KYCs (Know your Client) is killing crypto

[otandelapaz]

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.

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[AGD]

1. Crypto=Cryptography
2. Cryptocurrencies doesn't need KYC just as they doesn't need centralized exchanges.
3. Centralized exchanges are going to die not only because of KYC.

[jpaul]

You won't have to worry much about exchanges getting KYC requirements as decentralized exchanges are being made. This year many decentralized exchanges are going to be launched which should open many option for us to exchange our coins without the need to verify ourselves.

[Lieldoryn]

Indeed, this problem is now gaining momentum. The bankers went on the attack. They know the most vulnerable spot of all cryptocurrency users. Many exchanges are forced to follow tighter KYC rules in order to obtain a permit to work with Fiat. I hope that this situation will encourage the solution of the problem of the use of cryptocurrencies as a full-fledged currency.

[krishnaverma]

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 really do not understand what problem people have is these exchanges are taking your KYC. This is done for a number of reasons. Most important reason is to ensure that the investors are paying taxes on their profits. This must be enforced otherwise people will start investing all their money in bitcoins and government will not get any tax. Another thing to keep in mind is that KYC helps to reduce the chances of criminals using bitcoins.

[glavos]

Actually its a good thing as it means regulations are coming in place and regulations are the only way institutional money will flow into crypto.

[HabBear]

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 only required when buying crypto from fiat. There are a handful of crypto currencies that focus on greater anonymity.

Without KYC, crypto currency would be opposed by every government agency and make it significantly more difficult to work with.

Here's another question for you - is enduring KYC for the purchase of crypto currency worse than the alternative?

[nightmanisrightman]

It is the plague that hovers over the traditional system and I sincerely hope it does not provide the same doom and gloom cloud for us. Luckily we have decentralized exchanges working every day to remedy that problem and now we even have a decentralized TOR exchange in BISQ. The future is bright, hang tight though because it may be a while before we are trading in full on anon DEX.

[Washball]

Indeed KYC is killing. The majority of crypto users/holders prefer privacy, KYC is the last thing we need. The governments want regulations, they say It's for the protection of individuals and to prevent criminal activities, but the main reason is taxes. And then they need KYC.
So we have to build our hope on decentralized exchanges.

[J-N]

KYC is only required when buying crypto from fiat. There are a handful of crypto currencies that focus on greater anonymity.

I heard that some bounty campaigns require the KYC in order to get tokens earned by participants. Usually the people do not trust their personal data to unknown third parties.

[flashmark]

In long run I would like to see these regulations coming up. I don't like to see using crypto coins for money laundering, drug dealing...etc. I can't understand why people don't like to these regulations.

[kueyen]

KYC is becoming a big problem for ICO investors and bounty hunters as well. It is hard enough as it is to find a promising and reputable ICO to invest your money and time in; and some inevitably turn out to be scams. It is a terrible prospect to lose your ID related information in addition to your money, if the ICO turns out to be a fraud.

[taeewo]

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.

They are only trying to protect their integrity and also abiding to the country law of Anti money laundering, its really necessary to me as i cant just imagine someone buying something worth millions without verification... If you wanna remain anonymous dont participate on i c o...

[BitcoinHunt3r]

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.

actually i agree with this thing, some KYC give problem to cryptocurrency users. for the example, some exchangers ask people to do KYC if not they can't use the services.( not want to mention what exchanger it is ) i think it is not necessary.

[bitcoinstress]

To be honest for ico, I think if we should send our identity. It's sound like unfair because that's not give guaranteed if that's ico will not scam.

[Palmerson]

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.

They are only trying to protect their integrity and also abiding to the country law of Anti money laundering, its really necessary to me as i cant just imagine someone buying something worth millions without verification... If you wanna remain anonymous dont participate on i c o...

How do they deal with money laundering? You provide the documents and what difference does it make. Banks check receipts on account of large sums. They always have the account holder's details. My opinion is an attempt to keep the spread of cryptocurrencies. Many accounts are blocked if the country is blacklisted. Why should people in the country suffer from corruption in power?

[focmere]

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's pretty much killing us, the bounty participants. They don't even verify the identities. They just want to see if you sent anything to them. If yes, you are good to go.

[darkangel11]

First of all you don't need to use exchanges at all. If you don't like their policies buy crypto directly from other users, for cash. You can also mine or obtain other coins by working for them and then exchange them on decentralized exchanges (those that aren't offering fiat money and thus don't need you to verify). Verification is a requirement of fiat money and it becomes a burden when you want to combine these two: the decentralized world of cryptocurrencies and the centralized world of fiat money.

[audaciousbeing]

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.

At the time when I also got involved, exchange sites where not asking for KYCs but now, virtually all exchange sites require KYCs and even gambling sites that I see as complete irrelevant are now asking for KYCs. One constant thing in life is change and for anyone to feature in you have to either fall in line or look for something else to do. At some point on the forum, account sales was the other of the day but today, a mere expression of interest in that area would get your account nuked.

Is it killing crypto, I would say yes because I have not seen anyone sanctioned or taken to court as a result of the information gotten from such a lot of the money bags have to move out because their privacy is no longer guaranteed because the privacy that bitcoin guarantees is now being eroded by the intermediaries via the back door and there is nothing anybody can do about it.

[Coffee135]

First of all you don't need to use exchanges at all. If you don't like their policies buy crypto directly from other users, for cash. You can also mine or obtain other coins by working for them and then exchange them on decentralized exchanges (those that aren't offering fiat money and thus don't need you to verify). Verification is a requirement of fiat money and it becomes a burden when you want to combine these two: the decentralized world of cryptocurrencies and the centralized world of fiat money.

We have to combine crypto and Fiat. It is not our fault that bitcoin does not provide an opportunity to use it directly. We all shop for Fiat every day. I think that after the segwit2x system is applied we will get a qualitatively new level of currency. Maybe then we won't need Fiat. But I think the decision on this issue has been very long.