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.....

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.

I agree with this content... KYc creates bad impression in cryptocurrency. BTC is decentralised currency, how can put KYC for an decentralised currency.

[asajapheth]

KYC is of more benefits to a crypto project or an exchange than to a person - a user.

When you own a very big shopping mall you'd prefer if your customers are not putting on masks in order for the CCTV to capture faces in case of theft. If there is a theft you'd easily know who did it.

KYC is Crypto's CCTV.

It's important for companies but not really helpful for customers. But if you care about security, you'd understand. The centralisation of data is what I don't like about it.

[mayureeana]

Just a waste of time. thats why i really into exchanges that KYC is not required

[pieppiep]

I think KYC will benefit the project only because they can get all the information from their investor and their participants so they can do whatever thing with the data. But if the KYC can be used for both party, then I think all people can get benefits, and they can know if the project is real or fake, but I don't think that the project team wants to do that. Maybe in the future, we will see KYC will be applied for every people so there is no scamming in the cryptocurrency although the scamming will always happen in the future.

[Free1bitco.in]

Although some people protest against KYC because they feel they are been ripped off their identity for few pennies, KYC has got legal implications. KYC is a legal requirement from the governments especially when it comes to activities related to finances. It is through KYC that the government intends to track money launders, drug traffickers, terrorism funding etc.

well, many think that their data can be used for fraud or something. however, if it is for pennies money, I think people will oppose it. but, if it is a clear project, and of course it requires KYC because of regulation or something, of course it cannot be said to be a bad thing. however, nowadays KYC is quite important.

[X-ray]

well, many think that their data can be used for fraud or something. however, if it is for pennies money, I think people will oppose it. but, if it is a clear project, and of course it requires KYC because of regulation or something, of course it cannot be said to be a bad thing. however, nowadays KYC is quite important.

The only trusted project can ask KYC for us and remember so many scammers even asking our KYC data and then sold them all in the dark net. The only party that will get the benefit from our KYC is the receiver and not sender. that's why we need a regulation like GDPR to give more guarantee for our personal identity.
it's a bad thing when you don't know how trustworthy that platform is.

[dat.ho12492]

Although some people protest against KYC because they feel they are been ripped off their identity for few pennies, KYC has got legal implications. KYC is a legal requirement from the governments especially when it comes to activities related to finances. It is through KYC that the government intends to track money launders, drug traffickers, terrorism funding etc.

Indeed, through KYC, the government can manage and monitor crime components and handle these problems easily, and crypto users cannot escape some problems, more precisely, crypto users are evading tax problems. So if KYC is required, it really is not beneficial for many crypto users, we are comfortable with income and suddenly, a small part of the income needs to be shared with the government, if you say that our biggest benefit is getting guarantees from the government, that's something I won't believe when so many scam events that until now, the government cannot solve and recover the loss

[pankowri]

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, KYC is a new trend for crypto currency. But there has some advantages and disadvantages though.

The main advantage is proved that you are legit that can claim your asset anytime if there has any problem or issue. The biggest disadvantage is they have your all documents and they can use it. It is proved that some big company buy the people's documents, for instance, Facebook also sold people's documents to others and already it's proved a long ago.

[AjithBtc]

In one perspective I believe KYC is good, but in the other way I feel this to be truly affect the user community who are from the countries where cryptocurrency is banned. People can't use the exchanges for any trades without KYC, and also with trust can't use VPN to bypass the service. So KYC free service is good in my concern.

[Lanatsa]

KYC is of more benefits to a crypto project or an exchange than to a person - a user.

When you own a very big shopping mall you'd prefer if your customers are not putting on masks in order for the CCTV to capture faces in case of theft. If there is a theft you'd easily know who did it.

KYC is Crypto's CCTV.

It's important for companies but not really helpful for customers. But if you care about security, you'd understand. The centralisation of data is what I don't like about it.

For legit ones then they would need to comply yet they are being asked to abide government laws so they would need to ask it out but for fraud projects
there were no intention on protecting its investors into the first place.Getting info or KYC from people would just give them out another side income  yet
these information can be sold out on dark web.

[yslyv]

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 a benefit for me. i dont want anybody to have my private informations. and there is not so many team or platform that i can really trust and give my passport details.

[Japinat]

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 a benefit for me. i dont want anybody to have my private informations. and there is not so many team or platform that i can really trust and give my passport details.

I don't think they all require your passport details, some just require a simple government ID and then you are good to go.
With simple information, I guess you are not in a high risk if you are just an ordinary person, but of course, you also have to be aware of the project's status.

[aioc]

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 trending among bounty hunters because of their greed to participate in airdrops and bounty hunting, thinking that these are the next big coin in the project, but all they want are your credentials and if ever it gets in the market, the developers are going to be the first to dump their coin, because they can only give you crumps.

[Darker45]

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 don't like KYC. In fact, I hate it. And by Bitcoin design, KYC is the enemy. But I understand the implementation of KYC notwithstanding. It is because this world is full of bad people. It is unfortunate but true. And so the state has to employ mechanisms to protect the good ones from the bad ones. And as far as I understand it, KYC is one of these.

And so however I despise them, I cannot but comply to it. After all, I am not hiding anything. All I'm asking is that KYC information should be treated with sacredness.

[Tylev]

For cryptocurrency users, KYC verification can be useful only in one case, namely, when we lose access to certain resources and through confirmation of previously entered confidential information we can again access this resource. In other cases, such a check for cryptocurrency users has only negative consequences.
In addition, there are recommendations of the Intergovernmental Organization for Financial Actions (FATF) dated June 21 that only persons who send cryptocurrency transactions worth more than one thousand dollars should pass KYC checks. It is time to adhere to these recommendations binding on states and stop unreasonably collecting confidential information from citizens about nothing.

[Gridness]

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.....

Back to you whether to do Kyc or not, you should use your identity wisely because this will be very dangerous if the identity is misused.

[blockchainwriters]

Most of the bounties programs and ico company and ex changers are strictly asking for Kyc and Kyc is good for any crypto company to follow AML policy and make the crypto company kyc friendly follows law of land

[xvids]

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 don't think that it has benifit for us we are just giving away our freedom the freedom that crypto currency gave us.
We are giving up our anonymity and it is counter to why crypto has been created.

[Findingnemo]

KYC is not only a trend in the crypto market, because we can see that all companies at least involve KYC for certain purposes. So KYC has indeed become something that is mandatory if it involves money in it and all the rules at least there are pros and cons, high concern about the misuse of this identity is something that becomes bad about KYC.

Only governments were the reason why the crypto related services sites starts to implement KYC to continue using their sites.

Anti money laundering can be good thing but how can we trust the sites about security of our personal information.

So we need to skip KYC as much as possible,only do with most trusted sites.

Avoid the KYC for shit ICO projects.

[Darkoth89]

KYC is not only a trend in the crypto market, because we can see that all companies at least involve KYC for certain purposes. So KYC has indeed become something that is mandatory if it involves money in it and all the rules at least there are pros and cons, high concern about the misuse of this identity is something that becomes bad about KYC.

Only governments were the reason why the crypto related services sites starts to implement KYC to continue using their sites.

Anti money laundering can be good thing but how can we trust the sites about security of our personal information.

So we need to skip KYC as much as possible,only do with most trusted sites.

Avoid the KYC for shit ICO projects.

Yeah, better be on the safe side and renounce some shitcoins than sending your personal information and personal documents to some shady company on the internet, where you don't know in the end what happens with these information (aka. 'security issues').