Is KYC benefit to crypto people or not

[BennyK]

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.

A nice point you have but we cannot forgo some regulations as well. Some countries require the KYC from the projects and this is why participants or investors are also requested to pass KYC before investing or joining. There is the risk of giving out identity to fake or scammers but the main idea of KYC is not a bad one. It is meant for verification purposes and projects must assure participants of safe handling of docs regarding the KYC.

[bassbity]

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.

A nice point you have but we cannot forgo some regulations as well. Some countries require the KYC from the projects and this is why participants or investors are also requested to pass KYC before investing or joining. There is the risk of giving out identity to fake or scammers but the main idea of KYC is not a bad one. It is meant for verification purposes and projects must assure participants of safe handling of docs regarding the KYC.

For now KYC has been important because it is a trend or has become the rule of law, for me if KYC in large exchanges is not a problem because they guarantee the security of our identity that we deserve to suspect is when we join a bounty campaign or participate in ICO, IEO, now that's just being afraid of being misused by other parties.

[Astvile]

I personaly think that KYC isn't that important and necessary for cryptocurrency. You risk your own identity to some online companies who you are not even sure is an established company at all or if they are trusworthy and will declare our identification confidential to their office only. Because I've read that selling of identifications in the dark web is a big market so me I don't like doing KYC online, it does not have benefit for the users I think

[hulla]

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.

Honestly, KYC does not benefit crypto people cause it another means of centralizing cryptocurrency users and I also don't support doing KYC on either big/small exchange site, bounty or airdrop cause a situation whereby users information leak may occur anytime.
Mind you, the reason why KYC was implemented was to stop laundering and scam which still occur in the crypto sphere.

[terencio]

I am not really in favor of KYC, with so many failed project in the previous years, where I also submitted my KYC, it's really risky where they keep your personal information and the project does not push through. I exposed myself to risk. There are exceptions, of course, where KYC is a must, but it is up to you to decide.

[Brunus]

The crypto - in Satoshi's intention - were born to be free, anonymous and out of control.
Any attempt to regulate them obviously involves identity control, but then the purpose ends.
We must refuse to give in to these promises.

[asus09]

KYC is benefit if we use for right exchange and best ICO investment, but for you as airdrop and bounty participants be careful because many bounty and airdrop just take your data and use for other thing like saving money online, although you upload you face with hold your id card maybe make easy to earn money saving online, better KYC with bounty and airdrop look profitable and trusted site like airdrop for exchange market and bounty campaign have higher value.

[Aying]

If this benefits us or not, KYC is part now of crypto's growth. every exchange now are required this and not just exchange those projects run ico's requires KYC if you want to invest. but this KYC will take risk of crypto investors and traders? Maybe, because our info's goes everywhere and the site we trusted to secure it will hack and maybe government take this as an advantage to take our personal informations. but, this is an disadvantage thing that I think would be happen. KYC process now are helping us a lot. just dont give it to those who not trusted.

[uray]

KYC is benefit if we use for right exchange and best ICO investment

What is the purpose of submitting your KYC for investing in projects, if you are into bounty hunting they might need as to avoid multiple entries but what ever be it every project wants to advertise their product and reach the maximum audience and the idea of collecting KYC is not appreciated as they will misuse it by selling it to make further money.

but for you as airdrop and bounty participants be careful because many bounty and airdrop just take your data and use for other thing like saving money online, although you upload you face with hold your id card maybe make easy to earn money saving online, better KYC with bounty and airdrop look profitable and trusted site like airdrop for exchange market and bounty campaign have higher value.

The rest what you have written was difficult for me to understand .

[Sithara007]

In its current format, KYC is very much useless for the cryptocurrency users. The bounty hunters and small scale traders are made to go through the KYC process in order to earn $5 worth of bounty, or to sell $10 worth of tokens. But at the same time, ICO promoters shift their operations to territories where the KYC is not mandatory and they continue to scam the investors. I don't understand the logic of forcing everyone to do KYC under such circumstances. "Everyone" here means those who can't afford to shift their operations to lenient countries.

And there are several risk factors which can arise from the KYC process. Cryptocurrency is banned in several nations, including Nepal, Bangladesh and Kyrgyzstan. KYC process exposes the users from these nations and they can get harassed by the law enforcement authorities. Another risk comes from the exchanges themselves. Many of them are being run by people with shady credentials and there is no guarantee that your KYC information may not be misused for identity theft.

[Silberman]

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.

Answer me a question, since KYC has become more common in this market, have you seen a reduction in the number and scale of the scams taking place? Because I have not, scams are still happening and investors are still losing millions of dollars every day, so the supposed advantages that KYC policies will bring have not worked, and what it is the point of having those policies in place if the advantages KYC would bring are not working and the disadvantages of KYC are troubling people every day?

[suzanne5223]

KYC is benefit if we use for right exchange and best ICO investment, but for you as airdrop and bounty participants be careful because many bounty and airdrop just take your data and use for other thing like saving money online, although you upload you face with hold your id card maybe make easy to earn money saving online, better KYC with bounty and airdrop look profitable and trusted site like airdrop for exchange market and bounty campaign have higher value.

I support what you said about bounty and airdrop participants since they are not investors but KYC still doesn't totally benefit every crypto user even with the use of the right exchange site causes the issue of data linkage can happen anytime which was what some binance users experienced this year.

[supto005]

There is no special opportunity for us. KYC is helpful for ico project owner.  They collect our information so that no one can open a fake account. The bad thing about the bounty hunter is that there are many people who cannot participate in the campaign for KYC. Because many bounty hunters do not have id cards, it is not possible to participate in these projects without id cards because they require KYC. But we have to say that a good project always require KYC to show that they are a trusted & legit project. Personally I don't like KYC.

[KennyR]

KYC is benefit if we use for right exchange and best ICO investment, but for you as airdrop and bounty participants be careful because many bounty and airdrop just take your data and use for other thing like saving money online, although you upload you face with hold your id card maybe make easy to earn money saving online, better KYC with bounty and airdrop look profitable and trusted site like airdrop for exchange market and bounty campaign have higher value.

I support what you said about bounty and airdrop participants since they are not investors but KYC still doesn't totally benefit every crypto user even with the use of the right exchange site causes the issue of data linkage can happen anytime which was what some binance users experienced this year.

Data trade is a big business. KYC for airdrops and other bounties can be found in a huge number. This will surely gets a bigger earning for the one who gets into the trade. Moreover if you find the project to be worthy and trusted then giving KYC is not a big issue. If not it is good to participate on airdrops conducted by exchanges, as we've already done our KYC for the exchange usage.

[dimox]

when you make transaction with bitcoin, your personal information will save, none know about sender and receiver. when you fill kyc, your information will be save by third party, which later, when you send or receive bitcoin, your information will be written on their book.
the advantage, when someone use bitcoin to money laundering, his personal information will be shown on their book, and you will be get additional security. and the disadvantage is, not only big transaction, but your every transaction will show your information.

[btcdie]

kyc verification is very annoying for me, cryptocurrency is made with the system (blockchain: our anonymity is guarded), but why do we have to verify kcy and that is the same as giving our identities to third parties, the reason is to maintain security and if laundering happens money or crime can then be traced.

after all lately, identity trading is everywhere and involves crypto in that business. please be more careful if you need verification of kyc, especially bounty & airdrop.

[finzyoj]

after all lately, identity trading is everywhere and involves crypto in that business. please be more careful if you need verification of kyc, especially bounty & airdrop.

I don't see that complying kycs when joining airdrops and bounty camapaign leads you to danger, the risk was present I know but I haven't heard cased of leak personal informations so far so I think it still okay. The only thing which bothers me is the fact that is it even necessary? What I mean is it really worthy to give info like that to a not so important thing? For me it's not.

[cotton ball]

KYC benefit for crypto people with many investor use bigger amount with bitcoin and altcoin investing, when you trade at Binance you have push your limited withdrawal by KYC account, without KYC you only have 1 bitcoin for daily withdrawal, after KYC you can withdraw 100 BTC every day and you have big chance to get profit after submit KYC.

[meliodas]

KYC benefit for crypto people with many investor use bigger amount with bitcoin and altcoin investing, when you trade at Binance you have push your limited withdrawal by KYC account, without KYC you only have 1 bitcoin for daily withdrawal, after KYC you can withdraw 100 BTC every day and you have big chance to get profit after submit KYC.

I agree that KYC is good for the people who are trading cryptocurrencies in an exchange like Binance but not all of the time it is helpful because most of the people here in the cryptocurrency world are sending out documents to bounty campaigns, airdrop or giveaways which is not safe because it is dangerous since you are risking yourself.

[bitbunnny]

To my opinion people complain to KYC for no reason. Yes, they will lose a part of their privacy but on the other hand they benefit much more with protection.
Many are afraid that their personal data might be abused but serious companies wouldn't risk that much to endanger confidental private data. Of course, some data breaches are always possible but we are exposed to such risk every time we go online and use our data.
KYC helps with fraud and illegal activities so in general it's good for crypto community.