Is KYC benefit to crypto people or not

[tungaqhd]

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.

Well, and maybe KYC will create benefits for everyone or not, it will depend on the form that we apply, depending on the location that we certify KYC, if we move into bad locations and use KYC for some unreliable places, the benefits are very low and the chance of identity disclosure is high. On the contrary, with reputable places such as large exchanges, KYC is an extremely necessary thing to upgrade the scope of our withdrawals, besides, that would be a necessary security if we were storing large amounts of money

[cryptoloverlife]

I hope there is no need to send KYC because if the company has a strong management team it might help us. They shouldn't share our information with others and in my case, it is completely waste submitting KYC document to ICO companies. For exchanges, it is required because of how much they are transferring they can easily track.

[JonMak0987Bitch]

KYC is not very convenient. But for ICO projects, a good way to identify fake accounts.

[djselery]

I don't like KYC and I believe it is not beneficial to crypto users, because the main feature of cryptocurrencies is decentralization and anonymity. But sometimes I find myself forced to complete a KYC procedure especially with the trusted exchanges to complete my trades. 

[micalith]

It has no benefit for us I guess. The hint is hidden inside KYC(know your CUSTOMER). We are not someone's customers, this belongs to the traditional banking and governmental systems. If we do a KYC, this will have no difference from the unwanted system. The fundamentals of cryptocurrencies aren't meant for this I think.

[cotton ball]

KYC benefit for cryptocurrency because by submit KYC we can withdraw assets from bittrex, without KYC we can't do anything because we have pass second level for withdraw in  Bittrex, but for other project like ICO or bounty campaign I have still afraid want to submit KYC because they want to take our ID for some thing else.

[Mumbeeptind1963]

I don't like KYC and I believe it is not beneficial to crypto users, because the main feature of cryptocurrencies is decentralization and anonymity. But sometimes I find myself forced to complete a KYC procedure especially with the trusted exchanges to complete my trades. 

I agree with you mate. Also, we dont even know if someone is stealing our identity  , if somebody already hacking the databases of the company our identity will be at risk. Yes it could be helpful to the company but we will risk our own safety if KYC  will be forced us . Im afraid that somebody will take advantage on this thing.

[DabsPoorVersion]

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.

Crypto was made to the public to become anonymous, It is really unnecessary for us crypto users and especially for bounty hunters. They are not even investors to begin with, they are just doing their job to support and promote the chosen project. But since it is part of their rule before becoming part of their community, we dont have any other choice but to do kyc.

Some other people say that the information they gathered on requiring kyc was being sold to the blackmarket. I do not know if this is true, but after hearing that, I started to avoid doing KYC in any crypto related site and bounty campaigns, except of course to popular exchanges.

[doomistake]

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.

Even big exchanges like binance, I would still not submit any personal information of mine, KYC is still KYC, I don't trust other people no matter how much billions they have on their wallet when it comes to my identity. The reasons why we don't trust someone that easy is because:

* We don't know them
* We know them

What scares me the most is that they are rich people, they have many underlings that serves to them, you won't know where they are really going to use their customers data by submitting KYC, you could call me paranoid, but I only trust myself.

[JeffBrad12]

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.

Even big exchanges like binance, I would still not submit any personal information of mine, KYC is still KYC, I don't trust other people no matter how much billions they have on their wallet when it comes to my identity. The reasons why we don't trust someone that easy is because:

* We don't know them
* We know them

What scares me the most is that they are rich people, they have many underlings that serves to them, you won't know where they are really going to use their customers data by submitting KYC, you could call me paranoid, but I only trust myself.

Definitely understandable and not refusing to submit your ID is your right aswell. Data is now the new gold and so many people or companies are trying to gather as much data as they can and your govt ID, passports and many more is as equal. However if it's a big exchange like binance i can somehow tolerate. However if it is an unknown company that demands my ID I will definitely not give it out because that's just too dangerous.
as I've seen so many company that are based on technology always got some sort of data leak and that's really a huge loss for the customers even my data was once leaked over darknet. If there's an option not to submit, I will definitely not submit my ID carelessly.

[SaShiRaJaVu]

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.

If you are dealing with finance you are bound to carry on with submitting your identification documents to carry on the financial deals to comply with the international rules and regulation. If you think that your data will be misused then you cannot trust any of these exchanges as they are not regulated by the government and yet they are collecting these documents to comply with the international financial regulations to avoid future issues.
KYC is taken by companies to combat fraud.

[wxa7115]

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.

You are only thinking as a bounty hunter and what benefits you can get but KYC policies are terrible, it is clear that those policies are not in place to help the market to be more secure, those policies are in place so governments can know what are you doing with your money and in the case you obtain big profits you have to pay them taxes.

And to make matters worse scammers that create fake projects love the fact they have to ask you for your personal information, not only they get to steal your money if you invest your money with them now they get to steal your identity as well.

[darkangel11]

If you are dealing with finance you are bound to carry on with submitting your identification documents to carry on the financial deals to comply with the international rules and regulation. If you think that your data will be misused then you cannot trust any of these exchanges as they are not regulated by the government and yet they are collecting these documents to comply with the international financial regulations to avoid future issues.
KYC is taken by companies to combat fraud.

This is the official stance. Do you always repeat what others are telling you? Fraud happens when a person is deceived and loses money as a result. When such a thing happens with your Bitcoins they will go through a mixer or the perpetrator will use a Bitcoin ATM to withdraw and exchanges collecting KYC data will not help to catch him.

KYC is only a burden that a customer is forced to bear. All the risk is on him. He can lose valuable personal data to hackers and his identity can be used to commit crimes. Identity that somebody would have to steal from a government institution if private companies weren't enforcing KYC rules. If you allow your private data to go to people that you don't trust like some anonymous exchange operators, you're asking for trouble.

[Fredomago]

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.

If you are dealing with finance you are bound to carry on with submitting your identification documents to carry on the financial deals to comply with the international rules and regulation. If you think that your data will be misused then you cannot trust any of these exchanges as they are not regulated by the government and yet they are collecting these documents to comply with the international financial regulations to avoid future issues.
KYC is taken by companies to combat fraud.

The company who ask for KYC is also complying with the government's requirements to protect their business. It's an obligation to make sure that the business is not being used as a scapegoat to those who's dealing with illegal businesses. If you do trust the company, KYC will serve as your additional
securities as it can be used as your recovery protection once the account is being hacked.
There are differences amongst people who treated this industry. Those who still favor for anonymity will not proceed, while those who are open for regulations will not be bothered to process and submit the requirements.

[Vinalians]

For me it's not. But it is the way of the government to avoid money laundering so we the people can't complain on it. I just think what if the owners also have the KYC right? I mean a procedure like KYC but for the owner for sure there will be changes on investing on crypto because we will have the assurance of not getting scammed.
In the future KYC will be more needed for sure cause there will be so much scam.

[ropyu1978]

i consider it more as a provision, everyone who has participated must to verify with that step. none other than to prevent cheating, so everyone who works according to the provisions will get the right results and this is in my opinion an advantage but only for some people

[timerland]

Being forced to reveal your identity and your other details (address, passport, credit card verification) is never a good thing for an industry that was built on a coin that provided privacy and decentralisation.

For me it's not. But it is the way of the government to avoid money laundering so we the people can't complain on it. I just think what if the owners also have the KYC right? I mean a procedure like KYC but for the owner for sure there will be changes on investing on crypto because we will have the assurance of not getting scammed.
In the future KYC will be more needed for sure cause there will be so much scam.

It might be a way to avoid money laundering, but the real question is, how much of our privacy does the government need to invade for them to be able to catch criminals?

[Zeke_23]

Being forced to reveal your identity and your other details (address, passport, credit card verification) is never a good thing for an industry that was built on a coin that provided privacy and decentralisation.

For me it's not. But it is the way of the government to avoid money laundering so we the people can't complain on it. I just think what if the owners also have the KYC right? I mean a procedure like KYC but for the owner for sure there will be changes on investing on crypto because we will have the assurance of not getting scammed.
In the future KYC will be more needed for sure cause there will be so much scam.

It might be a way to avoid money laundering, but the real question is, how much of our privacy does the government need to invade for them to be able to catch criminals?

Its not actually good to require KYC, since cryptocurrency was built to let us become anonymous in every transactions we made. It is one of its feature why crypto users wanted to use it.
Even if they require KYC it wont stop illegal doings, they can just easily buy fake information in the blackmarket where it is being sold.

[bounceback]

KYC give profitable not only for investor or trader but for website to know which one your are from, because there are have many country not allowed their people to invest or trading with some exchange market website, by submit KYC website will give space for which one allow for joining or not.

[blckhawk]

Having KYC, some of its advantages are that thefts can have someone responsible since public keys would be connected to a person and can be punished under laws. The ledger is also transparent, thus the transaction can be backtracked.

It really depends on who implements it. You need to be wary of the company's credibility and reputation before giving personal details and legal documents. Identity theft is really dangerous as your name is at stake and is held by these companies.