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

[Marlo Stanfield]

Honestly speaking, I think there is need for everyone in the cryptocurrency community to analyse this issue of KYC. Is there really need for it? When Satoshi Nakamoto started Bitcoin, did he do anything like KYC? Why are people just being over zealous with this KYC of a thing even when they are not under any pressure to request the information.

It's kind of ridiculous really. People trying to force this type of stuff on people are really missing the point of decentralized cryptocurrency. Sure, some private companies under certain jurisdictions have to follow their own laws. But anything other than doing what's required is quite silly.

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[ImTree]

It is really gets me irritated, but I'm feeling like I can not make anything against that because otherwise I just would not get my tokens or my bounty reward, that I deserve..

[MOdu441]

kyc is a big problem for us as i think . there are various personal information needs for kyc and i think give those information are not so safe .

[Yelosita]

I also agree with you.. I don't think there is any need of kyc. becoz the crypto isn't regulated yet. Than how can i petition about my loss to authority?

Cryptocurrency does not use KYC because it is all anonymous, in contrast to conventional methods that have regulators so that when there are complaints it can contact the authorized agency. In the crypto world, everything is online so it is vulnerable to fraud, illegal, bad transactions, etc.

The weakness of crypto is that there is no individual identity involved in the transaction (No KYC), another problem of misuse of data for online verification can be to use other people's data / photos of others. If that happens where do we complain?

[wall101]

Yes unknown people will get the personal information for what ever the reason is, then the decentralized and anonymous feature will be useless because of that

[AllCryptoplus]

Please is it true that some exchanges don't list tokens that did not carryout KYC during ICOs?

[jamesblue1]

KYC on ICO's? I myself hate doing it so. It takes time and doesn't make sense at all because even the people behind those projects aren't even presenting their faces.. It is part of our privacy but I guess this is how it works. If we want to give them our information then maybe we should accept the risks.

[btcjocan]

I'm afraid that my KYC will be used for fraudulent people who handled an ICO projects. My personal documents is in fear of being used to criminal possessions, and it's really rampant nowaday. We couldn't stop those people in doing such unrighteous act, so being vigilant is the best thing to do.

[liseff3]

There's nothing wrong with your opinion OP everything's very reasonable and easy to understand. Indeed, as the development of technological civilization as it's today it's often misused by people or groups of individuals who aren't responsible, to gain profits by cheating or by intimidating someone with data or edited photos. It's not surprising if this kind of behaviors has finally given birth to a number of negative assumptions and a crisis of trust. Surely it's not surprising if such behaviors eventually can produce a number of negative assumptions and views among the community which means the outbreak of a crisis of trust.

I also agreed, with what was said, OP. "as long as there is no Cryptocurrency Regulation, then there should be NO KYC". Maybe with this way the cryptocurrency can survive and continue to be in demand until the future.

[pedropenduko001]

I agree, I don't really like the KYC thing because the essence of anonymous will be lost and you'll just reveal your personal info for some unknown persons

[bling-bling]

I don't see why anyone would fight against your view.  Sounds perfectly reasonable to me.  There's no compelling reason to trust strangers on the internet with either our money or our personally identifiable and financially sensitive data. 

Also, you don't need to take chances on random, unknown (and potentially malicious) ICOs and airdrops in order to be successful in crypto.  The more you play with fire, the more you risk getting burned.  It's better to stick with known quantities and established, reputable altcoins.

I couldn't agree more! I believe that most, if not, all of us in the crypto space have the same sentiments when it comes to giving away our personal data/info to strangers. I think the best thing to do is stay away from projects that require KYC just to be safe. We can make an inquiry on this via forum thread or on their Telegram channel.

Remember that playing with fire may be fun and thrilling, but it is very very dangerous! Stay safe and be vigilant!

[Coleth]

For me because it is too dangerous, giving your personal informations. So, you really have to check and be very careful in giving iNfos.

[Crypto one]

I will never give away my KYC just be be able to buy a ICO token.
I'm already gambling with my money when I buy ICO tokens, never knowing if I get something of any value  back. If you give away KYC information, then your also gambling with your private information, you ID can be taken over.
Only give KYC to as little exchanges as possible, never give an ICO your KYC information.

[BennyK]

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.

You are right when you say there is no regulations for cryptocurrency yet we live in a society which is regulated and governed using the centralized principle. It has become necessary that  without the support of these governments, the progress of our valuable cryptocurrency lies in limbo. Most governments see KYC to be a major check for terrorism funding and money laundering activities which they believe that some cryptocurrencies are used for.

[Tasiril]

I'm also with you. there is high risk of submitting KYC for unknown person or unknown organization. I always thinking about can company can see our personal information, why there isn't proper KYC process for team members. There should be more information about team members on websites.   

[Kay28]

Thank goodness someone brave like you brought up this topic ..and hopefully open up our rights to justify against KYC ..as bounty hunters we have thought the same grievances againts kyc..theres no assurance or proof of protection from identity theft or fraud.. Even for ico investors buyers.. Theyre willing to take the risk just to be able to purchase ...

[francesyrus]

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.

Yeah there must be no KYC to all crypto currency, but some bounty / airdrop needs it because of many users using multiple accounts. And also some are using others account just to get free airdrop or want to join bounty....

[KrishaBitcoin]

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?

That is why we need to ensure that the ICO is a legit project to ensure that our data will not be steal and might be use in illegal activities because there is nothing we can do if the certain ICO will require an KYC requirements because it was required as part of regulation in a certain country that except if you will choose not to join the ICO then you will not to worry about KYC but most of the ICOs are now KYC compliant.

[electronicash]

even  if ICO is legit and backed by reputable companies, it still not worth giving them your data. crypto isn't regulated that is the point 0f OP. even if its the exchange that asks for KYC, its still can  not justify them asking  information from traders. its a good thing there are dex that don't ask  kyc these days. maybe if  ETF will be approved and the government are monitoring crypto ICOs it may be abit safer.

[altercreed]

Because submitting any requirements for KYC can put yourself in danger of being a victim of identity theft. Even if KYC aims to prevent and deter people who are into money laundering, it's really risky too to send someone's information that may be used by hackers to hack a system by testing it with the given information of ID.