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

[Wind_FURY]

OP, I hate KYC simply because I’m lazy. I’m lazy to take pictures of my ID, other requirements, and uploading them. I hate taking a selfie of my ugly face with my ID and a piece of paper showing the date, and I hate that exchanges don’t secure them very well.

[1714077571]

1714077571

[1714077571]

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[Cling18]

Traders have different reasons regarding KYC. Some of us just aren't comfortable with it. We have chosen cryptocurrency because of the privacy and anonymity that it provides so KYC isn't for us. Others want to keep their identity private and just want to be careful because there are cases where our private information is being used in illegal activities no matter how legitimate a site is while others only see it as a waste of time.

[Pasa32]

Because they are afraid of leaking data online, being hacked by hackers, or data selling. I also don't like to do KYC on exchange it is very risky. None knows the future of exchange, it can be hacked or their owner can sell your identity data.

[tvplus006]

Every person regularly encounters such verification in everyday life, such as a bank, hotel. And no one is outraged by this, since everyone knows that this is a necessary condition. In cryptocurrency, the fact that your identity can be linked to your wallet is of particular concern. And the more money there is, the more you will worry about keeping your privacy.

[Fatunad]

OP, I hate KYC simply because I’m lazy. I’m lazy to take pictures of my ID, other requirements, and uploading them. I hate taking a selfie of my ugly face with my ID and a piece of paper showing the date, and I hate that exchanges don’t secure them very well.

Hahaha I had actually laughed on that ugly face part which i do really have those same feelings whenever i do asked out with that selfie with ID plus having that paper telling the current date.As for requirements then it would really be depending or vary whether you could accept or take the risk on where those information would be stored.
Some peoples mindset that what should they would be afraid about? As long it could bring out convenience then it doesnt matter at all.

[24Kt]

OP, I hate KYC simply because I’m lazy. I’m lazy to take pictures of my ID, other requirements, and uploading them. I hate taking a selfie of my ugly face with my ID and a piece of paper showing the date, and I hate that exchanges don’t secure them very well.

Hahaha I had actually laughed on that ugly face part which i do really have those same feelings whenever i do asked out with that selfie with ID plus having that paper telling the current date.As for requirements then it would really be depending or vary whether you could accept or take the risk on where those information would be stored.
Some peoples mindset that what should they would be afraid about? As long it could bring out convenience then it doesnt matter at all.

I believe the main reason why most don't want to submit their KYC is not about taking their ugly faces (  ) or taking photos with ID, but the worry of identity theft. As we have no idea who will get a hold of our docs and if they will do the right thing and not sell it to the highest bidder. This may further cause problems to us if they decide to sell our info, and later on, we will have problems that someone is after us for something we didn't commit. That's a nightmare.
So as much as possible, if you have no choice, just complete the KYC requirements to known reputable sites and limit the exposure of your vital details to these sites.

[Huppercase]

I have come to understand that privacy is a very necessary thing to keep on check, you shouldn't allow anyone mess with it. This is what the government doesn't respect, they want to know everything that happens to your life as if you own them your life.
The government want to know how you spend your every last money, that's not a good thing even if we are in democratic system of government.

[adzino]

It's because some people aren't comfortable sharing their information with others. They don't know how their data will be handled. They have no clue if their data is going to be securely stored by the platforms they are using. They are scared that people might abuse their data. Even if I won't be doing anything illegal, I would not want to be sharing my IDs and personals documents with anyone. You do know that servers can be breached and your data can go into the wrong hands. You shouldn't be surprised if you see someone selling your data and ID on the blackmarket.

[Obito]

Easy, it's because they want privacy and they want to uphold that right so they will be able to make sure that they don't get targeted mostly for harassment or other malicious stuff if their identities are revealed, I mean the advent of identity theft is going to make these people want those privacy more.

[Wind_FURY]

OP, I hate KYC simply because I’m lazy. I’m lazy to take pictures of my ID, other requirements, and uploading them. I hate taking a selfie of my ugly face with my ID and a piece of paper showing the date, and I hate that exchanges don’t secure them very well.

Hahaha I had actually laughed on that ugly face part which i do really have those same feelings whenever i do asked out with that selfie with ID plus having that paper telling the current date.

Hahaha yeah. Anyone would find it laughable if you could access a database of faces of people holding their I.D. and a piece of paper showing the date. They’re like wanted posters.

As for requirements then it would really be depending or vary whether you could accept or take the risk on where those information would be stored. Some peoples mindset that what should they would be afraid about? As long it could bring out convenience then it doesnt matter at all.

KYC for me would be OK, if security of the data is perfect, and anon-set of Bitcoin could be set and reset, which is possible.

[Alert31]

In my country, it is necessary to undergo kyc before you can start trading and even in remittance center where you will cash out your money                    from crypto also implement kyc. I think this is the way of the government to be able to trace your accounts even in crypto. But I'm not afraid of kyc because it is the only way I can trade and earn money. Our privacy may be violated but we can do nothing but follow their rules and regulations.

[Vaculin]

In my country, it is necessary to undergo kyc before you can start trading and even in remittance center where you will cash out your money                    from crypto also implement kyc. I think this is the way of the government to be able to trace your accounts even in crypto. But I'm not afraid of kyc because it is the only way I can trade and earn money. Our privacy may be violated but we can do nothing but follow their rules and regulations.

I must agree on you. Even if it violated the privacy of a trader, most of the exchanges today are already requiring KYC so if we really want to trade and aim profits, we will just abide with the rules. Although there are still some exchanges who are not asking for KYC, but majority are really into it. But in my honest opinion, if we want to make it more legal and to prevent from fraudulence and scamming, i guess this is a better way than to stop trading at all just because of KYC.

[Wind_FURY]

In my country, it is necessary to undergo kyc before you can start trading and even in remittance center where you will cash out your money                    from crypto also implement kyc. I think this is the way of the government to be able to trace your accounts even in crypto. But I'm not afraid of kyc because it is the only way I can trade and earn money. Our privacy may be violated but we can do nothing but follow their rules and regulations.

Then if you have your savings that are HODLed in Bitcoin, I believe it would be better for you to separate that from the Bitcoin that you remit for fiat. But if you convert everything in fiat, maybe it’s OK not to do extra steps for privacy. You have nothing in the blockchain.

[breathlessz]

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.

I personally really want freedom in the crypto world, but indeed some exchanges including the largest exchanges require KYC even though crypto is not yet legal. Actually there is no significant problem if we are KYC, but sometimes we think that if our identity is misused it will become a problem, especially without clear legal protection.

[Luzin]

KYC for me would be OK, if security of the data is perfect, and anon-set of Bitcoin could be set and reset, which is possible.

But, there is no guarantee of the confidentiality of the data we use as a condition that it is safe.  Actually, I am very afraid if later my data is misused. All of a sudden came people collecting debts, it made me dislike KYC. See when some of the hacks regarding KYC bayak occur. One of them is in my country in one of the online buying and selling service providers Tokopedia, that the data has been hacked then in Binance in 2019.

[smartaction]

Everyone wants to hide their personal identity in this decentralized crypto world. Because crypto has many real projects as well as scam projects.  And many projects take kyc and sell KYC documents on the black market. So everyone is reluctant to submit kyc.

[TinaK]

Everyone wants to hide their personal identity in this decentralized crypto world. Because crypto has many real projects as well as scam projects.  And many projects take kyc and sell KYC documents on the black market. So everyone is reluctant to submit kyc.

Not only by that, once your identity were disclosed and you have millions of dollars in crypto, but you and your family will also be put in danger. Possible outcome could be a subject of kidnap and ransom that the hacker will ask a big amount on your crypto once they know that you have a huge asset in crypto. There are certainly worse scenarios that we must be avoided and we should reluctant upon submitting KYC where we entrust our privacy.

Most of those people don't afraid of KYC are those small-time investors.

[kaya11]

Well for personal privacy and for security also. You may never know when an exchange could be compromised and aside from your crypto currencies your identity is at risk at the black market. It is going against fundamentals of BTC which is to be anonymous. Also if you are not that a so called whale which has so many BTC and could reach the daily limit of withdrawals then you are probably fine, I know Binance is giving us a 100 BTC limit you know.

[tbct_mt2]

Well for personal privacy and for security also. You may never know when an exchange could be compromised and aside from your crypto currencies your identity is at risk at the black market. It is going against fundamentals of BTC which is to be anonymous. Also if you are not that a so called whale which has so many BTC and could reach the daily limit of withdrawals then you are probably fine, I know Binance is giving us a 100 BTC limit you know.

Non KYC exchanges will not stick with non KYC policy forever. They can change policy when more regulations implemented by governments. You just don't know when they do it.

On exchanges with KYC but have free KYC with limitation, if you reach it, you will have to complete your KYC to be able to use it again. If you fail, it's terrible. So if you use centralized exchanges, the best approach is complete KYC first. Then you won't have nightmare later.

If you seriously against KYC, let's use DEX.

[OrangeII]

well, this is a privacy issue. many exchanges are often hacked. because of that, people are afraid to use their data to do their KYC verification. however, I only do KYC on some local exchanges. however, if want to KYC register on a new exchange, I might just do KYC Level 1. anyway, this is all just a matter of privacy. In addition, many people are afraid to use their personal data for other things.