Is KYC benefit to crypto people or not

[Lagduf]

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.

You should hesitate a bit more about submitting KYC. Imagine your data ended up being sold by some scumbag and there's nothing you can do about it.
It's the same reason why there are so many datas being sold you know because some people are not hesitant submitting their ID literally everywhere making it easy for the people to scam the data into selling it for few bucks. If it's an investment I'd say a really good investment to make yourself gets into trouble in the future about recklessly submitting your data.

[1715379158]

1715379158

[Visbay]

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.

You should hesitate a bit more about submitting KYC. Imagine your data ended up being sold by some scumbag and there's nothing you can do about it.
It's the same reason why there are so many datas being sold you know because some people are not hesitant submitting their ID literally everywhere making it easy for the people to scam the data into selling it for few bucks. If it's an investment I'd say a really good investment to make yourself gets into trouble in the future about recklessly submitting your data.

Why would they do this when they clearly know scamming or cheating with people can damage their image in the market. People invest their money because they trust and if they will defeat them then why would someone send them data or their identity but being an investor if I am investing with people so I will surely ask about their KYC as I know KYC is good for our safety.

[mdgabrielzim]

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.

You should hesitate a bit more about submitting KYC. Imagine your data ended up being sold by some scumbag and there's nothing you can do about it.
It's the same reason why there are so many datas being sold you know because some people are not hesitant submitting their ID literally everywhere making it easy for the people to scam the data into selling it for few bucks. If it's an investment I'd say a really good investment to make yourself gets into trouble in the future about recklessly submitting your data.

I always avoid campaigning where people charge KYC, I don't like to leave my documents in the hands of people I don't know. Remember that most of these campaigns are scams, so I don't see KYC as a good thing.

[andycarrol]

in the world of KYC cryptocurrency it shouldn't be done you can see the main purpose of the created bitcoin is to make anonymous digital currencies meaning that no one knows who owns the assets and a cryptocurrency wallet because if you do KYC your identity and privacy will be known by many people.

[huu78]

KYC should be unusable and instead make our data scattered by those who are evil. Why so? Not a cryptocurrency transaction is anonymous and transparent through the blockchain system why we told to do KYC?
What I fear is that the market is not responsible for our data will later be used by them to register an online loan or ransom using it. But its good side KYC makes it decays people to duplicate their real self on a site if there is a loyalty to the distribution.

[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 not needed for using crypto currencies but you may need them for buying crypto currencies a lot which I think indeed to stop people from money launder their black money apart from this no other advantages we can get but lot of disadvantages by having KYC like our details are in hands of someone which can be used for anything if they want.

KYC is not benefit for investor only give benefit for seller or ICO owner, they want get all document from investor by submit KYC and they will know which document using by investor, they can take moment to make investor afraid by data publish for fault and make mistake. Better join ICO or IEO without have submit KYC and your data is safe.

[Cnut237]

I think we need to accept that KYC is inevitable if we want crypto to go mainstream. Regulation is inevitable, and KYC is a part of that. As crypto grows and becomes more visible to government, they take steps to ensure that it complies with laws. It may have its negative side, but there are positives to this as well, such as consumer protection.

[poldanmig]

I think we need to accept that KYC is inevitable if we want crypto to go mainstream. Regulation is inevitable, and KYC is a part of that. As crypto grows and becomes more visible to government, they take steps to ensure that it complies with laws. It may have its negative side, but there are positives to this as well, such as consumer protection.

But what is happening right now is actually not on the basis of the government that gave permission for KYC. on average, the project is not clear and their Airdrop requires everyone to KYC, which is clear, we don't know what the KYC will be used for?

If indeed the government regulates this process there is certainly no question. because we believe the data we will report is guaranteed to the government not the project or the company, indeed it will remain a controversy as long as KYC does not have permission from the government

[Capt00]

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.

Yes it is true that KYC can actually help eliminate those cheaters who are using the anonymity of bitcoin as a reason to rip people off. KYC is good because it can make you feel secure and if incase something happened then it can be traced easily. However, the bad side as well is what if the KYC files were hacked then hackers can get your personal information and worst case is they will use that information to scam other people. KYC has advantages and disadvantages it depends on the person what he prefers.

[AicecreaME]

I think we need to accept that KYC is inevitable if we want crypto to go mainstream. Regulation is inevitable, and KYC is a part of that. As crypto grows and becomes more visible to government, they take steps to ensure that it complies with laws. It may have its negative side, but there are positives to this as well, such as consumer protection.

We don't need regulations in cryptocurrency, that will contradict the whole part of cryptocurrency, and KYC is not inevitable, ICOs out of nowhere required it with a non-convincing explanation at all, and that's what makes them suspicious about thier activity (KYC) requirements, and when the Government takes over about the "authority" that you were saying, cryptocurrency is not cryptocurrency, you could start it calling "fiat".

[ivakar]

actually I think the best way is to make one time KYC procedure for huge volumes operations with crypto
if the daily volume do not exceed determined amount  - KYC is not required..

[cotton ball]

I think we need to accept that KYC is inevitable if we want crypto to go mainstream. Regulation is inevitable, and KYC is a part of that. As crypto grows and becomes more visible to government, they take steps to ensure that it complies with laws. It may have its negative side, but there are positives to this as well, such as consumer protection.

Giving KYC will available for some country to allow bitcoin as legal transaction, government need transparent data from bitcoin investor and know which one people come from and how many people been part of bitcoin and altcoin investment, they will not allowing if bitcoin member like ghost without know real or not people, will bitcoin transaction use for fault thing or not.

[Sithara007]

actually I think the best way is to make one time KYC procedure for huge volumes operations with crypto
if the daily volume do not exceed determined amount  - KYC is not required..

The current KYC process is very crude and it creates a lot of risk for the exchange users and the ICO investors. First of all, the users are forced to send the scanned copy of their passports or national ID cards to completely unknown people, sometimes with shady credentials. There is no guarantee that these documents won't be misused. Also, this process needs to be repeated again and again. Every time an user wants to invest in an ICO or register to an exchange, he needs to undergo this process.

There should be a central authority to process the KYC information and this should be set up by someone with good reputation, such as Kaspersky or Symantec. If such an authority is created, then the users may feel safe about their personal information and they will be spared from the need to undergo this pesky process every now and then.

[Digitalasset123]

KYC is beneficial to every genuine crypto user, as it help to fight against fraud by reviewing the identity of every crypto person. Though some person don't like it as it sometimes slow transaction due to delay in approval of KYC documents.

[Febo]

KYC is beneficial to every genuine crypto user, as it help to fight against fraud by reviewing the identity of every crypto person. Though some person don't like it as it sometimes slow transaction due to delay in approval of KYC documents.

That genuine crypto user will not be so happy when some criminal after will hack into exchange database appear on his doorstep with a big gun and demand him to transfer all his coins to him.

[Triffin]

KYC is beneficial to every genuine crypto user, as it help to fight against fraud by reviewing the identity of every crypto person. Though some person don't like it as it sometimes slow transaction due to delay in approval of KYC documents.

It is not a big issue that transaction become slows due to KYC approval, I think KYC is very much important in any work that is deal on internet because KYC help people a lot in the identity of other and the usage of KYC reduced the risk of scamming as it become the great issue now a day and especially in crypto world the scamming has becoming very easy but the KYC could control it but the thing is that this KYC must be in safe hands.

[reality18]

The idea behind KYC is a good one. KYC is for verification purposes and also has some legal connections especially the governments of some countries require it from projects. However, it is good to know more about the project before submitting ones personal details to them because not all the projects can be trusted. Some of them sell the personal details of participants to the dark web for their personal profits.

[asus09]

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 think KYC give much benefit for user and bitcoin, with using KYC almost person know their data and know where is come from, its the way how to make bitcoin and altcoin easy adoption in some country after giving KYC. Right now many country still not allowed using bitcoin and altcoin because many people like ghost and never have who is the real user invest with bitcoin and where bitcoin use by investor.

[zidanw]

It will still be a debate about KYC. Because there are so many indications of abuse for other things. When I really want to do the KYC process in my opinion there must be supervision or permission from the government. so that all the data is not in use or stored by the government so that we ourselves believe. but at the moment I see it rarely happens that our agreement with the projeck is to carry out the process

[ivakar]

The current KYC process is very crude and it creates a lot of risk for the exchange users and the ICO investors. First of all, the users are forced to send the scanned copy of their passports or national ID cards to completely unknown people, sometimes with shady credentials. There is no guarantee that these documents won't be misused. Also, this process needs to be repeated again and again. Every time an user wants to invest in an ICO or register to an exchange, he needs to undergo this process.

There should be a central authority to process the KYC information and this should be set up by someone with good reputation, such as Kaspersky or Symantec. If such an authority is created, then the users may feel safe about their personal information and they will be spared from the need to undergo this pesky process every now and then.

well, what can I say, you are correct that current implementation of KYC is far from ideal and I think that industry will invent the standard which will be suitable for regulators, customer and exchanges..
no idea what time it will take, but it will be done, and then I hope KYC process will be easier for us.
it is understood, already that regulators will require KYC all the time ((