Is KYC benefit to crypto people or not

[ShooterXD]

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.

If you apply your KYC at only trusted domains and trusted projects, youre parcial safe, cause this domains can be hacked too.

No one is safe in Internet, but you can try keep your details in safe, using only sites without KYC.

This is pretty hard to set a best way to proceed. The best way in my mind is cold wallet and VPN connection, and never use KYC.

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[UstadSoleh]

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 exchange like a Bank so it requires KYC form. The Bank uses the identity to be safe and no fraud. Exchanges strive to protect users and investors so that they can be protected from fraud and money laundering.

But what I sometimes also appears fear because every exchange, of course, is not the same about security issues. Sometimes the confidentiality of our documents can be leaked, when getting false exchanges.

KYC actually has a good impact and some exchanges are very secure.

[wheelz1200]

KYC is a double edged sword.  On the one hand people dont like giving up their information to every shady company in crypto that asks for it, and then on the other hand if crypto is to go "mainstream" certain things like kyc and other regs are going to be required like any other financial instrument.  So it's a case of you cant have your cake and eat it too 

[Rodeo02]

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.

This KYC you mean is only for bounties  .  There are other things need to make a kyc like exchange. Ill do KYC in exchange mostly our local exchange since i need this to convert my btc into fiat. But in bounty ill never do such a thing for the sake of penny i will give my identity of course not.

[error08]

KYC is a double edged sword.  On the one hand people dont like giving up their information to every shady company in crypto that asks for it, and then on the other hand if crypto is to go "mainstream" certain things like kyc and other regs are going to be required like any other financial instrument.  So it's a case of you cant have your cake and eat it too  

It's true, KYC doesn't bring any benefit for us but required for Exchanger in order to fulfill AML policy mandatory by government or just in case if govs impose taxes for cryptocurrency transaction as not every country enforce these rules like in the U.S.

Nevertheless, there is nothing we can do about it if want to trade bitcoin or withdraw fiat money, even if the ask for a picture of yourself or selfie Photo while holding your id. Blah, it's sickening.
But, don't just give your private information to every shadow company in crypto which you can find it mostly in Altcoins sections for a startup project.
Just fulfill the documents for something important and urgent that you can't avoid.

[boltz]

I think KYC ( Know your customer )  is good only in this scenarios :
1. You're doing KYC for an exchange in order to make trades , get low fees , maximize withdraw/deposit limit and for protection.
2. You have participate into a really good project and in order to get your tokens in the dashboard you need to make KYC ( this proves that you're clean and you're not a scammer or you have laundering money or you're from a country that has restriction for investing )
3. You need to convert BTC or any other cryptocurrency into cash or your local currency.

If you don't need any of this scenarios just simply don't do KYC and try to move to decentralized exchanges when you don't need to fill any sign up form in order to use it. Myself, when KYC has started to be implement I did some mistake and filled the KYC for some bounties like DataBlockChain , Ellisyan , Swissborg and now I know that my data is there somewhere on somebody without me having any benefit from this as I didin't get any tokens from the first two.
There are several rules from exchanges now and countries are started to implement this feature.At least in my country without a KYC on local exchanges you can't even deposit but I'm okay with this as long as this is on official law from my Government.

[Sahyadri]

It depends upon how you perceive it.
People consider crypto as a decentralized and anonymous currency and if you bring a third party which is government or any other central authority for keeping a check by putting in KYC, many can have apprehensions. But at the same time it provides the required security in case of defaults by exchanges which is in one way increases the faith of people in the system.

[nabilapimpo]

If viewed from the KYC destination it is very good. And this may be the form to provide security for customers. We know that there has been a lot of fraud and money laundering. This has been a lot of customers suffer losses. But we also have to be careful, if you do the examination and KYC is very doubtful, it is better not to keep filling the form.

[Experia]

It depends upon how you perceive it.
People consider crypto as a decentralized and anonymous currency and if you bring a third party which is government or any other central authority for keeping a check by putting in KYC, many can have apprehensions. But at the same time it provides the required security in case of defaults by exchanges which is in one way increases the faith of people in the system.

We are already in the system of being decentralized, but for some people and for the sake of being paid they are gambling for their identity specially on the moment that they joined the bounty from the beginning and the team announce it at the end of the campaign that is why even they dont want to do KYC procedure they dont have choice, they dont have an assurance of being paid whether they proceed on KYC process or not.

[Rodeo02]

It depends upon how you perceive it.
People consider crypto as a decentralized and anonymous currency and if you bring a third party which is government or any other central authority for keeping a check by putting in KYC, many can have apprehensions. But at the same time it provides the required security in case of defaults by exchanges which is in one way increases the faith of people in the system.

We are already in the system of being decentralized, but for some people and for the sake of being paid they are gambling for their identity specially on the moment that they joined the bounty from the beginning and the team announce it at the end of the campaign that is why even they dont want to do KYC procedure they dont have choice, they dont have an assurance of being paid whether they proceed on KYC process or not.

I remember jinbi from what you said  . Particpants already made a KYC but not even a single token has been recieve in thier wallet. . So even you give important document to them there is no guaranteed that you will recieve your payment.

[hahahafr]

I really don't go with the idea of KYC as it sort of flaws the anonymity feature of the whole blockchain technology but i guess we need it now to reduce the series of hacks that are occurring within this industry. Hopefully this can be a thing of the past when the security of blockchain technology is improved beyond the reach of hackers!

[ShooterXD]

In my view, the anonymity part comes from how you can store your money without having anything directly related to you.
Identifying yourself for withdrawal is already a guarantee of safety and a method of proving that you are yourself.
That is, anonymity, it would be appropriate only to keep your coins without anyone knowing that they are yours.

[$Andreyka$]

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.....

There is no identity verification in cryptocurrency, but verification takes place at the time of cryptocurrency transfer to the national currency. When Bitcoin (and other cryptocurrencies) starts accepting more than 50% of stores for payment, it will not be necessary to transfer cryptocurrency to fiat. All the others will also join the Bitcoin reception (similarly as it was with plastic cards).
The authorities of many countries will impede this process, as they want to control the movement of finances.

[Klausi]

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.

This is a 50:50 risk for me if I'm going to submit my KYC requirements on exchangers to get my account verified or in some Altcoin Campaign to receive my bounty. We don't have any idea what's they real purpose for them to implement it, it's too fishy for me, I have trust issues. It's better to be safe than sorry, just like what the saying says. Maybe some of them could be trusted, but don't be too complacent about this.

[whyrqa]

It seems to me that each cryptocurrency user can answer this question in different ways, since someone uses cryptocurrency as an accumulative means and at the same time tries to avoid paying taxes, and someone uses as the only possible source of income and at the same time, the person has nothing to worry about.  Nevertheless, cryptocurrencies initially inherently assumed anonymity to each user, but no government would agree with such a feature of cryptocurrencies.  And therefore, we have only two options: either cryptocurrencies will be prohibited, or full legalization with full information about users.

[UsernameBitcoin]

Kyc is definitely a benefit because we need more regulation in the crypto industry. Regulation prevents fraud crime and offers overall better social affect, instead of people using Bitcoin for nefarious purposes. It's inevitable that kyc will become the norm in this industry, and we should be wary of any business or exchange which doesn't require it.

[meliodas]

It doesn't give benefit to the cryptocurrency people because instead of giving them benefits, the KYC put them at risk. By collecting personal information and documents about the person, it put them at risk by getting their identity stolen. The people who collect the information can easily sell the identity to the black market and make a lot of money. For me, it is unnecessary to do KYC.

[Murat]

KYC is not adding any extra value or any advantages for me, I think one is just maintaining formalities or keep some basic information of the users, It doesn't carry put any special thing in any blockchain platform. KYC plays an important role in the governmental purpose. You can't track anyone by this provided KYC because they are not verified most of the cases, so KYC can't be able to protect from any monetary disorder or can't bring any positive aspect, sometimes you can even get traped if you provide your KYC if that people have some bad intention. I think that there are fewer advantages to providing KYC rather than Disadvantages. but the main theme was good to attach KYC to get tracked that person but in vain. Crypto is giving freedom & rights to people and KYC is the opposite.

[xabre]

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 afraid with our KYC data using for other thing by crypto website, maybe for investor no needed KYC because they have invest money in crypto without get free by join campaign.

[jmigdlc99]

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

KYC is not directly for the people, it's for the government. They want to help avoid and prevent malicious actors from laundering money or manipulating the financial world. Sadly, they discovered that to help prevent these, they would need to disturb the hell out of regular citizens by asking to complete long and tedious verification processes.

In the end tho, the government is doing this to protect our own interests, or so they say.