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A comment on Tesla buys $1.5B in Bitcoin, may accept it as payment in the future. Parent comment

Re:Tesla buys $1.5B in Bitcoin, may accept it as payment in ... by toomuchtodo on Monday February 08, 2021 @01:06PM (#26067908)
You're getting downvoted because it is getting easier by the day to not be unbanked, and "verification" will always exist due to nation state AML/KYC requirements.
[ Parent | on HN ]
Re:Tesla buys $1.5B in Bitcoin, may accept it as payment in ... by mrb on Tuesday February 09, 2021 @11:47AM (#26079609)
Not exactly. Verification is needed because money transfers can be reversed (fraudulently, or legitimately in response to fraud), so remittance companies need to be reasonably sure to reduce fraud risk to an acceptable level.

However with Bitcoin there is no need for verification because a transfer is irreversible.

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Re:Tesla buys $1.5B in Bitcoin, may accept it as payment in ... by toomuchtodo on Tuesday February 09, 2021 @11:50AM (#26079644)
AML [1]/KYC [2] are legal requirements. Breaking the law around transmitting money has consequences, regardless if you have a desire to possibly reverse a transaction.

[1] https://insights.namescan.io/a-complete-guide-to-aml-regulat...

[2] https://en.wikipedia.org/wiki/Know_your_customer#Laws_by_cou...

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