Why exactly is it that people don't like identifying themselves (KYC)?

[dunfida]

I get that it goes against the fundamentals of crypto currency, but exactly for what reasons though? Assuming you're not using it for anything illegal (if you are then it's understandable), why the concern? I'm asking specifically when trading.

This would be a good read up.
https://www.thomsonreuters.com/en-us/posts/investigation-fraud-and-risk/kyc-risk-based-approach/

KYC is something that do exposed all of your information and we know that it could leaked out and could be
sold off on darkmarket.Yes, you had done nothing illegal but do you allow on something like this.

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[freedomgo]

My reason is simple, i just not want to share my personal data to anyone or anything else because personal data is important and it include my address, phone number, etc. And in other side, data selling is happened in all over world no matter who behind it. That is why to be honest i am not really agree with KYC, but some exchanges now force people to do KYC in them.

It's not really a good idea to share your personal information because aside from stealing your privacy, this will also be a threat to you when some exchanges are going to be hack so the fact that you have submitted your KYC form there, then your personal identities will also be triggered. Although there are still exchanges who are not yet requiring for KYC, but most of them even those reputable ones are already asking for it. So the least we can do is to look for exchanges that are transparent and that are trusted by everyone so we will not fall into victims. Although i know KYC will also make the exchange more legal, but i still prefer to look for exchanges that will not ask my personal data.

[Ryker1]

^[snip]
KYC is something that do exposed all of your information and we know that it could leaked out and could be
sold off on darkmarket.Yes, you had done nothing illegal but do you allow on something like this.

Well that is right --everything on the internet could be hackable and possible our personal data that was submitted was in the wrong hand and that is on the scammer's hand and sold it into the dark market and our identity can be used to steal or make fraud that using our identity. I always worried like this every time when I see a site that has KYC, so as long as possible I can find ways to avoid them it should be better. Because you don't know which company you trust your personal information.

[nelson4lov]

I get that it goes against the fundamentals of crypto currency, but exactly for what reasons though? Assuming you're not using it for anything illegal (if you are then it's understandable), why the concern? I'm asking specifically when trading.

My biggest concern with KYC demands is my privacy. While I don't do anything illegal, I do like the fact that I can just be anon and still get things done and in an event of a data bleach, KYC details easily become gold as they can be sold in the black market or use to do a crime and then the repercussions falls on the victim.

My reason is simple, i just not want to share my personal data to anyone or anything else because personal data is important and it include my address, phone number, etc. And in other side, data selling is happened in all over world no matter who behind it. That is why to be honest i am not really agree with KYC, but some exchanges now force people to do KYC in them.

Aha. I have the same opinion too. It's worrying that you can't really do anything in crypto these days without submitting KYC information.

[sherenikaw]

Personally, in the past I was quite worried about entering my personal data, I was afraid that it would be misused even if it was a small possibility. I know that KYC is important and we have to follow it properly but I also hope that our personal data can be safe in it so that we don't feel worried. but now I feel it must be done and so far it's safe as long as we do it according to the rules. in my country always use KYC and it must be followed so of course we have to follow the existing regulations.

[blockman]

I get that it goes against the fundamentals of crypto currency, but exactly for what reasons though? Assuming you're not using it for anything illegal (if you are then it's understandable), why the concern? I'm asking specifically when trading.

Because we don't want someone keeping our identities. But we're all different, if it doesn't like by someone, you like it and that's totally fine to you. But we tend to pass it still when it's already required and enforced by the exchange where we trade. There is no other option and if we like the exchange, we're really going to pass on KYC no matter what other people will say. In the end of it, it's still a matter of choice whether you want to pass it on or not, you choose it as long as you know what you do and there's nothing to compromise with your identity and you trust where you send it.

[TelolettOm]

Simply, it is about:
1. Privacy
If we offer our data in KYC, it means that we give our privacy to the person who we don't really know and if we love about privacy, it means that we are forced to open our privacy
2. Security of the data itself
We don't know whether it  is secure enough or not, moreover we don't know them and we cannot trust anybody here 100%. And will they guarantee that our data is save?
3. Complicated ways
Some steps are commonly needed to do KYC process until approved

[Slow death]

I don't have a problem with KYC I just wonder how it is possible that an anonymous site where the owner is anonymous and has no corporate headquarters and you don't know where you keep our documents and doesn't have government supervision to make sure our documents are safe, how in this situation can you ask people to do KYC? that's not fair, it's wrong for governments to put this rule in place.

[Nahl]

Some people want to stay anonymous during using the particular sites so they don't liked if KYC system implemented to them besides it i think the main caused why people don't like KYC not for privacy only that most people worried to KYC because some of sites got hacked and people identities leaked by the hackers and abused especially there is no guarantee our datas will always 100% secure on those sites

[Coin_trader]

I don't have a problem with KYC I just wonder how it is possible that an anonymous site where the owner is anonymous and has no corporate headquarters and you don't know where you keep our documents and doesn't have government supervision to make sure our documents are safe, how in this situation can you ask people to do KYC? that's not fair, it's wrong for governments to put this rule in place.

Some of this malicious website that asking KYC are using this to gather details for customers in case they fck up big time while operating business. They can use it as collateral for all there user and sell it to other company that buying info for marketing purposes. I believe this is the reason why people receive promotional email even though they are not subscribed on its newsletter.

But some anonymous company has a license to operate on there respective country. They just don't want to share there info publicly since they are not obligated to share so because they are operating in a decentralized ecosystem.

[Turbolantern]

I get that it goes against the fundamentals of crypto currency, but exactly for what reasons though? Assuming you're not using it for anything illegal (if you are then it's understandable), why the concern? I'm asking specifically when trading.

This would be a good read up.
https://www.thomsonreuters.com/en-us/posts/investigation-fraud-and-risk/kyc-risk-based-approach/

KYC is something that do exposed all of your information and we know that it could leaked out and could be
sold off on darkmarket.Yes, you had done nothing illegal but do you allow on something like this.

That was hard to read, tbh. What's the gist of it? Any tldr by any chance?

[Ararbermas]

Most of the reason probably because of hacking issues wherein common issues when it comes crypto. And the fact that there's a chance hacker can get identities after that and of course they can use it as well from bad activities in the internet to scam others.. So it's very dangerous to be honest and it's a big problem , and you know there's already a victim on it. So that's the reason why people's still are scared to submit kyc nowadays even in some trusted platforms.. Well its their choice. 

[Anguwa]

I get that it goes against the fundamentals of crypto currency, but exactly for what reasons though? Assuming you're not using it for anything illegal (if you are then it's understandable), why the concern? I'm asking specifically when trading.

KYC (Know your Customers) is a means through which most crypto exchanges use to know your complete identity. But these details/identify happens to your own privacy, because these details can be used against the user in different forms and ways. Those people working with exchange can use your details to scam or set you up as the case maybe, many people decide to keep those personal details privately but unfortunately some exchanges made it mandatory before having assess to their service. Privacy and security issues are the main reason why people don't like doing KYC in an unknown exchange.

[davis196]

I get that it goes against the fundamentals of crypto currency, but exactly for what reasons though? Assuming you're not using it for anything illegal (if you are then it's understandable), why the concern? I'm asking specifically when trading.

Because nobody knows how the sensitive personal data has been stored and how it's been used by the cryptocurrency exchange platforms.
Hackers are selling stolen IDs on the darkweb.Do you want your ID to appear for sale on the darkweb?
I definitely don't want this to happen with my ID.
The people,who are doing something illegal by using cryptocurrencies would never use their real IDs for verification.
They might use fake or stolen IDs to verify themselves.
KYC isn't really effective,when it comes to fighting crypto scams and illegal activities.
Anyway,we just have to abide by the rules.

[o_e_l_e_o]

doing KYC on big exchanges is not a threat because they will keep our identity safe.

So the least we can do is to look for exchanges that are transparent and that are trusted by everyone so we will not fall into victims.

No exchange is safe, regardless of how big it is, how trusted it is, how transparent it is, how long it has been around, and so on. Name any big exchange and you can find instances of customer data and information being leaked, hacked, stolen, or sold, from that exchange. You take a risk every time you send off your KYC documents to a complete stranger, regardless for which exchange this particular complete stranger happens to work for.

-snip-

I was completely with you right up to the last line of your post. We don't have to abide by the ridiculous rules that governments and exchanges force on us. Such is the beauty of bitcoin. If you don't like KYC, then don't complete it and don't use any exchange which demands that you do. There are dozens of decentralized and peer-to-peer options for buying and selling bitcoin which don't require KYC. If every bitcoin user in the world started refusing to complete KYC and refusing to use platforms which demand it, then you can guarantee these platforms would very quickly start lobbying governments to change the rules and finding loopholes. The reason KYC is so pervasive is because 99% of people just roll over and hand over their freedom and privacy at the first sign of any inconvenience.

[ven7net]

I get that it goes against the fundamentals of crypto currency, but exactly for what reasons though? Assuming you're not using it for anything illegal (if you are then it's understandable), why the concern? I'm asking specifically when trading.

Those people who do not want to go through KYC believe that their personal data will be at risk, namely, they can be used by other people. But I can say, as someone who has already gone through KYC many times, that there is no cause for concern. However, in the future, if you have passed KYC, for example, on Binance, then when using large amounts of money, questions may arise for you from your tax authority. Again, if you exchange cryptocurrencies for fiat money in large quantities and withdraw them. There is also another side, where KYC is needed to weed out bots and fraudsters and thereby give the opportunity to use trading tools only to relatable people.

[tvplus006]

...I'm asking specifically when trading.

Since most people associate cryptocurrency with large incomes, identifying you in real life with the contents of your wallet can be dangerous for your health. In addition, most participants of the crypto market categorically do not want to pay taxes, which will be impossible if they are identified.

[Botnake]

...I'm asking specifically when trading.

Since most people associate cryptocurrency with large incomes, identifying you in real life with the contents of your wallet can be dangerous for your health. In addition, most participants of the crypto market categorically do not want to pay taxes, which will be impossible if they are identified.

For most, paying taxes will be the biggest issue since we will be obliged to pay tax depending on the profit we made, and i think its quite unfair. And for others, maybe they just want to retain being anonymous since it will be risky if they know your own identity and the fact that you have lots of satoshis in your pocket, too dangerous to think.

However, since most of the exchanges are already requiring KYC and i know its for security reasons, i'm not already against on it since i'm not doing illegalities in the first place. Even reputable exchanges do so i think we don't have really choices left.

[chanler]

Personally, I've done KYC several times and I think it's safe so I'm not too afraid to do it because in my country KYC is a normal thing and there are regulations. maybe for some people they are afraid that the data provided will be misused, it's okay for everyone to have their own beliefs and it's good to protect our personal data from being misused. but as long as we follow and do it according to the rules then I think it will be fine.

[AmoreJaz]

Personally, I've done KYC several times and I think it's safe so I'm not too afraid to do it because in my country KYC is a normal thing and there are regulations. maybe for some people they are afraid that the data provided will be misused, it's okay for everyone to have their own beliefs and it's good to protect our personal data from being misused. but as long as we follow and do it according to the rules then I think it will be fine.

usually, that's the dilemma. we don't know where will our vital info ended up with. so as much as possible, a lot of us don't want to do kyc. but if there's no choice like if you want to trade in binance, you are now obliged to undergo the completion of kyc. or you want to use your local exchange and they are under the jurisdiction of your local central bank, you have no choice but to comply. i have no prob with kyc as long as it is necessary, in this step, you are entrusting a 3rd party organization to hold your info.