Is KYC benefit to crypto people or not

[Arkann]

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.

Cryptocurrency users have always reacted negatively to the provision of passport data, because they wanted to remain anonymous and also keep secret the volumes of ownership of the cryptocurrency.  Of course, this was all done in the first place in order to avoid taxation, since governments charge quite a lot of interest for users using cryptocurrency.  But what other concerns can users have if they require KYC?

[tvplus006]

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.

Passing KYC is required not only to increase the number of bitcoins to withdraw from the exchange. I associate the positive value of passing KYC on the exchange with the fact that this will allow you to restore your account in cases when you lost access to it.

[jhonjhon]

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.

It is beneficial as to add assurance that the people you are dealing with are authentic or verified people. Though some may not want to do it for security because there’s a chance it will be hacked and aside from that KYC for some exchanges are kinda complicated and people don’t like it. For me, KYC has its advantages and disadvantages since nothing is perfect but having KYC make me feel a little secure knowing all are fully verified.

[conected]

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.

It is beneficial as to add assurance that the people you are dealing with are authentic or verified people. Though some may not want to do it for security because there’s a chance it will be hacked and aside from that KYC for some exchanges are kinda complicated and people don’t like it. For me, KYC has its advantages and disadvantages since nothing is perfect but having KYC make me feel a little secure knowing all are fully verified.

- Some people only put a small amount of capital into the exchanges, which makes them feel that KYC is ineffective, sometimes their information may spill out when the exchange is hacked but such a vision is probably quite narrow, we have determined this is a market that can survive for a long time, KYC on exchanges is a guarantee of assets, at least our money will not be unusually lost without our permission. The case that KYC gives exchange is a special case, KYC for other processes such as bounty, airdrop, I am not highly recommended when scam components are numerous.

[Janation]

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.

It is beneficial as to add assurance that the people you are dealing with are authentic or verified people. Though some may not want to do it for security because there’s a chance it will be hacked and aside from that KYC for some exchanges are kinda complicated and people don’t like it. For me, KYC has its advantages and disadvantages since nothing is perfect but having KYC make me feel a little secure knowing all are fully verified.

I just hope they are all true though.

There are some instances where people are using other individual's information. Also, there are this KYC scams that happened in the past, one of them is this one,

https://economictimes.indiatimes.com/wealth/save/another-kyc-scam-doing-the-rounds-heres-how-you-can-protect-yourself/articleshow/71452501.cms?from=mdr

Despite the advantages of KYC, the danger is always lurking there so be really careful.

[Kong Hey Pakboy]

KYC does not benefit crypto users at all because the only purpose of KYCs is to avoid fraudulent users or multiple accounts who participates in bounty campaigns or in any projects, so it only benefited projects. Honestly, most crypto users hates submitting KYCs because it might be used to steal their identities and used it in illegal acts.

[nightflightcourt]

I used to use Binance and Bittrex but they got too strict so now I mostly use smaller non-KYC exchanges
Once Stakenet comes out, I'm just gonna use that.

[desertfox470]

KYC does not benefit crypto users at all because the only purpose of KYCs is to avoid fraudulent users or multiple accounts who participates in bounty campaigns or in any projects, so it only benefited projects. Honestly, most crypto users hates submitting KYCs because it might be used to steal their identities and used it in illegal acts.

I think that fraud needs to be stopped in a lot of the bitcoin community though. Fraud is not a good thing, and many people that hear bitcoin instantly think of fraud.

[2020VISION]

bitcoin and kyc don't belong together :\ meh

[nightflightcourt]

bitcoin and kyc don't belong together :\ meh

they mix like peanut butter and vodka

[voteformeg]

as read above this post , bitcoin was never made to work together with an KYC!!

[2020VISION]

as read above this post , bitcoin was never made to work together with an KYC!!

yeah these kyc actors cannot be trusted, never provide personal info to strangers. :\ meh

[travwill]

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.

The examples of DEX you cited are the worst in terms of liquidity. Forkdelta and Jezerdelt have one smart contract, by the way.
There are large centralized exchanges allowing you not to go through the identification procedure if the sum of your daily withdrawals does not exceed a certain number, usually it is 2 BTC.

[nightflightcourt]

There are large centralized exchanges allowing you not to go through the identification procedure if the sum of your daily withdrawals does not exceed a certain number, usually it is 2 BTC.

For now. They usually start that way to attract volume and then crack down once they get big enough and want to keep their doors open.
It happened to Polo, then Bittrex, then Binance.

[desertfox470]

There are large centralized exchanges allowing you not to go through the identification procedure if the sum of your daily withdrawals does not exceed a certain number, usually it is 2 BTC.

For now. They usually start that way to attract volume and then crack down once they get big enough and want to keep their doors open.
It happened to Polo, then Bittrex, then Binance.

I can see this as a good marketing ploy. Many people want an exchange they don't have to show their identity, so companies offer it in order to have more customers join. Too bad so many companies switch away from what they offer.

[nightflightcourt]

There are large centralized exchanges allowing you not to go through the identification procedure if the sum of your daily withdrawals does not exceed a certain number, usually it is 2 BTC.

For now. They usually start that way to attract volume and then crack down once they get big enough and want to keep their doors open.
It happened to Polo, then Bittrex, then Binance.

I can see this as a good marketing ploy. Many people want an exchange they don't have to show their identity, so companies offer it in order to have more customers join. Too bad so many companies switch away from what they offer.

I'm waiting for Stakenet. Unlimited crypto-to-crypto pairs and permanent, immutable non-KYC.
The only problem to solve after that will be fiat on-ramps.

[Smitty Werben Man Jensen]

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 can be important for cryptocurrency, but with the condition that the exchange platform is guaranteed and has the legality of the government, it will make members and investors safe, but if not then be careful,

[2020VISION]

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 can be important for cryptocurrency, but with the condition that the exchange platform is guaranteed and has the legality of the government, it will make members and investors safe, but if not then be careful,

what govt? lol it's imaginary ~ mind control :-D pfft

[Ambucrypto369]

six exchanges trade without KyC detailsBTC


https://news.bitcoin.com/6-cryptocurrency-exchanges-that-dont-require-kyc/

[tvplus006]

KYC does not benefit crypto users at all because the only purpose of KYCs is to avoid fraudulent users or multiple accounts who participates in bounty campaigns or in any projects, so it only benefited projects. Honestly, most crypto users hates submitting KYCs because it might be used to steal their identities and used it in illegal acts.

No matter how you feel about passing KYC, but if you want to work on a good exchange, you will still have to accept their rules. I did not want to pass KYC on Binance for a very long time, but it is impossible to work on the margin market without it. Therefore, everyone should choose for themselves what is more important to them.