Is KYC bad for crypto?

[Kasabus]

It's okay I think since if you guys made any social media account and then you already agree that they can collect your information for their own needs. But, it defeats the purpose of crypto where the anonymity is a main thing on crypto.

For people whose already joining crypto for a long time, they won't share their data even for the closest friends because they don't want people to actually know who are they. It's just up to you to actually describe what is good for crypto or not.

KYC is really a total opposition of what crypto is since it ruins our being anonymous. But if it will be used correctly, it will be a big help to stop scammers from their bad intentions. But if you really want to keep your privacy all the time, choose those exchanges that don't require it even if most of the centralized ones are already requiring it for more security.

[rathaha10]

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.

The whole idea of kyc verification is entirely against what cryptocurrency and blockchain technology stands for, in as much as kyc verification, to certain extent help in reducing the rate of fraud in the sector, left to me, i'd it's not neccessary as virtually everyone that tends to adopt the use of a decentralized digital asset should know the risk of anonymity associated with it. Overtime , we've seen even start up projects request kyc verification from there investor and at the end of the day, they exit scam and take this identities to black markets to sell them. The bottom line is, verifying your identity on this space is extremely dangerous because you don't know the guenuity of the team behind such project

[kaneki007]

It is not bad for crypto but it is bad for the investors and participants.  I do not like kyc because my identity will be at risks. What do I say?  There is a recent thread here in the forum that saying that KYC in different projects and exchanhes are selling in the black market. It is too bad for me if someone use my identity and there is possibility that I can be accountable for what will he do because it is my name.

Yep, what I fear when I give out an identity for the bounty or to register with the exchange (usually to increase the limit on withdrawals and deposits) they will sell it on the black market or on other organizations for personal interests even though not everything is like that but still have to be careful heart when giving an identity.

[yohananaomi]

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.

The whole idea of kyc verification is entirely against what cryptocurrency and blockchain technology stands for, in as much as kyc verification, to certain extent help in reducing the rate of fraud in the sector, left to me, i'd it's not neccessary as virtually everyone that tends to adopt the use of a decentralized digital asset should know the risk of anonymity associated with it. Overtime , we've seen even start up projects request kyc verification from there investor and at the end of the day, they exit scam and take this identities to black markets to sell them. The bottom line is, verifying your identity on this space is extremely dangerous because you don't know the guenuity of the team behind such project

KYC issues are time consuming and separate issues, because many require participants to do KYC even though they do not know what the fate of the requested personal data is. if you don't follow KYC, you cannot participate. that should have the authority to be able to bring order so that all who are associated with KYC cannot be included in BTT, because it violates the principles of crypto itself. but it is best to avoid anything related to KYC, which is better than a dilemma at a time that we don't know about because personal data is scattered.

[ShowOff]

-snip-

KYC is a frightening specter for some cryptocurrency users, especially those who want to maintain their privacy here. KYC in accordance with its understanding is intended to recognize consumers of a company so that it will be effective to keep the company away from consumer fraud efforts.

But finally KYC has been misused by most cryptocurrency fraud companies including ICO, IEO and also exchanges. Because all users cannot control their data after the entry is sent to the company, it will provide an opportunity for the company to use important data for various purposes.

Finally, each user must be careful to send their KYC entries to ICO, IEO or the exchange company. If you must trade, then you should consider choosing a safe and reliable exchange. Some large exchanges that have implemented the KYC system might be considered because they have adopted regulations issued by the government to prevent user crimes such as money laundering and so on and KYC is for those who withdraw large amounts of funds.

-snip-

For many cases, the ICO project by asking all campaign participants and their potential investors to send KYC entries before the distribution of tokens is done is one of the main targets for KYC abuse. Never entrust your important data to others if you cant control it or don't approve it.

[Samkol26]

Though I'm somewhat in support of kyc to end fraud and corruption in crypto but I think it also devoid the anonymity user crypto tends to give. But looking at it it has more good than bad , though that doesn't make it all good but still it's okay to have kyc.

[tvplus006]

I see the only opportunity for myself in passing the KYC - this is the case when the exchange will be located in the country where you live. And this exchange operates completely within the framework based on the legislation of your country. This fact can give you a guarantee that you will have the opportunity to use judicial protection in case of anything. But it is worth remembering that in this case your state will be aware of your income on the exchange and you should not forget about paying taxes.

There are many countries that do not have cryptocurrency exchanges in their jurisdiction. Thus, it turns out that citizens of such countries will not be able to engage in trading. Therefore, the option you suggested is not suitable. The best option is to choose an exchange that you have a positive image of.

[Lexurdania]

they can set their own rules and they do not obey anyone, but they require to pass the KYC. What for?

Yes, it isn't fair that the members need to pass KYC while the exchange itself is suspected to not obey any rules. In this case, I think it is better to avoid joining the exchange. It seems the best solution. But for the exchange which is clearly located in a well-known region having legal rules, it can be understandable if we pass KYC there. So, the point is on the status of the exchange itself. If it is trusted, requiring KYC is acceptable (more secure, even if no guarantee for our data). DWYOR 

For exchangers who already have a good reputation, KYC is a mandatory requirement if you want to conduct transactions with large values. This happens because the exchanger wants to avoid legal problems and can be used as an excuse to be charged with money laundering

[FontSeli]

I see the only opportunity for myself in passing the KYC - this is the case when the exchange will be located in the country where you live. And this exchange operates completely within the framework based on the legislation of your country. This fact can give you a guarantee that you will have the opportunity to use judicial protection in case of anything. But it is worth remembering that in this case your state will be aware of your income on the exchange and you should not forget about paying taxes.

There are many countries that do not have cryptocurrency exchanges in their jurisdiction. Thus, it turns out that citizens of such countries will not be able to engage in trading. Therefore, the option you suggested is not suitable. The best option is to choose an exchange that you have a positive image of.

I just told everyone what my decision was. In my country, there are several exchanges operating within the framework of the legislation of my country, and the law provides for a bonus, individuals do not need to pay tax on profits received by withdrawing funds from these exchanges.

Everyone is free to decide where and how to pass the KYC and whether to pass it at all or trade only on exchanges where it is not required.

I have already written that there can be no single correct solution to this issue. But I am very happy that my country was among the first to legalize cryptocurrencies.

[tsaroz]

There are different aspects to look while describing whether KYC are good or bad for crypto. Cryptocurrency are a new ways of storing and transferring data and value. And different people have different perception of crypto. Bitcoin and most of early crypto currency and some of newer ones are developed with anonymity and choice of privacy as the central intention. With many types of crypto in market and people utilizing it as a way to fundraise and invest made it a center for financial frauds and it's anonymity made it a tool of choice for criminals and terrorist that's why it keeps on having a hostility with the government and agencies who voice a KYC to be needed for people to transact crypto.

[Free1bitco.in]

It is not bad for crypto but it is bad for the investors and participants.  I do not like kyc because my identity will be at risks. What do I say?  There is a recent thread here in the forum that saying that KYC in different projects and exchanhes are selling in the black market. It is too bad for me if someone use my identity and there is possibility that I can be accountable for what will he do because it is my name.

Yep, what I fear when I give out an identity for the bounty or to register with the exchange (usually to increase the limit on withdrawals and deposits) they will sell it on the black market or on other organizations for personal interests even though not everything is like that but still have to be careful heart when giving an identity.

it is the most feared general thing. however, until now, like it or not, the use of KYC is almost everywhere throughout the exchange. but, the good news is, you only need to do that when you want to make a large withdrawal, otherwise you don't need to do KYC. Well, I will only do KYC in a trusted place.

[SacriFries11]

For exchangers who already have a good reputation, KYC is a mandatory requirement if you want to conduct transactions with large values. This happens because the exchanger wants to avoid legal problems and can be used as an excuse to be charged with money laundering

It's better for us to choose only the exchange which requires KYC if it's really necessary like it's the only choice we have to exchange our coins. We should also research about those exchange that are new to the market because some of them are just want our identity to reveal. It's better to exchange coins does not require KYC to secure our identity towards the people who want to get it. I only follow kyc for those exchange that I know I can trust to them my identity especially for local crypto exchange.

[tvplus006]

I see the only opportunity for myself in passing the KYC - this is the case when the exchange will be located in the country where you live. And this exchange operates completely within the framework based on the legislation of your country. This fact can give you a guarantee that you will have the opportunity to use judicial protection in case of anything. But it is worth remembering that in this case your state will be aware of your income on the exchange and you should not forget about paying taxes.

There are many countries that do not have cryptocurrency exchanges in their jurisdiction. Thus, it turns out that citizens of such countries will not be able to engage in trading. Therefore, the option you suggested is not suitable. The best option is to choose an exchange that you have a positive image of.

I just told everyone what my decision was. In my country, there are several exchanges operating within the framework of the legislation of my country, and the law provides for a bonus, individuals do not need to pay tax on profits received by withdrawing funds from these exchanges.

Everyone is free to decide where and how to pass the KYC and whether to pass it at all or trade only on exchanges where it is not required.

I have already written that there can be no single correct solution to this issue. But I am very happy that my country was among the first to legalize cryptocurrencies.

Did you choose an exchange that is located in the jurisdiction of your country, or a well-known exchange with a professional team?) In cryptocurrency, there should be no division between your exchange and our exchange. Everyone should choose a cryptocurrency exchange that they trust, regardless of which country it is located in.

[Leviathan.007]

Kyc is actually not bad for crypto as it helps in curbing fraudulent activities on the space. However it is always necessary for those asking for kyc documents to protect these docs in the best interest of their users to avoid these documents leaking to a third party.

The point of using crypto currencies of me is my privacy.
I don't want the government or any other person know how much money I have and how I spend them all.
Unfortunately, some websites (Including exchanges) are usually asking for all your personal information and that's the reason why I stop suing the services asking me for the KYC. the don't even understated the point of crypto currencies... I has to be peer-to-peer. without of involving any third party.

[ShowOff]

Kyc is not bad for all, but also have bad side of kyc, people not want to show They're privacy.

You dont need to force yourself to obey KYC if you dont want to. You have the right to find other options that you like to maintain privacy. Everyone has their own perceptions about KYC, but considering all the risks that may arise from this action is important.

To get a broader knowledge about the risks or dangers that can be caused by KYC, you can read and understand it in this thread:  Why KYC is extremely dangerous – and useless

[Clark05]

KYC Is not good for me because our idenitt will be compromised once our wallet and the exchange that we use are hack.
Maybe the hacker after getting our money they going to use also the information about us and using it to bad activities like we are doing like hacking or maybe they scam people by using others identity so Im not agree with this now because of that they us put in danger.

[Oasisman]

KYC Is not good for me because our idenitt will be compromised once our wallet and the exchange that we use are hack.
Maybe the hacker after getting our money they going to use also the information about us and using it to bad activities like we are doing like hacking or maybe they scam people by using others identity so Im not agree with this now because of that they us put in danger.

Believe it or not, as much as we don't want any of this regulation and anything that requires KYC verification, time will come that the main purpose of how Bitcoin was created will be forgotten and everything about cryptocurrency will be centralized. Though, there are a lot of downside about kyc, but there's also a good side in it. Legalizing it means compromising details, but protecting our assets. Thus, KYC is necessary.

[ElmedoRator]

Kyc is not bad for all, but also have bad side of kyc, people not want to show They're privacy.

For me, KYC is useless in this market. Why do new projects require KYC? and bounty campaigns require KYC to be able to receive rewards? Apparently they only want to steal information from investors and participants to sell or serve for malicious purposes

[Marckolind]

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.

This is exactly why we need DEX's. Being able to trade peer 2 peer without trusting nobody is how crypto SHOULD be.

I'm personally using the Blocknet DX Exchange, also hold the coin itself as I predict demand to increase for these DEX coins long term

[odukoyaewatomi27]

All things considered, KYC do have its great and terrible side. In spite of the fact that it doesn't absolutely protect you from fraud, It could just do the tracking of these fraudulent activities simpler for the authorities. The safes security is consistently on our hand. We simply should be progressively enlightened on potential fraudulent and phishing attacks.

KYC without a doubt invalidates the point of how Bitcoin was made, however we can't likewise reprimand the regulators for actualizing such guideline in light of the fact that there are constantly a helpless people and that is unavoidable