Is KYC benefit to crypto people or not

[Findingnemo]

KYC benefits government,KYC benefits scammersKYC benefit site owners to cheat or sieze our fund in the name of TOS and much more but it doesn't benefit the people who were completing it.

Actually the existence of KYC can also be useful to prevent large funds laundering by scammers by using the cryptocurrency method. and also as an election so that people are more careful in doing kyc not carelessly

It will fall under the category of benefiting the government right?

But for doing the KYC no benefits can be taken for ourself even which harm the community or society.

It's a way of helping the government who has already have control over all our fiat holdings. Now once again through KYC we're requesting the governments to take control of our funds. There is no need of KYC, when KYC is done automatically data will be secured and the decentralized functioning will start to get changed to a centralized platform.

Remember the black money doesn't means earned from illegal way,if someone don't want to pay tax for all the money they were making then it will be considered as illegal on the eyes of governments.

When we do KYC all our origin of funds will be noticed so we can get tracked if needed.

[bitgolden]

KYC was risky, and no use for us, instead, it can be used against us. It was intended for banks.

It somehow beats the objective of using cryptocurrency.

I am not comfortable doing KYC, whenever, I filled up a form, it looks like, I am exposing myself to danger.

Which is why you should careful in the kind of form that you fill or any site you submit your KYC to, KYC is not supposed to be something that scary if not because some of us lives in a very corrupt country were people  see opportunity out of everything and then take advantage of it to do evil.

KYC was created to protect people too, if you look at the initial means of raising fund through crowd funding, why do you think it becomes very difficult and almost impossible for the project developers to scam their clients, because there is a regulations that involves KYC and once their identity is known, they can be charged for any unlawful act. If we are to face the truth, it is because of the lack of KYC at the initial stage of crypto that made scammers become rampant since they get away easily without their identity being known.

[RealMalatesta]

It does help people too not just the industry. Which one would you prefer, the government getting into this thing and ruining it for everyone or even banning it all together or would you rather just let them have your information and let us be like right now?

If we didn't have KYC then the government would have to find another method to interfere with bitcoin and who uses it, it is just something they have to do. You can't expect them to let it go and do nothing about it, there would be bad people using crypto all around if government just let us do whatever we want with it. It is their duty to put regulations and KYC in order to actually screen who buys and not, as long as you are not a criminal looking some jail sentence that uses an exchange, you will be fine, nobody cares about you or your information.

[maxreish]

There are people who loves and hate KYC. You can actually earn some coins by submitting your KYC in some bounty airdrops and in other projects but it is not necessary to give your personal informations to unsured projects and teams. Nowadays, we can still benefits from crypto space without submitting KYC, we can still earn since we are in anonymous crypto space and our info is not required.

Though I understand the clean purpose of other projects to prevent some abused hunters but we can't deny the fact that KYC is still an issue right now.

[creeps]

KYC trend of state and public policy. The goal of the state is to preserve power, it exercises this through control of the population and control of monetary funds. Cryptocurrency removes cash flows from under this control, in view of this the state complicates the processes associated with cryptocurrency.

Every state feels the threat about bitcoin, but if its a regulations then why not. Its hard to adopt cryptocurrency if there’s no support its just like the ETF, that is until now no final result from the SEC which makes more investors to doubt about it. KYC can benefit both market, but it should only implemented by a good project.

[audaciousbeing]

Whether its advantageous or not would depend on the angle that one is looking at it from. For me, its really a step in the right direction because without that, I don't see a situation where the usage of crypto would go mainstream. Although, that has not been achieved yet, but its a step in the right direction as a statement is gradually being sent that, we know those who transacts with us and they can be identified. If the authorities wants verification, yes they can get it. Eventually, its also sending a message that, if you want the bad guys, there are others ways to go after them and the whole crypot space is not infested with criminals.

[Vishnu.Reang]

KYC trend of state and public policy. The goal of the state is to preserve power, it exercises this through control of the population and control of monetary funds. Cryptocurrency removes cash flows from under this control, in view of this the state complicates the processes associated with cryptocurrency.

Every state feels the threat about bitcoin, but if its a regulations then why not. Its hard to adopt cryptocurrency if there’s no support its just like the ETF, that is until now no final result from the SEC which makes more investors to doubt about it. KYC can benefit both market, but it should only implemented by a good project.

As we have noticed till now, the countries where the national currency is very strong are more relaxed about the emergence and growing acceptability of Bitcoin. Examples are Japan and Switzerland. In both cases, the national currencies are quite strong and they are not manipulated at the forex markets. On the other hand, countries such as China and India are very hostile to BTC, as their national currencies are manipulated.

[milewilda]

KYC was risky, and no use for us, instead, it can be used against us. It was intended for banks.

It somehow beats the objective of using cryptocurrency.

I am not comfortable doing KYC, whenever, I filled up a form, it looks like, I am exposing myself to danger.

Which is why you should careful in the kind of form that you fill or any site you submit your KYC to, KYC is not supposed to be something that scary if not because some of us lives in a very corrupt country were people  see opportunity out of everything and then take advantage of it to do evil.

KYC was created to protect people too, if you look at the initial means of raising fund through crowd funding, why do you think it becomes very difficult and almost impossible for the project developers to scam their clients, because there is a regulations that involves KYC and once their identity is known, they can be charged for any unlawful act. If we are to face the truth, it is because of the lack of KYC at the initial stage of crypto that made scammers become rampant since they get away easily without their identity being known.

Only a few projects that do made such transparency which do make themselves known by its investors itself and the majority is already anonymous ones.
KYC is indirectly being required by these platforms/companies/institutions but come to think that we are already giving out our details on traditional banking system or even
just putting your information with your bank credentials.

Crypto is for decentralization but it cant be avoided that government regulation would really be on the way thats why we are seeing these KYC stuff.

[MadeinCoin]

KYC benefits government,KYC benefits scammersKYC benefit site owners to cheat or sieze our fund in the name of TOS and much more but it doesn't benefit the people who were completing it.

Actually the existence of KYC can also be useful to prevent large funds laundering by scammers by using the cryptocurrency method. and also as an election so that people are more careful in doing kyc not carelessly

It will fall under the category of benefiting the government right?

But for doing the KYC no benefits can be taken for ourself even which harm the community or society.

yes, we cannot see this debate on one side only. There are many different perspectives and arguments about KYC in crypto, I personally agree with the Kyc issue but it must be effective. Why? because the problem is that people don't accept KYC due to privacy issues, many who sell privacy data on BlackMarket make them worry. But as long as the platform they use is trustworthy and has good experience in handling users, I don't think it's a problem with the Kyc.

And we remain anonymous because the platform we use will never give our data to the public. If they spread to the public it means they have violated TOS and our privacy, so you can sue them.

[Oceat]

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 not mandatory if I may say but this depends on the companies that are involved in cryptocurrency. Basically am not a fan of KYC and will never be part of the system because KYC is outside the meaning of cryptocurrency and shouldn't be welcome if necessary. Personally any coin with KYC will be out of my list.

We all have a choice though but for me, KYC will just depend on a project whether it is worth it to send my personal information to them or not that's just depending on the project. Although i agree with you that cryptocurrency should be anonymous but things are changing when there's a crime involved using cryptocurrency.

[Mihaylovic]

In some ways, KYC really needs to be done in Cryptocurrency.  One of them is in the purchase of ICO and IEO, because this is very important with regard to countries that are prohibited from participating in ICO and IEO projects.  The second is, to prevent fraud, in exchanging Cryptocurrency some Exchange requires members to do KYC.

yeah but the problem is how can we trust to the platforms or people that we send our private documents and passport copies? we have seen so many times that those informations were leaked.

[Russlenat]

KYC does benefit to everyone or to the majority of the people, KYC is a requirement enforce by the government in every legit business that deals with handling money, and for them it's important to track users that will do an illegal activities, and though some might not agree with it, but as long it's a regulation, we can't protest about it.

[fiulpro]

What I do know is KYC can help the government to track down people who actually used crypto currencies in a bad way , it could actually help the government to accept it finally.

BUT at the same time it could be bad for the people whose government doesn't allow money to be made in crypto currencies therefore I do think it would be problematic for them and they should stay away from doing KYC to keep out of a legal suit.

[binhvo1505]

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.....

Yes, I don't understand why KYC is applicable to bonus campaigns and now it's being applied in DEXs.
It seems that our information is becoming more and more important in today's world. They can do bad things to us with just a few information on the National ID or Passport.
Therefore, be careful when providing your KYC to anyone.

[iMark]

KYC trend of state and public policy. The goal of the state is to preserve power, it exercises this through control of the population and control of monetary funds. Cryptocurrency removes cash flows from under this control, in view of this the state complicates the processes associated with cryptocurrency.

Every state feels the threat about bitcoin, but if its a regulations then why not. Its hard to adopt cryptocurrency if there’s no support its just like the ETF, that is until now no final result from the SEC which makes more investors to doubt about it. KYC can benefit both market, but it should only implemented by a good project.

But KYC is not only applied in crypto, many industries, businesses, applications and many others apply KYC for their rules. is not only as a rule that must be adhered to, but KYC is indeed useful to reduce crime and abuse rates. I agree with you that KYC does seem detrimental to the privacy of users, but the benefits will be enormous for the future of crypto

[vintages]

In some ways, KYC really needs to be done in Cryptocurrency.  One of them is in the purchase of ICO and IEO, because this is very important with regard to countries that are prohibited from participating in ICO and IEO projects.  The second is, to prevent fraud, in exchanging Cryptocurrency some Exchange requires members to do KYC.

Doing a KYC for reputable exchanges is understandable and it's a way exchanges and the governments aren't in conflict. However, doing a KYC for ICO or IEO can sometimes be skeptical.

Its not easy trusting some of this shady developers that keeps on surfacing everyday with project that does not worth. Reason why it is advisable to do a thorough research before submitting your information in the name of KYC verification to any ICO projects.

[Vishnu.Reang]

KYC trend of state and public policy. The goal of the state is to preserve power, it exercises this through control of the population and control of monetary funds. Cryptocurrency removes cash flows from under this control, in view of this the state complicates the processes associated with cryptocurrency.

Every state feels the threat about bitcoin, but if its a regulations then why not. Its hard to adopt cryptocurrency if there’s no support its just like the ETF, that is until now no final result from the SEC which makes more investors to doubt about it. KYC can benefit both market, but it should only implemented by a good project.

But KYC is not only applied in crypto, many industries, businesses, applications and many others apply KYC for their rules. is not only as a rule that must be adhered to, but KYC is indeed useful to reduce crime and abuse rates. I agree with you that KYC does seem detrimental to the privacy of users, but the benefits will be enormous for the future of crypto

I don't agree with this part. If some bounty hunter want to convert his $10 worth of crypto, then he has to go through the KYC process. How is this going to reduce the crime rate? Please enlighten me. And at the same time, the exchange owners don't need to undergo any of this. If they flee with customer funds worth $30 million, the cops will be clueless as they have no idea about their real identities.

[FIFA worldcup]

In some ways, KYC really needs to be done in Cryptocurrency.  One of them is in the purchase of ICO and IEO, because this is very important with regard to countries that are prohibited from participating in ICO and IEO projects.  The second is, to prevent fraud, in exchanging Cryptocurrency some Exchange requires members to do KYC.

Binance and other exchanges has made compulsory the kyc for those who want to participate in IEO. Without IEO there is no way to exclude the people from prohibited countries those who are not allowed to participate in ieo.  This is just the one use of KYC.

[alroys]

KYC is often needed on Cryptocurrency when we are going to Register on a Cryptocurrency exchange, this is very important because Exchange Management requires our information, the second KYC is often done on BOUNTY participants to avoid people cheating on Bounty campaigns with multiple accounts

[Zemomtum]

With KYC, you are not restricted to the platform on doing certain things. For example, there are withdraw-able amount you can perform daily on some exchanges if you are not KYC certified. Besides, to comply with Government regulations and law, some project do make KYC compulsory for them not to be sanctioned.