Is KYC benefit to crypto people or not

[JeffBrad12]

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.

That's why the implementation of KYC needs to be intervened by the government if they really serious about it. Can't really entrust the KYC procedures which involve handing out your important data to every company existed just that easily. Government need to step out making organization that handle KYC directly and if there's an exchange or such thing asking for KYC verification they can simply ask the result from that organization.The government can't just make such regulation and then leave it be because there are so many strangers out there with harmful intention. Even handing out ID is already insane in the first place.

[nightflightcourt]

No. KYC and blockchain are a horrible, horrible mix.

[cotton ball]

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.

That's why the implementation of KYC needs to be intervened by the government if they really serious about it. Can't really entrust the KYC procedures which involve handing out your important data to every company existed just that easily. Government need to step out making organization that handle KYC directly and if there's an exchange or such thing asking for KYC verification they can simply ask the result from that organization.The government can't just make such regulation and then leave it be because there are so many strangers out there with harmful intention. Even handing out ID is already insane in the first place.

My country very danger if you use your data for invalid project and submit your kyc with upload ID and take face selfie with holding your ID card, if you wrong for submit shit exchange maybe your data account use for other else, keep careful when you make KYC with some exchange market, looking how many people have registered with some exchange before you put your KYC data.

[Innocant]

Actually doing such KYC was a good idea in comes on the exchange site, On when we need to withdraw our coins we have in the exchange site even if we forgot on what user or pass we can contact to support by sending KYC. But on bounties ill think its not good to do KYC because we participate directly no information or data it needed, But sometime in comes to distributed rewards their are bounties need KYC to get a bounty reward.

[riso2015]

The enactment of KYC is due to government intervention which obliges every Exchange to get their approval, the government's reason is to pressure misuse of Bitcoin or Cryptocurrency that will be used for money laundering or terrorism funding. With the KYC, they can easily monitor suspicious movements.

[mersal]

No. KYC and blockchain are a horrible, horrible mix.

Blockchain makes the things more transparent but people using crypto currencies to secure their personal data but asking the details to use crypto related services is just horrible and completely against the intention of crypto usage.

How to get rid of this? Stop using exchanges,start making payments.

[asus09]

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.

Advantage of using KYC for bounty campaign manager know who joined bounty campaign with multi account or have one more account, but if bounty campaign coin reward very small and lower price listing on exchange market what for have KYC and sell our data with very lower value, do you want your document pay less reward payment or not?

[strunberg]

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.

Advantage of using KYC for bounty campaign manager know who joined bounty campaign with multi account or have one more account, but if bounty campaign coin reward very small and lower price listing on exchange market what for have KYC and sell our data with very lower value, do you want your document pay less reward payment or not?

it depend on our self , how to decided about coin value and personal data privacy.if we think no matter with value , in hope someday its value will increase we could send our document.kyc really usefull to prevent multi account , and many good campaign use this way.for example harmony.

[Silberman]

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.

The idea behind know your customer policies is not good, it doesn't add anything to the market, everything was working all right before the governments tried to involve themselves in the market, make no mistake those policies are there to try to identify the people that are holding huge amounts of cryptocurrencies, it doesn't benefit you in any way and if anything it has damaged the market because now scammers are using that as an excuse to steal money from people and to steal their identities.

[youdacapt]

Kyc for ico is mostly made just to guard against possible regulatory demands, but in reality they don't even get that obligation so it's not too important. In contrast to ieo, especially for exchanges that already have a license, if not then the kyc data will only be their collection, it is better to focus on how detailed it is for us to submit passport data etc. on something we follow.

[FaMouS8828]

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.

KYC is avoid cheating from investors and bounty hunters but as you mention don't protect us from companies fraud. In cryptoworld a lot of companies are scammers.  it's so risky to provide personal data for those companies. As for me, KYC is not a solution for protecting cheating or avoid black money. And you should think twice before pass KYC.

[amonymous]

Almost kyc i agree exchange and bounty campaign for avoid cheating people, I think most important every exchange for safety our account with funds. Actually dumper people will not available in exchange where have good kyc documents passing.

[shield132]

Btw it's really hard to state what can be considered as benefit for people regarding to KYC. Well, you may see some bitcoin services offer standard plans and great opportunities if you are verified, if you say in this situation KYC is benefitial, idk, cause those benefits could be added without requesting KYC documents.
I don't see any benefit in adding KYC, even worse, there is possibility of stealing our data and that happened for a lot of times.

[hahay]

Btw it's really hard to state what can be considered as benefit for people regarding to KYC. Well, you may see some bitcoin services offer standard plans and great opportunities if you are verified, if you say in this situation KYC is benefitial, idk, cause those benefits could be added without requesting KYC documents.
I don't see any benefit in adding KYC, even worse, there is possibility of stealing our data and that happened for a lot of times.

Well, the problem of data theft is indeed a major problem about KYC but if we are not easy to send KYC then I think it will be fine, in the sense of making wiser choices when we want to send personal identities on every existing project. In this case there will indeed be good and bad sides and also useful or not, it depends on where and for what purpose we send KYC, if KYC is really needed for personal needs such as an exchange then it will indeed be beneficial.

[panganib999]

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.....

Bitcoin, or the whole cryptocurrency was known because of the anonymity of the transactions due to the blockchain technology's service. KYC is really highly beneficial when it comes to the legitimacy, safety, and the assurance that you are doing your transactions with highest legality. KYC prevents scammers from joining the investment you're into because they will be needing to provide personal informations. What I can see as something disadvantageous about KYC is your privacy will be compromised because of the infos you need to provide.

[Edraket31]

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.....

Bitcoin, or the whole cryptocurrency was known because of the anonymity of the transactions due to the blockchain technology's service. KYC is really highly beneficial when it comes to the legitimacy, safety, and the assurance that you are doing your transactions with highest legality. KYC prevents scammers from joining the investment you're into because they will be needing to provide personal informations. What I can see as something disadvantageous about KYC is your privacy will be compromised because of the infos you need to provide.

Yes, we all know that we are creating an anonymity for transactions, but there were some transactions just like in exchange which most of them requires KYC in compliance with AML so there in nothing we can do about it, as this is for our security and safety too in case someone hacked our account.

[Fredomago]

in my opinion there are advantages and disadvantages. with KYC in my opinion will narrow the room of the fraudsters, because everyone's data must be saved when doing KYC. and the loss of KYC in my opinion, concerns the misuse of personal data that will be controlled by unwanted people. but I still do not hesitate to do KYC, if indeed it has become an established procedure.

But how will be determine whether the business are established and you can trust them to provide your personal information. This is always the question behind KYC procedures, how will you know if you are giving it to the right team or business that can take care of your privacy, and if you remember the intentions of creating this system, freedom for being anonymous, KYC are no longer following that, though in the brighter side of it, KYC will also save you if real team will provide the right use of it.

[Peashooter]

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 don't think so that kyc will be benefit to the crypto people because as what you've said the best asset of crypto is being anonymous then when we the crypto people gives our kyc or personal information then we will not be anonymous when they get our personal info. The advantages of this kyc is we will prevent those scammers and multiple accounts by having kyc but for me it is not necessarily to give our personal info.

[Innocant]

Almost kyc i agree exchange and bounty campaign for avoid cheating people, I think most important every exchange for safety our account with funds. Actually dumper people will not available in exchange where have good kyc documents passing.

Indeed KYC are important from exchange site for more safety on us if we want trade and withdraw. But in bounty campaign i dont think so if is good for the bounty hunter do have a KYC because most bounty hunters are not agreed KYC in bounty it was been waste of time doing such KYC from bounty. And yes their are many cheaters from bounty campaign and ill think it depends from the BM on how to handle this cheaters.

[Silberman]

Btw it's really hard to state what can be considered as benefit for people regarding to KYC. Well, you may see some bitcoin services offer standard plans and great opportunities if you are verified, if you say in this situation KYC is benefitial, idk, cause those benefits could be added without requesting KYC documents.
I don't see any benefit in adding KYC, even worse, there is possibility of stealing our data and that happened for a lot of times.

Well, the problem of data theft is indeed a major problem about KYC but if we are not easy to send KYC then I think it will be fine, in the sense of making wiser choices when we want to send personal identities on every existing project. In this case there will indeed be good and bad sides and also useful or not, it depends on where and for what purpose we send KYC, if KYC is really needed for personal needs such as an exchange then it will indeed be beneficial.

And because of that people do not trust companies that ask for KYC, it is very easy for them to say that KYC is good but they are not the ones that are putting their data at risk, we have seen even huge companies like facebook fail when trying to protect the data of their members why do they think they can make a better job than them when they do not have anything close to their resources? But whether we like KYC or not it is a lost battle, those requirements are here to stay in this market.