Accounts are the first thing that come to mind. right now, I have an account at my bank, and I need to meet certain requirements to have that account. Web3 wallet accounts have no such requirements, and creating a whole new account is just a click away.
To make a payment, because my web wallet is already linked, I just select which wallet I want to make a payment from. No need to type out my credit card number. Apple pay has some of the similar convenience, but that's vendor locked and a dead end.
Creating an empty crypto account is just a click away. But, as a new user, how do you move funds into the account?
You must go through an exchange which is subject to the same KYC and anti-money-laundering regulations as a bank. So it's not actually any easier. After all, banks can also create any number of additional accounts for you in their internal system once you're a customer.
> You must go through an exchange which is subject to the same KYC and anti-money-laundering regulations as a bank.
Bitcoin ATMs exist. From what I can make out (IANAL), KYC / anti-money-laundering regulations mostly kick in for turning cryptocurrency into fiat rather than the other way around - which is probably why most Bitcoin ATMs are "buy only".
"right now, I have an account at my bank, and I need to meet certain requirements to have that account."
Hello, my name is money laundering.
Why do you think the bank has those "requirements"? Do you think they just hate their customers, or do you think the government enforces this regulation onto the banks to prevent money laundering? Because it's definitely the latter.
