Topic: Two Sides of the Coin - Bitcoin (Read 181 times)

Anonymity for me is not an inherent quality of bitcoin, I do not think the system was designed to hide the identities of it's users but rather to bypass registration processes and all the control it affords to the banks.
And even now the KYC processes can be easily bypassed and is, as it is reputed that most trades made are OTC, Over The Counter and it's private, not really to protect the identity of the parties involved but to keep the transaction quiet and off the mainstream market.

If over time, the anonymity of Bitcoin becomes less, then it sort of defeats one of the cons of cryptocurrency which is anonymity if I may say. I stand to be correct!

I am sure that over time, the anonymity of Bitcoin will be less, and therefore money laundering operations and other illegal activities involving Bitcoin will disappear. Already we can say that cash is much more used to pay for illegal operations than cryptocurrency, since the blockchain has a trace of mutual settlements that can be traced in principle.

Not too long ago Nasdaq – the world’s second-largest stock exchange – plans to roll out bitcoin futures in the first quarter of 2019 through a partnership with investment management firm VanEck.

With this GOOD news above, one would have started to rejoice seeing the positive impact it will bring on cryptocurrencies in general most especially bitcoin, however in the same vein Visa and MasterCard has placed a ban on cryptocurrency purchase through their medium which in a way will affect exchanges and what Nasdaq is about to do in 2019

Although Crypto will in a matter of time make banks and card issuers completely obsolete, this is not the reason why the card issuers are implementing the ban. Most likely it’s the lack of KYC (Know Your Customer) and AML (Anti Money Laundering) compliance, which today is a legitimate issue. Every player in the current financial model needs to be KYC and AML compliant.

Believe me you, We're in a season where we'll see a clash between the centralised financial system, which is KYC and AML compliant, and the decentralised regulation-free and anonymous Crypto community.

With this development in view, while we celebrate the news that will positively impact the future of bitcoin and other cryptocurrencies because of the numerous problem cryptocurrencies are solving, let us equally LOOK at the other side of the coin to see the problem(s) which bitcoin and other cryptocurrencies are creating