Are You Afraid of KYC? - page 4. | Bitcointalksearch.org

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legendary

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Quote from: 20kevin20 on October 16, 2020, 06:13:12 PM

Quote from: Onuohakk on October 16, 2020, 01:37:59 PM

I don't like disclosing my identity, I like staying anonymous when it comes to online or crypto KYC registration.
The only exchange that has my identity is Binance and idex exchange cos I trust them. Any other exchange demanding for my ID is a big no for me

Honestly, larger exchanges are more prone to handing out data about you than smaller ones. A government would not be that interested in purchasing/requesting a small exchange's database when they could simply scrap the top one and pave their path from there. If you don't like KYC, you shouldn't care how big or small the company is. Facebook is "trusted" by so many people, yet it's one of the most evil corporations that have ever existed when it comes to digital intimacy.

It's not even a trust issue, it's so many more things that go into "it" rather than trust.

I would NOT give my stuff to Binance. They are in the same boat as TikTok and communist origin companies... however, I'm so fucking disappointed in the United States too.

The future of Bitcoin is on islands I believe.... The British Virgin Islands look at cryptocurrency correctly IMO. I'm super impressed with BVI thus far.

20kevin20

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Quote from: Onuohakk on October 16, 2020, 01:37:59 PM

I don't like disclosing my identity, I like staying anonymous when it comes to online or crypto KYC registration.
The only exchange that has my identity is Binance and idex exchange cos I trust them. Any other exchange demanding for my ID is a big no for me

Honestly, larger exchanges are more prone to handing out data about you than smaller ones. A government would not be that interested in purchasing/requesting a small exchange's database when they could simply scrap the top one and pave their path from there. If you don't like KYC, you shouldn't care how big or small the company is. Facebook is "trusted" by so many people, yet it's one of the most evil corporations that have ever existed when it comes to digital intimacy.

Onuohakk

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I don't like disclosing my identity, I like staying anonymous when it comes to online or crypto KYC registration.
The only exchange that has my identity is Binance and idex exchange cos I trust them. Any other exchange demanding for my ID is a big no for me

Saisher

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Quote from: mich on October 08, 2020, 03:18:40 AM

Well I only will do a KYC with a company that I can trust so if this is the case then my answer is NO Im not afraid to do a KYC.

Some people are afraid of doing a KYC since they hear stories of personal information being sold on Dark Web.

But your personal info can be sold if you give info to any company- not just crypto company.

There's a difference if you are giving your personal info to a company that you know, you know they are regulated and compliant to government about your info, but very much different if you are going to do it to Cryptocurrency company many of whom are anonymous or with fake team, so far I have not done KYC to unknown Cryptocurrency projects only those that are regulated.

meliodasgaming

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I honestly fine if KYC is needed on exchange. Because i think it's gonna be safe if it's on big exchange like binance, but there's no guaranteed for that. also KYC can help when your account hacked or even the exchange get hacked like what just happen lately with kucoin.ข่าวกีฬาออนไลน์

Thank you in advance.

mich

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Well I only will do a KYC with a company that I can trust so if this is the case then my answer is NO Im not afraid to do a KYC.

Some people are afraid of doing a KYC since they hear stories of personal information being sold on Dark Web.

But your personal info can be sold if you give info to any company- not just crypto company.

CryptoYar

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Quote from: oprahwindfury on October 04, 2020, 12:30:54 PM

KYC is necessary at some point.Specially the evil people use multi account and these are strictly not allowed.

Opening a second account on an exchange should be considered a crime? Of course not, We should have freedom of this as well.
For example, if your KYC verified account lost from you somehow, What you do then?
I don't want two accounts to be allowed on one KYC, but I want no KYC at all.

if you want to see its disadvantages, must read this post ^{Why KYC is extremely dangerous – and useless}

Ridwan Fauzi

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Quote from: ?? on ??

Sir Please what is this Kyc ?

KYC is Know Your Costumer, like when you create an account in centralized exchange you have to give your personal identity to the exchange, this is what KYC mean.

Please go to this board https://bitcointalk.org/index.php?board=39.0 since you still newbie and didn't have much knowledge against crypto sphere.

In that board you will learn many thing, hopefully you are someone who likes reading and is open minded for new things in this case about cryptoncurrency.

imran101

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A scary situation with KYC has happened in the past and now it has created a more scary situation. Many reputable companies have left the market. It cannot be said that the big exchangers are in a very good position. Many exchanges have done KYC in the past but many exchanges do not have its presence in the market at present. Thus many new exchangers are coming in the market, they have been there for some time and they are leaving again. Thus those of us who have submitted KYC to all those companies are in a very scary situation. It is not possible to say what happens in the crypto market. And now the tendency to hack is much more than before. So now the scary situation in the mind is much more than before.

oprahwindfury

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KYC is necessary at some point.Specially the evil people use multi account and these are strictly not allowed.KYC policy is preventing this issue though it's a negative point for the newbie or students who didn’t get their Government id and else.KYC is additional details about ownself but this is fine because We are doing it as we trust the project and the whole.

Schnizel22

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Quote from: CryptoBry on March 10, 2018, 11:48:47 PM

I can see that soon almost exchanges and even ICO programs will be requiring us to do the KYC procedures where we are required to pass copies of our legal documents before we are granted entrance or the use of the services or programs we are interested with. This can be as common as having a password or 2FA.

Now, personally I have no big problem with it though just like anybody else am also concerned that my personal information can be divulged to anybody or a group that might use it for any illegal purpose. This is one risk we are facing once we are actively living in the online world. Evil people who can be thousands of miles away can now be just one click away.

What are your apprehensions about the KYC procedures that will soon be as popular as noodles?

Some of the Exchange and also other Crypto Mining requires to be a KYC Certified in order to liquidate a certain limited amount that requires legal documents which contradicts some of the unique features of crypto.

ichi

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There are individuals who are not ready to put their own data even via web-based media that is the reason on the off chance that the engineer and supervisor would need a KYC, at that point they ought to be straightforward likewise of uncovering their genuine characters since almost certainly, both of you are meeting each other in a solitary spot. By doing this I figure it would assist the financial specialists with getting some simplicity of being defrauded by somebody who doesn't have a genuine character.

claire_lovely

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I do trade on some platforms that require KYC but I've been using alternatives as much as possible now. Getting decentralized currency was the first step and decentralized exchanges will follow after.

I find P2P trading to be the best way to avoid KYC and at the same time promote usage of cryptocurrencies.

As for ICOs they may be bound by certain laws to require it, and I think those laws should be abolished. I don't find interest in many ICOS though and mainly trade the main coins, but I don't think any ICO should have to require KYC.

carlfebz2

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Quote from: STT on October 01, 2020, 07:58:20 PM

Know your customer, the onus is on the customer to prove themselves a legal entity in order retain possession of their crypto at various sites like exchanges. Its seen by some as a form of exit scam as its often used as a play after value is placed in an account. I've had that done to me by a company that disappeared, they had my driving license but asked for further evidence before closing the site and retaining all account balances. Thats the risk a customer is asked to take currently unfortunately.
At present I'm having an exchange tell me after verifying my identity and photo, etc. 2 years later I no longer qualify as a valid person and once again the account funds are theirs to use as they wish indefinitely until I prove otherwise. Its not really a fair process and the industry has no standardised proper process so it is used as a scam by some and profitable process by others.
The KYC I've encountered in crypto far out weighs the red tape any real bank has leveraged against me and there was never any threat to retain my funds during that process.

Due to anonymity then this is the reason why these fraudsters can really sip out hell of a lot of these documents yet they can easily flee away without being traced and tracking them would be really a pain in the ass
thats why when we do talk KYC then its highly frowned upon on this crypto market but we know that the platforms that we used specially the known ones are really complying government regulation which there would be no options if once you've been asked for such verification.

It sucks but we cant do anything about it but somehow there are platforms that do made KYC as an optional for you to comply which is great.I hate KYC but there would be surely some scenario that they would ask on it from a certain time.

Here on crypto, we do love being anonymous and these KYC things is highly contrary to that.

STT

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Know your customer, the onus is on the customer to prove themselves a legal entity in order retain possession of their crypto at various sites like exchanges. Its seen by some as a form of exit scam as its often used as a play after value is placed in an account. I've had that done to me by a company that disappeared, they had my driving license but asked for further evidence before closing the site and retaining all account balances. Thats the risk a customer is asked to take currently unfortunately.
At present I'm having an exchange tell me after verifying my identity and photo, etc. 2 years later I no longer qualify as a valid person and once again the account funds are theirs to use as they wish indefinitely until I prove otherwise. Its not really a fair process and the industry has no standardised proper process so it is used as a scam by some and profitable process by others.
The KYC I've encountered in crypto far out weighs the red tape any real bank has leveraged against me and there was never any threat to retain my funds during that process.

meliodasgaming

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KYCs are not the problem here. The problem I see is where you are entrusting your information to. Because their are certain ICOs that will only fish out your information as it has more value for them rather than the token they are creating. KYCs are a requirement of some countries' government as it is their way of regulating or being in touch with their citizens. What I would normally do before trusting my personal information to other entities such as ICOs or even exchanges I will research on them if they have a good background.ข่าวกีฬาออนไลน์

bct_ail

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Quote from: Defimwh on September 28, 2020, 01:23:00 PM

I honestly fine if KYC is needed on exchange. Because i think it's gonna be safe if it's on big exchange like binance, but there's no guaranteed for that. also KYC can help when your account hacked or even the exchange get hacked like what just happen lately with kucoin. if this happen what they can do is lock your account or the balance, and when you want to claim it back you need to give new KYC that matched with prevous KYC. but i do not want KYC on Bounty or ICO.

Echanges don’t need your KYC data. If they lock your account you can send them a prove that you are the holder of all the addresses which you have deposit from or withdrawal to it. Just sign few of those bitcoin addresses which you have used before. That is prove enough.

Defimwh

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I honestly fine if KYC is needed on exchange. Because i think it's gonna be safe if it's on big exchange like binance, but there's no guaranteed for that. also KYC can help when your account hacked or even the exchange get hacked like what just happen lately with kucoin. if this happen what they can do is lock your account or the balance, and when you want to claim it back you need to give new KYC that matched with prevous KYC. but i do not want KYC on Bounty or ICO.

Upgate

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Quote from: CryptoBry on March 10, 2018, 11:48:47 PM

I can see that soon almost exchanges and even ICO programs will be requiring us to do the KYC procedures where we are required to pass copies of our legal documents before we are granted entrance or the use of the services or programs we are interested with. This can be as common as having a password or 2FA.

Now, personally I have no big problem with it though just like anybody else am also concerned that my personal information can be divulged to anybody or a group that might use it for any illegal purpose. This is one risk we are facing once we are actively living in the online world. Evil people who can be thousands of miles away can now be just one click away.

What are your apprehensions about the KYC procedures that will soon be as popular as noodles?

The issue of KYC is one of the challenging factor affecting crypto accessibility globally due to majority of individuals are scared to disclosing their identities to exchanges or ICO's.
People wants to get involve in crypto but they are not willingly to give out their identity freely.
No demand of KYC for trading is one of the reason uniswap exchange is on the rise now

AOL

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Neither I have ever done KYC, nor I will ever do. Long live P2P exchanges.

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