Don’t Lose Sight Of The Bitcoin Mission

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Now that Trump has been elected, enthusiasts and businesses alike are more optimistic about Bitcoin’s future in the United States. We can clearly see this reflected in the price of Bitcoin, which continues to reach all-time highs in the wake of the election.

While it is exciting to watch US Bitcoin users breathe a collective sigh of relief as Bitcoin prices rise (which is important), it is also essential to realize that if we do not remain vigilant we will lose our ability to transact as privately and anonymously as possible with Bitcoin, as… Some suggest that if it could easily happen, we would have failed in our mission.

While it appears that the Trump administration will be kinder to the broader Bitcoin and cryptocurrency industry than the Biden administration was, we still have little idea what the regulatory details will look like under the incoming administration. Additionally, the judge in the Tornado Cash case recently posited that the Bank Secrecy Act (BSA) does not require control of funds (private keys) to transfer money, meaning we may soon see a legal precedent paving the way for more money transfers. AML/KYC requirements for Bitcoin users.

If we do not support Efforts to legally defend our right to peer-to-peer transactions Without the need to provide identifying information, we would be missing one of Bitcoin’s core value propositions.

So, by all means celebrate the fact that the incoming administration supports things like this Bitcoin mining in the United States and The right to keep your private keysBut be alert to what both the administration and the courts say about the need to provide identifying information to use Bitcoin — and be prepared to push back.

This article is a takes. The opinions expressed are entirely those of the author and do not necessarily reflect the opinions of BTC Inc or Bitcoin Magazine.

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