Is KYC benefit to crypto people or not

[Visbay]

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.

I can't stop laughing, but seriously, this is true, those people who are genuinely happy about this entire KYC "scheme" will be the saddest person in the end, this thing that they are proud of will surprise them by making a huge traumatizing scenario for them, poor souls.

I'm still thinking about joining bounty that have this requirement, but my cryptocurrency instinct never accepts it.

There is no need to be sad if you are doing this with a responsible and successful site. KYC is not reliable for new sites as it will carry some risk along with it but in well-known sites, we will feel safe. So yeah nowadays the number of scamming projects has increased allot better stay safe by staying away from them and use only well known or old websites to make investments in crypto.

[cutesgirl]

KYC and BTC are diametrically opposed concepts. One advocates privacy and non-stalking, while the other aims to reach out publicly to their credentials. Yes, you can use BTC without KYC, but most bounties or similar charities will be abused because KYC is a requirement.

They do KYC was because they need to know their customer and also to know if the person was the same as other person who participant in the bounty campaign. From privacy, it was okay because sometimes the manager will be the want who need the info and for that, there are a lot of people who do KYC too so it was like Facebook account information only and not all of your information in life.

Need KYC to know with costumer data to avoid from hacked and use account for wrong way, almost exchange market needed KYC for withdrawal with higher amount and Bittrex exchange market not allowing for withdraw if not pass KYC, KYC have benefit to protect costumer account from hacker and to keep investor not from allowing country investing with bitcoin and altcoin.

[Gotumoot]

Advantages: It's good for an ICO campaign to have KYC this is to avoid fraud, To make the transaction more legit.

Disadvantage: If a company does not have KYC you can easily join their ICO and we can buy a large amount of their token sale. There can also be scams, this is for bounty hunters who enter multiple accounts to gain more tokens.

[AicecreaME]

KYC and BTC are diametrically opposed concepts. One advocates privacy and non-stalking, while the other aims to reach out publicly to their credentials. Yes, you can use BTC without KYC, but most bounties or similar charities will be abused because KYC is a requirement.

They do KYC was because they need to know their customer and also to know if the person was the same as other person who participant in the bounty campaign. From privacy, it was okay because sometimes the manager will be the want who need the info and for that, there are a lot of people who do KYC too so it was like Facebook account information only and not all of your information in life.

You don't get the point, even if it was just the manager of a certain bounty, still, you don't know him personally, my question will be, would you trust your newly neighbor to take care of you son? I guess not, you don't know what he will do your son when you are not around, same goes to your personal information that is being exposed whenever you are submitting it in any projects that requires KYC.

Wait until it backfired to you, let's just hope nothing's worst gonna happen.

[Kambal2000]

You don't get the point, even if it was just the manager of a certain bounty, still, you don't know him personally, my question will be, would you trust your newly neighbor to take care of you son? I guess not, you don't know what he will do your son when you are not around, same goes to your personal information that is being exposed whenever you are submitting it in any projects that requires KYC.

Wait until it backfired to you, let's just hope nothing's worst gonna happen.

Indeed, so let's treat and be careful with our personal identity, even in facebook or other social media accounts, let's not give those hackers and scammers a hint for them to check us always, especially in facebook as they are selling our identity to a big syndicate, so be very vigilant with what you are posting. Also here in bounties and exchange, don't just give your personal info easily, think well if worth it or not.

[Vishnu.Reang]

KYC and BTC are diametrically opposed concepts. One advocates privacy and non-stalking, while the other aims to reach out publicly to their credentials. Yes, you can use BTC without KYC, but most bounties or similar charities will be abused because KYC is a requirement.

Can't put it any better than this. One of the reasons why Satoshi invented Bitcoin was to give an additional layer of privacy for the users. And with KYC becoming mandatory in the exchanges, user privacy has become a thing of the past. The good thing is that users are still finding loopholes to avoid KYC, such as using multiple exchanges and withdrawing/depositing amounts below the KYC threshold.

[clickerz]

KYC and BTC are diametrically opposed concepts. One advocates privacy and non-stalking, while the other aims to reach out publicly to their credentials. Yes, you can use BTC without KYC, but most bounties or similar charities will be abused because KYC is a requirement.

They do KYC was because they need to know their customer and also to know if the person was the same as other person who participant in the bounty campaign. From privacy, it was okay because sometimes the manager will be the want who need the info and for that, there are a lot of people who do KYC too so it was like Facebook account information only and not all of your information in life.

KYC is for campaigns and bounties that tend to be abuse by participants. KYC is for the identity of participants and crypto, in general, has nothing to do with this. Cryptocurrency is a mostly anonymous transaction that does not require any KYC.KYC benefits the campaign manager, exchanges banks and government in general because once identified, taxes will follow.  

[~Money~]

KYC is for campaigns and bounties that tend to be abuse by participants. KYC is for the identity of participants and crypto, in general, has nothing to do with this. Cryptocurrency is a mostly anonymous transaction that does not require any KYC.KYC benefits the campaign manager, exchanges banks and government in general because once identified, taxes will follow.  

this is absolutely right, i have only 1 experience in KYC in a local exchange service which after few years i learned that site hosting had been hacked and all data leaked in blackmarket

i noticed that once i saw my own passport and selfie was used by someone on another site, but hopefully the manager knew me and suspended that account and warned me not to do KYC any tie at any place anymore

[wxxyrqa]

KYC and BTC are diametrically opposed concepts. One advocates privacy and non-stalking, while the other aims to reach out publicly to their credentials. Yes, you can use BTC without KYC, but most bounties or similar charities will be abused because KYC is a requirement.

Can't put it any better than this. One of the reasons why Satoshi invented Bitcoin was to give an additional layer of privacy for the users. And with KYC becoming mandatory in the exchanges, user privacy has become a thing of the past. The good thing is that users are still finding loopholes to avoid KYC, such as using multiple exchanges and withdrawing/depositing amounts below the KYC threshold.

I completely agree with what you said, because providing passport data violates that original idea of ​​creating a cryptocurrency.  But for this period, the situation in the world is changing very seriously and events are developing in such a way that legally no one can use cryptocurrency in the future until the owners of the funds show their sources of income and provide passport data.  I believe that almost all cryptocurrency users will have to come to terms with the fact that they will have to fulfill the KYC conditions.

[cutesgirl]

KYC and BTC are diametrically opposed concepts. One advocates privacy and non-stalking, while the other aims to reach out publicly to their credentials. Yes, you can use BTC without KYC, but most bounties or similar charities will be abused because KYC is a requirement.

Can't put it any better than this. One of the reasons why Satoshi invented Bitcoin was to give an additional layer of privacy for the users. And with KYC becoming mandatory in the exchanges, user privacy has become a thing of the past. The good thing is that users are still finding loopholes to avoid KYC, such as using multiple exchanges and withdrawing/depositing amounts below the KYC threshold.

I completely agree with what you said, because providing passport data violates that original idea of ​​creating a cryptocurrency.  But for this period, the situation in the world is changing very seriously and events are developing in such a way that legally no one can use cryptocurrency in the future until the owners of the funds show their sources of income and provide passport data.  I believe that almost all cryptocurrency users will have to come to terms with the fact that they will have to fulfill the KYC conditions.

If site not most important better never submit your KYC by giving your document and your passport data, for exchange market look how limited withdrawal without submit KY, there are available or not for withdrawing without have submit KYC or not. Exchange market have popular like Binance, Bittrex and Gate is best way if submit KYC.

[milesfull]

KYC is against general crypto idea of anonymity in my opionion

[Ludmilla_rose1995]

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.....

Is KYC benefit for crypto users? the answer is NO! KYC is only for the benefit of the state and a centralized exchange that suspects crypto users for illegal actions such as money laundering or tax evasion. We will never know what they will do with our data.

[Silberman]

You don't get the point, even if it was just the manager of a certain bounty, still, you don't know him personally, my question will be, would you trust your newly neighbor to take care of you son? I guess not, you don't know what he will do your son when you are not around, same goes to your personal information that is being exposed whenever you are submitting it in any projects that requires KYC.

Wait until it backfired to you, let's just hope nothing's worst gonna happen.

It is beyond me why this concept seems so difficult to grasp, if I have to go through KYC because a bank asks me at least in the case they reveal my information against the terms established in the contract I have some legal ways to get some compensation, when you give your information to icos they can use your information as they like and in the case they sell it there is nothing you can do because most likely they are in a different country and sometimes they did not even revealed their identity.

[coolcoinz]

KYC is for campaigns and bounties that tend to be abuse by participants. KYC is for the identity of participants and crypto, in general, has nothing to do with this. Cryptocurrency is a mostly anonymous transaction that does not require any KYC.KYC benefits the campaign manager, exchanges banks and government in general because once identified, taxes will follow.  

this is absolutely right, i have only 1 experience in KYC in a local exchange service which after few years i learned that site hosting had been hacked and all data leaked in blackmarket

i noticed that once i saw my own passport and selfie was used by someone on another site, but hopefully the manager knew me and suspended that account and warned me not to do KYC any tie at any place anymore

If someone had your KYC info and tried to push it through you can bet that he wasn't the hacker but someone who bought the photos. This means that there can be a dozen people around the world trying to pose as you at the moment.
Of course no information is safe, but you suddenly became 100 times more vulnerable than an average bank account holder who knows that only 1 or 2 private companies in the world have a picture of his ID. I just hope the validity of your documents is going to end soon and past that date they'll become useless without some photoshop (and that can be spotted).

[~Money~]

KYC is for campaigns and bounties that tend to be abuse by participants. KYC is for the identity of participants and crypto, in general, has nothing to do with this. Cryptocurrency is a mostly anonymous transaction that does not require any KYC.KYC benefits the campaign manager, exchanges banks and government in general because once identified, taxes will follow.  

this is absolutely right, i have only 1 experience in KYC in a local exchange service which after few years i learned that site hosting had been hacked and all data leaked in blackmarket

i noticed that once i saw my own passport and selfie was used by someone on another site, but hopefully the manager knew me and suspended that account and warned me not to do KYC any tie at any place anymore

If someone had your KYC info and tried to push it through you can bet that he wasn't the hacker but someone who bought the photos. This means that there can be a dozen people around the world trying to pose as you at the moment.
Of course no information is safe, but you suddenly became 100 times more vulnerable than an average bank account holder who knows that only 1 or 2 private companies in the world have a picture of his ID. I just hope the validity of your documents is going to end soon and past that date they'll become useless without some photoshop (and that can be spotted).

it was long ago, but thanks to adobe, photoshop can handle every problem, they can easily change dates and re-use that for any other purpose.

and yes, it is absolutely correct that data now worth more than anything else and it is a huge solution for making more income
that is why government now trying to take more control over those giant tech companies

[OrangeII]

KYC is for campaigns and bounties that tend to be abuse by participants. KYC is for the identity of participants and crypto, in general, has nothing to do with this. Cryptocurrency is a mostly anonymous transaction that does not require any KYC.KYC benefits the campaign manager, exchanges banks and government in general because once identified, taxes will follow.  

this is absolutely right, i have only 1 experience in KYC in a local exchange service which after few years i learned that site hosting had been hacked and all data leaked in blackmarket

i noticed that once i saw my own passport and selfie was used by someone on another site, but hopefully the manager knew me and suspended that account and warned me not to do KYC any tie at any place anymore

something like this is something that is feared by KYC users. although quite a lot of benefits can be obtained, but there is no guarantee that they can protect the data we provide.

just curious, for what that person uses you did the KYC? Is it dangerous? actually I have done several times KYC.

[liuqi]

Why KYC needed for cryptocurrency users. Seriously this is million dollar question. Some of the business comes with the proposal of cryptocurrency and KYC verification on using it.
But that is truly wrong and investors should make the entity to verify them. But here they are using us to do it.

[Brunus]

I frankly don't know if the KYC can help those who deal with crypto.
What is certain is that it helps all scammers who populate the deep web and who wait for nothing more than to have personal data and photocopies of documents to use ....

[Edraket31]

I frankly don't know if the KYC can help those who deal with crypto.
What is certain is that it helps all scammers who populate the deep web and who wait for nothing more than to have personal data and photocopies of documents to use ....

KYC does help in different ways, for exchange, it is mandated by law and we as user/trader needs to comply if we want to use that certain exchange, for bounty, it depends, most of the campaigns doesn't require KYC but because of the cheat that's happening around the campaign, so campaign managers and the team of the project requiring it to eliminate cheating. If for airdrop, some requires it too, but, I am not participating with airdrop which has KYC as they might just doing airdrop to steal your identity, so be very careful.

[befriendmywater]

Yes, and our information is really valuable to some businesses. Bitmex was also recently condemned for issuing KYC by users to sell to other businesses.
So now providing KYC is really dangerous and we shouldn't do it for a few dollars. Think of the far future and the higher goals.