> It is cheaper, easier and faster than using banks and legacy money transfer vehicles like Moneygram or Western Union and it has the added bonus of not being saddled with the red tape or regulatory requirements that go along with these institutions.
This situation feels unsustainable. Traditional institutions don't ask questions because they love getting into your business, they ask because of AML and KYC regulations. If crypto eats the lunch of these traditional institutions because it doesn't have to follow the rules they do, things are going to come to a head sooner or later.
>If crypto eats the lunch of these traditional institutions because it doesn't have to follow the rules they do, things are going to come to a head sooner or later.
Yeah people have been saying this about bittorrent for about 15 years too: since it's illegal it'll have to a stop because the government will end it. And yet take a guess how I just watched HBO's Succession?
I could believe that having someone else hold your bitcoins and allow an easy webpage interface to break the law will end.
This situation feels unsustainable. Traditional institutions don't ask questions because they love getting into your business, they ask because of AML and KYC regulations. If crypto eats the lunch of these traditional institutions because it doesn't have to follow the rules they do, things are going to come to a head sooner or later.