Is KYC benefit to crypto people or not

[Farma]

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.

in fact, they are sometimes forced to do KYC, because that is indeed quite troublesome. however, to get government support, and to make the project legal, it is indeed needed. a project must know who their investors are, and that applies to bounty hunters. although it is detrimental to crypto people, we cannot avoid it, because it is indeed the decisions and regulations of the place where the project originated.

[akeda]

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 procedure has been talked about by everyone in this forum. Perhaps because people recognize their identity they feel afraid. I agree with that because Bitcoin is becoming popular because also the transactions here are all anonymous.

So the transaction also runs easily and securely. But we also cannot prohibit the project or the Exchange does not use KYC.

I've tried a lot of KYC's and I think KYC has gone well. There may be parties trying to utilize KYC for negative problems. So we also have to be careful in filling KYC form and do the checking.

[randegibran]

Know Your Costumer or KYC is very important way how to know the people come from, many country is not allowed become investor or purchase some altcoin or ICO project investment, by KYC we know which one allowing for investing money in ICO or IEO and we know where they are come from.

[pinggoki]

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 only advandage only I can think of is that KYC is in favors of crypto exchanges since they will identify their users on the other side, it will be disadvantages for the side of the users since they wouldn't know if their identy will be in good hands. I am not generalizing that all exchanges can't be trusted, in fact there's a lot who is secured enough but there are some exchages who is not credible enough.

[badykvik]

KYC is originally designed by government in other to check mate money laundry and people that does not want to pay tax, it was systematically carried out through the various countries banks.

KYC was introduced to cryptosystem to carry out the above mentioned points though it is hidden behind the ICO scams and the likes but the actual point is that governments feel that there are lots of tax-free money being made in cryptocurrency and they needs our tax.

KYC not beneficial to crypto community.

[WatchMaker]

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 killing the privacy and freedom of using cryptocurrency.
Using cryptocurrency, people have control over their privacy instead the KYC is destroying that. 
The people have no benefit to KYC rather Governments and companies that are enforcing the KYC.

[wheelz1200]

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.

I would not give up my personal information for any of these bouty things.  You have no idea who you are handing your information over to.  Legitimate crypto businesses that want to operate on the right side of regulation will have to comply and we will have to hand over our information if we want to play in the space.  But for these fly by night coins popping up with bounties no way.

[karanggatak]

kyc is customer verification. your information will be save by that company, it can be safe or unsafe depend on that company. like bank ask ttheir customer to fill information if want to use their service. and the bank will monitoring customer movement and they can make report if something bad happen.
basically, crypto is anonymous. we dont need kyc, but there some reason why you need to fill kyc. first reason maybe is safety.

[Finestream]

kyc is customer verification. your information will be save by that company, it can be safe or unsafe depend on that company. like bank ask ttheir customer to fill information if want to use their service. and the bank will monitoring customer movement and they can make report if something bad happen.
basically, crypto is anonymous. we dont need kyc, but there some reason why you need to fill kyc. first reason maybe is safety.

We can be anonymous if we will not convert our crypto with fiat.

The government are only regulating exchanges as they are the end point whenever a trader will convert his crypto into fiat.
These exchanges are required by the government to impose KYC requirements to clients, and they are also required to keep that information with utmost confidentiality, if they will violate, they would also be penalize.

[Mumbeeptind1963]

KYC is killing the privacy and freedom of using cryptocurrency.
Using cryptocurrency, people have control over their privacy instead the KYC is destroying that. 
The people have no benefit to KYC rather Governments and companies that are enforcing the KYC.

I agree with you. KYC is not good , we cannot know if they are having a secured database we cannot know if there will be a time that they will be having a data breach. Also it kills the anonimity of bitcoin users which is one of the reason why there are so many bitcoin supporters.

[JeffBrad12]

KYC is killing the privacy and freedom of using cryptocurrency.
Using cryptocurrency, people have control over their privacy instead the KYC is destroying that. 
The people have no benefit to KYC rather Governments and companies that are enforcing the KYC.

I agree with you. KYC is not good , we cannot know if they are having a secured database we cannot know if there will be a time that they will be having a data breach. Also it kills the anonimity of bitcoin users which is one of the reason why there are so many bitcoin supporters.

The anonimity has long died, everywhere you want to use your BTC they usually tend to requires you to verify your identity first by doing the KYC procedures and that will goes on accompanying the government's effort of Anti Money Laundering.  However, KYC in my opinion is not that bad only if the government officials provide their service to every company that requires their user to do the KYC verification rather than letting all those third parties did it or even worse the company that you don't even know who is the owner doing it independently.
It's not like that the government is trying to make everything complicated but they have no other choice to prevent money laundering since all the bad rumours about bitcoin being used for evil things which infact is pretty rare is already on the mind of the people inside government.

[Magkirap]

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 was an additional work for the people since there are a lot of things to do to pass kyc. Also, some people having a problem in giving valid id for some reason. However, we dont have choice especiall when we are joining to a campaign who required to pass kyc to recieve your reward or tokens. This is to avoid possible abuse or illegal tasks with relation to the transactions using cryptocurrency. Overall , it was a burden for some but is needed to use or recieve crypto.

[Ambucrypto369]

KYC is killing the privacy and freedom of using cryptocurrency.
Using cryptocurrency, people have control over their privacy instead the KYC is destroying that. 
The people have no benefit to KYC rather Governments and companies that are enforcing the KYC.

I agree with you. KYC is not good , we cannot know if they are having a secured database we cannot know if there will be a time that they will be having a data breach. Also it kills the anonimity of bitcoin users which is one of the reason why there are so many bitcoin supporters.

The anonimity has long died, everywhere you want to use your BTC they usually tend to requires you to verify your identity first by doing the KYC procedures and that will goes on accompanying the government's effort of Anti Money Laundering.  However, KYC in my opinion is not that bad only if the government officials provide their service to every company that requires their user to do the KYC verification rather than letting all those third parties did it or even worse the company that you don't even know who is the owner doing it independently.
It's not like that the government is trying to make everything complicated but they have no other choice to prevent money laundering since all the bad rumours about bitcoin being used for evil things which infact is pretty rare is already on the mind of the people inside government.

sometimes exchanges or some ico projects sold our  details in the form of kyc

[joinfree]

I think KYC  is very importance  when it  comes to  Crypto to Fiat  exchange  but crypto  to  crypto  exchange is  not necessary.  KYC  will help to  fight against  crime  like tax  invasion , money laundry and the rest.   All we got do  is makes sure  our information is  secured.. 

[asus09]

I will submit KYC or Know your costumer depend on how website I joined, not all bitcoin website I will KYC because I think have bad impact for us at the future with some thing wrong our data ID, maybe only for exchange market I will submit KYC like on Binance, Bittrex and my local exchange market Indodax for cash out money.

[dimonstration]

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.

It's really unnecessary but the project or companies government were they exist force them to do it so, to make their business established and legal. Before, ICO can do crowd-sourcing without the worry of the government asking them their clients or investors identity records, as it seems to be a treat in the government as we know some countries ban it as they believed it is used in illegal transaction , they created such law in crypto related companies. What we need now is to check the company and their process of conducting KYC whether it is legit and will not reveal our identity as much as possible.

[BennyK]

KYC is good for the cryptocurrency world because it helps projects to know the exact number, size and strength of their community who has adopted the coin and the project. The KYC helps to eliminate all the bot and double entries and also help to eliminate the scammers who try to steal the works on others especially during the bounty programs.

[man22555]

I think it can be an advantage as more casual people will look into Bitcoin as a legal investment. Right now most people think it is only used by anonymous criminals.

[cutesgirl]

KYC become your big mistake if using on bad exchange market website or your joining on bad airdrop but submit your KYC data, if you use for big and good exchange like binance to increase your limit withdrawal is fine for using your KYC data, but when you found airdrop and sumbit KYC with lower reward its your big mistake.

[Republikcoin.com]

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.

It's really unnecessary but the project or companies government were they exist force them to do it so, to make their business established and legal. Before, ICO can do crowd-sourcing without the worry of the government asking them their clients or investors identity records, as it seems to be a treat in the government as we know some countries ban it as they believed it is used in illegal transaction , they created such law in crypto related companies. What we need now is to check the company and their process of conducting KYC whether it is legit and will not reveal our identity as much as possible.

Since cryptocurrency was considered in technology international, I think the government will make regulations like this. because of the advantages of anonymous cryptocurrency, local governments making provide regulations regarding customers. Companies that do not know their consumers will be targeted by the government to close the company.

in terms of companies, KYC has many benefits, but in terms of investors, I think KYC is quite troublesome. but as investors, we need to follow applicable regulations. it is also used to support the project. however, we also need to know and believe in who we will give the documents involved with our personal information.