Electroneum becomes KYC complaint, Anonymity dying in Crypto?

Electroneum became the first cryptocurrency to comply with KYC meaning that if you use the official Electroneum wallet and you want to transact large amounts out of the wallet, you have to verify yourself. Verification is fast and easy but does this spell the end of anonymity and crypto and what percentage of the population will care if it does?

Cryptocurrency serves two functions. One is the ability to transact money quickly with lower costs and the other is anonymity. However, KYC gets rid of the 2nd part so I think the 10% of so of crypto users that value that will be attracted to coins like Monero and Zcash, which will obvious not comply with KYC. I think this will cause those two coins to grow because they will be some of the only options once more coins adopt KYC and leave anonymity behind in order to get adopted by institutions and merchants. This will not kill anonymity but will restrict it to a few coins and will really separate out the crypto dark web from the other cryptocurrencies.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s