Is KYC benefit to crypto people or not

[julius caesar]

~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.

In all exchange it always required KYC verification if you want to withdraw huge amount of money. Most of the trusted and good exchange always have KYC just like what you have mention which is binance exchange. But, for me maybe having KYC also have disadvantages like once your personal information got leaked in the public. There are many big time people in the field of cryptocurrency and most of them do not want to reveal themself because they want privacy and they do not want to expose their identity. Do not ever do KYC procedure in any website that not trusted because they might use it in any illegal activity.

[Farma]

~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 .

the benefits of KYC are aimed at developers of the exchanger, ICO, or IEO. however, before there was a sales system like that, KYC was not needed. besides KYC is only used to obey government regulations, but some projects do it to avoid scammers.
in general, KYC is used for such things, but many investors do not want to do that, so KYC can only be seen as beneficial from the developer's point of view.

[Aaroenz0r]

~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 .

the benefits of KYC are aimed at developers of the exchanger, ICO, or IEO. however, before there was a sales system like that, KYC was not needed. besides KYC is only used to obey government regulations, but some projects do it to avoid scammers.
in general, KYC is used for such things, but many investors do not want to do that, so KYC can only be seen as beneficial from the developer's point of view.

yes, they make excuses to take our KYC and sell it to businesses that need it and make a lot of extra money. This is the policy that new projects often mention because they want to consolidate part of the costs for businesses. Of course, providing your personal information to such organizations is completely not good and they can do anything with your information. so limit your KYC supply to developing projects. You should only provide KYC at exchanges holding lots of your money to ensure your assets are okay.

[perla]

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.

Hard wallets, and some online wallets i think not really ask their users to do KYC. Maybe in blockchain in past need to do KYC because some people aim for their stellar airdrop. But for crypto market like what op said in first page, some of them really force their users to do KYC and maybe that is what some people contra for. What i only though in past, KYC is only to increased daily withdrawal limit and now a lot of people must do KYC. But for Binance, i think if only do regular trade, although long time i not use it yet, i still not KYC in that site yet. (correct me if i am wrong or if Binance change rules and ask all their users to do KYC)

[Vishnu.Reang]

yes, they make excuses to take our KYC and sell it to businesses that need it and make a lot of extra money. This is the policy that new projects often mention because they want to consolidate part of the costs for businesses. Of course, providing your personal information to such organizations is completely not good and they can do anything with your information. so limit your KYC supply to developing projects. You should only provide KYC at exchanges holding lots of your money to ensure your assets are okay.

Identity theft is a big issue these days, and I would not advice sending the scanned copy of your passport or national ID card to unknown people. You can trust established exchanges such as Binance and Huobi, in case they ask for KYC verification in order to participate in the IEOs. But for ICOs, it looks very risky to send the KYC information.

[Karmakid]

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.

Hard wallets, and some online wallets i think not really ask their users to do KYC. Maybe in blockchain in past need to do KYC because some people aim for their stellar airdrop. But for crypto market like what op said in first page, some of them really force their users to do KYC and maybe that is what some people contra for. What i only though in past, KYC is only to increased daily withdrawal limit and now a lot of people must do KYC. But for Binance, i think if only do regular trade, although long time i not use it yet, i still not KYC in that site yet. (correct me if i am wrong or if Binance change rules and ask all their users to do KYC)

You can still use the cryptocurrency services online without submitting any documents to undergo and complete KYC. KYC is an option for the cryptocurrency users to add more layer for their security because it will help them to secure their account since no one can steal their account because it is supported by their documents that prove authenticity of ownership.

[veleten]

~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 .

the benefits of KYC are aimed at developers of the exchanger, ICO, or IEO. however, before there was a sales system like that, KYC was not needed. besides KYC is only used to obey government regulations, but some projects do it to avoid scammers.
in general, KYC is used for such things, but many investors do not want to do that, so KYC can only be seen as beneficial from the developer's point of view.

not really , because the developers of the ICO ,IPo ,IEO and all that jazz have to comply with the regulations in order to launch
what use do they have of the KYC if they cannot enforce anything legally against a potential scammer
some projects require KYC to deter scammers , not to protect themselves , since scammers will do their thing KYC or not
but with AML and KYC they are losing many potential clients who do not like their documents to be sent to random companies ,while definitely saving money on paying out to "beginner" frauds

[tambok]

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.

Hard wallets, and some online wallets i think not really ask their users to do KYC. Maybe in blockchain in past need to do KYC because some people aim for their stellar airdrop. But for crypto market like what op said in first page, some of them really force their users to do KYC and maybe that is what some people contra for. What i only though in past, KYC is only to increased daily withdrawal limit and now a lot of people must do KYC. But for Binance, i think if only do regular trade, although long time i not use it yet, i still not KYC in that site yet. (correct me if i am wrong or if Binance change rules and ask all their users to do KYC)

You can still use the cryptocurrency services online without submitting any documents to undergo and complete KYC. KYC is an option for the cryptocurrency users to add more layer for their security because it will help them to secure their account since no one can steal their account because it is supported by their documents that prove authenticity of ownership.

That's why I prefer crypto exchange platforms that doesn't require KYC too, it's time now that we should implement a non KYC, but for some exchange they implementing it because the law requires, so if it is required by law then we cannot do something about it but to follow if we really want to use that certain exchange platform.

[dewin]

Actually, it's quite important thing to avoid some scams or something. Imo KYC isn't anything wrong and it's important when it's connected with huge amount of money investments

[Silberman]

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.

I think in the same way, know your customer policies makes sense if you are trying to exchange your cryptocurrencies for fiat, after all we cannot really expect that a system that runs contrary to this one is going to gladly accept and allow that those that are holding cryptocurrencies can easily exchange it for fiat, however having to go through those policies when you are a bounty hunter is completely unacceptable they do not really need that information and we know this because for a long time icos never required those documents from you.

[Duzter]

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.

Hard wallets, and some online wallets i think not really ask their users to do KYC. Maybe in blockchain in past need to do KYC because some people aim for their stellar airdrop. But for crypto market like what op said in first page, some of them really force their users to do KYC and maybe that is what some people contra for. What i only though in past, KYC is only to increased daily withdrawal limit and now a lot of people must do KYC. But for Binance, i think if only do regular trade, although long time i not use it yet, i still not KYC in that site yet. (correct me if i am wrong or if Binance change rules and ask all their users to do KYC)

You can still use the cryptocurrency services online without submitting any documents to undergo and complete KYC. KYC is an option for the cryptocurrency users to add more layer for their security because it will help them to secure their account since no one can steal their account because it is supported by their documents that prove authenticity of ownership.

Apart from providing authenticity it also gives the users the access to increase the trading volume and other added services which can't be experienced by people who doesn't do KYC. Some users who prefer to stay anonymous find it unwanted, but doing KYC is really good when our personal informations weren't shared anywhere else as data selling is getting more popularity to be one of the best way to earn big.

[Tylev]

In general, the KYC check is not needed for people and brings us additional inconvenience. However, given the fact that with the help of cryptocurrency some abuse their rights and capabilities, states are forced to establish certain rules and restrictions, including identifying personality  with significant volumes of transactions.
At the same time, I believe that the requirement to undergo the KYC procedure for participants in ICO bounty campaigns is generally illegal and unnecessary.

[desticy]

We encounter too many messages talking about hacks and data leaks.
At least because of this, uploading your personal data can be too risky.

Even if we assume that all the projects where you will send your personal data will be absolutely legitimate,
there are no guarantees that the servers and database storages of these projects will not be hacked in the future, which in turn will lead to a compromise of your personal information.

[metenjean]

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 is not protect our bitcoin exchange account but can trade with higher amount after submit KYC, if you disagree with KYC maybe you only have 2 btc available for withdrawing in binance account and never can't withdraw your assets on bittrex market because there are not available for withdrawing without pass kyc process.

[hahay]

In general, the KYC check is not needed for people and brings us additional inconvenience. However, given the fact that with the help of cryptocurrency some abuse their rights and capabilities, states are forced to establish certain rules and restrictions, including identifying personality  with significant volumes of transactions.
At the same time, I believe that the requirement to undergo the KYC procedure for participants in ICO bounty campaigns is generally illegal and unnecessary.

Agree, because participants in any bounty campaign in crypto really do not need to implement KYC, because KYC itself is basically only intended for every exchange, because remembering the regulations in each country and to anticipate money laundering and or crime others that involve money in it. So there is a benefit or not KYC in crypto there are at least certain parts and factors that do require users to provide their identity there.

[asus09]

In general, the KYC check is not needed for people and brings us additional inconvenience. However, given the fact that with the help of cryptocurrency some abuse their rights and capabilities, states are forced to establish certain rules and restrictions, including identifying personality  with significant volumes of transactions.
At the same time, I believe that the requirement to undergo the KYC procedure for participants in ICO bounty campaigns is generally illegal and unnecessary.

Agree, because participants in any bounty campaign in crypto really do not need to implement KYC, because KYC itself is basically only intended for every exchange, because remembering the regulations in each country and to anticipate money laundering and or crime others that involve money in it. So there is a benefit or not KYC in crypto there are at least certain parts and factors that do require users to provide their identity there.

Many ICO needed KYC for keep investor participants from country not allowed investing with ICO project, why many ICO make rule have submit KYC first before investing with their coin,  I know there are using money for getting coin without earn by free way but KYC most important keep people from country not allowed participated on ICO like investors from United State.

[Silberman]

In general, the KYC check is not needed for people and brings us additional inconvenience. However, given the fact that with the help of cryptocurrency some abuse their rights and capabilities, states are forced to establish certain rules and restrictions, including identifying personality  with significant volumes of transactions.
At the same time, I believe that the requirement to undergo the KYC procedure for participants in ICO bounty campaigns is generally illegal and unnecessary.

And that is precisely the issue, any of those that were exchanging huge amounts of bitcoin or any other cryptocurrency had to go through KYC anyway and had to explain to their banks what were they doing, but now everyone has to go through those kind of policies which is ridiculous, now a person receiving one dollar from an airdrop has to fulfill the very same requirements that a person with a lot of money and that simply doesn't make any sense.

[bitvestorhacked]

KYC is becoming more and more required in crypto now, and there is a possibility that within the next 2 years crypto wont be available as it is now without KYC and even harder regulations, i do so much hope that it don't come to that, it will kill the basic idea of crypto. 

[Blue_oxen]

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.....

Our benefits are a few dollars to use in a day but the disadvantages are unpredictable. Now that it is the age of information technology, they desperately need our information to do things like marketing, promotion and some shady actions at Deepweb. Since I knew the dangers of giving out arbitrary personal information, I have not used my true identity ever since. Often they will sell their information instead of using it for legitimate purposes.

[k@suy]

KYC is becoming more and more required in crypto now, and there is a possibility that within the next 2 years crypto wont be available as it is now without KYC and even harder regulations, i do so much hope that it don't come to that, it will kill the basic idea of crypto.  

Kyc is good for the developer of the campaign since they can be assured that no one is violating the rule nor making a double entries, they dont want to pay for multiple accounts. I dont want to join to a bounty that needed a KYC it is kinda alarming and I always have a doubt on it. Better to be sure than tl regret it in the long way run.