KYCs (Know your Client) is killing crypto

[CherRic]

When I was starting to get involved in crypto-currency, one of its features that attracts me is the privacy it gives you. Now with all those KYC being required in exchanges and in ICOs and other platforms, some people are beginning to be hesitant in their activities in crypto.

ICOs are very wise nowadays. When you are investing in their sales perios, KYc is not require. However, when the time to received the coins for your investment, they are requiring you already to have KYC. In some point, there are also advamtages of KYC like they are making sure that you are actually a true investor. But, this is something worrying because your infos will be vurnerable to hackers and scammers.

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[Slark]

I will rather be a subject to KYC than see cryptocurrencies banned or restricted in some other way.
Do you really think that cryptocurrency can remain anonymous and at the same time will attack more people, push adoption further?
This is not gonna happen, either we will embrace some sort of regulations (AML, KYC etc.) or no business will ever accept crypto as a payment method.

Dura lex sed lex.

[Skieleton]

When I was starting to get involved in crypto-currency, one of its features that attracts me is the privacy it gives you. Now with all those KYC being required in exchanges and in ICOs and other platforms, some people are beginning to be hesitant in their activities in crypto.

It is true. BTC is anonymous and for many people it is important. KYC is an extortion of private data that is very valuable than a few dollars for coins as a reward. I know people are starting to enter fake data for fear of personal data ...

[WiseUp216]

When I was starting to get involved in crypto-currency, one of its features that attracts me is the privacy it gives you. Now with all those KYC being required in exchanges and in ICOs and other platforms, some people are beginning to be hesitant in their activities in crypto.

good project will get money. you need to to good marketing and have great potencial product.

[oginiimaoyani]

KYC not helping at all, its really discouraging and becoming too worrisome because the information only comes when you are about to receive tokens so in my option I will say that investors should be notified at the starting stage.

[Xzhyte]

I guess it is a government requirement to oblige big exchanges to have KYC. I don't think KYC is a bad thing, unless you plan to use your money on evil things. Also, in order to achieve mass adoption, regulation is a must, and KYC is one of the stages to achieve it.

[cunese]

I also think kyc is not very good, and the cryptocurrency should have been encrypted. Rather than divulging customer information, it's really bad,

[judeafante]

When I was starting to get involved in crypto-currency, one of its features that attracts me is the privacy it gives you. Now with all those KYC being required in exchanges and in ICOs and other platforms, some people are beginning to be hesitant in their activities in crypto.

We should boycott this Ico that implement that KYC thing, I will never invest or participate in this kind of project, cryptocurrency is about decentralization and this KYC thing takes away that if we will not stop it now soon all Ico will implement that but I'm glad only a small portion right now is doing that.

[vv181]

When I was starting to get involved in crypto-currency, one of its features that attracts me is the privacy it gives you. Now with all those KYC being required in exchanges and in ICOs and other platforms, some people are beginning to be hesitant in their activities in crypto.

As soon the promising decentralized exchange already available, and the atomic swap platform exists. I believe we don't have to rely on the centralized entities, we can truly achieve what is decentralized means. However, I don't think we should be worried about the cryptocurrency scene whicch is contained which KYC.

[Apened]

When I was starting to get involved in crypto-currency, one of its features that attracts me is the privacy it gives you. Now with all those KYC being required in exchanges and in ICOs and other platforms, some people are beginning to be hesitant in their activities in crypto.

KYC is not good for crypto it breaks the crypto or original features of crypto. I don't like the way that exchanges and ICO is requiring us but we don't have a choice because they are pushing it. I am afraid to submit any ID, they can use it for fraud or scamming especially if the ico or exchanges was a scam in the future.

[zeingrind777]

When I was starting to get involved in crypto-currency, one of its features that attracts me is the privacy it gives you. Now with all those KYC being required in exchanges and in ICOs and other platforms, some people are beginning to be hesitant in their activities in crypto.

I think KYC is great for avoiding terrorist financing and crime. in the presence of this KYC, cryptocurrency remains privacy in crypto delivery, as it only uses the address wallet as the sending data. for me, KYC is only known by the exchange and exchange only.

[yusupjatigumilar]

When I was starting to get involved in crypto-currency, one of its features that attracts me is the privacy it gives you. Now with all those KYC being required in exchanges and in ICOs and other platforms, some people are beginning to be hesitant in their activities in crypto.

In my opinion about the holding of KYC on some crypto platforms it is aimed that no member cheat by having multiple accounts using one same referral address so get many benefits, this is actually good, but on the other hand members feel that the crypto world is gone privacy identity, as before where a crypto transaction is anonymous

[gabbie2010]

When I was starting to get involved in crypto-currency, one of its features that attracts me is the privacy it gives you. Now with all those KYC being required in exchanges and in ICOs and other platforms, some people are beginning to be hesitant in their activities in crypto.

KYC is aimed towards preventing illegality that is perpetuated by  some scrupulous individuals in the name money laundering, financing terrorist organizations, illegal drug cartels e.t.c using the decentralized feature of Cryptos.
Measures taken by the implementation KYC will ensured tracking or tracing of  both legal or illegal funds and probably arrest anyone that is involved in the illegality.

[alekseidanilov0803]

Hi guys, I'm investing cs-monitor. Please share how you invest in what projects in which crypto-currencies.

[Pan Troglodytes]

When I was starting to get involved in crypto-currency, one of its features that attracts me is the privacy it gives you. Now with all those KYC being required in exchanges and in ICOs and other platforms, some people are beginning to be hesitant in their activities in crypto.

From the point of view of governments, they can be understood. Taxation is impossible without identification of individuals when performing transactions with the crypto currency. However, this completely contradicts the principle of anonymity when working with crypto currency. For those who want to keep their anonymity out one - decentralized exchangers. I think that in any case they will be able to work by registering in offshore zones.

But the KYC regulations have been introduced (and are being introduced) with the excuse that it will prevent money laundering, not that it will enable taxation. That is why it should be restricted to transactions exceeding a certain amount (like 15.000 Dollars or whatever is legally aplicable), not applied to every transaction. Or, if they want to do the KYC in order to enable taxation, they should openly state it so.

[zentdex]

I agree with you about that. Some people feel that KYC thing stands for Kill Your Customer. It destroy the whole essence of crypto as being anonymous to all other people even the open ledge was exposed to public. Due to that rules, some feel like they are shouting the whole world that they send money to another man with this sum of amount. It is just like posting you whole bank statement to the internet. I can't imagine what will happen next if the criminal could openly see that list, soon there could be no one using the tech.

[mholtman97]

I agree

[JinCrypts]

I also hate the fact that KYC being a part of some ICO, Exchange, and Bounties because here in cryptoverse safety is a must so it is better to be anonymous than filling forms about yourself and what it worst is that it need to require valid ID such as passport etc etc. What if something happens and all infos were leaked? It is very unsafe and it might used to fraud others. KYC must die in crypto

[Basmic]

I agree with you about that. Some people feel that KYC thing stands for Kill Your Customer. It destroy the whole essence of crypto as being anonymous to all other people even the open ledge was exposed to public. Due to that rules, some feel like they are shouting the whole world that they send money to another man with this sum of amount. It is just like posting you whole bank statement to the internet. I can't imagine what will happen next if the criminal could openly see that list, soon there could be no one using the tech.

Why would the stock exchanges know their client? It seems to me that this contradicts the basic principles of cryptocurrencies. But who's to blame? Users themselves want to be able to exchange cryptocurrencies on Fiat. Without complying with the KYC rules is impossible. The cryptocurrency community has long stopped in its development. Without the possibility of using cryptocurrencies as currencies, we will be defeated in the war with Fiat.

[belyaevi]

I guess it is a government requirement to oblige big exchanges to have KYC. I don't think KYC is a bad thing, unless you plan to use your money on evil things. Also, in order to achieve mass adoption, regulation is a must, and KYC is one of the stages to achieve it.

I completely agree to this. KYC is good for bitcoins as it ensures that the fraudsters, criminals or terrorists stay away from these. Even after there are KYC requirement for bitcoin, I see a lot of people cheating exchanges by registering accounts with fake documents. In my country, even opening a fake bank account is not that hard and you can easily get it done with the help of bank employees. I hope that government looks after these cases with extra investigation. I do not want my countries economy to suffer because of all black money being spent in bitcoins.