Is KYC benefit to crypto people or not

[Ambucrypto369]

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.....

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[Thanasis]

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 not needed for using crypto currencies but you may need them for buying crypto currencies a lot which I think indeed to stop people from money launder their black money apart from this no other advantages we can get but lot of disadvantages by having KYC like our details are in hands of someone which can be used for anything if they want.

[enhu]

There are options for you not to fill KYC forms though but that ain't going to lead you somewhere. In order ofr us to buy, invest or even just joining the bounty campaign these days so long as you register to their platform you are required to submit documents to you can't get the tokens. Most of the time they are the token in the ETH platform though. Those projects using TRX doesn't mind your details.

[dothebeats]

For the most part, it isn't, especially if the platforms holding/keeping track of our KYC documents are careless enough to get it to the wrong hands. It's only the government's mandate to get actual KYC for keeping track of what the average Joe's and literally almost everyone does with their money, and masking it with words like 'anti-money laundering' and other illicit stuff they could think of. KYC does not protect the customers in any way and in fact, it exposes them with more risks of getting involved into serious heinous crimes without them knowing.

[royalfestus]

The KYC IMO goes against some anonymity reason of using cryptocurrency. The disadvantage can always be exploited either we trust the recipient or not.If we now see some misuse of it we  might struggle to fight it. Who could imagine IDEX requesting for KYC? why decentralized then?

[Stedsm]

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

Pros:
- Gets you higher limits to trade over an exchange
- Gets your service provider to know you well
- Less chances of getting scammed by someone when everyone's KYC data is available at the exchange you're dealing with

Cons:
- Ends up decentralization (exchange-by-exchange basis)
- Gives exchanges (and somehow, Govs) the power to break your privacy if at any point, they decide to sell your KYC data
- You can still get scammed if the exchange's intentions are to scam you

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

Even if these countries follow the KYC procedure, that's just another thing to allow you to trade crypto and it's not bad at all. One another thing is, there are still DEXes working without any KYC involved, and even if CEXes ask for KYC, your thinking is wrong about them being able to control you. But yeah, they do have a watch on your trades and everything you do there.

[mitchr4]

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.....

We know that using crypto is known as its anonymity so KYC is not necessary and there is no benefit at all for crypto users. Only at risk if our personal data is leaked and misused. KYC in the Crypto market is only for people who want to make a withdrawal in the maximum limit per day. It depends on the person because there are some crypto users who have no problem giving KYC.

[timerland]

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, now every country follows KYC and then it can be controlled by someone.

You are confusing the concepts of the cryptocurrency network itself, and the third party service providers that utilise cryptocurrencies.

The distinction between the two should be clearly marked. It's like saying that bitcoin and bitcoin exchanges are the same thing, and fall under the same jurisdictions - when they are clearly two completely different concepts that are even more different from a compliance/regulatory standpoint.

I agree with the majority of people who state that KYC is quite restrictive, and can be draconian when misused by the government in an attempt to disincentivise people to not use BTC.

However, I think that you are certainly overstating the influence of the government on BTC. Any government CANNOT gain control over the decentralized network itself by simply implementing regulations. Sure, they could hold a strong influence over exchanges, hosted wallets, businesses and push them to verify all their customers. But at the end of the day, the network remains unaffected.

[FFrankie]

The only time that KYC is beneficial to the crypto user is if they get locked out of their account with 2FA, or 3FA and can only get back in after the website verifies the users identity with their KYC

[The Sceptical Chymist]

what are the advantages and disadvantages of doing KYC.
<snip>
Now KYC is trend in crypto market.....

I think the advantage is that an exchange can be in compliance with the laws of whatever country they're operating out of.  Coinbase, for instance, would never be able to do what they do in the US without requiring KYC.  It's the same thing with banks and other financial institutions--the government requires it and they'll shut you down if you don't comply. 

I'm not sure if there are any benefits to the customer except that it makes it a hell of a lot easier to solve problems if an exchange knows who you really are.  Personally I'm not a fan of exchanges requiring KYC info if you're not trading with fiat.  This is why I still use Yobit sometimes.  I'm not doing anything illegal with the bitcoin I trade, but I just don't like my activities being seen by whoever has access to the information.  I also don't walk around my house naked with all the blinds wide open.

Only at risk if our personal data is leaked and misused.

And we all know that it will be eventually if we give it to an exchange with lousy security or one that's unethical.  I'm also pretty sure it's already happened at some point.

[sandra_x]

kyc is one of the point of failure for crypto-currency. Cryptos was initially designed to be peer-to-peer. anonymous transaction without the need to be vakidated by a third party , all of that is eroded if you have to do kyc and have some third party monitor your transactions to see if they meet certain conditions

[jak3]

Being anonymous is not completely giving out your privacy. Doing a KYC can actually be implemented on a very small level. It's like telling some region on the internet about your privacy and you can stay hidden in many other locations. You don't have to do KYC if you and not willing to lose your privacy on a certain level, if more and more people do KYC then they will make it a military step for all the users on the website. So I do not think that doing KYC should be mandatory unless the website really nailed it.

[rafi035]

I do not know that KYC is profitable for crypto, which is clear KYC only verifies our data for withdrawals from websites and I think KYC is not important and this is just a trend so KYC is used everywhere.

[o_e_l_e_o]

Only at risk if our personal data is leaked and misused.

And we all know that it will be eventually if we give it to an exchange with lousy security or one that's unethical.

It doesn't even need to be a shady exchange. Even some of the most widely known exchanges will sell your data. Coinbase admitted to doing so a few months ago (interview here: https://cheddar.com/media/coinbase-adds-support-for-ripple-s-xrp-despite-regulatory-uncertainty), which helped to spawn the whole "Delete Coinbase" movement.

KYC should be avoided whenever possible. Identity theft can cripple you for years. It can cost tens of thousands of dollars to recover from. You can be left with a terrible credit rating, debt that isn't yours, even a criminal record for things you didn't do. You have absolutely no idea what the people behind ICOs, bounty campaigns, or two-bit exchange are doing with your documents, or how securely they are storing them. You are risking financial ruin for the change of earning a bunch of tokens worth fractions of a cent. It's pure madness.

[awik p]

KYC is a form of making it same as the centralized community. If every service associated to bitcoin needs to fulfill KYC then it will be similar to the services we commonly do. If everyone has verified themselves then surely governments won't oppose cryptocurrency usage much. It has got good as well bad, with KYC we get more chance for legal support from government, and with KYC once again we get controlled same as the banking services does.

I agree, doing kyc means that anonymous traits can be traced. and this makes the government pressure to support cryptocurrency, because what they worry about can be overcome. but the problem is for consumers there is no protection for them, we know the necessity of Kyc before there is legal certainty

[Tylev]

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.....

For ordinary people, KYC testing is absolutely not necessary and has only one drawback. We must provide our personal data and copies of documents only to state bodies, and providing them to individuals who are not actually responsible for their safety and use is very dangerous.
  Providing our data on the exchange, if the transactions are in excess of the minimum amount, most likely it will be a thousand dollars, will be an unpleasant necessity, which, in some cases, can protect our rights as a trader.

[exstasie]

I'm not sure if there are any benefits to the customer except that it makes it a hell of a lot easier to solve problems if an exchange knows who you really are.

The way BTC-e was taken down in 2017 was a wake-up call for me. Trading on exchanges that are AML-compliant (like Coinbase Pro or Gemini) definitely feels a lot safer. You never know when some 3-letter agency might swoop in on Bitfinex, for instance. That's one exchange I wouldn't hold any funds on.

kyc is one of the point of failure for crypto-currency. Cryptos was initially designed to be peer-to-peer. anonymous transaction without the need to be vakidated by a third party , all of that is eroded if you have to do kyc and have some third party monitor your transactions to see if they meet certain conditions

It's only an issue during this bootstrapping/early adoption phase. Fiat onramps are crucial at this stage. Governments can exploit that. But years from now when people are using crypto everyday, receiving salaries in it, making B2B payments with it.......the government can be cut out more effectively.

[davis196]

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.....

The main advantage of KYC policies has to be reducing scams and money laundering,which is questionable.I don't think that KYC really works for fighting those crimes.
The main disadvantages of KYC is that it reduces the number of people,who are willing to use certain crypto websites,that support KYC verification.The other disadvantage is that your personal data can be stolen.

[samputin]

I think KYC is implemented on aspects where it involves huge sum of money or cryptocurrency like in some gambling sites. But as you have mentioned, BTC is originally developed with the freedom of anonymity so KYC somehow don't follow that. However, it's understandable that it is made or implemented for a website's security. So, I must say that it's up to the users if they are wiling to give out some personal informations about them knowing the possible risks.

[MonsterV]

kyc is one of the point of failure for crypto-currency. Cryptos was initially designed to be peer-to-peer. anonymous transaction without the need to be vakidated by a third party , all of that is eroded if you have to do kyc and have some third party monitor your transactions to see if they meet certain conditions

Crypto was created for p2p, but most people now choose third parties because their services are very easy to trade. The existence of KYC is not a matter of losing the basic principle of crypto creation, but it depends on crypto users themselves. If users are still aware of the basic principles of crypto creation, they will prefer to trade p2p or via DEX. But in fact they prefer profits, they prefer high-volume exchanges, so they prefer how to make more profits. And in the end they did not care about the basic principle of crypto creation, therefore centralized coins slowly appeared to change the perspective of all of them.