If you are not a whale, stop using CEXs. This rule will only cause more annoyances for a small amount of money.
Whales can do their trades behind the scene with OTC deals. Whales or non-whales, we should not use centralized exchanges to store our bitcoin.
Reminder: do not keep your money in online accounts.
I am not quite certain how this will affect DEXs implemented on DeFi, however, it appears that Uniswap might begin implementing KYC for v4. If all DEXs starts enforcing KYC, it might be a good time to learn how to interact with smart contracts directly hehehehe.
Excuse!
What will happen with Bitcoin on DEX with smart contracts?
I know there are DEX, non-KYC exchanges to buy or trade bitcoin but smart contracts are for altcoins. There are altcoins, wrapped Bitcoin tokens with smart contracts on DEX but those tokens are not bitcoin.
I disagree to not buy bitcoin but buy wrapped Bitcoin tokens.
Agreed. Whales can also do that if they want, however, because they trade with size, they might really want to have KYC and start a relationship with an exchange or a bank because these are they only places that can provide them with the liquidity that the need.
On small minnows, we do not trade with size which makes us less in need of large liquidity pools. We can also use DeFi to our advantage to have more anonymity in our transactions and trades.
DeFi also reduces the government's capability to impose KYC and other strict regulations on you because decentralized financial networks make them lose control of financial infrastructures if more people use them.
On bitcoin, it has a different roadmap. There might never be any DeFi infrastructure created on bitcoin.