this post was submitted on 11 Jul 2025
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Somebody please tell me what's up with Monero. I thought it was some kinda cryptocurrency? In what way does it avoid or mitigate any of the overwhelming number of problems those inherently have?
I'm not a crypto expert, but from what I know it's one of the few currencies that have no kyc (know your customer) in order to use. The whole point of it is to have completely anonymous transactions and untracable/unmarked currecy. I used it once to buy a month of Mullvad vpn just to see how it works. I bought a giftcard with cash, traded the gift card for monero on a somewhat sketchy site, put the monero into an XMR wallet, and used the Monero to buy the vpn with wallet keys. It was a fun experiment but it was just too much time and effort to do it the right way to warrant using it 24/7
It's not about KYC. Monero would have KYC like any other cryptocurrency. Its that the transactions are encrypted.
Its my understanding that KYC is not inherent to crypto but only to exchanges such as kraken or coinbase. Tax regulations necessitate KYC, not the technical requirements of the underlying asset.