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This is how KYC will drive Adoption (Reddit Bitcoin)

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Governments are enforcing stricter and stricter KYC laws for exchanges dealing with Bitcoin in order to track people for tax purposes. This may seem like a problem, but may have a positive effect for the Bitcoin ecosystem. As BTC goes 10-30x in the coming years, newly minted millionaires will be looking to exit their positions. However they will want to avoid getting tracked and taxed by exchanging into fiat. At the same time, a price rise will attract more people into acquiring coins. Once this dynamic is in action hodlers and merchants will both have an incentive to go under the table and transact with BTC directly. This will ultimately fuel adoption as merchants realize they will have much more to gain by accepting Bitcoin.
submitted by /u/Findep18 [link] [comments]

Governments are enforcing stricter and stricter KYC laws for exchanges dealing with Bitcoin in order to track people for tax purposes.

This may seem like a problem, but may have a positive effect for the Bitcoin ecosystem.

As BTC goes 10-30x in the coming years, newly minted millionaires will be looking to exit their positions. However they will want to avoid getting tracked and taxed by exchanging into fiat. At the same time, a price rise will attract more people into acquiring coins.

Once this dynamic is in action hodlers and merchants will both have an incentive to go under the table and transact with BTC directly. This will ultimately fuel adoption as merchants realize they will have much more to gain by accepting Bitcoin.

submitted by /u/Findep18
[link] [comments],

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