Why I don't Support KYC in cryptocurrency as it is

[Onecrypto18]

KYC been used in banking and physical transaction processes is good. At least, if your document leaks or used for the wrong purpose, you can easily report the situation to the appropriate constituted authority. But using KYC in online transactions only doesn't make sense to me. I need to know whom I am giving my documents.

[Vengeance007]

From my point of view a lots of people would agree to your statement. Many people are not want to do KYC to ICO. They want to remain anonymous and fear their identity and misused by people. I agree with you. It should not be KYC.

[Bugsbey]

You are quite right. Not all KYCs are actually safe for one to do. Apart from ICOs, some airdrops sometimes require KYC of which you will later realize the airdrop to be fake. What then happens to the information they collected? Will it still be safe?

Yes, you are correct. It is not safe to trust just any KYCs and also some ICOs. You need to choose the right  and safe ICOs carefully. And do not just give your personal information to anybody.

[airinnesmith26]

You should not generalize since this KYC reqs are just from some centralized altcoins. Bitcoin does not require KYC since it is decentralized. Maybe you thought all cryptos require KYC.

[Sact]

I actually don't support KYC form submission also. As we haven't any regulatory body to control over the information and transactions, have blockchain tech which is completely opposite to centralization process and are interested in Crypto market as it is a free space, we are not literally having any consideration to give our personal and important information to anybody which can harm us badly, in many ways. It is true, if someday, a regulatory committee stands then we will be okay with it. But it is not happening as it will actually change the definition of crypto space.

[drm]

Where are all those KYC supporters now? Looks like most people find KYC disgusting (which it is) yet a lot of people here happily join the bandwagon.

[Sandy25]

Neither do i is not comfortable with kyc the fact that im using my husband id im afraid of the possibilities it can be use to bad activity thats why now i refuse to join campaign that reqires kyc for our own security..  But if really requires at the end of campaign still no choice i dont want to take away my efforts too.

[arc67583]

What you have mentioned is true because using just the passport information in countries like United Kingdom anyone who works in a bank can make a bank account and even apply for a loan online using it so anyone who posses such information can do many illegal activities even we can't think of using anyone's information which is a huge issue that everyone in the crypto communit should concern about  

[mekie]

Whilst i agree in general with most of the original post-there are reputable companies who to comply with government legislation need to do KYC/AML checks. On the other hand unless i can be absolutely sure of who i am dealing with i give very little away. If you are not doing anything illegal then AML/KYC should not be a problem.  

[SaiWAFU]

Good point mate!

I once read a message from admins of  telegram group that they are doing it to have database for their customers and investors in which will might also help in security.

Which I highly doubt.

[sunlitit654]

Very good point and I agree with you on this. KYC is often important as we all know. But some ICOs have been misusing them to steal identity of the users or using them for their own benefits. This can be a alarming problem for the users as they should verify ICOs and airdrops before filling up KYC forms.

[yazher]

There might be a kyc but only for those who invested a huge amount of token but for the bounty hunters i don't think it is also a necessary because hunters are getting only a little amount of coins from the campaigns.

[Lattlyined]

I think  what this post  lift up is partially true. Now-a-days all kyc aren’t able to make sure their safety at all but I think still there some which can.

[Slow death]

How can someone somewhere in the name of ICO project team, whom you don't even know, some without a verifiable office address, whose presence is just online and the internet, demand your sensitive information including your international passport, government issued ID, proof of your residential address, and other personal information or documents?

this is a question that I asked myself days ago, but this problem can be created by ourselves, why do I say that? because we accept to deliver documents to a site that does not have a license, nobody asks the creators of ICOs if they have any document issued by the government that allows them to do such a business. Look this:

[ANN][ICO] MJC (module joint coin) - Payment Solution From Ecommerce to ATM

a thread that has 25 pages and you can realize that nobody cares to ask if they have any document issued by the government that allow them to make such a business

[Coinworld98]

How can someone somewhere in the name of ICO project team, whom you don't even know, some without a verifiable office address, whose presence is just online and the internet, demand your sensitive information including your international passport, government issued ID, proof of your residential address, and other personal information or documents?

this is a question that I asked myself days ago, but this problem can be created by ourselves, why do I say that? because we accept to deliver documents to a site that does not have a license, nobody asks the creators of ICOs if they have any document issued by the government that allows them to do such a business. Look this:

[ANN][ICO] MJC (module joint coin) - Payment Solution From Ecommerce to ATM

a thread that has 25 pages and you can realize that nobody cares to ask if they have any document issued by the government that allow them to make such a business

I just saw the thread. But I think most people hardly ask if the ICO has a government issued document because it may not be regulated by the government. I just feel this KYC of a thing shouldn't be allowed in cryptocurrency. It may expose some persons to security risks and target for hacks or even blackmail. Everything should be anonymous.

[retprogramisto]

I dont support KYC. You dont need to provide government ID to use cash, therefore use of bitcoin (including buy/sell for cash and use of bitcoin ATMs) shouldnt require government ID. Similarly there is no reason to require ID for ICO investments.

[CryptoGamblingSites]

We don't support KYC procedures for buying and selling bitcoin and altcoins, mostly due to the draconian laws some countries have taken to control people's money.

Trying to keep an updated list of anonymous bitcoin and altcoin exchanges that people around the world can buy and sell anonymously.

[Gabali126]

I am going to be very honest here with you guys. I know some of you may antagonise or kick against my view. But I will still speak the truth as it is.

My major reason centered on the fact that there is no regulation for cryptocurrencies.
How can someone somewhere in the name of ICO project team, whom you don't even know, some without a verifiable office address, whose presence is just online and the internet, demand your sensitive information including your international passport, government issued ID, proof of your residential address, and other personal information or documents?
What if this person is just a scammer? What if this person works for maybe a terrorist organization who is just looking for real biodata or identities? What if this person is just a criminal looking for ways to fake his own identity and take upon yours or anyone else? What if your verified photograph (face) matching your identity is used in pornography or nudity? What if the data is accidentally leaked? My questions go on and on.

Remember, the cryptocurrency as it is currently has no regulation, as such there is no regulatory body or authority you can petition your grievances or seek redress should any of the aforementioned incidences happens to you as a result of the information you have forwarded. The ICO project team whom you sent your details can as well disappear without trace.

Therefore, as long as there is no Cryptocurrency Regulation, then there should be NO KYC.

Well said. I want to suggest that the ICO companies be checked to know if they really have a local address or completely faceless.

[Findingnemo]

Actually we no need KYC to use our cryptos they are just needed while we are cashing out,so better move from the old system and stat use bitcoin as bitcoin then you no need to provide any details to anyone.

[Deathgamer]

Well in crypto KYC is not necessary because anyone can invest as long as you have money.Its not like saving your money in banks the needs KYC.In crypto as long as you have money you can invest instantly without the hassle of providing documents for KYC.