Is KYC bad for crypto?

[Xampeuu]

KYC is bad for the sake of exposure but that is what price we have to pay if we must achieve regulation for this industry. There are instances where I submitted my KYC documents only for those projects to scam. I believe such scam projects are likely to sell customers' data in their possession on the darknet and thereby endangering the identities of their customers. If we can achieve regulation without exchanges demanding KYC documents, that would be fine and great.

I don't understand why KYC is used for bounty and airdrop, they don't need to collect our personal information if they're a legit project. Over the past 2 years I have seen thousands of airdrops and bounty asking KYC participants, and thankfully I have never participated in such campaigns. And just as you said, our material can be sold and used for malicious purposes

It is very suspicious, if airdrops and bounties are requested for KYC, especially for inappropriate gifts. but I used to do it to send kyc, because the prize I got was satisfying. but worry still exists, because it involves our personal data, but until now there are no problems, hopefully the project will develop in a healthy manner

[neowenyuan]

The original idea of crypto is the decentralized therefore KYC might break its original idea.
However, people has been shouting about how risky the market is, and that's because of lack of regulation.

When we ask for regulation, KYC is already embedded as that is the basic requirement for financial industry accepting clients to facilitate their business.
Therefore we have to follow and do the KYC as we have no choice, now let's weigh the two, and for me I would pick that we should follow the KYC and let the crypto space get regulated as it's the only way that it will grow in the long run.

Sad to say that it defeats the purpose, but agree with you that, for this space to grow, we have to play by the rules of the financial industry.

Perhaps we can remove the KYC part, and just use some sort of identity like BTC address in future, when financial regulations get eliminated, hopefully in our lifetime

[someone703]

KYC is bad for the sake of exposure but that is what price we have to pay if we must achieve regulation for this industry. There are instances where I submitted my KYC documents only for those projects to scam. I believe such scam projects are likely to sell customers' data in their possession on the darknet and thereby endangering the identities of their customers. If we can achieve regulation without exchanges demanding KYC documents, that would be fine and great.

I don't understand why KYC is used for bounty and airdrop, they don't need to collect our personal information if they're a legit project. Over the past 2 years I have seen thousands of airdrops and bounty asking KYC participants, and thankfully I have never participated in such campaigns. And just as you said, our material can be sold and used for malicious purposes

It is very suspicious, if airdrops and bounties are requested for KYC, especially for inappropriate gifts. but I used to do it to send kyc, because the prize I got was satisfying. but worry still exists, because it involves our personal data, but until now there are no problems, hopefully the project will develop in a healthy manner

Sure, if the rewards are too low and they ask for KYC then we can skip it. If the reward is good enough, we can go through KYC with a bit of worry. Once our information is exposed, there will certainly be consequences in the future

[bakasabo]

It is very suspicious, if airdrops and bounties are requested for KYC, especially for inappropriate gifts. but I used to do it to send kyc, because the prize I got was satisfying. but worry still exists, because it involves our personal data, but until now there are no problems, hopefully the project will develop in a healthy manner

But hiw can you tell if it is worth to pass kyc or not. It has become common to ask to pass kyc before you receive bounty reward, and the token is still doesnt listed.

One can evaluate how fast the project reached soft/hard cap or how quick was ieo tokens sold. But all that data can be falsified.

[slackovic]

KYC is bad for the sake of exposure but that is what price we have to pay if we must achieve regulation for this industry. There are instances where I submitted my KYC documents only for those projects to scam. I believe such scam projects are likely to sell customers' data in their possession on the darknet and thereby endangering the identities of their customers. If we can achieve regulation without exchanges demanding KYC documents, that would be fine and great.

I don't understand why KYC is used for bounty and airdrop, they don't need to collect our personal information if they're a legit project. Over the past 2 years I have seen thousands of airdrops and bounty asking KYC participants, and thankfully I have never participated in such campaigns. And just as you said, our material can be sold and used for malicious purposes

It is very suspicious, if airdrops and bounties are requested for KYC, especially for inappropriate gifts. but I used to do it to send kyc, because the prize I got was satisfying. but worry still exists, because it involves our personal data, but until now there are no problems, hopefully the project will develop in a healthy manner

Sure, if the rewards are too low and they ask for KYC then we can skip it. If the reward is good enough, we can go through KYC with a bit of worry. Once our information is exposed, there will certainly be consequences in the future

Actually, I understand the point of requesting airdrop and bounty participants to do the KYC. That is the only way to be sure that only one account is registered per person. The problem is that most of those projects fail and in the end the only way to earn some money is to sell participants' KYC information. And even if the project succeeds, a little extra money earned by selling personal info often looks like a good idea.
I don't support that idea, I'm just saying why KYC is generally understandable in airdrop and bounty campaigns. If someone would find a way to do the KYC without sending personal info to each project, that would be perfect! But I won't hold my breath until that happen.

[Yatsan]

It is very suspicious, if airdrops and bounties are requested for KYC, especially for inappropriate gifts. but I used to do it to send kyc, because the prize I got was satisfying. but worry still exists, because it involves our personal data, but until now there are no problems, hopefully the project will develop in a healthy manner

But hiw can you tell if it is worth to pass kyc or not. It has become common to ask to pass kyc before you receive bounty reward, and the token is still doesnt listed.

One can evaluate how fast the project reached soft/hard cap or how quick was ieo tokens sold. But all that data can be falsified.

My simple advice is don't do KYC! It's just like selling your personal data for a couple of dollars.

It's not worth it if there's magically airdrop or bounty asking for KYC. I am not fully against KYC but, just please, do KYC on legitimate website only, a reputable one considering that, they built their reputation and they are running for years.

Don't do KYC on any new projects, it will be very risky!

[bittick]

KYC is bad for the sake of exposure but that is what price we have to pay if we must achieve regulation for this industry. There are instances where I submitted my KYC documents only for those projects to scam. I believe such scam projects are likely to sell customers' data in their possession on the darknet and thereby endangering the identities of their customers. If we can achieve regulation without exchanges demanding KYC documents, that would be fine and great.

I don't understand why KYC is used for bounty and airdrop, they don't need to collect our personal information if they're a legit project. Over the past 2 years I have seen thousands of airdrops and bounty asking KYC participants, and thankfully I have never participated in such campaigns. And just as you said, our material can be sold and used for malicious purposes

It is very suspicious, if airdrops and bounties are requested for KYC, especially for inappropriate gifts. but I used to do it to send kyc, because the prize I got was satisfying. but worry still exists, because it involves our personal data, but until now there are no problems, hopefully the project will develop in a healthy manner

Sure, if the rewards are too low and they ask for KYC then we can skip it. If the reward is good enough, we can go through KYC with a bit of worry. Once our information is exposed, there will certainly be consequences in the future

That doesn't matter a lot caused by when the token is still not yet traded on the market and what you can do to create speculation about how much for minimum payment that you will receive that from the project. Basically, KYC is not so important to be applied for hunters.

[pikkie]

It is very suspicious, if airdrops and bounties are requested for KYC, especially for inappropriate gifts. but I used to do it to send kyc, because the prize I got was satisfying. but worry still exists, because it involves our personal data, but until now there are no problems, hopefully the project will develop in a healthy manner

But hiw can you tell if it is worth to pass kyc or not. It has become common to ask to pass kyc before you receive bounty reward, and the token is still doesnt listed.

One can evaluate how fast the project reached soft/hard cap or how quick was ieo tokens sold. But all that data can be falsified.

My simple advice is don't do KYC! It's just like selling your personal data for a couple of dollars.

It's not worth it if there's magically airdrop or bounty asking for KYC. I am not fully against KYC but, just please, do KYC on legitimate website only, a reputable one considering that, they built their reputation and they are running for years.

Don't do KYC on any new projects, it will be very risky!

I totally agree with what you say because now many airdrops are starting to need KYC to be able to get a prize and it is very cheap, whereas with the identity you gave when KYC could be used for crimes for their benefit without the victim's knowledge, such as borrowing money to banks and others.

[Vishnu.Reang]

I have to say that KYC is being implemented in ICOs in a very one sided manner. For example, a bounty hunter who may get $5 or $10 has to undergo the KYC process, while the promoters in many cases manages to avoid it. I am not saying that KYC helps to reduce the incidents of fraud in bounty projects, by removing multiple entries by the same person. But for that purpose, there are far better methods available.

[Bitbtc8]

KYC is not bad for crypto, with the tech you can control many things like stealing and cheating or even illegal embezzlement but what's making KYC looks bad are fake projects that aims only for investors fund or ID so they can sell to criminals in need of the identities

[XCANA]

I am not against KYC but KYC is against the purpose of crypto. In Bitcoin whitepaper shows the purpose of it, transaction without information about parties, and without hand of banks. Everything is incognito. It seems that we're going backwards when accept KYC when joining crypto.

More reason why I hate the KYC of a thing. We should know on what ground was the cryptocurrency family was launched and what has been into use after the advent of cryptocurrency. Cryptocurrency is not fiats and should not be taken like the fiats but like  cryptocurrency from existence. The creation of cryptocurrency was as a result of anonymity and many have gone contrary to this. It is time we reverse our ways of like and back to the world of anonymity and Bitcoin

[xZork]

I am not against KYC but I only KYC in case of need, for example I will complete KYC at the exchanges where most of my assets are located.
KYC makes the market safer and it also makes it easier for the government to manage and collect taxes. If anyone doesn't like KYC, he just doesn't need to do it and keep the cryptocurrency on his own wallet.

[julius caesar]

Actually there is nothing wrong about KYC or Know Your Customer. It becomes wrong when someone expose our identity by using the KYC that we gave. The KYC is very important since that is our identity. People must not know it without even our consent. Cryptocurrency is created for us to be able to transact anonymously so I think KYC in crypto is not needed.

[slashz9]

Depending on the project that requires KYC, because there is indeed a reason why they do KYC, of ​​course some people think this is incorrect, because there are some people who abuse KYC.
so kyc looks bad, but it doesn't depend on the people who judge it

[boltz]

Its 50/50 actually. In the beginning I was so mad at KYC and how it will make things harder for investors, hunters and private investors but then I realize that a lot of us have been scammed during certain projects and a lot of project had gathered illegal money during their ICO so KYC was mandatory from this point of view. If you don't want to use it , you will skip that project and find another but if you really want to join , make that KYC and hope your data won't be sell on dark web.

[SistaFista]

KYC is not bad for crypto, i guess it will depends on the purpose from peoples who using it.
For maximum security, KYC is required so the frauds and scams will hopefully reduced.
but for peoples who using crypto for privacy, i think KYC is not necessary, so it depends on the purpose.

[Irvinn]

KYC is not bad for crypto, i guess it will depends on the purpose from peoples who using it.
For maximum security, KYC is required so the frauds and scams will hopefully reduced.
but for peoples who using crypto for privacy, i think KYC is not necessary, so it depends on the purpose.

In this situation, I observe a certain conflict of interest, as someone thinks about security, and someone thinks about his anonymity.  it is necessary to initially determine what we want to see about the future with the help of cryptocurrency.  But we must not forget the fact that there are a lot of attackers who use cryptocurrency in their activities.  In addition, you can recall the number of stolen funds and withdrawn from the cryptocurrency market in 2016 and 2017, when there was a peak in the activity of fraud on the cryptocurrency market.  how many investors lost funds due to fraudulent projects, and if the project developers provided their vile personal data and certain structures controlled this activity, then there would be less fraud and the opportunity to return stolen funds.  That is, cryptocurrency users have the opportunity to defend their rights in court, because in this case it would be someone to sue.  Based on this, KYC is not as bad as they say about it.

[ife2020]

Personally, i dislike kyc and i agree and believe it is bad for crypto.
The only time kyc should be needed is when thousands of dollars are to be withdrawn, for example, exchanges require kyc for 100 btc and above for most exchanges.

But now, even the most useless airdrop programs asks for kyc, including projects that exit scams, kyc should be scraped.

[Youghoor]

Having Know Your Customer system as a security check on any platform is not a bad idea at all. However the company or organization should ensure that the data provided to them are securely kept from the breach of hackers. Conducting a KYC is for the security of both the company/platform and the users who interact on it.

[miningguru]

Having Know Your Customer system as a security check on any platform is not a bad idea at all. However the company or organization should ensure that the data provided to them are securely kept from the breach of hackers. Conducting a KYC is for the security of both the company/platform and the users who interact on it.

Agree, it is one of the type of security which we need to verify from the company, but my only concern even fake companies are collecting our data. Whether these companies will use our identity or they sell our data for data breaching. We need to need to find other ways for security reasons in order to verify from the company.