KYCs (Know your Client) is killing crypto

[eaLiTy]

KYC or Know your customer is not kilking crypto. I don't see anything bad or negative about this. This KYC is for protection for anti money laundering and scammers. If this way will keep me safe, i'll accept it.

If an exchange is asking for your private documents they have the responsibility to keep your identity secure and how are you sure that they are keeping it safely in the context where you are hearing exchanges being hacked and loosing their coins, how what guarantee is there that they will be protecting your documents when they cant even protect the coins they are holding, we need to have a combination of everything and you cannot run a business without following the rules and so exchanges are forced to ask for the documentations.

[addeqt]

I agree with that. Bitcoin as defined and invented by satoshi aims to be a anonymous payment method. If those company is requiring personal data of its customer, one of the main essence of bitcoin is altered. And by the way, that is even a policy that is imposed by the government and not the wallet provider or trading platform wants. And since it is required by the government it is no far that the government could use those information to track someone they want. I hope there are firm that will not follow those KYC or will impose a great one way part of knowing their customer and not sharing those information no matter what.

[steveabrahams]

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.

Well almost all ICO right now needs the investor to verificate their KYC nowdays especially when you invest with big amount of coins. I think it's because the regulation and the ICO/project owner won't break the laws. What i hate is when bounty participants needs to fill the KYCs too which is nonsense for me.

[uszaty43]

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 or Know your customer is not kilking crypto. I don't see anything bad or negative about this. This KYC is for protection for anti money laundering and scammers. If this way will keep me safe, i'll accept it.

But now there are a lot of people asking for KYC for everything that concerns about cryptos, and that is shit, no one likes to give your personal information just for giving out some money, that is absurd.

KYCs are a must for ICO's, but not for anything else.

[Rascar Capac]

It's true, it goes against the philosophy of cryptomony and anonymity. Especially since this data can be sold to a malicious third party... But it probably allows more security with big exchanges, even if everyone can give a false identity...

[cunguks]

Somehow, I also disagree with the system that requires us to do KYC. And in fact, almost everything now has to be with KYC first. I got scared because of this KYC, even though I don't know my data would be misused or not.

[leviathon]

I agree! I would never submit my very personal details to any random ICOs just in order to get a couple of tokens. And even if the ICO and KYC happen to be legit, there is always a chance of poor security and theft.

[jerjer]

I think KYC thing will give crypto space some problems. Wether we like it or not but some criminals doing transactions comfortably in the crypto-space. Through KYC, at least some of them  may traced.

[DAVETUN]

KYC is not encouraging lots of investors as we all want to keep our privacy in the real world,to avoid any form of interferance with our Private life.If I believe in abproject and its require KYC for its investor,will still go for it.

[Argoo]

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.

Checking KYC is a very unpleasant procedure, which, if possible, should be avoided. Investors may not buy tokens in the ICO campaign, which tries to get your personal information from you. We can also apply only to decentralized exchanges and exchangers that do not require the provision of such data. If many will do so, centralized exchanges and exchangers will decline.

[Haiduongbg]

I disagree with your opinion. KYC is facilitating the wide adoption of cryptocurrency. If there's no KYC procedure, I'm 100% sure that governments will do whatever it takes to destroy crypto, so most ppl will not invest into it because they're afraid of punishments. KYC procedures elevate crypto to the next level of adoption, otherwise crypto will only be used by some geeks and criminals.

[7788bitcoin]

Well almost all ICO right now needs the investor to verificate their KYC nowdays especially when you invest with big amount of coins. I think it's because the regulation and the ICO/project owner won't break the laws. What i hate is when bounty participants needs to fill the KYCs too which is nonsense for me.

I can understand why people participating in bounty campaigns are forced to fill their know your customer  forms simply because there are people abusing it and if some companies are asking then you have the choice whether to participate in them or not, so you have the choice and these projects must follow the laws of their parent country too.

[MystereToy]

Any new project need investors. In an early contribution process of a project, KYC forms can help companies in gathering enough contributors and allow the project to grow as they will be more confident.

If you want to keep your privacy, you can always get somebody else to fill the form and transfer your crypto to whatever wallets that person owns. The transfers are hardly traceable so they wont find you but i don't really see the point of not filling those forms if you believe in a project.

Regarding Exchanges, this is an other story ...
  

[kimochidesh]

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.

That's true...one of USP's of Cryptocurrency is that it is anonymous but transparent. Now with KYC form anonymity feature is shattered. Many people invest in crypto because it provides them the financial anonymity freedom and global investment opportunity. Moreover providing Personal detail to someone who is not known is also a concern of personal security

[criz2fer]

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.

That's true...one of USP's of Cryptocurrency is that it is anonymous but transparent. Now with KYC form anonymity feature is shattered.

From the start, it was destroyed by the scammers which are creating fake projects thats why KYC and other regulations where implemented by some projects and governments. Banks already dont accept money from crypto because they dont want to involve in such scams.

[freshm4ker]

KY can kill. The majority of users or holders of crypto prefer privacy. KYC is the last thing we need. The government wants the rule that they say for the protection of individuals to prevent criminal activity but the main reason is tax. Then they need KYC so we have to build hope on a decentralized exchange.

[laserfocused]

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 killing crypto, bad icos were killing crypto.  Quality is the key.  People will bust through concrete for a high quality ICO and KYC will not be an issue.  I have experienced this first hand. Over-regulation could be a problem though, but its goes deeper than KYC

[1BTC EQUALS 1CAR]

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.

Why would someone be hesitant if he's not doing illegal? Actually, it gives more credibility to the market and it helps us to prove that we are against money laundering and cryptocurrencies are not made to be used for drugs and other criminal activities.

[1C6fV5DtakfKANLJ8GUV7hCaA]

You shouldn't be  worried about KYC. We have this forum. Everything we need is here. Eventually these scam ICOs will disappear along with those exchanges exploiting the public.

[feny.blackpink]

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.

Yeah. The value about bitcoin and cryptocurrency are decentralized and anonymous.
But it seems to be the government make a regulations about its security, so KYC needed to crypto holders.