Is KYC benefit to crypto people or not

[matchi2011]

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.

Decent exchanges who are concerned about their reputations will have a decency to keep their participants being safe and to work with them as attached as possible while with ICO's or IEO's project shouldn't asking for this personal information as it's not a big deal when starting a project, crypto intends to be anonymous and freedom to work with the system.

[Zemomtum]

The KYC is to comply with the regulation of your jurisdiction. The main disadvantage is that it prevents lot of people to engage with crypto based on the sensitivity of their record. Although, there are decentralized exchanges that does not required this but they are still lacking the volume required most especially for institutional investors.

[vocovoco]

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.

for IEO/ICO it's still ambiguous, make sure they have terms and agreements before we get involved in it. there is no guarantee that data will be safe in their hands, especially for projects that ultimately fail and become inactive.

kyc's benefits are actually good for consumer data accountability, this is useful for higher levels of regulation, but it's too futile for now because it's not useful globally.

[Apaxy]

I think that before answering the question of how beneficial KYC is for users of the cryptocurrency market, you must first study all aspects of this issue.  First of all, it is necessary to take into account security in the world, when there are accusations that terrorism can be financed with the help of cryptocurrency.  It is also necessary to consider the possibility when KYC will make it possible to track all groups of traders and large whales on trading exchanges, the actions of which may be manipulations in the cryptocurrency market.  And you can also mention taxation issues, due to which there are state institutions and social guarantees for citizens.

[qwertyup23]

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 purpose of banks/websites implementing the KYC function is for both the protection of the bank and the depositor with supplying information to prevent money laundering schemes. Although this tool may actually protect an individual, it eliminates the anonymity factor granted by cryptocurrencies. This function may be best used in current bank transactions but not on cryptocurrencies.

If more and more merchants are starting to implement this feature, it would be inevitable for others to create WITHOUT KYC. As everyone knows the dangers of supplying personal information online, it would be best if the government handles these type of problems than a third party.

[bryant.coleman]

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.

There can be many reasons for demanding the KYC information. In countries such as South Korea, the government has made it mandatory to collect the KYC information, in case the amount invested in a particular ICO is higher than a certain threshold. In this case we can't really blame the ICO team for the KYC. In case you want complete anonymity, then you need to make sure that your investment is below the government specified threshold. Or you can invest with multiple accounts (although I won't be recommending it).

Now coming to the bounty campaign part, certain bounty managers make KYC mandatory to remove multiple entries and scamming. But in most cases, they make KYC mandatory only after most of the campaign is finished, so that they can deny payments to the majority of the participants. How many of the bounty hunters will be willing to send the scanned copy of their passport to some unknown person, so that he may get $10 worth of tokens (which may or may not be readily exchanged for BTC or USD)?

[virasisog]

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 seems a trend right now , many crypto people are exchanging their personal details for verification just for airdrops.
i do not like sending my personal details but unfortunately even trading platforms like Binance are asking for verification.

[styca]

KYC is beneficial in the sense that it is part of the process that moves crypto from being a niche subject, a curiosity, into the mainstream. Increased legislative attention and regulation are steps on the road to making crypto 'legitimate' in the eyes of world governments and so in the eyes of the general population. Sure there are plenty of scams that take advantage of KYC requirements to grab and sell personal data, but the genuine KYC process does have a point and is I think something that will only grow.

[auntyjmary]

In general terms it seems KYC is a good thing  to ensure sanity so people don't cheat or scam others. Unfortunately, it seems this amazing innovation to control scams is being abused by crypto related projects. At the end of the day, the privacy of crypto enthusiasts who participates in any KYC related project is just been abused.

[milandres0207]

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 needed only if you want to upgrade your withdrawal limits in centralized exchange, and sometimes its part of the rules of some bounty campaign project for them to receive their rewards after the main token sales. But majority of the campaign project are not requiring  kyc for the investors and bounty hunters. So, it will only benefit us if we get profit.

[The Cryptologist]

If you are talking about KYC on exchanges then I don't find any problem on that at all. We are pushing the global acceptance of crypto so we should not ever treat regualation or KYC bad for all of us. Because if we ever did then it will just look like we are hiding something that is definitely not good when someone discover it. You can still exchange with other people with you crypto to on other people but the problem is if they can trusted all the time. So therefore I conclude that doing KYC is a small price to trade peacefully than paying a hefty price for getting unsecure trades and getting scammed.

[Ozero]

KYC may not be useful for people who use cryptocurrency. Checking KYC may be an unfortunate necessity for us, but in any case not useful. People could well do without KYC, such checks are needed for governments that want to divide people into different categories.
I understand that in cryptocurrency KYC it will sometimes be inevitable, however, I do not intend to directly praise this procedure, which is humiliating for me.

[teosanru]

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.....

This is actually a double edged sword. Bitcoin was created to create anonymity among people while they do their transactions. But with time we have seen BTC popularizing which has given some hiccups to authorities who want to track any kind of laundering of money. So KYC has been mandated. Now the thing is KYC does violates the very essence of cryptocurrencies but unfortunately if we want cryptocurrencies to prosper in long term this can't be done by overriding authorities so KYC becomes a mandate for cryptocurrencies to stay in the game. But another problem with doing KYC is that these people to whom we are handling over our documents are themselves a bit dubious so misuse of our documents is almost guaranteed. Maybe some strong authenticated & regulated KYC option based on blockchain would be available in future. Because without KYC BTC could have a tough fight to even survive.

[xSkylarx]

I think KYC is benefit to the crypto people because one of the best advantage of this is to prevent multiple accounts in the bounty campaigns and also to know who are the participants on the said cryptocurrency activity.

OP did not only mean KYC for the purpose of this forum. He meant to all crypto users around the world.

one of the disadvantages of KYC is being known you because as like you said the strength of the cryptocurrency is being anonymous.

Though that's the main purpose of cryptocurrencies, KYC will help decrease crypto related crimes imo. If your crypto holdings came from a legal way then you won't be afraid submitting your info to the right authorities.

[ShooterXD]

All regulated exchanges must ask for KYC. This is not only tô finish with The Anonymity, but tô bring some security tô the operations.
We dont want The governament looking for crypto and thinking about criminal acts.

[ardentvolcanoes]

KYC may not be useful for people who use cryptocurrency. Checking KYC may be an unfortunate necessity for us, but in any case not useful. People could well do without KYC, such checks are needed for governments that want to divide people into different categories.
I understand that in cryptocurrency KYC it will sometimes be inevitable, however, I do not intend to directly praise this procedure, which is humiliating for me.

KYC are useful for the people who use cryptocurrencies like for investing or trading. It is a life saver for them, for instance, their account in an exchange got hacked and since they undergo KYC, they can easily recover their account because they got proof that they are the owner of the account and that adds layer of security for the people who uses cryptocurrency.

I agree in terms of security, it's important to prove that the was yours and it will be much easier for the security group to know the real owner. KYC still a discussions for both sides of people who adopt and those who still wanted to be anonymous, there's no clear stand between the two opposing opinions.

Your knowledge will be the deciding interpretation of this concern. Follow your own position regarding to KYC process.

[sodiik]

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 does look very contrary to Bitcoin because Bitcoin is known as an anonymous system.
With the time that continues to run since KYC is widely implemented in the project.
I guess it doesn't matter because some of the projects that use KYC are able to give me coins and match what they promise.
Almost all crypto markets use KYC, and it is worth noting that the market may not be real.
Be careful if you provide your identity data and don't forget to check it out.

[Ailmand]

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 can either be an advantage or disadvantage depending  the situation. Doing KYC can disclose your personal information and even your identity if you are doing a KYC which you think will not secure the information you will submit. It can be an advantage because it can add security to your account and also lessens the occurance of fraud and scam oe even stealing since KYC is needed.

[Dread Pirate Roberts]

KYC does look very contrary to Bitcoin because Bitcoin is known as an anonymous system.
With the time that continues to run since KYC is widely implemented in the project.
.

Every company has the right to make KYC regulations. because the main goal is to prevent hackers from taking over user accounts. and also track their customers. from where they get the coin whether the results of fraud or other things. KYC was not important in the past but now the government is seriously investigating scam investment and hacked wallet cases. and as an exchange and service provider must make the KYC regulations in order to find out who the details of their service users. now only prospective customers who decide want to do KYC and provide sensitive information or not.

[Colt81]

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.....

Honestly, a lot of people hates submitting KYC because it takes a lot of time and a lot of people are afraid to submit their personal information that it may be used for criminal acts and to scam other people which they will use your identity. The only advantage of KYC is to avoid multiple accounts for them to earn more cryptocurrency.