Is KYC benefit to crypto people or not

[leader2704]

Is KYC is benefit to crypto people or not. what are the advantages and disadvantages of doing KYC.

Universal money and Anonymous is the biggest strength of btc BTC, now every country follows KYC and then it can be controlled by someone.


Now KYC is trend in crypto market.....

I dont think so especially after Binance security breached. They (those exchanges) just want our identities to sell it on black market. I unbelievably found my telephone number in black market though none of my account was hacked

[1714972329]

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[atjiat]

Of course, in the near future, everyone will want to legalize all their Bitcoin and other cryptocurrency incomes themselves, because each country will prosecute all violators who use cryptocurrency to avoid paying taxes, and maybe to engage in illegal activities.  So that law enforcement does not have any questions, you will need to provide your KYC everywhere.

[isaac_clarke22]

Before and even after the news about the leakage of the Binance user's info, it will never be beneficial for me. I could just trade outside of the internet locally by referrals of my relatives, so I can trust whom I'll trade at least. Good thing that Binance still allows user to trade without the full KYC verification with the only condition of withdrawing <1 BTC only per day.

[Clark05]

People are choosing the crypto because before for the reason also that it is anonymous no need to reveal yourself to any team. But now yes it is trending to the crypto and even my wallet that I used needed to pass the KYC or my personal information such as my selfie verification with ID, email and also phone number to proceed my account to level 2 so I can cashout my bitcoin to fiat. For me there is no benefits we get in the KYC because the only who can benefits from this is the team where we pass it and also our Identity will be in danger.

[Argoo]

I personally don't actually have a problem to do KYC, in order to get rewards from the bounty program, but there is a lot of news that there are many projects that abuse KYC for bad purposes, so this causes concern, and finally try to give KYC to projects that can be trusted.

From the point of view of states, KYC may be necessary in some cases, however, from the point of view of people, such verification takes away our confidentiality and creates additional problems for using such information for illegal purposes. From my point of view, such verification should be carried out either by state bodies or various commercial structures under the supervision of state bodies, that is, after licensing, appropriate verification and training, how much and under what conditions to store confidential information of citizens.
Now too many business structures allow themselves to use the KYC check, and in many cases it is carried out by scammers who use such information for criminal purposes.

[lixer]

I personally don't actually have a problem to do KYC, in order to get rewards from the bounty program, but there is a lot of news that there are many projects that abuse KYC for bad purposes, so this causes concern, and finally try to give KYC to projects that can be trusted.

It is still not a concern for me, because we can easily spot out project that will have the tendency of using our data for illegal purposes, but if you see some reputable companies, you will know that they will always protect your data at all cost, except maybe till they exit the market and there is no longer anything binding both of you, then they can be compromised and then sell the data to those that needs it and would pay for it.

Before I give out my data, I must make sure that I properly verify the details of the company, and if I can get their details and I am convince enough about them then I would have no problem submitting my own details to them too, hoping that one they, they will not get compromised and then use the data in a place that will disfavor me.

[Pab]

KYC are awful.Last Binance and Huobi example are showing that our personal information can be stolen and sold in dark web
I am waiting for project what will develop blockchain id protection
It is even strange for me that we don't have service like that

[pealr12]

Have you saw the news last time that binance kyc has been leaked and photos were uploaded on telegram? Thats the disadvantage when doing kyc hackers can reveal your true identity once the exchnage is hack.

[imstillthebest]

Have you saw the news last time that binance kyc has been leaked and photos were uploaded on telegram? Thats the disadvantage when doing kyc hackers can reveal your true identity once the exchnage is hack.

Yes i heard that news because a user have posted  it before but they dont say that the kyc has been leaked on telegram .  but why the heck will they leacked it on that platform ? For free ?  People on that platform will not be really interested on those kyc's by other people  .

 hackers can instead sell if on the darkweb if their aim is to earn a profit  . we must not afraid to do a  kyc  because kyc isnt  the priority target of hackers , why stole those kyc when they can stole instant money via cryptos .  

[BUK2016]

Is KYC is benefit to crypto people or not. what are the advantages and disadvantages of doing KYC.

Universal money and Anonymous is the biggest strength of btc BTC, now every country follows KYC and then it can be controlled by someone.


Now KYC is trend in crypto market.....

KYC is very good idea because it make you know your customer or the people you are dealing with but on the hand, people on the other world use people's information for dubious activities and that is why so early people don't like KYC although, it is a good thing for KYC In crypto currency business activities  as many of scam project now out on ananymouss and they scam people.

[Harlot]

Have you saw the news last time that binance kyc has been leaked and photos were uploaded on telegram? Thats the disadvantage when doing kyc hackers can reveal your true identity once the exchnage is hack.

That ain't a disadvantage if it is one then other investment platforms such as stock exchanges, foreign exchange, and mutual fund markets won't have it. You don't need to blame about the procedure but the ones enforcing it these exchanges needs to invest in upgrading their security for the protection their client's private information. Even if you consider hacks as a con the pros still outweighs it by a mile and having it is a necessary thing to have to even fend of the criminal activity we are having right now.

[elisabetheva]

Is KYC is benefit to crypto people or not. what are the advantages and disadvantages of doing KYC.

Universal money and Anonymous is the biggest strength of btc BTC, now every country follows KYC and then it can be controlled by someone.


Now KYC is trend in crypto market.....

If you ask, what is the benefit of KYC for those of us who are involved in crypto? obviously I feel there is no benefit whatsoever even very confusing, because obviously personal data is not to be given to anyone without us knowing who is asking for and what is the point !! Since many projects ask for KYC to be a scam, what about personal data that has been collected if something like this happens?

[jostorres]

Have you saw the news last time that binance kyc has been leaked and photos were uploaded on telegram? Thats the disadvantage when doing kyc hackers can reveal your true identity once the exchnage is hack.

Sometimes, we should not be believing everything that we see on the internet, some people do some crazy thing to just tarnish people’s image and credibility, at least we all know that the last time that Binance was hacked and the stole money from them, they open spoke that they were hacked and I think they were the one to detect and then announce first, but this time around, they have still not admitted that they were hacked and they never saw anything like that

Before we conclude, we need to get the finding first because it will be unfair to destroy their name first and then we realize that it was all a lie. I know that many people hate KYC, but KYC is safe with some of these type of reputable companies and they will never jeopardize people’s information.

[nightxglow]

I don't think KYC gives any advantage to us. On the other hand, i think it's being a disadvantage for us. Because now our identity can't remain anonymous anymore, and there might be some chance that our identity and data will be misused by some people that might bring misfortune for us because now data mining and selling someone's identity data is so common.
But on the other hand i think it's quite needed to keep on track and also to prevent any crimes and make it difficult for people if by any chance they're going to money launder or something that violate the rules and regulations.

[iMark]

I don't think KYC gives any advantage to us. On the other hand, i think it's being a disadvantage for us. Because now our identity can't remain anonymous anymore, and there might be some chance that our identity and data will be misused by some people that might bring misfortune for us because now data mining and selling someone's identity data is so common.
But on the other hand i think it's quite needed to keep on track and also to prevent any crimes and make it difficult for people if by any chance they're going to money launder or something that violate the rules and regulations.

It means it will be positive and negative effect right? the good side of crime in crypto will be reduced because criminals will be more afraid to act because of the KYC being applied. but the downside, there is a lot of data abuse, I work at one of the startups apps and there are many cases of misuse of ID cards because of EKYC

[davinchi]

As much as we all know that a lot of people here prefer not to use KYC in cryptocurrency, I still believe that KYC is very important and there are some reasons as to why we all need KYC when it comes to buying and selling of cryptocurrencies on exchanges.

Yes, being anonymous is good but there are very big disadvantages to it, which we all needs to tackle. And btw, if you’re not into bad stuffs you won’t really bother much about it, though I know that some people needs it just to stay safe, but there are those evil people who uses this anonymity opportunity to carry out their wicked plans.

The reason why regulators would ask exchanges to make use of Know Your Customer (KYC) is to be sure that they apply the best security measures. KYC can be a way to stop money laundering, and can also be a way for combating the financing of terrorism which in short form – CFT. It’s no longer new, it has been said a lot of times by the media that Bitcoin can be used in sponsoring terrorism, that’s why KYC is important . So, if you don’t like KYC, you should know the importance now.

[kumala_abi]

I don't think KYC gives any advantage to us. On the other hand, i think it's being a disadvantage for us. Because now our identity can't remain anonymous anymore, and there might be some chance that our identity and data will be misused by some people that might bring misfortune for us because now data mining and selling someone's identity data is so common.
But on the other hand i think it's quite needed to keep on track and also to prevent any crimes and make it difficult for people if by any chance they're going to money launder or something that violate the rules and regulations.

KYC actually needed to this market although we know decentralized market didn't allowed it.but to track money from crime acitivity there is no other reason to reject this stages.moreover if projects come from countries that have strict regulation about crowdfunding , i am sure they will request personal data from their investors o pass local regulation policy.so we have to join on qualified and reputable projects only if we didn't want to make mistakes with our personal data.

[DoublerHunter]

~snip~

KYC actually needed to this market although we know decentralized market didn't allowed it.but to track money from crime acitivity there is no other reason to reject this stages.moreover if projects come from countries that have strict regulation about crowdfunding , i am sure they will request personal data from their investors o pass local regulation policy.so we have to join on qualified and reputable projects only if we didn't want to make mistakes with our personal data.

^ Because KYC/AML protects those people that invest in a way of money laundering which is really not good in our country. But as what had Satoshi intended on bitcoin that until now still on anonymous we also avoided having KYC implementation. We have an option either we join on a project that has KYC or those did not have. But for me, I would go in KYC verification if I know the site that it is legitimate. Nevertheless, it depends on our decision.

[raidarksword]

KYC should only be on bank statement transactions not on crypto currency because it disrupt the anonymity and the ideology why crypto currency was created. There are good and bad outcome of having an kyc procedures on such exchanges or any crypto projects but it really all depends on the user whether he or she is to comply or not.

[niguezz]

KYC should only be on bank statement transactions not on crypto currency because it disrupt the anonymity and the ideology why crypto currency was created. There are good and bad outcome of having an kyc procedures on such exchanges or any crypto projects but it really all depends on the user whether he or she is to comply or not.

Sometimes the ideology which stand behing the crypto is failing. Cryptocurrencies are going to be used for illegal matters just as fiats are and nothing seems to change. But the problem with KYC is the fact that we live in a world where every company is getting paid for selling away your personal data for "advertisement purposes". For me KYC procedures are oftenly too strict and usually a pain in the ass, but it cleanses the entities from negative reputation. If you are a cryptocurrency exchange, you don't want to be associated with criminal activity and KYC is helping here - people aren't anonymous, so they stay away from it (i guess). There is other side of the book though, and the Binances last data leak is giving us an example why KYC might be wrong. It's very difficult to pick one side, we have to find a solution somewhere in between i think.