Is KYC benefit to crypto people or not

[ringgo96]

The idea behind KYC is a good one because it is meant for verification purposes. It only turns out to be negative when bad actors on the market decides to gather the data of participants and sell for their personal gains on the dark web. This is why KYC participants must be certain about the authenticity of the project before submitting their personal details.

Now I ask you. Do you believe our data is not misused by the company? let's see how many companies or Projeck lists are scams and what risks do we get when we verify? the problem is when a lot of scams and data are misused . in my country there have been many cases of personal data being used as online loans and many are not aware that their data is used. isn't this very detrimental ?. just for example  

[robelneo]

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.....

They are trending for two things, for developers and bounty hunters, to steal information and to get free tokens and this is the bad side of KYC the good side is, compliant for government regulations for better acceptance of the project and for exchange compliant on the country where they are regulated, these are two things that make KYC popular and trending and all of us here have gone through KYC one time or another.

[iamsange]

I think if crypto market ask their users to do KYC, i don't have any choice if i really need to use it. Because not all tokens listed in every exchange, sometime we must do KYC to sell our tokens from bounty campaign. And as long i believe my data will be safe, i will do it.

[pamsugas]

KYC is needed right now because of its widespread abuse of bitcoin such as terrorist funding, illegal drug purchases and others although KYC is contrary to the nature of bitcoin but I think KYC must be needed for security.

[AicecreaME]

The idea behind KYC is a good one because it is meant for verification purposes. It only turns out to be negative when bad actors on the market decides to gather the data of participants and sell for their personal gains on the dark web. This is why KYC participants must be certain about the authenticity of the project before submitting their personal details.

Yes this is the darkside of using KYC, as it can be used in illegal activities. Therefore, the ICO campaign should also be regulated so that we can determine if this ICO campaign is trustworthy.

And once these two problems have been resolved, the campaigns are likely to get better and we can avoid these scams.

We still don't have proofs that they are asking for it and using it on such things, but we have a gut feeling that they are, and our body can detect negative vibes so we have to trust it, most of the time it is accurate. My one of the guesses why they are asking KYC to their clients is, they maybe making a database for it, and who knows where they are going to use it, it doesn't matter if they are legit sites, or rich people, we can't read their mind and we don't know their true intentions, and that is worst than scary.

[Oneandpure]

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 have become trending with many exchange market, almost of new ICO project or IEO needed for submit KYC at the first registered and invest, many exchange market make KYC is must have to fill, without giving KYC data you are not available for trading in the exchange market, just love with your data by joining exchange market have good trusting score where your data safety than you use for fake exchange market.

[jets567]

KYC is needed right now because of its widespread abuse of bitcoin such as terrorist funding, illegal drug purchases and others although KYC is contrary to the nature of bitcoin but I think KYC must be needed for security.

Exactly, as a crypto lover we all want to remove those illegal activities on this space to create a better image about crypto because other people know that crypto is only used for criminal activities which cause them to avoid crypto. KYC is one of the solution that regulators implement in crypto space to push away those person who have bad intention that is using crypto for their illegal actions.

[smyslov]

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 will benefit people who are into a good project and will harm him if the project is dubious, so if you are going to go for a KYC be sure you are going to do it in a legit project, KYC on airdrops is very much trending or rampant, because data fetch a high price in the black market, where newbies are not fully aware of the whole consequences, these newbies should be educated on the harm these KYC's are doing

[Ferris419]

If we want to see crypto in real mass adoption, we have to consider the regulation and KYC! You can see people are not supporting the KYC procedure, but we don't have other options if you want to adopt the real trend of the crypto market. For example, If you want to invest in ICO, IEO, STO or if you want to withdraw large amounts of crypto from the reputed exchange then you have to go through the KYC! I know KYC has many disadvantages, but have no other option to avoid it, as I am investing in reputed IEO!

[cotton ball]

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.....

I worried with my data control by some one else where our data ID number can access to our bank ATM, how ever when our data have publish to public we have ready for big risk with our bank account, better only KYC with big and trusted exchange market like Binance, Bittrex and Indodax, if you can withdrawal without KYC better never upgrade your exchange account with submit KYC.

[barnes13]

The advantage of using KYC is to avoid money laundry. In addition, using KYC in several fields such as the Bounty Campaign is to avoid cheating that is commonly done by participants by using multiple accounts. And on the project team by conducting KYC on several ICO Listing websites is to increase the credibility and transparency of the project, this is very influential in getting investors. Because right now their attention is on projects that have been verified.

The disadvantage of using KYC is that our data can be sold by some sneaky people, therefore we must be able to choose to do KYC on several platforms, and not be careless in doing so.

[whyrqa]

The advantage of using KYC is to avoid money laundry. In addition, using KYC in several fields such as the Bounty Campaign is to avoid cheating that is commonly done by participants by using multiple accounts. And on the project team by conducting KYC on several ICO Listing websites is to increase the credibility and transparency of the project, this is very influential in getting investors. Because right now their attention is on projects that have been verified.

The disadvantage of using KYC is that our data can be sold by some sneaky people, therefore we must be able to choose to do KYC on several platforms, and not be careless in doing so.

Of course, you spoke very correctly about why you should provide passport data to investors, bounty hunters and other cryptocurrency users, but for some reason, providing KYC by users does not protect them from company fraud.

[ashmodeus]

Is KYC is benefit to crypto people or not.

it depend on that situation, mostly not.

what are the advantages and disadvantages of doing KYC.

advantages : of course u will get anything You get access or benefit more than those who don't do kyc , for example , binance exchange : u will get access for their IEO .
disadvantages : You are no longer anonymous

Universal money and Anonymous is the biggest strength of btc BTC, now every country follows KYC and then it can be controlled by someone.

that why , satoshi still anonymous , reminding to people the truly of altcoins is anonymous thing. but as time goes,the government began to take over all anonymous traits.
and its hard to decline that !

[gandame]

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.....

Its advantage because some exchanger are need kyc before you can withdraw. Advantage for those who want to exchange there. And kyc is very important because we can secure our money in that exchange.
Exaple you forget your password they need your information so you know that your fund are protected becuae only you can know your infirmation in that exchange.

[Oneandpure]

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.....

Its advantage because some exchanger are need kyc before you can withdraw. Advantage for those who want to exchange there. And kyc is very important because we can secure our money in that exchange.
Exaple you forget your password they need your information so you know that your fund are protected becuae only you can know your infirmation in that exchange.

Many exchange must KYC before withdrawing, but if you find with exchange market have minimum withdrawal in daily day without submit KYC better do not fill your KYC, how ever safe a exchange account maybe will make fault with your data know by public, use your limited withdrawal only and you can created many exchange account for break the limit withdrawal and you can take daily day trading.

[Flor1982]

The idea behind KYC is a good one because it is meant for verification purposes. It only turns out to be negative when bad actors on the market decides to gather the data of participants and sell for their personal gains on the dark web. This is why KYC participants must be certain about the authenticity of the project before submitting their personal details.

I agree but still the scammers can able to penetrate the crypto market and successfully steal the money and the data of the participants therefore i think the existing KYC or the regulation need to be amended to ensure that the KYC procedure will fully protect the investors from the bad people.

[GreenStox]

I think KYC can only provide benefits for those who give their identity to the exchange or other platforms because the identity that you use for KYC can be used to lend money with the platform they created, so be careful when you want to do KYC.

[EdvinZ]

The KYC procedure means that regulators view cryptocurrency trading as a serious activity requiring control. In fact, this is the evolution of cryptocurrency when it becomes legally regulated. Undoubtedly KYC is important to pass if you trade on a licensed exchange. However, if you are required to pass KYC new, unknown exchange with an unknown legal address and questionable origin, it is worth considering. Perhaps it's just scammers collect user data. This also applies to some ICO projects.

[Fredomago]

The idea behind KYC is a good one because it is meant for verification purposes. It only turns out to be negative when bad actors on the market decides to gather the data of participants and sell for their personal gains on the dark web. This is why KYC participants must be certain about the authenticity of the project before submitting their personal details.

I agree but still the scammers can able to penetrate the crypto market and successfully steal the money and the data of the participants therefore i think the existing KYC or the regulation need to be amended to ensure that the KYC procedure will fully protect the investors from the bad people.

There should be much strict policy in terms of KYC ensuring the security of your personal data once being submitted to any KYC required company. If possible to have a separated party to handle the process which need to be under government rules that will be under the law of the govern bodies.
KYC if being hacked and used inside darkweb can harm the real owner, so it's best to have a much clearer rules. All of us wanted to have a safe business around this industry, it should be well taken cared.

[ongkok87]

For the KYC process on the Exchange it is very important to find out who the users are trading or their funds are in the exchange. but for KYC in Bounty and also airdrop with rewards that are of small category I don't think that is relevant to do. because what we get is not big either