Is KYC benefit to crypto people or not

[sapnu]

No. KYC doesn't benefit crypto users at all because filling up and submitting KYC is time consuming and it takes a lot of days for them to confirmed your submission. A lot of people do really hates submitting KYC because there are some projects who requires KYC but it's a scam that makes a lot of people nervous that they could used their information to trick other people.

It is actually beneficial because the management can notice if there is someone who is farming because KYC is important we can recognize who is farming or even not following the rukes. KYC means know your customer so it is important also for the particular campaign to know their participant because what if it is just joining multiple accounts, the campaign can recognize that by looking at the address of that particular account if that account is actually using only one address and there is many accounts used by it.

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[Silberman]

Every bounty isn't an approach to collect data to benefit out of the data collected with their personal information. There might be few bounties that were done with specific purpose by the scammers. I believe most of the time KYC is requested to show to the outer world the usage number of the respective token, then is to avoid people from specific countries not participate on any of the programs conducted by the specific project team. This is done to terms and conditions created with legal rules and agreeing to it.

It is known that the majority of projects are scams, so why do you think that the scammers that are willing to steal your money without any remorse are going to suddenly stop when it comes to stealing your identity? For them this is a great win, they get your money and in the case your investment was small they can sell your full information on the dark web, since KYC was introduced we did not saw a decrease in the number of scams but we saw an increase in the consequences for investors when they choose the wrong ico.

[Innovaminex.sup]

We as a company with our own cryptocurrency, which is the MINX, use the KYC because it has its advantages for us, because it can help fight terrorism financing and money laundering. It is a simple verification process, which gives us security if you put yourself in the mind of the company .

[makolz26]

Every bounty isn't an approach to collect data to benefit out of the data collected with their personal information. There might be few bounties that were done with specific purpose by the scammers. I believe most of the time KYC is requested to show to the outer world the usage number of the respective token, then is to avoid people from specific countries not participate on any of the programs conducted by the specific project team. This is done to terms and conditions created with legal rules and agreeing to it.

It is known that the majority of projects are scams, so why do you think that the scammers that are willing to steal your money without any remorse are going to suddenly stop when it comes to stealing your identity? For them this is a great win, they get your money and in the case your investment was small they can sell your full information on the dark web, since KYC was introduced we did not saw a decrease in the number of scams but we saw an increase in the consequences for investors when they choose the wrong ico.

Agree with you, for those who are not aware, there are also syndicates that are stealing your data or information for them to be able to sell it in dark web etc. So, let's be careful with our data and making sure that those KYC required can be trusted, if not and you have a doubt for it, then don't do KYC at all especially if you just doing it for a token that you don't even know if they will have value in the future, or their project hasn't even successful.

[randegibran]

Every bounty isn't an approach to collect data to benefit out of the data collected with their personal information. There might be few bounties that were done with specific purpose by the scammers. I believe most of the time KYC is requested to show to the outer world the usage number of the respective token, then is to avoid people from specific countries not participate on any of the programs conducted by the specific project team. This is done to terms and conditions created with legal rules and agreeing to it.

It is known that the majority of projects are scams, so why do you think that the scammers that are willing to steal your money without any remorse are going to suddenly stop when it comes to stealing your identity? For them this is a great win, they get your money and in the case your investment was small they can sell your full information on the dark web, since KYC was introduced we did not saw a decrease in the number of scams but we saw an increase in the consequences for investors when they choose the wrong ico.

Agree with you, for those who are not aware, there are also syndicates that are stealing your data or information for them to be able to sell it in dark web etc. So, let's be careful with our data and making sure that those KYC required can be trusted, if not and you have a doubt for it, then don't do KYC at all especially if you just doing it for a token that you don't even know if they will have value in the future, or their project hasn't even successful.

We not aware with KYC form but only trusted exchange or bounty camapign project, for an airdrop better check how trust site and how much reward giving after pass KYC and finish with your data submit, if get lower value from airdrop coin why have waste your time with shit airdrop project?

[GunsLair]

I, in principle, relate to KYC verification normally. I understand companies that want to protect themselves at the legislative level, observing all the rules, and therefore require this verification. And investors already must decide for themselves what is more important to them, anonymity or transparency.

[spike420211]

KYC primarily benefits those who request this procedure. If this is a state, then it is important for him to know all his citizens for their more convenient control and suppression of any events that contradict the current government. If these are exchanges, then as a rule they are subject to any legislation, which means they need to protect themselves from money laundering in which the exchanges themselves cannot take part, in other words also for control.

[Finestream]

KYC primarily benefits those who request this procedure.

I like to know more about your statement... if a certain business is regulated, we can expect that KYC is implemented as its a basic requirement.

If this is a state, then it is important for him to know all his citizens for their more convenient control and suppression of any events that contradict the current government. If these are exchanges, then as a rule they are subject to any legislation, which means they need to protect themselves from money laundering in which the exchanges themselves cannot take part, in other words also for control.

Like I have mentioned above, KYC is basic, if one is planning to launder money, maybe it cannot be prevented but it can easily be trace if he has an information submitted to an exchange or any online platform because the authority once they regulated a business, they always have an access to it, but this is the nature of what we called centralization which is completely opposite to crypto which should promote decentralization and anonymous transactions.

[Silberman]

It is known that the majority of projects are scams, so why do you think that the scammers that are willing to steal your money without any remorse are going to suddenly stop when it comes to stealing your identity? For them this is a great win, they get your money and in the case your investment was small they can sell your full information on the dark web, since KYC was introduced we did not saw a decrease in the number of scams but we saw an increase in the consequences for investors when they choose the wrong ico.

Agree with you, for those who are not aware, there are also syndicates that are stealing your data or information for them to be able to sell it in dark web etc. So, let's be careful with our data and making sure that those KYC required can be trusted, if not and you have a doubt for it, then don't do KYC at all especially if you just doing it for a token that you don't even know if they will have value in the future, or their project hasn't even successful.

This is important if we have even the slightly suspicion that something is wrong with the project in which we want to invest then we should never send our money to those persons and even more importantly never reveal your identity to them, losing your money is already bad enough but at least that is a one time loss but if you lose your identity to them you could be victimized over and over again as they use your identity for all kind of fraudulent activities.

[Xxmodded]

KYC is benefit for crypto hunter because they can withdraw their bitcoin and altcoin assets on exchange after pass KYC, without submit KYC they only can trade or hold bitcoin and altcoin assets without can cash out or withdraw to other account, so far document for KYC safety and not use for other site I think is not worried have to KYC with exchange market and bounty campaign reward.

[Landak]

KYC is benefit for crypto hunter because they can withdraw their bitcoin and altcoin assets on exchange after pass KYC, without submit KYC they only can trade or hold bitcoin and altcoin assets without can cash out or withdraw to other account, so far document for KYC safety and not use for other site I think is not worried have to KYC with exchange market and bounty campaign reward.

kyc for market exchange may still be acceptable but if kyc for participating in a bounty campaign / airdrop I think it is not necessary, because the results aren't necessarily worth. And there are several market exchanges that without kyc can make deposits/withdraw/trade, usually get a daily limit of 1 btc per day. Compared to the benefits, in my opinion kyc more towards the detrimental.

[Smitty Werben Man Jensen]

KYC is benefit for crypto hunter because they can withdraw their bitcoin and altcoin assets on exchange after pass KYC, without submit KYC they only can trade or hold bitcoin and altcoin assets without can cash out or withdraw to other account, so far document for KYC safety and not use for other site I think is not worried have to KYC with exchange market and bounty campaign reward.

kyc for market exchange may still be acceptable but if kyc for participating in a bounty campaign / airdrop I think it is not necessary, because the results aren't necessarily worth. And there are several market exchanges that without kyc can make deposits/withdraw/trade, usually get a daily limit of 1 btc per day. Compared to the benefits, in my opinion kyc more towards the detrimental.

there are positives and there are negatives, KYC can be misused by platforms,
there are those who sell it on the black market, but that is still limited to rumors,
what we have to do is limit it by not using KYC on any platform, of course it is very risky

[Oneandpure]

With that said. It is a proof that submitting KYC should depend on the website that you are using. KYC is helpful even though you are not exceeding 2 bitcoin per day in withdrawal because it will make your account more secure since you have a proof of ownership to your account because of the identification documents.

KYC is not going to make your account any more secure that it already is. Your account is linked to your email and mobile phone number, and as long as you control these accounts your exchange account will remain secure. I don't think that sending your ID documents to unknown people will help in increasing the security level of your account.

You have the wrong idea about KYC. KYC will not prottect your account, at least not in technical security sense,  it's about protection of personal data and prevention of illegal activities like money laundering and similar. KYC should disable potential fraudsters that also you can make a victim of their activities. And based on.KYC you have a legal protection.

KYC risk for protect your data but keep using your account for transaction and break limit to withdraw with some exchange market, almost market have to submit  KYC before trading and investing, without KYC we can't withdraw our coin and just take participated at trade only. Today almost exchange must submit KYC and without doing this we can't withdraw our balance like Bittrex account.

[crossabdd]

centralized exchange / ICO / IEO must follow government regulations. for a security and safeguard member assets. then they must provide valid data to the government to prevent fraud. I think the benefits are many, if fraud occurs. someone can report that. but basically crypto is decentralized, privacy, anonymous so that it does not require personal data. I think using or not using KYC is the same. but to make real money, KYC is needed.

[Savemore]

centralized exchange / ICO / IEO must follow government regulations. for a security and safeguard member assets. then they must provide valid data to the government to prevent fraud. I think the benefits are many, if fraud occurs. someone can report that. but basically crypto is decentralized, privacy, anonymous so that it does not require personal data. I think using or not using KYC is the same. but to make real money, KYC is needed.

For me KYC is not needed, our identity is at risks if we will upload our identity and our i.d. in the internet. I know that KYC is needed because of the regulations of the government but still we cannot know if our identities will be safe.

[perla]

centralized exchange / ICO / IEO must follow government regulations. for a security and safeguard member assets. then they must provide valid data to the government to prevent fraud. I think the benefits are many, if fraud occurs. someone can report that. but basically crypto is decentralized, privacy, anonymous so that it does not require personal data. I think using or not using KYC is the same. but to make real money, KYC is needed.

For me KYC is not needed, our identity is at risks if we will upload our identity and our i.d. in the internet. I know that KYC is needed because of the regulations of the government but still we cannot know if our identities will be safe.

Maybe to prevent it, really make sure that the site we submit KYC is really legit, although not guaranteed if our data is safe, at least it is still better than we recklessly give our data into any exchanges that ask it or maybe when join bounty that actually suspicious, they can do anything with our data easily.

[Natalim]

Maybe to prevent it, really make sure that the site we submit KYC is really legit, although not guaranteed if our data is safe, at least it is still better than we recklessly give our data into any exchanges that ask it or maybe when join bounty that actually suspicious, they can do anything with our data easily.

That's the most important thing to do, if they will require your information for KYC, you should ask their license so you can sue them once they do something with your info, that's illegal because KYC information should be taken care by the company requiring it confidentially.

If there is a leaked, that's their problem too, just like what happen on Binance, so small or big company is not really safe, so we need to be careful with our data.

[LUCKMCFLY]

~snip~

Currently I do not see any advantage to do KYC, the idea of ​​this is decentralization and maintain anonymity, the tendency of governments and banks has always been to end anonymity for them to have control.

The only advantage of KYC that I see is for the ICO, IEO projects, which is taken as a protection measure to avoid scams that have fallen so much some investors, however there is the latent risk of using that data for other purposes or worse still sell them .

[asus09]

~snip~

Currently I do not see any advantage to do KYC, the idea of ​​this is decentralization and maintain anonymity, the tendency of governments and banks has always been to end anonymity for them to have control.

The only advantage of KYC that I see is for the ICO, IEO projects, which is taken as a protection measure to avoid scams that have fallen so much some investors, however there is the latent risk of using that data for other purposes or worse still sell them .

Have advantage by doing KYC becuase we can withdraw our assets on exchange market with higher amount, without KYC only available withdraw 2 btc in daily with Binance exchange market, for airdrop maybe not advantage because airdrop coin is not worth with higher price, just waste your time and your data account submit on airdrop project.

[gabmen]

Maybe to prevent it, really make sure that the site we submit KYC is really legit, although not guaranteed if our data is safe, at least it is still better than we recklessly give our data into any exchanges that ask it or maybe when join bounty that actually suspicious, they can do anything with our data easily.

That's the most important thing to do, if they will require your information for KYC, you should ask their license so you can sue them once they do something with your info, that's illegal because KYC information should be taken care by the company requiring it confidentially.

If there is a leaked, that's their problem too, just like what happen on Binance, so small or big company is not really safe, so we need to be careful with our data.

Well when it comes to big exchanges like binance, i don't mind since we really can't do anything if they require information from its users. There are other lesser known excganges that you can use that doesn't require kyc but the risk would pretty much be the same if they're not reputable yet. When it comes to wallets, you have more options if you don't want to submit kyc like have hard wallets.