Have you any new ideas to replace the KYC?

[Colt81]

The crypto market is decentralized, we live here as anonymous and free and we love it! But this KYC process is killing the anonymity of crypto! To invest in a good IEO you need to verify KYC, to do a good bounty project, you will have to go through KYC! But why? You guys are doing nothing with our KYC, then why you keep asking our identity? A selfie by holding my ID card, wtf! Did we ever ask you to verify your KYC when you launch a project/bounty?  Why you are not coming with another option where a freedom crypto member doesn't need to show his face?

Ok, guys, now my question to you, Have you any idea what can be good to replace the KYC method?

KYC was created to prevent abusive users from creating multiple accounts, that is why a lot of projects requires for them avoid this kind of incidents. KYC is really killing the anonymity of crypto because we are sending are own personal data, which it is very dangerous that they could sell out our information to illegal acts such as scams and money laundering. I think there's no need to replace KYC because i think it will be better if we remove KYC for crypto users not to be afraid from investing in projects. We could easily determined a users in creating multiple accounts by checking their ip and mac address, that is why there's no need to worry to require a KYC.

[lobo13hf]

In my opinion KCY is too sensitive it should be eliminated, Because there is no guarantee that user information will not be leaked.And it is difficult for us to prove if our personal data is misused or sold. The best step is to turn KYC into an email + verify a telephone number, I think that's enough.

It should not be eliminated but right now it's been doing for the wrong thing. The implication of KYC itself will be correct when it will be used as a way to verify the identification of the developer who will be running an ico. Kyc implementation needs to be on its place. The verification through another way is a good idea too but that needs to be tested.

[X-ray]

before coming to your question, I will discuss the KYC provisions in IEO. IEO is the collection of funds from the exchange to finance a project (here is crypto) an IEO will be successful if the exchange partner is large. like Binance, Huobi, Kucoin, Bittrex. and this exchange is responsible for the government. has a regulation from the government. and the task of the government is to protect its people (here is financial) as we know, too many ICOs, IEO that end up fraud. Why? because it ignores and does not comply with regulations. ICO / IEO is made only to take investor money without ID. so when IEO gives requirements about KYC, it basically protects you from fraud. if your money is lost because of IEO. You can sue for an exchange that holds IEO. Your question is, is there a replacement for KYC? I think there is currently no. KYC is still the first choice to protect your funds.

You need to note that there are many fraud IEO aswell, demanding KYC doesn't necessarily mean the IEO is safe or legit, if they turns out to be a fraud it will be even worse, Imagine losing money and getting your ID sold on top of that. If the government is really wanted to protect their own people they should have made some kind of organization to verify the KYC and hand the result to the respected project and not instead making people submitting their ID to stranger. What government care is just about how they will prevent money laundering because that will minimize their taxes revenue not saving their people.

[Blackdeath]

The crypto market is decentralized, we live here as anonymous and free and we love it! But this KYC process is killing the anonymity of crypto! To invest in a good IEO you need to verify KYC, to do a good bounty project, you will have to go through KYC! But why? You guys are doing nothing with our KYC, then why you keep asking our identity? A selfie by holding my ID card, wtf! Did we ever ask you to verify your KYC when you launch a project/bounty?  Why you are not coming with another option where a freedom crypto member doesn't need to show his face?

Ok, guys, now my question to you, Have you any idea what can be good to replace the KYC method?

Sending your personal information or KYC in a projects is really unsafe, that is why we should remove the requirement of having KYC in a project because if the project that you have submitted a KYC is a scam, you should be scared because they could used your personal information in illegal activities like money laundering.

[Palider]

Don't use centralized exchanges instead use those decentralized exchanges. But this problem starts through those because the volume from those kind of exchanges isn't that much.
That's the very solution that I can think so far but who knows in the future, there will be centralized exchanges that won't ask for it.

Centralize Exchanges require an audit report for their yearly income and finances, as this is the reqirement of securty exchange commissions. Because if they do not provide an audit they may be fined or their registration revoked and terminated. So maybe they need Kyc for this too.

[NathanJB]

Don't use centralized exchanges instead use those decentralized exchanges. But this problem starts through those because the volume from those kind of exchanges isn't that much.
That's the very solution that I can think so far but who knows in the future, there will be centralized exchanges that won't ask for it.

Centralize Exchanges require an audit report for their yearly income and finances, as this is the reqirement of securty exchange commissions. Because if they do not provide an audit they may be fined or their registration revoked and terminated. So maybe they need Kyc for this too.

Although we all hate KYC, I think there is nothing much we can do about it right now. The centralized exchanges are legally registered as a business establishment in their place and because of that they are operating under the existing laws and regulations. You are right that a violation of these laws and regulations might put their entire business at stake because their licence could be revoked or canceled. The option that we have right now is to use DEX or maintain a minimum transaction amount.

[Ailmand]

KYC is maybe imposed by exchanges because of regulatory reasons. Some countries have strict policies and regulations in regards to cryptocurrency, that must be one of the reasons why KYC is required by exchanges to abide and to avoid any regulatory conflicts. So, there is nothing we can do, it is either you provide the KYC requirement or just find another exchange.

[ecnalubma]

There is no KYC substitute but the companies can impose exceptions for small time investors. Kyc for bounty hunters is a different approach companies are doing it to eleminate bad actors and cheaters. The KYC system is really not part or out of decentralization dream, privacy is still a big issue in this case.

[fortunecrypto]

The crypto market is decentralized, we live here as anonymous and free and we love it! But this KYC process is killing the anonymity of crypto! To invest in a good IEO you need to verify KYC, to do a good bounty project, you will have to go through KYC! But why? You guys are doing nothing with our KYC, then why you keep asking our identity? A selfie by holding my ID card, wtf! Did we ever ask you to verify your KYC when you launch a project/bounty?  Why you are not coming with another option where a freedom crypto member doesn't need to show his face?

Ok, guys, now my question to you, Have you any idea what can be good to replace the KYC method?

There's no replacement for KYC and I don't think these exchanges and those who want to identify us will do away with KYC, this is the only way they can trace who we are and where we are, this is something we cannot deal, it's better to shift to decentralized exchange if you don't want to do KYC.

[Pamadar]

There is no KYC substitute but the companies can impose exceptions for small time investors. Kyc for bounty hunters is a different approach companies are doing it to eleminate bad actors and cheaters. The KYC system is really not part or out of decentralization dream, privacy is still a big issue in this case.

With small investors KYC should be exempted the developers can imposed this requirements once the maximum purchased has been invested.
Since KYC was required by the government and there's no way for the host exchange not to implement this requirement. It's still a question
if there's substitute that developers can bring to this types of investment, or they will continue the same process.

[anog]

The crypto market is decentralized, we live here as anonymous and free and we love it! But this KYC process is killing the anonymity of crypto! To invest in a good IEO you need to verify KYC, to do a good bounty project, you will have to go through KYC! But why? You guys are doing nothing with our KYC, then why you keep asking our identity? A selfie by holding my ID card, wtf! Did we ever ask you to verify your KYC when you launch a project/bounty?  Why you are not coming with another option where a freedom crypto member doesn't need to show his face?

Ok, guys, now my question to you, Have you any idea what can be good to replace the KYC method?

Nothing and this should never exist.

To be honest, no one would do such a silly thing, we here know anonymity is very necessary and outline for the blockchain.

I regret ever doing this to get what is rightfully ours.

[Ridwan Fauzi]

We just have two choices, give our/your identity and we can use cryptocurrency freely or keep your KYC/identity secretly but you can't use them as you wanted because you will find many obstacles.

Give me one exchange, especially an exchange which can be able to change your asset (crypto) to your money fiat who doesn't ask your identity, I'll bet there is not any exchange which can do that.

Whilst, the function of an exchange is really influental because you will store your asset at there. So, you have to give your identity to use the exchange then you can feel the benefit from cryptocurrency. And also, I think there is no way to replace KYC since our concern here is our identity.

[judeafante]

I don't like KYC and if there's a replacement for KYC so our information will not be compromised, I'd gladly support it, but right now and all the other who posted here do not have ideas or any kind of replacement to KYC, KYC is here to stay, it's the only way that exchanges can validate the identity of their users and if they are abusing their platform, and it's also what the government want on exchanges for compliant.

[Serco]

I don't like KYC and if there's a replacement for KYC so our information will not be compromised, I'd gladly support it, but right now and all the other who posted here do not have ideas or any kind of replacement to KYC, KYC is here to stay, it's the only way that exchanges can validate the identity of their users and if they are abusing their platform, and it's also what the government want on exchanges for compliant.

at this moment only kyc to prove our identity ,and there is no other ways . i am sad why in decentralized market we still need to pass kyc ,meanwhile its againts with decentralized concept which is no one could control this market. Government and exchange still have their role to protect their customer fund that saved in exchange. Someday due this kyc , government will get finance data from exchange and it could use to attract taxes.

[Zeke_23]

The crypto market is decentralized, we live here as anonymous and free and we love it! But this KYC process is killing the anonymity of crypto! To invest in a good IEO you need to verify KYC, to do a good bounty project, you will have to go through KYC! But why? You guys are doing nothing with our KYC, then why you keep asking our identity? A selfie by holding my ID card, wtf! Did we ever ask you to verify your KYC when you launch a project/bounty?  Why you are not coming with another option where a freedom crypto member doesn't need to show his face?

Ok, guys, now my question to you, Have you any idea what can be good to replace the KYC method?

Nothing and this should never exist.

To be honest, no one would do such a silly thing, we here know anonymity is very necessary and outline for the blockchain.

I regret ever doing this to get what is rightfully ours.

It does exist so even if we wanted to get rid of it, it will be impossible.
We do, but there are some companies that apply centralization to their project and KYC verification is necessary for that project.
I think you should never regret it because as long as the company does not violate the privacy law, your identity is still safe even if you undergo KYC verification.

[Bitfling]

The crypto market is decentralized, we live here as anonymous and free and we love it! But this KYC process is killing the anonymity of crypto! To invest in a good IEO you need to verify KYC, to do a good bounty project, you will have to go through KYC! But why? You guys are doing nothing with our KYC, then why you keep asking our identity? A selfie by holding my ID card, wtf! Did we ever ask you to verify your KYC when you launch a project/bounty?  Why you are not coming with another option where a freedom crypto member doesn't need to show his face?

Ok, guys, now my question to you, Have you any idea what can be good to replace the KYC method?

KYC with identity documents is difficult to replace because with identity documents, misuse can be minimized. Everyone who commits KYC certainly will not dare to commit crimes because their identities are known. If you want the cryptocurrency market to be regulated, I think KYC cannot be avoided so that the government can monitor the abuse of transactions

[dimonstration]

The crypto market is decentralized, we live here as anonymous and free and we love it! But this KYC process is killing the anonymity of crypto! To invest in a good IEO you need to verify KYC, to do a good bounty project, you will have to go through KYC! But why? You guys are doing nothing with our KYC, then why you keep asking our identity? A selfie by holding my ID card, wtf! Did we ever ask you to verify your KYC when you launch a project/bounty?  Why you are not coming with another option where a freedom crypto member doesn't need to show his face?

Ok, guys, now my question to you, Have you any idea what can be good to replace the KYC method?

KYC with identity documents is difficult to replace because with identity documents, misuse can be minimized. Everyone who commits KYC certainly will not dare to commit crimes because their identities are known. If you want the cryptocurrency market to be regulated, I think KYC cannot be avoided so that the government can monitor the abuse of transactions

KYC probably use to prevent AML Anti Money Laundering that's why there is a need to identify if that person really exist or not. Since crypto can be used to do illegal I guess doing KYC seems the project is more legit since they allowed it because they might be registered in their government or In a SEC. As long as we know the process and the project been honest on what they need it and how they can keep our privacy then I'm fine with KYC

[Dalmar]

The crypto market is decentralized, we live here as anonymous and free and we love it! But this KYC process is killing the anonymity of crypto! To invest in a good IEO you need to verify KYC, to do a good bounty project, you will have to go through KYC! But why? You guys are doing nothing with our KYC, then why you keep asking our identity? A selfie by holding my ID card, wtf! Did we ever ask you to verify your KYC when you launch a project/bounty?  Why you are not coming with another option where a freedom crypto member doesn't need to show his face?

Ok, guys, now my question to you, Have you any idea what can be good to replace the KYC method?

KYC with identity documents is difficult to replace because with identity documents, misuse can be minimized. Everyone who commits KYC certainly will not dare to commit crimes because their identities are known. If you want the cryptocurrency market to be regulated, I think KYC cannot be avoided so that the government can monitor the abuse of transactions

KYC probably use to prevent AML Anti Money Laundering that's why there is a need to identify if that person really exist or not. Since crypto can be used to do illegal I guess doing KYC seems the project is more legit since they allowed it because they might be registered in their government or In a SEC. As long as we know the process and the project been honest on what they need it and how they can keep our privacy then I'm fine with KYC

It is ok to share the documents for KYC&AML verification but the main concern of the crypto investors is the illegal use of personal documents in the dark web. I am fine to accept the KYC requirements, but it is very scary to see the flowing documents in the illegal sites. Scam projects can take the collected amount from the token sale and they will sell the investors data for passing the KYC on another site.

[GucciBoy]

You can completely avoid them by using decentralized options. For trading I advice everyone to use DEX's like the Blocknet DEX. Been around the longest, and works pretty well for now.

I'm sure we'll see more volume on and liquidity in the coming years, for those of you who hasn't started using DEX's yet

[ðºÞæ]

The first step to do is KYC (know your company) before handing over your personal information to someone on the internet.
Who is handling the personal information provided any/all future changes when someone new will have access to it, when sold, to whom...