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What Equipment Does Bitcoin Need (Does Bitcoin Need KYC)?

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What equipment does Bitcoin need? According to btcmanager, at the Bitcoin Core

What Equipment Does Bitcoin Need (Does Bitcoin Need KYC)?

What equipment does Bitcoin need? According to btcmanager, at the Bitcoin Core conference in May 2019, Bitcoin Core developer Andreas Antonopoulos stated, “I believe there is a need for dedicated hardware devices to process Bitcoin. This depends on the operating system and software version you are using.” Additionally, purchasing Bitcoin can be very expensive as most mining machines are traded in for new ones. However, as more and more people use the Bitcoin network, we may see an increase in demand. So, what equipment does Bitcoin need?

Firstly, graphics cards (used for mining cryptocurrencies) or hard drives – these devices generally need sufficient hashing power to process transactions. Then, there are laptops, smartphones, etc. – they also need to be able to mine. So, you don’t need to worry about losing private keys or any security issues.

Does Bitcoin Need KYC?

Does Bitcoin need KYC? If so, then KYC is required when using Bitcoin. According to bitcoinist, currently, only a few individuals can verify their identities, while other cryptocurrency companies also claim to disagree with this practice. However, such cases are rare. For example, the Financial Conduct Authority (FCA) in the UK and the Netherlands Bureau for Economic Policy Analysis have published reports indicating that this industry does not require such work or related activities, causing many users to question whether some form of “KYC” is necessary.

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