Is KYC benefit to crypto people or not

[yupi84crypto]

To be honest, for me as crypto users, I really avoid KYC, because it does not provide any benefits. Which is possible In fact, I am disadvantaged
if I do KYC, because my personal data can be traded. KYC has benefits for company and government. Therefore if the entire cryptocurrency
community when voting about KYC, most certainly will opposed it. Because it's not felt the benefits.

[USBitcoinServices.Com]

The point is if KYC already exists then people should encourage that KYP (Know your Provider) should exist also, and should be available for those that already applied their KYC. It should be available to them, and that would be a fair thing, and not just the client hast to send their private documents/info but the other side should do the same.

Why people are not talking about KYP? Why clients are not supporting a fair interchange of personal/ private information?

If you are providing your private personal documents/information you should also request the same thing from your exchange or a third-party provider.

Many people said that providers already did their part with their legal registration, sure they did but they have done it only to give it to their local authorities and not to their must important person, the client. Without the client, third parties won't be able to make money.

Things need to get fixed and people need to be in charge, they need o question authorities and ask for fairness!

 

[Averim]

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.....

I agree with AML but in the same time i dont agree to give my personal data to the digital world. Somehow is strange because governments don't believe in crypto coins but in the same time they have regulations, and how it is mentioned above, crypto is about anonymity and no shirt party.

[butcherme]

For me the advantage of KYC in crypto is to prevent people from money laundry.
The disadvantage of the KYC is when the document ends up in the wrong hands. They can use it to commit mistake.

[Zemomtum]

KYC does not diminish the decentralization of blockchain technology. These things are mostly done to conform to the regulation within the jurisdiction. Besides, there are decentralized exchanges that don't require KYC and you can remain anonymous but the percentage is very small at the moment.

[JoMarrah Iarim Dan]

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.....

Yes it is trend in this market. But up to now, I still afraid of filling that KYC because it is my own personal information. I really don't know if the people who will looked at my information are good or bad because they might used this in something bad without my persmission so I will be the one who will be blamed. Since there are  some projects who are not requiring KYC I much prefer of joining this.

[metenjean]

KYC is benefit because have ideas how to protect some one use fake data for submit in their exchange account, by KYC have many chance how to make people keep positive think with bitcoin and altcoin at the future.

[Wintersoldier]

KYC is benefit because have ideas how to protect some one use fake data for submit in their exchange account, by KYC have many chance how to make people keep positive think with bitcoin and altcoin at the future.

Not really. KYC was really implemented to avoid multiple accounts in participating in one project and submitting fake data. But what if you are submitting your personal informations to the wrong people which they can easily used it for their illegal activities, that is why we still need to be careful on where we should submit our personal information.

[thesmallgod]

I do not see any tangible benefit a trader receive for KYC but rather benefits the trading platform because it makes them to conform to the rules and AML of the country of origin. However, in most exchanges, this might be optional except you are the kind of traders that hold and transact huge amount of money in crypto daily.

[qory]

KYC look benefit if using for correct and good exchange bitcoin site like Bittrex, Binance, Kucoin, Indodax and any bigger and trusted exchange market in the world, but when checking with bad exchange you must careful for submit your KYC document.

[Spaffin]

I believe that the provision of passport data by users allows you to protect yourself from certain threats that may arise.  First of all, this is an opportunity, for example, to prove that you belong to a particular account on the exchange.  Or protect your rights in court, if there is an opportunity, thanks to your documents, to prove this or that information.  In addition, the provision of KYC makes it possible to deal with scammers, because it is possible to verify the authenticity of actions or information if a person provides their passport data.

[tvplus006]

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.

There is a big difference in who initiates the KYC. It is one thing when you need to pass this to Binance to participate in the IEO, and what is required by questionable ICO that do not have information about their team members on the site. And they explain this by maintaining the anonymity of team members, but they also require their investors to pass the KYC.

[Jateng]

KYC look benefit if using for correct and good exchange bitcoin site like Bittrex, Binance, Kucoin, Indodax and any bigger and trusted exchange market in the world, but when checking with bad exchange you must careful for submit your KYC document.

KYC added more security and ensuring the safety of their customer assets. Both parties Bitcoin Exchange and customer/trader will benefit to KYC. It will allow exchange to know their customer what are their true identity while customer can easier to withdraw and avoid being copy their identity to scam them. But just like you said, its not all the time we should file our KYC, this become disadvantage if we give our identity to the wrong hands.

[ArIMy11]

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.....

For me, KYC has no benefit to people. In fact, I think it can cause harm to people when their information are in the wrong hand. But of course not all things that requires KYC are bad people. The one that will benefit the most are the people behind the KYC because they will be able to know their customer very well.

[assa1979]

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.....

For me, KYC has no benefit to people. In fact, I think it can cause harm to people when their information are in the wrong hand. But of course not all things that requires KYC are bad people. The one that will benefit the most are the people behind the KYC because they will be able to know their customer very well.

I don't like KYC and have no plan to use it anytime soon. However I've been thinking what if crypto companies can only be profitable (at this stage of market growing up) if they sell our data to 3rd party services?
If this is the case, if this is the cost we need to pay to see crypto developing further?
I don't know if I will use it then

[FanatMonet]

If KYC helps reduce the number of crimes with cryptocurrencies, then personally I don’t see anything wrong with that. Because it is still impossible to achieve complete anonymity with the help of cryptocurrency, and the example when the FBI defeated the Silk Road is very revealing.

[Free1bitco.in]

I do not see any tangible benefit a trader receive for KYC but rather benefits the trading platform because it makes them to conform to the rules and AML of the country of origin. However, in most exchanges, this might be optional except you are the kind of traders that hold and transact huge amount of money in crypto daily.

however, KYC is required by the exchange to meet the regulations of their country. so I thought that was a necessity. in addition, with KYC, an exchange knows who they are trading with. in this case, we have the choice not to do KYC when we feel that it is not necessary or harmful because I think we can still trade, it's just that the funds we can withdraw are limited. other than that, you're right, that KYC is done for those who want to make a large withdrawal, and I think it's quite worth doing KYC. so, benefit or not it depends on the situation.

[Furious 7]

I do not see any tangible benefit a trader receive for KYC but rather benefits the trading platform because it makes them to conform to the rules and AML of the country of origin. However, in most exchanges, this might be optional except you are the kind of traders that hold and transact huge amount of money in crypto daily.

however, KYC is required by the exchange to meet the regulations of their country. so I thought that was a necessity. in addition, with KYC, an exchange knows who they are trading with. in this case, we have the choice not to do KYC when we feel that it is not necessary or harmful because I think we can still trade, it's just that the funds we can withdraw are limited. other than that, you're right, that KYC is done for those who want to make a large withdrawal, and I think it's quite worth doing KYC. so, benefit or not it depends on the situation.

Like Binance and some other large exchanges, if you make a small withdrawal I think it does not require KYC like me who often withdraws under 1 BTC so for me it is safe and not a problem with not KYC.

It might be the big whales that do KYC because they want to secure their assets with a large withdrawal amount.

[FlightyPouch]

KYC does not diminish the decentralization of blockchain technology. These things are mostly done to conform to the regulation within the jurisdiction. Besides, there are decentralized exchanges that don't require KYC and you can remain anonymous but the percentage is very small at the moment.

That is so true though. Despite people using bitcoin so they can stay anonymous, KYC is beneficial for users, investors, and exchanges and in the community as well. I don't like the idea of KYC since it is the opposite of what crypto currencies goals are but still, the existence of it is not to kill decentralization but to take care of it.

[Vishnu.Reang]

KYC does not diminish the decentralization of blockchain technology. These things are mostly done to conform to the regulation within the jurisdiction. Besides, there are decentralized exchanges that don't require KYC and you can remain anonymous but the percentage is very small at the moment.

There are decentralized exchanges (DEX sites) and some minor exchanges where KYC is not needed. But the problem is that there is not enough liquidity with these sites. I have tried using various DEX sites such as Forkdelta and Etherdelta in the past, to cash out some of my bounty rewards. But it was very tough trying to sell the tokens, as there were not enough users willing to purchase them. Even when I found a few buyers the prices were extremely low.