Quote:
Originally Posted by Bladewire
It's unfortunate that the banks make it impossible for the average consumer to buy bitcoins without uploading ID.
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Even ignoring KYC and money exchanger requirements, allowing unverified CC purchases of Bitcoin is a disaster waiting to happen, because you cannot reverse a Bitcoin transaction. There's no dispute process or central authority (ie Paypal monkeys) to take the money back from your "account." A valid transaction effectively becomes binding within a few seconds of being transmitted to the network. At that point there's no way to delete it, or recover the funds.