Is KYC benefit to crypto people or not

[kennen1113]

WHat kind of benefit we can expect from completing KYC,I don't think there is any benefit for the people other than getting more limit from KYC but it was created by those exchange due to various reasons like government laws and to restrict money laundering.But we have lot of disadvantages personally if our KYC information got leaked by the site we did undergo KYC.

Indeed, people look for crypto as a place where they can remain anonymous and limit the intrusion from the government, KYC process may break this initial purpose, market capitalization may decrease when the government tightens everything, benefits still do not appear, in return, KYC has made the market receive influence. Besides, KYC information is too easy to leak, sometimes it can be very important documents for bank accounts and some other accounts, KYC for crypto really has no benefits, almost creating more problems

[FlightyPouch]

KYC is just a tool of anti-money laundering and I think there is nothing wrong about it. IN countries like the US, the crypto market is very much regulated with the Federal Reserve having every information about the inflow and outflow of money to and from the economy so I think there is no point in avoiding KYC because whatever you do is known by the exchange.

Yes, KYC is not wrong, however, many people do FUD regarding data information. KYC is indeed very important to avoid money laundering and other frauds. some KYC is also quite easy to do such as self-identification cards, and selfies. yeah, that's easy enough to do. it's just that we need to know who we give it to.

If exchangers not trust traders, then how can traders trust exchangers...Some exchange companies misuse our KYC details

There are a lot of people wanting to do bad things in their advantage. They want to earn money easily even if it means doing a crime and being strict is not new in the internet. The thing here is thay how can you say thay these exchanges misuse the KYC details these traders are sending? Care to explain?

[semobo]

WHat kind of benefit we can expect from completing KYC,I don't think there is any benefit for the people other than getting more limit from KYC but it was created by those exchange due to various reasons like government laws and to restrict money laundering.But we have lot of disadvantages personally if our KYC information got leaked by the site we did undergo KYC.

Indeed, people look for crypto as a place where they can remain anonymous and limit the intrusion from the government, KYC process may break this initial purpose, market capitalization may decrease when the government tightens everything, benefits still do not appear, in return, KYC has made the market receive influence. Besides, KYC information is too easy to leak, sometimes it can be very important documents for bank accounts and some other accounts, KYC for crypto really has no benefits, almost creating more problems

If we didn't bought cryptos at the early stage then we cannot stay completely anonymous with crypto like bitcoin for now but in future if everyone having bitcoin as their payment currency will surely  can stay anonymous if they didn't convert them into other cryptos.But I am okay with not being anonymous since I don't want to hide myself for using my own money which was obtained legally.

[Kez1817]

In some exchange you can't withdraw your funds without completing KYC and i don't think there is a benefit on this. Because all i know kyc is not good specially if it is handed into a wrong hands. They know our personal information because of kyc and it broke the rules of anonimity in the world of crypto but we have nothing to do but to follow specially in some crypto exchanges.

[koura_cc]

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 in some cases defies blockchain’s whole purpose of anonymous trade, which is one of its principles. There’s also the risk of exposing your personal information, if the website security platform is lacking. But even if KYC kills anonymity and by proxy decentralization, it has its advantages; for instance, you have less chance to get scammed since you're trading with a "real person" and the platform you're using is backing the trade. Also, said platform would know who you are, thus making it easier when you need to solve a problem.


I think it's a matter of risk versus benefit. KYC can be beneficial for trading, and it wouldn't represent an inherent risk if handled correctly.

[mitchr4]

In some exchange you can't withdraw your funds without completing KYC and i don't think there is a benefit on this. Because all i know kyc is not good specially if it is handed into a wrong hands. They know our personal information because of kyc and it broke the rules of anonimity in the world of crypto but we have nothing to do but to follow specially in some crypto exchanges.

Indeed, most exchanges now ask for KYC but that is only for people who want to withdraw more than the maximum limit per day that has been determined. I don't know if it is beneficial or not but for traders it is helpful because they are free to make any amount of withdrawal on the same day.

[Xanxus024]

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 needed if you are using a trading platform it is their terms and condition it's up to you weather you will give your details if you want to use their platform and usually some ICO needs a KYC mostly in their bounty campaigns they need to submit your KYC so they can easily detect those people who use multiple accounts.

[ololajulo]

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.

I dont how KYC makes profit for investors. Dont misunderstand the reason for KYC, you can do a little search on it, it will help you. The idea of KYC is to have personal details of individuals submitted to prevent laundering, bank's involvement in any form.

[Distinctin]

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.

I dont how KYC makes profit for investors. Dont misunderstand the reason for KYC, you can do a little search on it, it will help you. The idea of KYC is to have personal details of individuals submitted to prevent laundering, bank's involvement in any form.

KYC is only profitable to the exchange if they will sell your data, lol.. that's the worst case scenario and probably exchange that would do that is planning an exit scam.

Profitability has no relation to KYC as it's just a requirement for people to be able to invest and trade in a certain platform, and normally, those company who requires KYC are companies that are regulated under the control of the government, and that's something we need to verify first before submitting for KYC as that's an important information that we cannot just give away to untrustworthy company.

[Rahman11]

Now a days many of ico and bounty organisers demand kyc for for know about their participants, generally this type of personal documents they can use for anything or crime! i think it’s rovide you threat over your personal Securities if they use it for criminal activities like terrorism.     

[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.....

KYC needed if you are using a trading platform it is their terms and condition it's up to you weather you will give your details if you want to use their platform and usually some ICO needs a KYC mostly in their bounty campaigns they need to submit your KYC so they can easily detect those people who use multiple accounts.

Moreover,  the use of multiple accounts before checking KYC? Or do you think that the KYC check was created for this forum so that users do not use multiple accounts?
The KYC audit should be used solely to prevent dirty money laundering and the fight against terrorist financing. Using this check for other purposes is illegal. In addition, on June 21 of this year, the Intergovernmental Organization for Financial Actions (FATF) adopted binding recommendations that only KYC verification is possible with transactions worth more than one thousand dollars. Therefore, if bounty hunters receive tokens worth less than a thousand dollars, they should not undergo any KYC 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.....

KYC is really valuable. It seems that every project wants bounty hunters to supply them with KYC so they can sell it to other businesses to make more money. and we won't know how our identities will be used in the future. This is very dangerous.

[sana54210]

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.

I dont how KYC makes profit for investors. Dont misunderstand the reason for KYC, you can do a little search on it, it will help you. The idea of KYC is to have personal details of individuals submitted to prevent laundering, bank's involvement in any form.

KYC is mostly useful for government agencies, banks and security agencies, although it is still to our own protection because through KYC, a lot of scammers has been arrested and some money recovered from them which was paid to those how they could identify, Imagine that when that issue of binance happened, and they had some money stolen from their client’s wallet, if they had not done KYC, there nothing that would have even been done in replacing the lost fund.

KYC really helps most individual that are in CEX exchanges to decentralized exchanges, if it was a decentralized platform that much hacking happened, no one would have been responsible for that and even if they arrest the victim, how would they return their money in dex when it is strictly peer to peer.

[djkyno]

I believe that KYC is very bad for crypto users, and it is against the aim of cryptocurrencies which are decentralized and anonymous to keep the identity, data, and info of users safe. Now so many exchanges and ICO projects require completing the KYC procedure, unfortunately.

[DAVETUN]

KYC is not a requirement in the CRYPTO space, but due to different countries regualtions and policy, to combat scam and unmask individual using CRYPO platform to source for arms and amunition and for terrorist engagement there is a need for developer to get to know there customers, for tracking purpose.

[hahay]

I believe that KYC is very bad for crypto users, and it is against the aim of cryptocurrencies which are decentralized and anonymous to keep the identity, data, and info of users safe. Now so many exchanges and ICO projects require completing the KYC procedure, unfortunately.

Agree, because cryptocurrency is about financial freedom and then when KYC is applied there is no longer anonymity in this market because I admit that depositing is at least it must be applied by KYC but one thing that is unacceptable is the ICO project implementing this too even though we only became bounty participants who in fact payments to bounty participants still cannot be guaranteed about the KYC.

[Janation]

Now a days many of ico and bounty organisers demand kyc for for know about their participants, generally this type of personal documents they can use for anything or crime! i think it’s rovide you threat over your personal Securities if they use it for criminal activities like terrorism.     

Not just these icos and bounty orfganizers demand it, there are a lot of them.

They have their reasons, security and also to abusing users that spam accounts to earn more.

Its been a long time since this is presented to the users and investors but I did not heard or read anything about it being used in such illegal activities. I guess this really depends on the site you will be accessing.

[Semosuchi Tesongrato]

I don't know if these control systems really help protect honest traders. It seems to me that not only are they useless, but they expose them to the theft of data and documents by the bad guys, while the scammers quietly continue to make their own comfort.

[Distinctin]

I don't know if these control systems really help protect honest traders. It seems to me that not only are they useless, but they expose them to the theft of data and documents by the bad guys, while the scammers quietly continue to make their own comfort.

It suppose to help the traders because that's the purpose of KYC, but when the exchange is irresponsible, it will not be able to serve the purpose.
Once the exchange requires for the KYC, this means they are required also by the government to impose the same, and when they mess up with the data, the government are looking into this as an offense and they will have to be dealt accordingly based on the rules and regulations impose to them as well.

We don't need to worry, the government are punishing those corrupt exchanges, even how big they are currently.

[OnceTwiceThird]

KYC on exchange market I think is fine and not worried about our data, but for an IEO or ICO project needed KYC its not good ideas to give our data for them.