In any case to move your BTC out and make them spendable money, at the time of this writing, you need to move them to an exchange convert them to Fiat (not the car) and to withdraw you need to be ID verified.
no, you're wrong, most of the purchase / sale of bitcoins takes place outside the exchanges.
for example Sasha sells 1 bitcoin to Natasha (for example, an ad in a newspaper or on the Internet) - they both do not need to be verified.
but if it is ETN - they both need verification.
This is for sure NOT TRUE for several reasons. While it's an option it's absolutly for sure not the most used one.
And just additionally, IF you buy another crypto coin with BTC you sold BTC as well, just as a sidenote.
And you can sell/buy ETN without KYC, just keep them in your cli wallet, easy as that. No rocket science at all.
There is No mandatory update/KYC for all wallets in place, just the webwallet. Don't like KYC don't use the webwallet, simple
and easy as that.
of course etn cli wallet does not require kyc
but, when we say about mass adoption (as etn team say), then we must compare mobile wallets (or web wallets).
and you can find many btc mobile wallet - mycelium, for example, absolutly anonimous, or any others
but etn - not.
so this was discussed
but for millions of people it doesn't matter - they post photos of their entire lives,
so we'll see what happens
Actualy the mycelium wallet isn't anonimous by default and nature. You must download additionally orbot and use tor
network, and use custom backend server settings to have it running real anonimous, just as a sidenote.
IF you don't run these wallets like that they are at best psyeudo anonimous but not real anonious, just something having
in mind if you are all about real true anonymousity.
And just another sidenote, it makes even sense to imply KYC on ETN because they use a different payment system than other
decentralized currencies. Have in mind that on nearly all crypto currencies the payment is sent/arrived instantly. This is NOT
the case with ETN, if a payment is made the vendor/receiver only gets the message that the payment is on it's way, nothing
more.
With POW mining this is mostly one of the view options due limited transactions/second and low transaction speed to make
indeed real life cases for paying for example mini transactions. It makes perfect sense that KYC for a not real decentralized
project like ETN, even from a security point of view.
Solving such problems are similar to the trilemma problem, you only can have 2 of the 3, security, scalability, decentralization.
Once you improve one of the 3 you lower another one, easy and simple as that. Best example is BTC, you have security and
decentralization but no scalability at all. Same goes for ETH, hence why they want to move to POS.
Just as some sidenotes to understand why the KYC with ETN is an interesting approach to solve maybe some of the problems
that are needed for mass adoption. And again, i personally like that approach, for everyone that has problems with KYC
there are about 3,000 other coins to choose from by now. Moving from Marketcap rank #100+ to the #50 rank range makes
me indeed think it's the right direction to make ETN unique.
