Is KYC bad for crypto?

[sujon5]

Cryptocurrency was designed as an opposition to traditional banking. KYC is an attempt to get the crypto industry under control. It contradicts to crypto primary targets, that's why I'm against KYC.

[TanakabZX]

KYC is not bad in crypto but not encouraging either because many scam projects collects users KYC for personal gains, KYC is very useful but many project have abused it, something that should be for people's safety have turn into money making scheme, Your KYC info can be sell for $$$ to those who needs them

[seagates]

KYC is making everything more legal. Its not so good for crypto but important part of adoption unfortunately

[suryapro]

If we talk about KYC or giving about our identity to others it is something that is very dangerous. especially dealing with the world of commerce. indeed if we do not complete this KYC process, then we will not be able to make transactions. if exchanged in my opinion it's the right of every platform owner. but even more unfortunate if the crypto project requires us to complete the KYC process, but in the end they never pay us.

[Iyanu14]

In some cases regulations are necessary to put an end to fraud and corruption in the crypto/Blockchain industry. By requiring KYC compliance on centralized exchanges, the crypto world could become a better place. However, the mere fact that you'd need to provide some sort of ID verification would completely destroy the purpose of crypto. I've seen situations where centralized exchanges became hacked, putting customers' identities at risk. Last time I've heard, someone hacked Binance and threatened to expose customer's identities across the web.

This makes me to believe that KYC does more harm than good for crypto. Of course, regulation is necessary in order to legitimize the industry in its entirety. Institutional investors, conglomerates, and other entities will find crypto regulatory-compliant for their own needs. But knowing that KYC goes against crypto's principles, could make the entire industry similar to traditional banking.

What are your thoughts?

In the actual fact, personally I'm not totally in support of KYC. But it this become necessary at times to claim reward or invest.  I have always been somehow afraid of releasing my international passport for KYC.  Imagine an exchange like Vindax that is probed to hacking almost every time.  Exchanges need to do more in term of safeguarding the identities of their clients.

[CryptoBik]

I used to be worried about this, and every time I met the word KYC, I run). I didn’t want to show my passport and so on. But in the end I found a good option for myself, it seems to me. I learned and got a driver’s license. From now on, I provide them only.

[umbara ardian]

KYC is making everything more legal. Its not so good for crypto but important part of adoption unfortunately

It is only legal if the projects are really legit and work properly. They will need participants' KYC to eliminate countries constrained by their governments. But if KYC is done by scam projects then it is certainly a bad thing, your personal documents will be used for malicious purposes and it can even be sold to other organizations.

[bits4books]

It's already 2020, guys
If you want the widespread distribution of crypto and global usage of it - then you need the KYC.
Without it, cryptocurrency will remain a marginalized topic for " geeks, drug addicts and fans of not-quite-legal weapons"
Truly popular money cant be without any control, so you will have to be ok with KYC

[Malam90]

Yes, KYC is sometimes needed to protect fraud but this process in the centralized exchanges are sometimes may harmful for the members if that exchange got hacked. Last year, Binance has been hacked and hackers threatened that they will disclose the members identities across the online. Imagine, if they disclose our identity in the online, how we will face that problem?

[masterrex]

I think KYC is not bad for the crypto industry, because we must understand that to gain adoption in the mainstream it should be legalized first and KYC is one of the requirements in the land for AMLC and it is a global requirement to combat the money laundering crimes across borders so it is not Bad for cryptocurrency instead it maybe boost the confidence to make cryptocurrency industry safe not just for investors but for everyone involved in the industry.

[cytpoway121]

In my own opinion, i think kyc is bad for crypto.
Why do i say that ? unwarranted request for kyc is now paramount in the crypto space, with unnecessary excuses that profiles knowing who holds token.

The only necessity for kyc that i believe, is during high trades, and fiat markets, but projects such as digitalbits who request for kyc and ends up not paying brings doubt to the space. There are several more like that.

You will see an unrated airdrop campaign requesting for kyc, just like that.
its very unnecessary.

[bison]

Yes, KYC is sometimes needed to protect fraud but this process in the centralized exchanges are sometimes may harmful for the members if that exchange got hacked. Last year, Binance has been hacked and hackers threatened that they will disclose the members identities across the online. Imagine, if they disclose our identity in the online, how we will face that problem?

what is the worst possibility of the use of our identity by people who hack a platform? lots of data can be obtained from Google and the internet. I guess now for personal data nothing is covered. everyone can freely know the biodata of others. KYC is done either for bounty hunters or large exchanges I think is still in a reasonable stage. we should not be too negative about this problem.

[Ridwan Fauzi]

If we deal with centralized system then we will find this situation. They will ask everything and it must be details if we give wrong decoment then they will never accept our appliciant and yeah that is a horrible thing so far.

We must through this way in some exchange especially new exchange, even they ask a picture of us who hold our identity, that's really f*ck. Seriously I don't like this part and I'm still thinking that I'm dealing with government aggencies like bank and etc. Crypto currency should be avoid it, we have to showing our freedom to those people who still didn't like it.

[20kevin20]

KYC is making everything more legal. Its not so good for crypto but important part of adoption unfortunately

In theory, it does. In practice though, it's different. I have all respect for those companies implementing KYC the right way: wanna sign up? First, prove your identity. only THEN, you are allowed to register on the platform. Most companies, even some of the most known ones, abuse the policy to their own advantage leaving their customers without access to their funds.

So no, I don't agree at all with the KYC policy.

[asriloni]

Cryptocurrency was designed as an opposition to traditional banking. KYC is an attempt to get the crypto industry under control. It contradicts to crypto primary targets, that's why I'm against KYC.

That means if KYC is a very bad thing to the crypto as this was always implemented by the authority to strict the crypto users. Crypto doesn't even need KYC and I have seen so many service didn't even need KYC and they are still fine with it. KYC is a bad thing but at the same time it can be used to help the crypto to avoid the scammers.

[semobo]

KYC for using crypto related services is not entirely bad for crypto market,as you said KYC can put an end to scammers or atleast will act as barriers for many scam attempts but when cryptos are being decentralized and anonymous it seems we are going against it for trading cryptos.

[White Christmas]

Actually kyc is not that bad but it is also not that good in which it is just balance in which it is already says that Kyc May be good because the identity of the bitcoin or crypto people are exposed and it will help to lessen the scamming activities that might happening. But the thing is in crypto identity must be remain unknown or the anonymous of the people for their own security purposes.

[Wildwest]

In fact KYC regulations are very harmful to us as users, because there we must enter a complete personal identity is certainly very harmful, if they apply then we will be victims then in this case we Just positive thinking it's all done to cope with the scamer, and we expect them not to deny using our data.

[cassavachips]

KYC is very inappropriate for cryptocurrency, this is a big mistake. Users do not need to do KYC, which is appropriate to do KYC is a large exchange so that they do not go with the user's money. For users, it might not be a problem doing KYC if they have a large amount of funds in the exchange in order to be able to save their funds when the exchange is hacked.

[Baby Dragon]

snip~

Exposing our private details is very risky especially if it will go to the wrong hands as they can do whatever they like. And what worst is that they can use our private details in shady transactions if they like to do so without our consent.

But with regards to exchanges especially those centralized one, most of them are asking for KYC because they want to prevent any fraud so we don't have other option but to follow their rules if we want to use their exchange. It is bad for crypto if it will be use in shady transaction but if it will be use correctly then it will not that bad at all, let's just hope that every exchange will tighten their security so hackers cannot penetrate their databases.

KYC is a typical strategy of a fraudster used to take advantage of people's funds and assets. It has positive and negative consequences, people have different thoughts with regards to it depends on their personal experiences. People are afraid to share their personal data because they are aware that it can easily used against them, particularly these days that fraudsters used different approaches to deceive people. However, it can be used to secure the funds and assets of investors from financial fraud. Implementing it isn't bad, it will only be if people aren't using it on an appropriate way.