 AM

However, with the current AML (Anti-Money Laundering) policies in place, it seems like Bitcoin’s decentralization is being challenged by regulations, especially with the introduction of KYC (Know Your Customer) requirements.
Can we still enjoy the decentralized nature of bitcoin?

Not sure what AML and KYC laws has to do with bitcoins decentralization. Those doesn't affect the decentralization in anyway. The worst that happens is the government knows who the bitcoin belongs to and who is making what transactions.

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Quote from: Mate2237 on September 28, 2024, 08:43:41 AM

Op AML or Anti Money Laundry policies or government regulations on cryptocurrency has nothing to do with the Bitcoin itself and it network. AML is mainly targeting the Centralized Exchanges and not the Bitcoin network. And when talked about Bitcoin decentralization, we are talking about the Bitcoin network with it non or self custodial wallets and not custodial wallets or exchanges.

Even if government regulate all the wallets and exchanges in the world, Bitcoin itself is still decentralized and it just for developers to create a decentralized wallet to save and store the asset. The decentralization of Bitcoin is still stand.

Of course everyone knows that Bitcoin is decentralized, but that’s not what I'm trying to raise here. When I mention Bitcoin, AML, and KYC, I’m talking about how regulations have evolved. Remember when Bitcoin was viewed as the gateway to massive adoption and freedom? Now, as adoption grows, we see the government stepping in, regulating heavily, and squeezing out that anonymity we once thought was core to Bitcoin. It's less about its technical aspects and more about how regulation changed the way we experience it.

@Charles-Tim (it's not about the technical thing)

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Bitcoin is decentralized NOT the centralized services that are built to use bitcoin like an exchange! The government is also enforcing KYC on those centralized services as they have always done for as long as governments and their KYC policies existed (long before bitcoin).

It won't affect bitcoin.

Even if an authoritarian regime forces KYC on everyone who ever wants to use bitcoin, it still won't change anything about decentralized nature of bitcoin. It will only affect the people under that authoritarian rule.

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Op AML or Anti Money Laundry policies or government regulations on cryptocurrency has nothing to do with the Bitcoin itself and it network. AML is mainly targeting the Centralized Exchanges and not the Bitcoin network. And when talked about Bitcoin decentralization, we are talking about the Bitcoin network with it non or self custodial wallets and not custodial wallets or exchanges.

Even if government regulate all the wallets and exchanges in the world, Bitcoin itself is still decentralized and it just for developers to create a decentralized wallet to save and store the asset. The decentralization of Bitcoin is still stand.

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Quote from: Questat on September 28, 2024, 07:37:31 AM

Not directly, but these measures like KYC implemented to fight AML is one way of controlling the decentralized nature of bitcoin.

If you control the decentralized nature of something, that means that thing is no more decentralized. There should be nothing like direct or indirect about this. You do not necessarily need to make use of wallets and exchanges that are centralized.

Quote from: Questat on September 28, 2024, 07:37:31 AM

In the past, I would think of that, but now?? obviously not..

I have never thought like this before. You should know that bitcoin is very different from fiat. People will prefer to spend fiat and hold it in short term but they will prefer to hold bitcoin.

Quote from: Questat on September 28, 2024, 07:37:31 AM

But these centralized exchanges facilitate majority of bitcoin transactions, I'm talking about the big picture.
Tell me some popular decentralized exchanges and its total volume to see they're really relevant.

The purpose of bitcoin is P2P transactions. P2P can be done without centralized exchanges. I do not need to go the an exchange before sending bitcoin to a family member or a friend or someone. I see those exchanges to be used for spot, margin and derivative trading. Some have P2P but you can make bitcoin transaction without them. Bitcoin remain decentralized and nothing is changing that. For convenience, some people can go for centralized exchanges.

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Did you mean, you're supporting money laundering?

I don't see anything wrong if the authority caught money launders because they deserve for that.

But, if someone earn Bitcoin in right way i.e. not scam, not illegal etc and they use mixer or trade using no KYC exchange, it's not fall to "money laundering" because they only want to protect their privacy.

Privacy isn't a crime.

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I remember the time where exchanges asked for minimal details; you literally could transfer funds without them knowing your personal details. The decentralization nature of bitcoin has been affected due to KYC policies, especially in Europe, and it's something that has made things harder but certainly not impossible. There are still options, such as P2P exchanges, Bitcoin ATMs (even though some ask for identification and/or have excessive fees), or meeting in person, but it's definitely more complicated than it used to be in the past, especially if you were used to an era where all this wasn't necessary.

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Quote from: Questat on September 28, 2024, 06:54:39 AM

Can we still enjoy the decentralized nature of bitcoin?

Of course we can. Just because many people do not use it in a decentralised way does not mean that the rest of us cannot. Because of the nature of bitcoin, there will always be that option, even if more and more of it goes through centralised entities, although I would say that P2P use will be relegated to low or medium value transactions.

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Quote from: Charles-Tim on September 28, 2024, 07:30:20 AM

Quote from: Questat on September 28, 2024, 06:54:39 AM

As we all know, Bitcoin is decentralized, and in its early days, we were proud of that fact--believing no government could control it and even thinking it might replace fiat. Those were the days when we were highly optimistic about Bitcoin’s future.

No government is still controlling bitcoin. Bitcoin is not a substitute for fiat but it is an alternative. You should not think that bitcoin will replace fiat.

Yes no government control bitcoin as they can't able to do it, its just they are regulating those platform involve in the industry so that they can possibly track the transaction flow happened or to know which people is using Bitcoin.

But also people should really not think about Bitcoin will replace fiat since it might trigger the officials and think about bad for bitcoin since this situation will leave some negative statement that bitcoin is huge treat for their traditional financing system.

If people would just do easiest approach and always think about that bitcoin is good alternative for sure this thinking will never give any negative impression to government. They might create some action on how they could able to maximize the potential of bitcoin then would never think about doing some bad actions towards this asset.

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Quote from: Charles-Tim on September 28, 2024, 07:30:20 AM

Quote from: Questat on September 28, 2024, 06:54:39 AM

As we all know, Bitcoin is decentralized, and in its early days, we were proud of that fact--believing no government could control it and even thinking it might replace fiat. Those were the days when we were highly optimistic about Bitcoin’s future.

No government is still controlling bitcoin. Bitcoin is not a substitute for fiat but it is an alternative.

Not directly, but these measures like KYC implemented to fight AML is one way of controlling the decentralized nature of bitcoin.

Quote from: Charles-Tim on September 28, 2024, 07:30:20 AM

No KYC for noncustodial wallets and decentralized exchanges. There is nothing yet centralized to the point that government are controlling bitcoin

But these centralized exchanges facilitate majority of bitcoin transactions, I'm talking about the big picture.
Tell me some popular decentralized exchanges and its total volume to see they're really relevant.

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Quote from: Questat on September 28, 2024, 06:54:39 AM

As we all know, Bitcoin is decentralized, and in its early days, we were proud of that fact--believing no government could control it and even thinking it might replace fiat. Those were the days when we were highly optimistic about Bitcoin’s future.

No government is still controlling bitcoin. Bitcoin is not a substitute for fiat but it is an alternative. You should not think that bitcoin will replace fiat.

Quote from: Questat on September 28, 2024, 06:54:39 AM

However, with the current AML (Anti-Money Laundering) policies in place, it seems like Bitcoin’s decentralization is being challenged by regulations, especially with the introduction of KYC (Know Your Customer) requirements.

No KYC for noncustodial wallets and decentralized exchanges. There is nothing yet centralized to the point that government are controlling bitcoin

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Quote from: Questat on September 28, 2024, 06:54:39 AM

As we all know, Bitcoin is decentralized, and in its early days, we were proud of that fact--believing no government could control it and even thinking it might replace fiat. Those were the days when we were highly optimistic about Bitcoin’s future.
However, with the current AML (Anti-Money Laundering) policies in place, it seems like Bitcoin’s decentralization is being challenged by regulations, especially with the introduction of KYC (Know Your Customer) requirements.
Can we still enjoy the decentralized nature of bitcoin?

Of course we can. Decentralisation is becoming harder and harder as days go by just like you said. However we still have the bitcoin network as a decentralised network no matter what. Of course the government wants to be in control every single time, however the nature of bitcoin is fully based on decentralisation starting from mining down to even price.

The best way we can assist is for more people to key into decentralisation especially because of it's importance and freedom. Another important thing is to vote in the right leaders. Most topics about Trump and this election is to endeavour people to vote someone who's in support of the bitcoin and decentralisation network and not someone against it.

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As we all know, Bitcoin is decentralized, and in its early days, we were proud of that fact--believing no government could control it and even thinking it might replace fiat. Those were the days when we were highly optimistic about Bitcoin’s future.

However, with the current AML (Anti-Money Laundering) policies in place, it seems like Bitcoin’s decentralization is being challenged by regulations, especially with the introduction of KYC (Know Your Customer) requirements.

Here's a brief definition of AML and money laundering for context.

Quote

Money laundering is a type of financial crime. It involves taking criminally obtained proceeds (dirty money) and disguising their origins so they’ll appear to be from a legitimate source. Anti-money laundering (AML) refers to the activities financial institutions perform to achieve compliance with legal requirements to actively monitor for and report suspicious activities.

https://www.sas.com/en_ph/insights/fraud/anti-money-laundering.html

Can we still enjoy the decentralized nature of bitcoin?

Topic: How did AML kill the decentralized market of Bitcoin? (Read 716 times)