Are You Afraid of KYC?

[carlfebz2]

KYC is not as problem as long as a legal entity is going to process it. Of course no one wants to entrust their personal information to anyone. It should be confidential and as much as possible people don't want to disclose any personal information to anyone. The reason why a lot of people got interested on cryptocurrency is because of they can actually invest and earn while remaining anonymous and without  letting anyone know how much they have invested or earned for security reasons.

KYC do really remove the true essence of cryptocurrency which is decentralized and total anonymous and now they are imposing such requirement then its really against on it no matter which view do try to look at.
Don't expect for any legal entity to process out those accumulated informations because into this online world,anyone can pretend that they do make those information safe into their hands without having actually the awareness on where those informations being kept.

[mundodecriptomoedas]

KYC may be a good strategy for companies using their information, but most ask for this information

[Tigorss]

I’m also afraid on KYC because it can really be use into dirty things, but I can’t do anything about it because I need to fill it up as one of a requirements in big exchanges. Just be careful on giving your information on any ICO because the risk is high there.

Because it relates to the trust given to the bank, the trust is manifested in the form of secrecy of who buys his valuable letter. Or, in everyday language, banks maintain the confidentiality of information relating to their customers.

[deep_thought]

KYC is not as problem as long as a legal entity is going to process it. Of course no one wants to entrust their personal information to anyone. It should be confidential and as much as possible people don't want to disclose any personal information to anyone. The reason why a lot of people got interested on cryptocurrency is because of they can actually invest and earn while remaining anonymous and without  letting anyone know how much they have invested or earned for security reasons.

KYC do really remove the true essence of cryptocurrency which is decentralized and total anonymous and now they are imposing such requirement then its really against on it no matter which view do try to look at.
Don't expect for any legal entity to process out those accumulated informations because into this online world,anyone can pretend that they do make those information safe into their hands without having actually the awareness on where those informations being kept.

Also with KYC they claim to "fight" against money laundering or terrorism.
Hence we all see the results...
Their true goal with all those policies, is to control the masses and fight net neutrality.

[maarx]

I’m also afraid on KYC because it can really be use into dirty things, but I can’t do anything about it because I need to fill it up as one of a requirements in big exchanges. Just be careful on giving your information on any ICO because the risk is high there.

Because it relates to the trust given to the bank, the trust is manifested in the form of secrecy of who buys his valuable letter. Or, in everyday language, banks maintain the confidentiality of information relating to their customers.

Though there are legit ICOs, its worth spending time in analyzing the ICOs who are asking for KYC. This is only the right thing to do before handing over to the respected. We can not escape from being caught by scam ICOs though. Still we can be pro-active and spend time in going through the profiles and background of the companies to make sure yes we can go ahead in handing over our documents for KYC.

[astrid.uchiha24]

KYC procedures is without a doubt will be the future of cryptocurrencies and a part of it makes me afraid of it because it violates the main concept of bitcoin but on the other hand just to make things right and being crypto becomes friendly with the government is to follow these rules and regulation set upon them.

[BitHodler]

KYC procedures is without a doubt will be the future of cryptocurrencies and a part of it makes me afraid of it because it violates the main concept of bitcoin

That's just nonsense. It violates your privacy, and that's all it does. If you don't want this to happen, then simply avoid using centralized services, and no one will ask or force you to go through KYC ever again.

People should understand that centralized services have to abide by the rules the government sets up for them, and because of that, one should also accept that when making use of whatever service, KYC is a necessity.

Even the services who don't ask for KYC verification will end up changing their terms. It's just a matter of time. This market will go through serious changes in the coming years with new regulations popping up.

[Basmic]

KYC procedures is without a doubt will be the future of cryptocurrencies and a part of it makes me afraid of it because it violates the main concept of bitcoin

That's just nonsense. It violates your privacy, and that's all it does. If you don't want this to happen, then simply avoid using centralized services, and no one will ask or force you to go through KYC ever again.

People should understand that centralized services have to abide by the rules the government sets up for them, and because of that, one should also accept that when making use of whatever service, KYC is a necessity.

Even the services who don't ask for KYC verification will end up changing their terms. It's just a matter of time. This market will go through serious changes in the coming years with new regulations popping up.

Here is an example of those people who are forced to surrender bitcoin. This opinion was the reason for the fall in the price of bitcoin. People were not ready to use bitcoin. For them, bitcoin is only a way to earn more Fiat. If these people will be the majority of what I do not expect anything good. The price of bitcoin will continue to decline to zero. It's not because I'm afraid of the paperwork. This is because bitcoin does not provide freedom.

[Eleven86]

Nowadays there are so many ICO's coming. We can choose the right ICO's for that we have to go through on their project, road maps, whitepaper. Before we submit our document we check these amenities thoroughly. There are so many ICO's scams at present.

[samcrypto]

KYC procedures is without a doubt will be the future of cryptocurrencies and a part of it makes me afraid of it because it violates the main concept of bitcoin but on the other hand just to make things right and being crypto becomes friendly with the government is to follow these rules and regulation set upon them.

Basically this is for our own protection, and hopefully they will use our information in right things. The only concern is who is the regulatory body to protect our details, and still many people are afraid of this thing specially if ICO's ask for this thing. Its good for the exchanges to have KYC but in ICO I think its too risky.

[Bagaji]

Am seriously afriad to give out identity to  a stranger on the internet whom i don't know. I participated in bounty campaign recently and am expected to provide my identity before i will be able to receive my Tokens for the job which i did for over a month, still contemplating though on whether give out legal documents or not.

[DeadCoin]

I can see that soon almost exchanges and even ICO programs will be requiring us to do the KYC procedures where we are required to pass copies of our legal documents before we are granted entrance or the use of the services or programs we are interested with. This can be as common as having a password or 2FA.

Now, personally I have no big problem with it though just like anybody else am also concerned that my personal information can be divulged to anybody or a group that might use it for any illegal purpose. This is one risk we are facing once we are actively living in the online world. Evil people who can be thousands of miles away can now be just one click away.

What are your apprehensions about the KYC procedures that will soon be as popular as noodles?

Though there are legit ICOs requiring for KYC and we forwarded the documents, there are scam ICOs as well. They intentionally open up an ICO project and come up enquiring for the documents in the name of KYC. Need to be more pro-active. Take time in analyzing if they are legit or scam. Their projects, team members details, investments and etc would determine who is legit and who is not.

[kaizerblitz]

NO, i think KYC will be sure that the project you want to invest is legit and not scam and it also measure that security of an project like many ICO scam.

[Rooster101]

When a KYC is required in every ICO  or cryptocurrency exchanges, I'd rather make a thorough research first before applying or joining. The aim of this account verification process or known as KYC, Know Your Customer, is to prevent fraud, theft, terrorist financing and money laundering. Companies and the owner of the ICOs want to ensure that their clients are not involved in any kind of illegal activities that uses cryptocurrencies or money.   

[brylle34]

KYCs are not the problem here. The problem I see is where you are entrusting your information to.  Because their are certain ICOs that will only fish out your information as it has more value for them rather than the token they are creating. KYCs are a requirement of some countries' government as it is their way of regulating or being in touch with their citizens. What I would normally do before trusting my personal information to other entities such as ICOs or even exchanges I will research on them if they have a good background.

Thats true thats what im afraid also you are entrusting your information too people that you dont know if they are scam or not, or maybe the purpose of doing this KYC is them to get your information and get your identity. Even if they have a good background, what if somebody hacks the information about you and everyone else we cant predict what will happen, and that is the downside of KYC. i just remember those ico scammers like symmetry -_-.

[JC btc]

KYCs are not the problem here. The problem I see is where you are entrusting your information to.  Because their are certain ICOs that will only fish out your information as it has more value for them rather than the token they are creating. KYCs are a requirement of some countries' government as it is their way of regulating or being in touch with their citizens. What I would normally do before trusting my personal information to other entities such as ICOs or even exchanges I will research on them if they have a good background.

Thats true thats what im afraid also you are entrusting your information too people that you dont know if they are scam or not, or maybe the purpose of doing this KYC is them to get your information and get your identity. Even if they have a good background, what if somebody hacks the information about you and everyone else we cant predict what will happen, and that is the downside of KYC. i just remember those ico scammers like symmetry -_-.

Exactly, so better not to implement this KYC as people when it comes to money are not worth trusting at, there are really few people who can trust with especially here in internet where in they can use your information to scam people so if ever be vigilant for whom you are giving your info at.

[Johnyz]

Nowadays there are so many ICO's coming. We can choose the right ICO's for that we have to go through on their project, road maps, whitepaper. Before we submit our document we check these amenities thoroughly. There are so many ICO's scams at present.

We must be more careful this time on joining ICO because you’re in a big risk if those ICO turns to a scam. The big risk here is not just your money but also your personal information that can lead into bad things. KYC is alright as long as the project is good, but if its not you have to doubt on that.

[Ojengonggu]

of all the answers above there are three conclusions
1, KYC is good to keep our transaction in time of ICO
2, KYC can also be bad when used by people who are not responsible
3, be careful to fill in KYC because your personal data is at stake

[justicesquadron]

Of course it is clear for what projects check documents, but sending documents for example even to a big IT company, you need to be prepared that they can be hacked

[btcmegastar]

KYC procedures is without a doubt will be the future of cryptocurrencies and a part of it makes me afraid of it because it violates the main concept of bitcoin but on the other hand just to make things right and being crypto becomes friendly with the government is to follow these rules and regulation set upon them.

Basically this is for our own protection, and hopefully they will use our information in right things. The only concern is who is the regulatory body to protect our details, and still many people are afraid of this thing specially if ICO's ask for this thing. Its good for the exchanges to have KYC but in ICO I think its too risky.

Most of the companies are asking KYC because they know the value of their token and for audit purpose, they will ask for KYC. KYC is always good for the companies because they can easily track the records for regulatory issues. I think it won't harm us and they will protect our details.