KYC-FREE BITCOIN CIRCULAR ECONOMIES: FREE THE MARKETS, FREE THE WORLD

Time:2022-01-03 Source: 890 views Trending Copy share

WHAT IS A CIRCULAR ECONOMY?
A Bitcoin circular economy is a free market where you can trade any products or services for bitcoin, including daily needs like food, jobs and housing.

The state censors fiat markets via regulations, permits and KYC. In comparison, a Bitcoin circular economy is peer-to-peer and meritocratic — no state permission or government ID is required to participate.

Practical examples include local Bitcoin marketplace groups in Telegram, a farmers market that accepts bitcoin, KYC-free apartment rentals or a Bitcoin health insurance. More use cases are covered in this article.

BITCOIN FIXES THIS — A LIBERATORY CURRENCY FOR LIBERATORY MARKETS
Bitcoin doesn't only separate money and state, it also separates markets and states. A Bitcoin circular economy is based only on supply and demand — no state regulations, bans, KYC, permits, subsidies or quotas are necessary. This creates meritocratic free markets, where your skills, ideas, character and effort matter more than the state's permission.

Bitcoin is the perfect currency for a truly free market. Bitcoin provides a secure, globally accessible, permissionless, peer-to-peer network to send, receive, earn, spend and save money — without third parties, government ID, censorship, seizures, high fees or long wait times. You can send money to anyone worldwide, which arrives in 10 minutes for currently less than 50 cents in fees. Ownership of funds is proven by a pseudonymous cryptographic private key, meaning no personal information is required. In addition, there is no risk of corporate censorship like Mastercard; chargebacks or seized funds like PayPal; fraud or theft like banking; high fees like Western Union or counterfeit bills like cash.


KYC-free exchanges, Bitcoin ATMs and Bitcoin vouchers enable people to easily trade local cash for bitcoin — no government ID or bank account required. Easy-to-use bitcoin wallets, such as Blue Wallet or Samourai Wallet for mobile and Electrum or Sparrow Wallet for desktop, make it possible to send and receive money worldwide with one click.

Bitcoin's security, utility and practical use cases for financial inclusion and economic freedom have been consistently proven over 10-plus years with billions of dollars. The technology works and the possibilities are infinite.

WHY IS KYC-FREE IMPORTANT
Participation in the Bitcoin circular economy must be available for everyone.

Today, disproportionate and harmful KYC regulations actively exclude millions of people who don't have government ID (e.g., the State refuses to print an ID for them) or who can’t show ID for safety reasons (e.g., they are a victim of abuse) from the economy. This fatalistic and unmeritocratic form of discrimination affects people's daily lives and restricts access to necessities like jobs, finances, apartment rentals, healthcare, online shopping, receiving mail, buying a sim card or visiting the gym or library.

In a meritocratic, inclusive and truly free market, no state-assigned identity is required: For a job, only your skills and work ethic is important; for housing, only your ability to pay rent is important; for healthcare, only your medical condition is important.

If authentication or trust is required, it is enough to say your name (or a pseudonym), use a password/PIN (e.g., an SMS code to pick up mail), cryptographic keypair (such as in Bitcoin or PGP), reputation network (online reviews, vouches from friends, word of mouth), cash deposit (e.g., for rentals) or multisig escrow (jobs, purchases). Although personal IDs are an unnecessary and potentially dangerous concept, non-government IDs from Blockchain platforms like Bitnation, micronations like Liberland or privacy organizations like Digitalcourage are more accessible than the single point of failure of gatekeeping government ID systems.

The gray market has offered KYC-free services for decades, including jobs, apartments, healthcare, PO boxes, sim cards and more, on a word-of-mouth, cash-in-hand basis. Due to cutting out bureaucracy, fees and middlemen, transactions are easier, quicker and cheaper. Bitcoin, as an uncensorable, peer-to-peer digital money, has the potential to enable stronger global and local free markets, which are accessible to all.

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