Is KYC benefit to crypto people or not

[Assface16678]

KYC only benefits to 'someone' who want to charge taxes and who want to track every single thing people are doing.
Best thing would be if people create some other decentralized form of verification.

actually, it's all a matter of regulation. some countries require investment companies to know who their investors are. it aims to prevent money laundering. however, some companies take advantage of this for other reasons. however, there are benefits and losses depending on who manages the KYC.

I accept what you say that KYC has benefits and disadvantages depending on who runs KYC. because obviously the personal data that we send can be misused for things that we can't avoid if the data that receives it can't be held responsible. especially at this time crypto is in a state of lethargy and the request seems to have been an obligation, even though the projects that are running are not always going well even many are scam. and whether the data that has been taken can be accounted for?

I'm aware that KYC is required because it is one of the compliance before an exchange or a project to operate. For me as a user, I do not see KYC as advantage and for me it is a disadvantage for me. There are investors like me who want to stay anonymous so I do not want to participate in a project that requiring KYC. I want my identity to stay hidden all the times.

Every day there is a transaction happening in the market by these the developers must be handled all the transaction to have a record if there is a history needed to look find, but in cryptocurrency, there is a common problem the kyc, some of the platforms do not need kyc because they are the medium and the important is to they have a user and paying them, but it is more import about the security that every created system or software must have a history recorded and also to identify who and where the transaction from also to find out the people if there is a scam happening.

[kotik085]

The KYC procedure is necessary in order to go through and know who you are for a person. This is primarily safety.

[Silberman]

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.

As much as I would like know your customer policies to disappear I know that is not possible so we most choose very carefully the institutions to which we are going to reveal our identity, and reputable exchanges are fine because they're going to take the security of your information in a very serious way, but when it comes to bounty campaigns or to exchanges that do not have a good reputation or even casinos no one should ever reveal this information to them.

[shield132]

The KYC procedure is necessary in order to go through and know who you are for a person. This is primarily safety.

For whose safety? For us? I hugely doubt because every time we see information like this data has leaked, there was data breach, all KYC documents are taken from particular exchange and etc. So in reality no one cares about us, the only reason why they want KYC is to protect themselves from money laundering and in case something happens, fix problems easily by knowing their customer's identity.
The only reason it has benefit is even created by business owners, they limit your abilities without KYC. By submitting KYC, you can be in business with all privileges.

[Silberman]

The KYC procedure is necessary in order to go through and know who you are for a person. This is primarily safety.

For whose safety? For us? I hugely doubt because every time we see information like this data has leaked, there was data breach, all KYC documents are taken from particular exchange and etc. So in reality no one cares about us, the only reason why they want KYC is to protect themselves from money laundering and in case something happens, fix problems easily by knowing their customer's identity.
The only reason it has benefit is even created by business owners, they limit your abilities without KYC. By submitting KYC, you can be in business with all privileges.

It is incredible how that single fact is always ignored, governments are the ones that are forcing bushiness to implement KYC policies, they basically want every single business to become their own information gathering agency and they have accepted to fulfil that goal, people need to stop lying to themselves those policies are not in place to help us, those policies are in place to monitor us and to try to know what are you doing with your coins.

[iamsheikhadil]

For the most part, it isn't, especially if the platforms holding/keeping track of our KYC documents are careless enough to get it to the wrong hands. It's only the government's mandate to get actual KYC for keeping track of what the average Joe's and literally almost everyone does with their money, and masking it with words like 'anti-money laundering' and other illicit stuff they could think of. KYC does not protect the customers in any way and in fact, it exposes them with more risks of getting involved into serious heinous crimes without them knowing.

I agree but some crypto exchanges must need kyc in order to make sure that the huge money traded in their platforms are performed by "real" and legal people and not criminals exchanging money for illegal use for which the exchange might later get blamed or investigated for.

[Ambucrypto369]

3rd party exchanges gather our kyc details then sell to some other parties

[Notfresh]

KYC just continues to get more invasive and will slowly strangle crypto like what has happened to the internet.  The people initially involved in btc are gone,cashed in or removed in a more isolated way due to censorship online.
So the people in this for profit should be wanting KYC but those wanting to live outside a restrictive rule are going to die off. Personally hate KYC.

[petuel]

3rd party exchanges gather our kyc details then sell to some other parties

It sounds like you're not benefiting from this
Seriously though I don't believe that all services sell data to 3rd party, but surely there is this problem since we can't know if its happening anyway

[joeperry]

At some point it is beneficial for example you passed your KYC on a reputable exchange and you are having a problem with your account most of the time these users are the priorities and they would easily be investigated since you can easily claim that it's your account, also a good thing about KYC in investing is that it will be able to detect if the investor is doing something illegal such as Money Laundering.

And the disadvantage of it is when you gave your private credentials to a wrong person or company and may use these credentials to scam or deceive others.

[Gheka]

At some point it is beneficial for example you passed your KYC on a reputable exchange and you are having a problem with your account most of the time these users are the priorities and they would easily be investigated since you can easily claim that it's your account, also a good thing about KYC in investing is that it will be able to detect if the investor is doing something illegal such as Money Laundering.

And the disadvantage of it is when you gave your private credentials to a wrong person or company and may use these credentials to scam or deceive others.

Indeed, when we engage in an exchange and there are account-related issues, the early KYC process can allow us to speed up the investigation process faster, so that we can resume operations, even early checking for losses when hackers attack but as you said, the scope of benefits is quite small, we can often drop information into the hands of others. Therefore, considering the benefits and risks, we should only use KYC for the things that are really necessary and reputable, for airdrops or some bounty that requires KYC, it should be considered and limited

[johnyj]

Even in the AML/KYC law, the KYC is only necessary when the traded amount is above a certain threshold, I think small amount trades less than 100 dollar really do not need KYC. Even if you call police and claim someone steal your 100 dollar bill, they won't even care. And the insurance company only compensate you above several hundred dollar loss

However, for larger amounts, if you don't do KYC, then you might not be able to prove the whole flow of your capital, then that will create you a huge mess when the tax authority is on the door and asking for money, especially when that is a huge amount. There is a reason over 15000 USD is the KYC criteria, since any amount of money above that level, if used illegally, is enough to trigger some relatively serious law violation

[Xampeuu]

At some point it is beneficial for example you passed your KYC on a reputable exchange and you are having a problem with your account most of the time these users are the priorities and they would easily be investigated since you can easily claim that it's your account, also a good thing about KYC in investing is that it will be able to detect if the investor is doing something illegal such as Money Laundering.

And the disadvantage of it is when you gave your private credentials to a wrong person or company and may use these credentials to scam or deceive others.

Indeed, when we engage in an exchange and there are account-related issues, the early KYC process can allow us to speed up the investigation process faster, so that we can resume operations, even early checking for losses when hackers attack but as you said, the scope of benefits is quite small, we can often drop information into the hands of others. Therefore, considering the benefits and risks, we should only use KYC for the things that are really necessary and reputable, for airdrops or some bounty that requires KYC, it should be considered and limited

In essence, we must be careful when asked by KYC, because this concerns our identity where it is possible to take actions that violate the law, so that we are harmed. for example, suppose we are required by kyc to get $ 25, I think the nominal is not in accordance with the data we submit, and it is better to avoid it

[Tylev]

Even in the AML/KYC law, the KYC is only necessary when the traded amount is above a certain threshold, I think small amount trades less than 100 dollar really do not need KYC. Even if you call police and claim someone steal your 100 dollar bill, they won't even care. And the insurance company only compensate you above several hundred dollar loss

However, for larger amounts, if you don't do KYC, then you might not be able to prove the whole flow of your capital, then that will create you a huge mess when the tax authority is on the door and asking for money, especially when that is a huge amount. There is a reason over 15000 USD is the KYC criteria, since any amount of money above that level, if used illegally, is enough to trigger some relatively serious law violation

According to the FATF recommendations of June 21, 2019, which are mandatory for more than two hundred member states, a KYC check should be carried out if the transaction amount is more than one thousand euros. These recommendations should be implemented in the national legislation of states throughout the year and many states have already begun to adopt their laws under these recommendations. Soon we will come to unified rules in this matter.

[zasad@]

Why KYC is extremely dangerous – and useless
https://bitcointalk.org/index.php?topic=5221497

Пoчeмy KYC чpeзвычaйнo oпaceн и бecпoлeзeн ( Russian)
https://bitcointalk.org/index.php?topic=5222690

This is actually a huge problem, and lately I've been trying to learn how to use decentralized projects like Defi
https://bitcointalk.org/index.php?topic=5198245

[Sadlife]

KYC is an issue only to those paypal or credit card users cause it can be used as an "identity theft" which leads to millions of users by such platforms getting their money stolen by hackers.
Now KYC in cryptocurrency is not much of an issue because it will not directly affect your funds and KYC also makes governments and regulators feel safe with crypto thus making it accept them.

[hahay]

As long as we only provide personal identity on a large, trusted and recommended platform, then I don't think there is anything to worry about even though it does not guarantee our data will be safe there but at least, when we do something more careful or do not carelessly provide a personal identity then it is a good effort to implement to maintain the privacy of each user. Having the benefits or not is back about how we do it, because after all KYC is something that is also important to provide greater security for our own funds.

[Vishnu.Reang]

KYC in cryptocurrency is much different from the KYC that we have in other sectors. In cryptocurrency market, KYC involves sending the scanned copy of your passport or national ID card to relatively unknown people who runs exchanges and promotes ICOs. In many cases, these documents end up on sale on various dark markets, such as the Dream Market and the Majestic Garden.

[rambogoham1]

For the most part no. Bitcoin was sort of created to require no KYC to use it, kinda like cash. The one benifit though would be you're less likely to be involved in a scam project if they require KYC.

[matchi2011]

KYC in cryptocurrency is much different from the KYC that we have in other sectors. In cryptocurrency market, KYC involves sending the scanned copy of your passport or national ID card to relatively unknown people who runs exchanges and promotes ICOs. In many cases, these documents end up on sale on various dark markets, such as the Dream Market and the Majestic Garden.

That'  the very problem why many are not interested in sending their information, the risk of being hacked or being sold from the dark market is for real.
It should be understood and studied well before you send up your KYC as there's always big possibilities that you are not really safe from the hands of
hackers.