Is KYC benefit to crypto people or not

[the rise]

In my opinion KYC does not provide benefits for crypto people, usually exchanges or some airdrops that implement KYC.
Therefore many people avoid KYC, so prefer exchanges that do not enforce KYC. And also do not follow airdrops asking
for KYC. Many crypto people avoid KYC because they fear that their data will be misused. KYC is actually already out of
the original purpose of the creation of cryptocurrency namely decentralization.

KYC for the exchange market to facilitate each user who has problems with balances, for example if you have 1 BTC in exchange of a wallet and suddenly your account is hacked and try to make a suspicious transaction, then your account will be temporarily quarantined until you upload the same important data when you did it before, this is important in authentic security measures. At present decentralization does not apply and changes many principles of initial creation in markets other than DEX.

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[Jocuserious]

There is no related crypto profits for passing kyc' but it still needed many good exchange platform know you customer for their platform safety. Here some bounty needed kyc passing for take double entry and cheating hunter. In my opinion crypto profits will depend on your mind skills how much expert you have already.

[Pinkris128]

Kyc does not benefit crypto users because they only just submitting their personal information or data to people that they didn't know in exchange of receiving their rewards, that is why a lot of people hates KYC because it is a waste of time and they could really steal your informations and used it in illegal activities. The only advantage of KYC is to avoid multiple and fraudulent accounts, so it really does not benefit us.

[notthematrix]

KYC benefits crypto users because that's the only way for them to make their money legit when they want to cash out, no bank will accept this money without the KYC process done properly.
This is a simple and normal process to counter money laundering

[DaveWave]

KYC benefits crypto users because that's the only way for them to make their money legit when they want to cash out, no bank will accept this money without the KYC process done properly.
This is a simple and normal process to counter money laundering

Yeah. I got your point my friend. But whatever happens to the spirit of decentralization which is the very nature of bitcoin and decentralized crypto currencies. Somehow I agree but there is also a part of me that is not in favor of KYC. KYC becomes a common trend after many scammers and lawless elements taking advantage on this system.

[ChronoLite]

It doesn't matter if you are shitting about KYC when you are literally using social media that even your profile are publicly visible to everyone. It doesn't matter if you are a person that have the "anonymous" stuff when you are clearly using anything that requires a profile data.

It's benefit for some people and could lead you to a disadvantage.

[atjiat]

It doesn't matter if you are shitting about KYC when you are literally using social media that even your profile are publicly visible to everyone. It doesn't matter if you are a person that have the "anonymous" stuff when you are clearly using anything that requires a profile data.

It's benefit for some people and could lead you to a disadvantage.

Cryptocurrency users are constantly outraged because they are required to provide passport data, but most users have their personal data publicly available and here you are absolutely right about social networks.  KYC can be useful and quite the opposite, but this is only if you look from different angles.  I believe that the requirement to provide passport data exists not only to find people who evade taxes, but also to find attackers who use cryptocurrency for criminal activities.

[Janation]

Kyc does not benefit crypto users because they only just submitting their personal information or data to people that they didn't know in exchange of receiving their rewards, that is why a lot of people hates KYC because it is a waste of time and they could really steal your informations and used it in illegal activities. The only advantage of KYC is to avoid multiple and fraudulent accounts, so it really does not benefit us.

It is true that if you would be thinking like that, it does not benefit users.

For me, I think there is a benefit to it like for example, in this community, there are a lot of people that are using the identity of others. With many accounts in their hands, they can take part in any campaigns not knowing that those accounts are being used by one person. With KYC, they can identify those users. I think that also points out that it needs to be unfair since there are a lot of members here that only use one account.

[TitanGEL]

Kyc does not benefit crypto users because they only just submitting their personal information or data to people that they didn't know in exchange of receiving their rewards, that is why a lot of people hates KYC because it is a waste of time and they could really steal your informations and used it in illegal activities. The only advantage of KYC is to avoid multiple and fraudulent accounts, so it really does not benefit us.

It is true that if you would be thinking like that, it does not benefit users.

For me, I think there is a benefit to it like for example, in this community, there are a lot of people that are using the identity of others. With many accounts in their hands, they can take part in any campaigns not knowing that those accounts are being used by one person. With KYC, they can identify those users. I think that also points out that it needs to be unfair since there are a lot of members here that only use one account.

There are laws and regulations about KYC and that is why it is needed but for me as a investor, It is a threat for my identity. I know that I am not only one who one to stay anonymous so KYC is not a benefit for us. We do not know if our identity our safe so it is better to become.anonymous in online. There are hackers and there is a possibilities that our identity will be sold online so be careful on projects that requiring KYC.

[Zackgeno96]

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 is doing more harm than good to the people using crypto as the main motive behind people using Crypto is that they are anonymous and they can surf the internet and pay online anonymously but exchanges requiring KYC are quiet anticrypto as they make crypto centralized and if government asks them to provide information about the people using the exchange then the users are officially screwed.

[JC btc]

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 is doing more harm than good to the people using crypto as the main motive behind people using Crypto is that they are anonymous and they can surf the internet and pay online anonymously but exchanges requiring KYC are quiet anticrypto as they make crypto centralized and if government asks them to provide information about the people using the exchange then the users are officially screwed.

For as long as they will not require it in any exchange then don't do it, that's why I really love BitForex as they doesn't require KYC, so I am not wasting my time with participating in a bounty that will require KYC, I really don't want to do it, as for me it's just a pure scam at all and they will just take for granted those KYC that they have taken to us.

[Silberman]

In my opinion KYC does not provide benefits for crypto people, usually exchanges or some airdrops that implement KYC.
Therefore many people avoid KYC, so prefer exchanges that do not enforce KYC. And also do not follow airdrops asking
for KYC. Many crypto people avoid KYC because they fear that their data will be misused. KYC is actually already out of
the original purpose of the creation of cryptocurrency namely decentralization.

KYC for the exchange market to facilitate each user who has problems with balances, for example if you have 1 BTC in exchange of a wallet and suddenly your account is hacked and try to make a suspicious transaction, then your account will be temporarily quarantined until you upload the same important data when you did it before, this is important in authentic security measures. At present decentralization does not apply and changes many principles of initial creation in markets other than DEX.

But that is not really what it happens, to begin with what it is a suspicious transaction? A transaction that takes all your funds outside of the exchange? Because that to me only looks as someone trying to get complete control over his coins and if exchanges began to block those kind of transactions then they will get a lot of bad publicity and they will be accused of trying to scam their customers and believe me that is something that they do not want.

[Tramirostronix]

KYC is a good thing for the crypto economy because it's easier to trust people and team. Like someone said it's also a good thing for the cash out part. But if you like to be a ghost on the internet ... KYC is the worst  ..
As far KYC is not mandatory everywhere, I personally don't care.

[Desscount]

KYC is very important for the crypto community and users, crypto has entered the world of government and companies, this indicates mass adoption, if KYC is not done maybe money laundering will always be done through crypto currencies, and of course the view of crypto currencies will get worse

[Silberman]

KYC is a good thing for the crypto economy because it's easier to trust people and team. Like someone said it's also a good thing for the cash out part. But if you like to be a ghost on the internet ... KYC is the worst  ..
As far KYC is not mandatory everywhere, I personally don't care.

I'm still surprised that there are so many people like you that think that know your customer policies are a good idea, this market was created with the philosophy that you did not needed to give all your personal information just to be able to make transactions all over the world, if we allow banks and governments to do that to this market then there is no really any point to cryptocurrencies except to speculate with them because at that point they will have lost their reason to be.

[Karmakid]

KYC is very important for the crypto community and users, crypto has entered the world of government and companies, this indicates mass adoption, if KYC is not done maybe money laundering will always be done through crypto currencies, and of course the view of crypto currencies will get worse

Even though there is a KYC, there are still money laundering in cryptocurrency because it is so easy to stay anonymous with cryptocurrency and through the mixers that we have for the cryptocurrencies, it is still a difficulty for authorities to chase the launderers down. In terms of money laundering, KYC doesn't help.

[bettercrypto]

There is no related crypto profits for passing kyc' but it still needed many good exchange platform know you customer for their platform safety. Here some bounty needed kyc passing for take double entry and cheating hunter. In my opinion crypto profits will depend on your mind skills how much expert you have already.

Yeah but basically, it really needs in every exchange. They need to determine the people around them whom are true investors. It also prevents anti money laundering or any other crimes in terms of financial. However, many investors don't want this system because it violates also in some point our right to privacy since we don't know where our identities will go. But it is the terms and regulations of exchange, if we don't want to abide look for other.

[Wawa2013]

Actually I don't like kyc because our data is known by someone and this is really uncomfortable, because there is fear that our data might be misused if that person has an evil plan. But indeed if you want to buy bitcoin, kyc is usually needed in most exchanges.

[tambok]

Actually I don't like kyc because our data is known by someone and this is really uncomfortable, because there is fear that our data might be misused if that person has an evil plan. But indeed if you want to buy bitcoin, kyc is usually needed in most exchanges.

As much as possible we should avoid KYC as we don't know what this people will do with our identity, as much as possible we should avoid it. Except if they came from the reputable exchange just like Binance, BitForex or Okex then it is fine to do KYC, but with some exchange or bounty campaigns, I am refusing to do KYC.

[the rise]

KYC is very important for the crypto community and users, crypto has entered the world of government and companies, this indicates mass adoption, if KYC is not done maybe money laundering will always be done through crypto currencies, and of course the view of crypto currencies will get worse

Even though there is a KYC, there are still money laundering in cryptocurrency because it is so easy to stay anonymous with cryptocurrency and through the mixers that we have for the cryptocurrencies, it is still a difficulty for authorities to chase the launderers down. In terms of money laundering, KYC doesn't help.

cannot always silence large cases, but it can work well for prevention for laundering activities under $ 1 million, better than no preventive measures at all to make crypto reputation not too bad. We have also read the case between binance and users who use the mixing option from Wassabi wallet, to overcome this problem, kyc is certainly very necessary.