Is KYC benefit to crypto people or not

[alrose]

Is KYC is benefit to crypto people or not.

It depends which way you look at it.If we consider complete anonymity, not all countries and companies are ready to play the game,, in the dark,,.For us,as users of this cryptocurrency,of course, this is not the most pleasant procedure.I would even call it humiliating.But what to do, now this procedure must be carried out on almost every exchange.

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[ntsdm1]

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

Only companies that value their reputation have advantages.For ordinary users - it's a headache)

[HarmonyA]

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.....

Anonymity of transactions is good but it's not ideal for the world financial system,  as criminal groups could use is for their nefarious activities. This prompted KYC which is used to know the owner of every crypto bought or exchanged. The help government to have trust on crypto less they will do everything possible to halt it. Therefore,  KYC is beneficial to crypto people as it has built confidence and aid continue of crypto in gaining adoption.

[DevilSlayer]

In general, the KYC check is not needed for people and brings us additional inconvenience. However, given the fact that with the help of cryptocurrency some abuse their rights and capabilities, states are forced to establish certain rules and restrictions, including identifying personality  with significant volumes of transactions.
At the same time, I believe that the requirement to undergo the KYC procedure for participants in ICO bounty campaigns is generally illegal and unnecessary.

Agree, because participants in any bounty campaign in crypto really do not need to implement KYC, because KYC itself is basically only intended for every exchange, because remembering the regulations in each country and to anticipate money laundering and or crime others that involve money in it. So there is a benefit or not KYC in crypto there are at least certain parts and factors that do require users to provide their identity there.

Uploading your identity online is not safe, for me KYC is a threat for investors like me who want to stay anonymously. There are now a lot of issues about the identity of people who participate in projects requiring KYC were hacked and used by scammers in the market.  I'm afraid that hackers and scammers may use my identity in the internet so I keep avoiding projects requiring KYC.

[princesspoppy]

There are both advantages and disadvantages to doing KYC. Some of the advantages are; Scamming and money laundering can be lessened or avoided by knowing someone's identity, trust can be built in both parties, although these advantages can also be the disadvantages of doing KYC. By knowing someone's identity, they can track your every transaction and the important information they have about someone can be misused once the information have gotten into wrong hands.
 

[atjiat]

There are both advantages and disadvantages to doing KYC. Some of the advantages are; Scamming and money laundering can be lessened or avoided by knowing someone's identity, trust can be built in both parties, although these advantages can also be the disadvantages of doing KYC. By knowing someone's identity, they can track your every transaction and the important information they have about someone can be misused once the information have gotten into wrong hands.
 

The provision of passport data is not pleasant for cryptocurrency users, because almost half want to remain anonymous and not pay taxes to the State Treasury from activities in the cryptocurrency market.  This is where the negative is seen for cryptocurrency users in providing KYC, but basically you said the right things about the benefits.  And if we say that someone can use our passport data for fraudulent purposes, and of course there is no guarantee, then in this case there should be some control over the storage of user passport data.  In addition, one must take into account the fact that banking institutions are not always state-owned and no one expresses indignation when banks require documents and personal photographs.

[Silberman]

KYC is becoming more and more required in crypto now, and there is a possibility that within the next 2 years crypto wont be available as it is now without KYC and even harder regulations, i do so much hope that it don't come to that, it will kill the basic idea of crypto. 

It is definitely a problem right now and as you say it is probably going to become an even bigger problem in the future but that is not going to kill the idea behind cryptocurrencies, what we need is more people to accept cryptocurrencies directly as a payment and that only is going to happen with more adoption, but once that happens those regulations are going to become meaningless because you will be able to use your coins directly to buy anything that you want without having to go through KYC.

[Lorence.xD]

KYC is becoming more and more required in crypto now, and there is a possibility that within the next 2 years crypto wont be available as it is now without KYC and even harder regulations, i do so much hope that it don't come to that, it will kill the basic idea of crypto. 

It is definitely a problem right now and as you say it is probably going to become an even bigger problem in the future but that is not going to kill the idea behind cryptocurrencies, what we need is more people to accept cryptocurrencies directly as a payment and that only is going to happen with more adoption, but once that happens those regulations are going to become meaningless because you will be able to use your coins directly to buy anything that you want without having to go through KYC.

One of the major problems today in using cryptocurrency authentication and reliability of the data, crypto has money involve that you must to consider the validation of the users. KYC is one of the most significant needs to make sure both parties are safe from being a scam. To make sure the security of both users, they must need to submit validated information to make the transaction happen, but commonly, they hire a middleman to handle the transaction, but there's an additional payment for this kind of action.

[posoa]

KYC is becoming more and more required in crypto now, and there is a possibility that within the next 2 years crypto wont be available as it is now without KYC and even harder regulations, i do so much hope that it don't come to that, it will kill the basic idea of crypto.  

It is definitely a problem right now and as you say it is probably going to become an even bigger problem in the future but that is not going to kill the idea behind cryptocurrencies, what we need is more people to accept cryptocurrencies directly as a payment and that only is going to happen with more adoption, but once that happens those regulations are going to become meaningless because you will be able to use your coins directly to buy anything that you want without having to go through KYC.

If KYC is required for the purpose of buying bitcoin, for regulating the activities of members who over the years might have given the crypto currency a bad name as a result of their activities. However divulging personal information is the greatest risk of which if such information is not kept save can also be used against the owner of the information

[mamahdedeh]

There are both advantages and disadvantages to doing KYC. Some of the advantages are; Scamming and money laundering can be lessened or avoided by knowing someone's identity, trust can be built in both parties, although these advantages can also be the disadvantages of doing KYC. By knowing someone's identity, they can track your every transaction and the important information they have about someone can be misused once the information have gotten into wrong hands.
 

The provision of passport data is not pleasant for cryptocurrency users, because almost half want to remain anonymous and not pay taxes to the State Treasury from activities in the cryptocurrency market.  This is where the negative is seen for cryptocurrency users in providing KYC, but basically you said the right things about the benefits.  And if we say that someone can use our passport data for fraudulent purposes, and of course there is no guarantee, then in this case there should be some control over the storage of user passport data.  In addition, one must take into account the fact that banking institutions are not always state-owned and no one expresses indignation when banks require documents and personal photographs.

I think as long as there is protection from the government, the request for self-identification is no problem. which is a problem because the current position of cryptocurrency has not been legalized by the government, so that the act of misusing personal identity is possible, and there is no legal protection

[pragna]

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 think KYC is good for real bounty hunters or real crypto holders. As a bounty hunters it looks very useful to me because before kyc my stakes was stolen by another with fake ID. But now it can't. So i think KYC is best.

[kesmex]

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 think KYC is good for real bounty hunters or real crypto holders. As a bounty hunters it looks very useful to me because before kyc my stakes was stolen by another with fake ID. But now it can't. So i think KYC is best.

the best? I think you're all wrong, bounty hunters shouldn't use KYC, that's not important,
what if someone doesn't get anything because the tokens from the project don't have market value? and we have to do KYC that's stupid

[Btc_1856]

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 think KYC is good for real bounty hunters or real crypto holders. As a bounty hunters it looks very useful to me because before kyc my stakes was stolen by another with fake ID. But now it can't. So i think KYC is best.

the best? I think you're all wrong, bounty hunters shouldn't use KYC, that's not important,
what if someone doesn't get anything because the tokens from the project don't have market value? and we have to do KYC that's stupid

Of course, there are many people who don't have an interest in the KYC in the bounty hunting, but without KYC procedure, it is not possible for them to get their tokens. Of curse, it is useless because we don't see any value to the coin after listing in the exchanges.

[cutesgirl]

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 think KYC is good for real bounty hunters or real crypto holders. As a bounty hunters it looks very useful to me because before kyc my stakes was stolen by another with fake ID. But now it can't. So i think KYC is best.

the best? I think you're all wrong, bounty hunters shouldn't use KYC, that's not important,
what if someone doesn't get anything because the tokens from the project don't have market value? and we have to do KYC that's stupid

Of course, there are many people who don't have an interest in the KYC in the bounty hunting, but without KYC procedure, it is not possible for them to get their tokens. Of curse, it is useless because we don't see any value to the coin after listing in the exchanges.

Many bounty campaign cheater with signature campaign, social media campaign and content media campaign have make other participants have submit KYC for receiving reward from bounty campaign project, but I like if KYC giving reward for participants bounty because to know who cheat bounty campaign and give rule for other participants get their reward from bounty campaign.

[CarnagexD]

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 think KYC is good for real bounty hunters or real crypto holders. As a bounty hunters it looks very useful to me because before kyc my stakes was stolen by another with fake ID. But now it can't. So i think KYC is best.

the best? I think you're all wrong, bounty hunters shouldn't use KYC, that's not important,
what if someone doesn't get anything because the tokens from the project don't have market value? and we have to do KYC that's stupid

Of course, there are many people who don't have an interest in the KYC in the bounty hunting, but without KYC procedure, it is not possible for them to get their tokens. Of curse, it is useless because we don't see any value to the coin after listing in the exchanges.

People who don't have interest is just two of these, they either enrolling not just one account some kind of spammer on bounty to gain more rewards on the bounty pool. I don't see nothing wrong with the KYC procedures since it is a prevention for people who have derogatory records especially when they got involved in scamming. However even KYC can be easily compromised, they could be hiring/buying people's identity for example driver's license and just picture it then submit for verification.

[SvonioneFromMangoCoinz]

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.....

In fact, I'm not quite sure about the dangers of providing my personal information to unfamiliar organizations. but I'm sure there's something shady because something valuable is required to send them. So for the sake of our future and identity, we should no longer provide our own KYC. bounty campaigns that require KYC are all lies and just want to reap our benefits, stay away from such projects.

[Edraket31]

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.....

In fact, I'm not quite sure about the dangers of providing my personal information to unfamiliar organizations. but I'm sure there's something shady because something valuable is required to send them. So for the sake of our future and identity, we should no longer provide our own KYC. bounty campaigns that require KYC are all lies and just want to reap our benefits, stay away from such projects.

When I was new here too, I am good with providing my personal information as I think that this is really relevant and I am fine with it since when applying for a job they are needing your personal info too, until such time that I realized and have searched that scammers are using our personal identity and selling it in a company for them to take advantage of it, and that's the time I am afraid now to provide the real me.

[cutesgirl]

KYC is becoming more and more required in crypto now, and there is a possibility that within the next 2 years crypto wont be available as it is now without KYC and even harder regulations, i do so much hope that it don't come to that, it will kill the basic idea of crypto.  

Kyc is good for the developer of the campaign since they can be assured that no one is violating the rule nor making a double entries, they dont want to pay for multiple accounts. I dont want to join to a bounty that needed a KYC it is kinda alarming and I always have a doubt on it. Better to be sure than tl regret it in the long way run.

For developer and bounty campaign manager KYC is the best way how to know who cheat their bounty campaign project, many people use multi account for joining with bounty campaign. For developer of ICOs project using KYC platform is the best way how to know participants with not allowed country for investing on ICOs like from Canada and United state, above countries is not available for joining with ICO project investment.

[BuNga_cute]

In my opinion KYC does not provide benefits for crypto people, usually exchanges or some airdrops that implement KYC.
Therefore many people avoid KYC, so prefer exchanges that do not enforce KYC. And also do not follow airdrops asking
for KYC. Many crypto people avoid KYC because they fear that their data will be misused. KYC is actually already out of
the original purpose of the creation of cryptocurrency namely decentralization.

[Silberman]

KYC is becoming more and more required in crypto now, and there is a possibility that within the next 2 years crypto wont be available as it is now without KYC and even harder regulations, i do so much hope that it don't come to that, it will kill the basic idea of crypto. 

It is definitely a problem right now and as you say it is probably going to become an even bigger problem in the future but that is not going to kill the idea behind cryptocurrencies, what we need is more people to accept cryptocurrencies directly as a payment and that only is going to happen with more adoption, but once that happens those regulations are going to become meaningless because you will be able to use your coins directly to buy anything that you want without having to go through KYC.

One of the major problems today in using cryptocurrency authentication and reliability of the data, crypto has money involve that you must to consider the validation of the users. KYC is one of the most significant needs to make sure both parties are safe from being a scam. To make sure the security of both users, they must need to submit validated information to make the transaction happen, but commonly, they hire a middleman to handle the transaction, but there's an additional payment for this kind of action.

But that is only true if you are transacting with someone over the Internet, once you can make all of those transactions with businesses or with people close to you in your community then you are not going to have all of those problems of having people go through know your customer policies when you are looking at people right in the eye, that is really what we need and that which we are lacking in the market of cryptocurrencies but eventually we will get to that point.