Is KYC benefit to crypto people or not

[asus09]

KYC standing for Know Your Costumer or mean you have upload your data ID for an exchange or an ICO project investment, we have submit KYC after joining bounty campaign project keep away from participants using multi account or joined with more than one account, now airdrop have doing with the same thing for participants upload their ID if want to earn coin.

[ecnalubma]

Majority of the crypto projects nowadays require KYC maybe because they are self regulating or their jurisdiction require them to conduct such thing. In exchanges it is mandatory to comply with Anti Money Laundering Council. Our personal data is so important and we should protect it all cost but sometimes we don't have a choice but to comply with those company who needs our informations specially exchanges, but we must make or limit the informations that we give.

[kayvie]

Majority of the crypto projects nowadays require KYC maybe because they are self regulating or their jurisdiction require them to conduct such thing. In exchanges it is mandatory to comply with Anti Money Laundering Council. Our personal data is so important and we should protect it all cost but sometimes we don't have a choice but to comply with those company who needs our informations specially exchanges, but we must make or limit the informations that we give.

Exactly, they require kyc to prevent the project to be included in the law of some countries where they prevent their local individual to invest from crypto, crypto projects might face some circumstances if they let anyone from those countries to become part of investment.
Aside from those reason, it is not all the time that requiring kyc should be passed, most of them are scam and they might sell our private information, its better to avoid those projects.

[Edraket31]

Majority of the crypto projects nowadays require KYC maybe because they are self regulating or their jurisdiction require them to conduct such thing. In exchanges it is mandatory to comply with Anti Money Laundering Council. Our personal data is so important and we should protect it all cost but sometimes we don't have a choice but to comply with those company who needs our informations specially exchanges, but we must make or limit the informations that we give.

Exactly, they require kyc to prevent the project to be included in the law of some countries where they prevent their local individual to invest from crypto, crypto projects might face some circumstances if they let anyone from those countries to become part of investment.
Aside from those reason, it is not all the time that requiring kyc should be passed, most of them are scam and they might sell our private information, its better to avoid those projects.

We should just obey rules of every exchange or regulations of every county, if they require it , then let it be. I know that one of the purpose of crypto is to be anonymous, but there is nothing we can do if our government requires it, for sure this is for the benefit of all of us.

Instead of focusing on KYC conflicts, let us just focus how can crypto adapt in every county, how we can develop more.

[JeffBrad12]

Majority of the crypto projects nowadays require KYC maybe because they are self regulating or their jurisdiction require them to conduct such thing. In exchanges it is mandatory to comply with Anti Money Laundering Council. Our personal data is so important and we should protect it all cost but sometimes we don't have a choice but to comply with those company who needs our informations specially exchanges, but we must make or limit the informations that we give.

Exactly, they require kyc to prevent the project to be included in the law of some countries where they prevent their local individual to invest from crypto, crypto projects might face some circumstances if they let anyone from those countries to become part of investment.
Aside from those reason, it is not all the time that requiring kyc should be passed, most of them are scam and they might sell our private information, its better to avoid those projects.

We should just obey rules of every exchange or regulations of every county, if they require it , then let it be. I know that one of the purpose of crypto is to be anonymous, but there is nothing we can do if our government requires it, for sure this is for the benefit of all of us.

Instead of focusing on KYC conflicts, let us just focus how can crypto adapt in every county, how we can develop more.

Some people are having self conflict against KYC is simply because they are afraid of their ID being leaked when there is a security breach and that's totally understandable. You only have one ID and if that's leaked that could potentially ruined your life forever, not being paranoid but that's the reality. However  if we can't do against it since it's the rules or regulation released by the government atleast the government should provide a reliable third party for KYC verification so that people will stop worrying about their ID being sold in the deepweb.
Even a simple data like a chat conversation could get facebook into the court so why wouldn't this kind of risky verification?

[strunberg]

KYC standing for Know Your Costumer or mean you have upload your data ID for an exchange or an ICO project investment, we have submit KYC after joining bounty campaign project keep away from participants using multi account or joined with more than one account, now airdrop have doing with the same thing for participants upload their ID if want to earn coin.

And shouldn't be followed or support since it's also can take away your data, before thinking of passing your personal data make sure that you fully'understand the risk. scammers can sell your account in the dark web think before submitting make sure you know the team behind it.

so if we want to give our personal data for receiving bounty reward or withdraw from exchanges,please make that this projects trusted and haveno fake team that could steal our data and sell it to unresponsibility person.actually this is good solution to prevent bounty or airdrop cheating, but its to risky it we drop it to fake projects.they could abuse our data.

[asus09]

Many shit exchange do give opportunity their coin by have submit KYC, will you give your identity with many kinds shit coin without have value? Last week I got new exchange without know how trusted it give about thousand kind coins for every one created account and submit KYC identity from ID card image until take selfie with our picture.

[Silberman]

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.

I find very surprising that people are still buying that lie that know your customer policies are somehow for our protection, we know that is not true, those policies are in place to try to control the people that are holding cryptocurrencies, and the worst part of all those policies is that now everyone is asking for your information claiming to be respecting the regulations that are in place when what they really want to obtain from you is your personal information so they can sell it to the highest bidder.

[TrevorS]

Many shit exchange do give opportunity their coin by have submit KYC, will you give your identity with many kinds shit coin without have value? Last week I got new exchange without know how trusted it give about thousand kind coins for every one created account and submit KYC identity from ID card image until take selfie with our picture.

Yes, quite a few questionable exchanges offer their native tokens for passing the identification procedure. In fact, this is an airdrop in exchange for your documents.
Whether a coin will cost at least something is a big question. Worst of all, people use other people's documents when they participate in this promotion, bought on a darknet.

[Oneandpure]

KYC get much benefit if you are big investor, by KYC with binance or bittrex exchange you can limited your withdrawal above 100 BTC in daily, but if you not KYC you can withdraw or sending your asset to other wallet, but be quiet with many exchange before submit your KYC, only for trusted exchange to keep your data KYC safe and do not use for something danger.

[Meowth05]

KYC standing for Know Your Costumer or mean you have upload your data ID for an exchange or an ICO project investment, we have submit KYC after joining bounty campaign project keep away from participants using multi account or joined with more than one account, now airdrop have doing with the same thing for participants upload their ID if want to earn coin.

And shouldn't be followed or support since it's also can take away your data, before thinking of passing your personal data make sure that you fully'understand the risk. scammers can sell your account in the dark web think before submitting make sure you know the team behind it.

so if we want to give our personal data for receiving bounty reward or withdraw from exchanges,please make that this projects trusted and haveno fake team that could steal our data and sell it to unresponsibility person.actually this is good solution to prevent bounty or airdrop cheating, but its to risky it we drop it to fake projects.they could abuse our data.

Personally, I would never give my personal data from any bounty campaign or in any airdrop not because I don't have any trust to them but just for safety of my data. I would only put my trust on exchanges but for not simple one, I would put it into a popular and have integrity one because they'll never do such thing could harm to their integrity as a trusted exchanges.

[TrevorS]

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.
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?

For the coin, this clearly does not bode well, but it is not the coins that introduce the KYC procedure, but the jurisdiction in which the given coin is based.
Money laundering is not always the case, but just control. The state and the legal system want to keep under control all individuals included in this system, this is the key to maintaining power - control over people.

[ice098]

KYC get much benefit if you are big investor, by KYC with binance or bittrex exchange you can limited your withdrawal above 100 BTC in daily, but if you not KYC you can withdraw or sending your asset to other wallet, but be quiet with many exchange before submit your KYC, only for trusted exchange to keep your data KYC safe and do not use for something danger.

kyc in well known and reliable exhange is good but for a bounty and giveaways it can only make us prone to identity theft. We should know where and when we could pass our kyc, because if someone tries to hack their system our identity, information is at risk.

[Republikcoin.com]

That is right. We should only submit our documents to the trusted website. It is better to stay away from unknown or not trusted giveaways or campaigns because it will give benefit to us since we could protect our identity and we will not be at risk since it is easy for them to make profits through our identify by selling our identity in the black market.

for some places, we might know a trusted place and it's okay to send KYC to that place. however, it is quite different from the new project. for some new projects requires KYC for regulatory reasons. Well, that is a new place, and of course, we cannot know whether that place is trusted or not.

in this case, there are advantages and disadvantages for people who do KYC. but as long as it's a trusted place, I think it will be fine.

[HarmonyA]

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 necessary to prevent scammers from participating in crypto, minimizing money laundering, protecting investors assets  and solidifying trust among others. In my opinion, the disadvantage of KYC is not relevant as the advantage already superseded the disadvantage by helping to bring sanity and trust in the crypto space.

[carriebee]

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.....

Doing a Kyc  is not really good because you will give your identity to others that no assurance if its safe or not. It's more disadvantage if we do KYC it may cause of copying your identity, sell it to dark web and many more. That's why  its important to be more careful when give your identification to any project in crypto, only choose that you know have a really have future in crypto and if they trusted.

[Google+]

doing KYC is something that is very scary because the developer can get your identity but in that way the exchange can do according to existing regulatory procedures that must be known who is the account owner at the exchange so that they can avoid money laundering.

[Xxmodded]

Know Your Costumer publish first because many country not allowed for investing in ICOs or IEO, the owner of ICO never give space for participated an ICOs project from country not allowing with investing on ICOs, its why an ICO investment project have to submit Know Your costumer or KYC for take rule of their project without participated from country not allowed for investing with ICO project like united state people.

[Genemind]

Some exchanges and projects require KYC which I think isn't beneficial for most users. There's a risk that we might be facing as we submit the requirements for it. We're putting our personal identity information at risk. However, they require it for security purposes but we still don't know the people behind every exchange and projects so it's really hard to keep calm and entrust them our identities.

[NewRanger]

Some exchanges and projects require KYC which I think isn't beneficial for most users. There's a risk that we might be facing as we submit the requirements for it. We're putting our personal identity information at risk. However, they require it for security purposes but we still don't know the people behind every exchange and projects so it's really hard to keep calm and entrust them our identities.

if we feel doubt with that projects or exchanges,we could pass this step.our personal data more important than money that we will received from any projects.moreover we don't know person that will hold our personal data.if they are bad person,it has possibity they will sell our data on black market or deep web.we still have many choice about exchanges or projects that will give us.