Bitcoin identity verification

[dieselman]

With Identity verification required by Bitcoin Depot , and I assume all other exchanges, the obvious question comes again to the forefront; Doesn’t identity verification defeat the ideal of Bitcoin pseudonymous transfer of funds?. I can foresee government sanctions enforcing this to extremes. I understand the need to strike a balance of transparency and anonymity, but the verification process makes me feel exposed to heavy handed gov agencies. Is this inevitable direction we are funneled into, or are there workarounds that I’m unaware of, that are not so complex that a simple man like myself can understand and employ. Your thoughts, suggestions please

 

[necromedic]

Perhaps @xenxra can bless us with some wisdom.

 

[xenxra]

Doesn’t identity verification defeat the ideal of Bitcoin pseudonymous transfer of funds?

this actually isn't that complex of a scenario. ideally, yes - you would want to acquire your crypto through a means not attached to your federal identity (cash by mail, etc) - but unfortunately it is a "necessary evil" in the mission of bringing crypto to mainstream adoption. try your best to limit transactions you would be worried about other people seeing by using monero and encouraging others to do so as well including the vendors you order from.

i probably could've wrote a whole book if this question was asked in 2015 but thankfully because of things like monero, we have a simple workaround and it's consistently been proven to work time and time again. Monero is all the other things Bitcoin claimed to be in the early days and it's a real shame (for fundamental-based investors) that the value is so suppressed in comparison but that's what happens when you're talking about a technology that heavily dismantles the nation states effort to monitor it's citizens.