Is KYC benefit to crypto people or not

[Japinat]

I think we disrupt the freedom of bitcoiner here, including me, different things if the government has legalized it, and we must obey. I think in this condition, what is certainly feared is the misuse of the confidentiality of the identity of the custumers

If the site is requiring you a KYC before you are approve using their service, you need to check if they are authorized by the government to operate.
Giving our data or information for KYC compliance may put our identity at risk because we don't have an assurance if they will take care of our information with confidentiality, what if it will be leaked like what happen to Binance KYC information.  (https://www.coindesk.com/binance-kyc-issue)

[michellee]

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 join in bounty campaign project and has a potential and promising in the future but have KYC requirements for you to claim your rewards, obviously it will give you benefits in terms of profit. But usually KYC was most often used for exchange site platform.

I think that is not worth our personal information to be sent to them because there is no guarantee to us that they can be a success in the future although they are promising. But for the recommended exchange and have reputations, I think I don't mind to complete the KYC process as I don't want to be called an illegal person who do money laundering.

[Genamant]

i am kinda dissappointed about this KYC trend , crypto is supposed to be a decentralized system that can secure the identity of its users
the projects now adays  is going against this nature , most of the campaigns here requires KYC to get the bounties, some exchange demands KYC too.

[Spaffin]

It is necessary to gradually begin to get used to the fact that almost all trading exchanges and other resources that will be associated with cryptocurrency will have the main condition for their manufacturers, this is the provision of passport data.  Against the background of the fact that cryptocurrency is often discussed in the media, it is likely that questions will be raised regarding the legalization of cryptocurrencies, and for this, providing KYC will be a prerequisite.

[lumierre]

KYC is not a significant risk factor and good investors never consider KYC as important. In fact, investors always try to use their money in the right organization , so the thinking of smart investors is a great exception.
But a good project values ​​KYC more in order to manage their development effectively, so they keep the registration process going KYC.

With Know Your Customer, the possibility that you will be scammed is reduced. Therefore, it is needed. It prevents illegal operations connected with the money laundering. Yes, the crypto market was supposed to be anonymous and decentralized, but unfortunately, some alternative control, as it was found later, is needed. Probably, later another variant of the client identification will be sued.

[fortunecrypto]

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.....

It is a trend in the Cryptocurrency because you cannot trade in exchange, if you will not undergo KYC, you cannot buy new coin if you will not undergo KYC, but KYC in Cryptocurrency should not be allowed because it is created to be decentralized, it's the government compliant by these programs that make us do it.

[esatceza]

I think it is not necessary to request KYC, it just makes us anonymous, which is not necessary for cryptocurrency users. However, KYC is needed for managing campaigns, bounty hunters will not be able to use multiple accounts at once in a campaign. Besides, it has many potential risks of disclosing information of customers as well as users outside. Therefore, I always do not support campaigns that require KYC, it is really unnecessary

[Polar91]

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 only see one advantage, it helps to lessen the abusement in doing transaction per account; thus making multiple accounts as dummies in purpose of money laundering could be lessen or stopped. Meanwhile, the advantage is huge specially after the allegedly incedent in Binance's KYC information leaks wherein the hacker said that he has more or less 10,000 KYC profile. In my opinion I think the government should reconsider requiring KYC as a requirement. There are various ways to get rid of it.

[sarmrakib]

Universal money and Anonymous is the biggest strength of btc

Is anonymous is the biggest strength of btc. It has both advantages and disadvantages .The anonymous system help us to make any transaction from anywhere in the world easily.It helps increase the crime on the other hand anonymous transaction help us to make transaction safely without showing my id and without any restriction as well .So the KYC system is breaking the anonymous transaction it should be better in many ways to protect the illegal transaction and help us to make a secured transaction.I think the trend should be followed by every user in near future.

[shoreno]

Universal money and Anonymous is the biggest strength of btc

Is anonymous is the biggest strength of btc. It has both advantages and disadvantages .The anonymous system help us to make any transaction from anywhere in the world easily.It helps increase the crime on the other hand anonymous transaction help us to make transaction safely without showing my id and without any restriction as well .So the KYC system is breaking the anonymous transaction it should be better in many ways to protect the illegal transaction and help us to make a secured transaction.I think the trend should be followed by every user in near future.

anonymous feature of btc does not make your transaction easily but it only have the abiity to hide your real name , address , birtdate and other impotant infos because there are wallets that dont require a sign up .  while on a centralized payment they usually require your all personal details before you can start using them  but you are right that being anonymous has a side effect  .

 illegal and crime related transaction were not easily traceable  . same as on kyc , it brings bad and good benefits depending on the user  .

[BTCbengi]

I think it's not necessary to ask KYC and I hate it. I was always afraid of being exposed to personal information and being taken over by bad guys. They can use that information on bad things. So it seems that I always refuse to enter KYC, it's quite dangerous. Besides, the nature of cryptocurrency is anonymous, there is no reason for us to provide our information to them. This goes against the nature of cryptocurrency

[boyptc]

If you think that the benefit of KYC is bad, there is an option for everybody not to pass it.

There are exchanges that has low limit for non verified accounts.

[hulla]

KYC is not a significant risk factor and good investors never consider KYC as important. In fact, investors always try to use their money in the right organization , so the thinking of smart investors is a great exception.
But a good project values ​​KYC more in order to manage their development effectively, so they keep the registration process going KYC.

Speaking of good project valuing KYC in order to manage their development effectively, is all a lie because the KYC issue has nothing to do with the effective development of a project and I think every new project which requires KYC are a centralized project. Mind you, Ethereum never require KYC when they wanted to launch their project why is KYC matter.

I think it is not necessary to request KYC, it just makes us anonymous, which is not necessary for cryptocurrency users. However, KYC is needed for managing campaigns, bounty hunters will not be able to use multiple accounts at once in a campaign. Besides, it has many potential risks of disclosing information of customers as well as users outside. Therefore, I always do not support campaigns that require KYC, it is really unnecessary

You got it all wrong I don't see any reason why bounty hunters will have to go through KYC and bounty managers don't need to use KYC before they could stop multiple account participation in their bounty. However,  you're not specific when you said "I think it is not necessary to request KYC, it just makes us anonymous, which is not necessary for cryptocurrency users."

[finaleshot2016]

Absolutely not, this was already mentioned on every topic. KYC wasn't introduced when bitcoin came here, it's just a way of securing their platform so they require KYC. Also, you have an option to avoid KYC and there's a lot of platforms that don't require it.

It's very dangerous to send you personal information to a platform that pop-ups out of nowhere. 

[blackhawkeye1912]

I have nothing against about KYC or AML government policy. But of course, it is better to be anonymous wherein no one can track your money transactions, and no one can see how much money you got. But then, I understand why the government has implemented these regulations because they want to avoid money laundering from illegal activities. But basically, KYC is against the anonymity features of cryptocurrency.

[South Park]

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 only see one advantage, it helps to lessen the abusement in doing transaction per account; thus making multiple accounts as dummies in purpose of money laundering could be lessen or stopped. Meanwhile, the advantage is huge specially after the allegedly incedent in Binance's KYC information leaks wherein the hacker said that he has more or less 10,000 KYC profile. In my opinion I think the government should reconsider requiring KYC as a requirement. There are various ways to get rid of it.

They are never going to do that, what they want is to know the identity of everyone that is using cryptocurrencies and they do not care about the possible side effects that we may suffer, this is why KYC is so dangerous for this industry, you only need to make a mistake once and send your personal information to a scammer or to a service with a low level of security and from now on your information will be forever be on the Internet, this is by design since governments want to scare people away from using cryptocurrencies and what better way to achieve that but the threat of losing your identity online.

[bryant.coleman]

I have nothing against about KYC or AML government policy. But of course, it is better to be anonymous wherein no one can track your money transactions, and no one can see how much money you got. But then, I understand why the government has implemented these regulations because they want to avoid money laundering from illegal activities. But basically, KYC is against the anonymity features of cryptocurrency.

This is where questions arise. If the government's aim is to prevent money laundering and terrorist financing, then they should go after the big whales. I mean those who trade more than $1,000 worth of coins everyday. On the other hand, they are going after the small fish, who use exchanges to convert their $10 or $15 worth of tokens that they received from bounty campaigns and airdrops to beer money.

Earlier, when Cryptopia was active, they had three tiers of verification. ID details were required only of you wanted to trade more than $1,000 worth of crypto. But now the government regulations make KYC mandatory for anyone who register to these exchanges. And it is neither going to serve its purpose nor going to make the market more transparent.

[Ambucrypto369]

I have nothing against about KYC or AML government policy. But of course, it is better to be anonymous wherein no one can track your money transactions, and no one can see how much money you got. But then, I understand why the government has implemented these regulations because they want to avoid money laundering from illegal activities. But basically, KYC is against the anonymity features of cryptocurrency.

This is where questions arise. If the government's aim is to prevent money laundering and terrorist financing, then they should go after the big whales. I mean those who trade more than $1,000 worth of coins everyday. On the other hand, they are going after the small fish, who use exchanges to convert their $10 or $15 worth of tokens that they received from bounty campaigns and airdrops to beer money.

Earlier, when Cryptopia was active, they had three tiers of verification. ID details were required only of you wanted to trade more than $1,000 worth of crypto. But now the government regulations make KYC mandatory for anyone who register to these exchanges. And it is neither going to serve its purpose nor going to make the market more transparent.

some countries eagarly  to maintain KYC for security purposes

[Majharul Saiif]

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 believe this system. KYC system can be manipulated by fake people. KYC can be passed by using other person's details. So there have some issues though it is used to prevent fake people. But ultimately it can help to reduce but can't help to stop

[shushu9977]

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 stands for know your Customer that means a customer send his personal information or documents.
If we do kyc, then it gets more control and legal support by the authority. 
In the opposition, they know our all information by KYC, if they publish our documents, then we face a big problem.