Bitcoin and crypto currencies are getting dangerous

[Kelvinid]

We might not want to do KYC but it comes to the moment that it soon to implement across all CEX and DEX. I know how it feels bad to our side since we might lose our privacy but I'd never think it is big issues here. The most important is to minimize scamming, fraud, and any form of illegalities by imposing KYC. I understand that we never been anonymous during that time and that makes us take an option what we see is good or bad or just leave crypto at all.

If you trade on a centralized exchange, then you must confirm your KYC data. KYC data is needed by centralized exchange to find out and verify user data. And we know that KYC can be misused by irresponsible individuals. That's what KYC lacks.

This might happen to you when you make KYC at any exchanges https://thecryptosight.com/hacked-kyc-data-selling-on-darkweb/. Any possibility that might happen to all exchanges and it makes people to worried about it.

[FlightyPouch]

If you trade on a centralized exchange, then you must confirm your KYC data. KYC data is needed by the centralized exchange to find out and verify user data. And we know that KYC can be misused by irresponsible individuals. That's what KYC lacks.

And that is why people are actually scared of putting their personal information on the internet or in the hand of these centralized exchanges. There are a lot of options out there that don't require KYCs, why do it in a centralized exchange when you can do it in a decentralized exchange? It is not the lacking of KYC, it is the downside of using one.

[Assface16678]

Some of the platforms right now is having a KYC verification before you can use their platform and it becomes now centralized because they want to monitor who is their customer has a large amount of wallet stored and transferring funds they don't want to be included in any legal actions that's why they need to monitor bitcoin is just only the method of payment. Still, this js the bitcoin which is decentralized.

If you trade on a centralized exchange, then you must confirm your KYC data. KYC data is needed by the centralized exchange to find out and verify user data. And we know that KYC can be misused by irresponsible individuals. That's what KYC lacks.

And that is why people are actually scared of putting their personal information on the internet or in the hand of these centralized exchanges. There are a lot of options out there that don't require KYCs, why do it in a centralized exchange when you can do it in a decentralized exchange? It is not the lacking of KYC, it is the downside of using one.

Right now there are a lot of exchanges does not require their customer to push to have KYC and this is a good thing also some of the exchange right now is allowing dummies email for verification still thus is a good thing for bring anonymous.

If you trade on a centralized exchange, then you must confirm your KYC data. KYC data is needed by centralized exchange to find out and verify user data. And we know that KYC can be misused by irresponsible individuals. That's what KYC lacks.

One of the cons of the KYC is their can possibly use the personal information of their users this can be use as the data breach this is the common issues like this from a platform having a KYC also like the social media, the common questions is how can you secure the personal information of your users.

[hatshepsut93]

Centralized exchanges aren't the only exchanges, and mixers aren't the only way to hide your transactions. Bitcoin ecosystem and Bitcoin network are not the same, and as long the network is decentralized and secure, there will always be a way to use it freely. The fact that we have exchanges with KYC and chainanalysis and regulations applied to Bitcoin is the consequence of freedom - people are free to use coins however they like, including storing them on exchanges and abiding to the laws. But they are also free to not do this.

[Reatim]

I noticed how every exchange now enforces KYC on every individual that registers on their site, also the global governments/exchanges tracking bitcoin users and monitoring how they spend their bitcoins with the advanced visuals tools that’s out there, I believe if this stays like this and more and more companies start to enforce kyc on it customers, we will lose our freedom, people think bitcoin is the freedom but no it’s aint I believe it’s the most invasive surveillance mechanism ever, we can’t even use mixers anymore it’s basically doesn’t work because at the end of the day it’ll leave a trace no matter what you do, this is heading towards a solitary environmental and it’s not a good idea at all. Lets think twice and focus on our freedom, privacy and future.

How come that this become dangerous because of KYC thing?you are over reacting and expressing your thoughts so bold.

Crypto will never be a danger for every individual specially if we know how to manage handling this,because there are mixer than can keep you anonymous for the sake of arguments.

If you trade on a centralized exchange, then you must confirm your KYC data. KYC data is needed by centralized exchange to find out and verify user data. And we know that KYC can be misused by irresponsible individuals. That's what KYC lacks.

Correct and i believe that OP has no big knowledge about crypto thats why he can say this word that easily,without even knowing that Bitcoin and crypto is a big help for everyone specially in this pandemic time.

[415jeremy]

You want to avoid kyc, use decentralized exchanges which don't require users verification. Buying Bitcoin anonymously is hard nowadays, but it's possible.

[Ozero]

First, bitcoin has never been an anonymous currency. Secondly, let's imagine that in the future, in order to exchange bitcoin, everyone will need to go through the identification procedure, and what next? What does it change?
If you are not involved in illegal activities, then you will not care whether the third forces know about your personality or not. But this will not happen, because you can always refuse to use exchanges and send bitcoin directly.

Yes, we are going to a society where the government can track your every step: where you are, what you are doing, what are your thoughts and so on. Having a smartphone and a laptop allows the government to know a lot about us. Through social networks, we ourselves also additionally talk about ourselves. Through payment cards and cryptocurrency with KYC, we will present all data about our financial activities. There is practically no room in us for our personal space, wherever the government pokes its nose.
 We are all so happy here that cryptocurrency is crowding out the cash of states. However, cash gave us just about the last freedom, since it did not allow us to track our actions financially.
Still, the problem of total surveillance of us exists. Let the government know everything about us? What if it uses this knowledge against ourselves?

[carlisle1]

The need for KYC is to better filter the inorganic members in projects and also be accountable for the investors investing or using a particular channel that concerns finance and other financial driven transactions,this goes to reduce the danger in the space.

But what about the anonymity that we are all seeking thats why we vested in this market?providing KYC will let you being vulnerable as target of many bad elements here in Internet and that is what we wanted to prevent.
Investors are willing invest their money but the problem is this KYC thing that we wanted to protect our personal details.
same thing why asking for personal details when you are only seeking for some people to invest in your project>
this is not that good thing for us cryptonians.

[Shimmiry]

I noticed how every exchange now enforces KYC on every individual that registers on their site, also the global governments/exchanges tracking bitcoin users and monitoring how they spend their bitcoins with the advanced visuals tools that’s out there, I believe if this stays like this and more and more companies start to enforce kyc on it customers, we will lose our freedom, people think bitcoin is the freedom but no it’s aint I believe it’s the most invasive surveillance mechanism ever, we can’t even use mixers anymore it’s basically doesn’t work because at the end of the day it’ll leave a trace no matter what you do, this is heading towards a solitary environmental and it’s not a good idea at all. Lets think twice and focus on our freedom, privacy and future.

If you trade on a centralized exchange, then you must confirm your KYC data. KYC data is needed by the centralized exchange to find out and verify user data. And we know that KYC can be misused by irresponsible individuals. That's what KYC lacks.

And that is why people are actually scared of putting their personal information on the internet or in the hand of these centralized exchanges. There are a lot of options out there that don't require KYCs, why do it in a centralized exchange when you can do it in a decentralized exchange? It is not the lacking of KYC, it is the downside of using one.

Digital world is not that safe for us to provide our own information.
I know that we all seek for anonymity when we chose to join the cryptoworld but not all exchange requires KYC. Though putting your data may have a small risk in your private life. If you worry about that , remember that you are still free to choose exchange that has no kyc requirement. Your identity is your life.

[AicecreaME]

I noticed how every exchange now enforces KYC on every individual that registers on their site, also the global governments/exchanges tracking bitcoin users and monitoring how they spend their bitcoins with the advanced visuals tools that’s out there, I believe if this stays like this and more and more companies start to enforce kyc on it customers, we will lose our freedom, people think bitcoin is the freedom but no it’s aint I believe it’s the most invasive surveillance mechanism ever, we can’t even use mixers anymore it’s basically doesn’t work because at the end of the day it’ll leave a trace no matter what you do, this is heading towards a solitary environmental and it’s not a good idea at all. Lets think twice and focus on our freedom, privacy and future.

Bitcoin has been always transparent in its terms, regulations, privacy, and freedom it offers to the community. We all know that bitcoin has a decentralize nature.

It's really up to you if you'll transact with centralized organization and abide with the rules it has set. There are cryptocurrency exhange rates that requires KYC (Know Your Customer), which needs to get some of your information and put an eye on you if you trade.

These exchangers that requires KYC provides better protection for its users if ever there are issues that are needed to be addressed. Although you're not really obligated to use a KYC exchange. That's up for your personal preference. There are still exchangers that do not use KYC and you can opt to use those if you dont want your identity to be disclosed if ever hacking happens.

At the end, it's a personal decision whether to use KYC exhangers or non-KYC exchangers and be responsible of the pros and cons as a trader.

[thesmallgod]

It is not bitcoin that is becoming dangerous but rather other services that make use of bitcoin. However, we have varieties of this that make you decide what you want. Either CEX or DEX. However, people prefer using a centralized exchange that you have considered to be instilling KYC because of high liquidity and flexibility in trading. It is your choice to consider what is your top priority and avoid using services that will not offer you this.

[malekbaba]

DEX is the future of crypto exchange. If you trade crypto in centralized exchange (kyc is needed there), it means you are no more in control of your own asset. You are keeping your money into their hand. Just use dex. You will have full control upon your asset. BTC is supreme in tech wise. Dont make confusion

[kerjakuat]

Cryptos is still anonymous for me.. Bitcoin is still cannot being traceable as it still impossible to do that.. It depend on what exchanges you use and where you want to use the service. Its was your issues not cryptos issues btw. You need to know what is centralized exchanges with decentralized exchanges.. It was different but still has advantage and disadvantage both of this kind exchanges. Still before you want to do any kyc thing you need to research the exchanges whether it safe or not to do kyc thing. For me i will just keep on decentralized exchanges as it safe for me but pick the exchanges that really real deal not the scam one..   

[ballexplorer]

Every user has the freedom to use the BTC or other cryptos as they want.
If you register on a centralized exchange, you know what you are getting into.
Therefore I do not understand the statement why the BTC should be dangerous.
The opposite is the case due to the increasing popularity of BTC. The BTC will help many people to live more carefree.

[Twentyonepaylots]

DEX is the future of crypto exchange. If you trade crypto in centralized exchange (kyc is needed there), it means you are no more in control of your own asset.

I want to agree however that isn't what I'm seeing right now as we go on with fully regulated coins coming from any direction plus the government's approach on cryptocurrencies nowadays is so tight. What differs from these exchanges, aside from having or having no kyc is that CEX has a middleman function providing another level of security. Now if you think that you could lose all your keys, then try to go with CEX.

You are keeping your money into their hand. Just use dex. You will have full control upon your asset.

Dex could be hard to handle for some users, especially for beginners since the transaction is happening through smart contracts, in short all trades are peer-to-peer.

[Andronadar]

All this is far-fetched rather than exaggerated

[pawanjain]

Well we can't completely blame it on the exchanges since we are the ones agreeing to their terms and conditions.
It's us who are chosing to do KYC for their services. There are still other platforms where KYC is not necessary to do an exchange.
You can use P2P services to do the transaction as well. But most people prefer exchanges where KYC is used because it is convenient and easy to use.
If a person can sacrifice the conveniency then he should prefer the P2P services.
So yeah it our own choice on how we proceed with our cryptocurrency on the internet.

[taufik0911]

So your worried about centralized exchanges will force his customer to submit KYC/personal information? Just don't use them and start using decentralized exchanges (e.g. bisq [1], hodl hodl [2])

IMO it's enough to answer your question, better to lock your topic 

[1] https://bisq.network/
[2] https://hodlhodl.com/

That's right, not even all exchangers need KYC, usually KYC is used to increase withdrawal and withdrawal limits using an account
So far I have not been worried about that, exchangers are places for exchanging fiat to cryptocurrency only and we can still maintain privacy by making transactions through blockchains wallets and not using wallets on the exchange
In fact, I am not worried if there is KYC on the exhcanger because the exchanger does not have permission to publish data without the permission of the user or the person concerned unless you intend to use cryptocurrency to commit crimes such as illegal transactions, money laundering etc., it might make you worry about KYC

[Becky666]

KYC shouldn't be seen as something dangerous because the freedom won't be here for so long, the government will definitely find their ways into implementing the "must use of KYC for both decentralization and centralization". The issue should be: watch out the types of centralize platforms that request your personal information, if they're not trustworthy then don't border about them as your information won't be secure with them.

The traditional Banks always demand personal information from it users, so will Bitcoin and other cryptocurrency platforms when the government fully implement regulations of cryptosystem.

[sayulita]

KYC shouldn't be seen as something dangerous because the freedom won't be here for so long, the government will definitely find their ways into implementing the "must use of KYC for both decentralization and centralization". The issue should be: watch out the types of centralize platforms that request your personal information, if they're not trustworthy then don't border about them as your information won't be secure with them.

The traditional Banks always demand personal information from it users, so will Bitcoin and other cryptocurrency platforms when the government fully implement regulations of cryptosystem.

Traditional banks aren't the same as bitcoin exchanges, bitcoin exchanges are just like the online websites but to use it you have to submit a proove your identity, This feels as if we are being supressed by the government for using bitcoins, as a lot of gift card websites are also dealing with money and they aren't requiring any identification documents for verifying our identities and still they have right to accept the money from us, but on the same side the bitcoin exchanges who are accepting only our bitcoins and in return giving us another cryptocurrency i.e. Tether any other stable coin and still requires us to do KYC.