I’m sure you all know what KYC is and why is important… But also that it is a scourge. By relinquishing extensive personal data in order to enter an ecosystem focused on privacy and anonymity, we shoot ourselves in the feet.
Every CEX has required KYC for a while now, and if they don’t, their on-ramp does. (Looking at you, kucoin) and most DEXs don’t have on-ramping features. If they do, they are outsourced to third party source which require KYC. Even services like the Brave browser need you to hand over your ID to claim BAT.
Metamask’s Wyre integration is rather well known for being useable without any KYC besides the bare minimum card info to make the transaction although I personally have never been able to get it to go through for unknown reasons, that and other problems being apparently extremely common.
P2P buying and selling still seems to be a viable way to convert fiat to crypto and back however due to potential trust or pricing issues, peer to peer is not ideal.
To put it simply, the only totally reliable way to acquire cryptocurrencies without already owning some is through mining or ATMs (which are are notorious for high fees and inaccurate pricing, and some bitcoin ATMs even require kyc. Yikes). The option for play to earn services or similar alook exist but usually require initial investments, and cannot be used to on-ramp yourself… Also most of them are scams.
ATMs are not ideal and neither are the P2E services. That leaves us only with mining.
I don’t think I need to explain why mining isn’t a great option, but I will anyway. Mining is incredibly expensive, and doesn’t make that much profit unless you buy a literal warehouse full of GPU s or ASICs.
So what’s the implication of this thinly veiled rant of mine? Well it’s pretty much that we’re screwed. The governments have not succeed in taking away all of your crypto privacy but they’ve made it real damn hard to keep.
Crypto regulation for CEXs is not inherently a bad thing but if regulations and restrictions make there way out of exchanges, that would be horrendous. So naturally, the enemies of cryptocurrency are going to try to make it hard to avoid exchanges because of you can avoid exchanges, you avoid the government.
We allowed this to happen by allowing CEXs to exist (they directly contradict everything crypto stands for) and now or only hope is to well… hope.
Either that, or do what we’ve been doing, and sacrifice the objective of cryptocurrency in order to make a quick buck of fiat.