Topic: Is KYC bad for crypto? - page 4. (Read 1162 times)
Kyc is not bad because of its function. Kyc helps secure accounts to avoid hackers and also helps to protect one should incase there's issue on exchange so as to claim ownership. Kyc does so many private functions and shouldn't be neglected. It's a privacy tool.
KYC is not a bad initiative for the entire crypto space looking at the concept behind it. KYC helps project developers to know their customers as well as help them to know the rate of adoption of that project and its product/service. It is only fitting to let investors or bounty participants aware of the need to pass KYC at the beginning of the investment or bounty program in order not to raise any argument in the end.
In my own personal opinion, KYC isn't bad for cryptocurrency because the only reason why a project requires a KYC to avoid multiple accounts and for them to trust their participants. The bad thing about KYCs is if a project is a fraud or scam because they can steal your informations and used in their illegal activities.
KYC involves sending the scanned copy of your passport (or some other important national ID document) to relatively unknown people. And in today's world, this is one of the riskiest things to do. If you are investing $10 or $20 in a project, will you be willing to take this risk? If the real intention is to prevent multiple applications from the same individual, then some other method such as telephone verification can be used.
In my own personal opinion, KYC isn't bad for cryptocurrency because the only reason why a project requires a KYC to avoid multiple accounts and for them to trust their participants. The bad thing about KYCs is if a project is a fraud or scam because they can steal your informations and used in their illegal activities.
Kyc is the total opposite of what crypto represent when it comes to anonymity and privacy, before the introduction of kyc, using crypto is suppose to give users some level of anonymous and privacy to transact but that features has been greatly reduced with the help of kyc, however, we can not overlook the many security issues associated with crypto, although I think kyc should be restricted to exchange only and not from the project,
Because we have many different project in the market by the time people are required to do kyc for any project they intend to participate in will mean submitting personal information to too many unknown people which is not healthy and very risky, so the issue of kyc has it good and bad side, but at the end security is important.
Because we have many different project in the market by the time people are required to do kyc for any project they intend to participate in will mean submitting personal information to too many unknown people which is not healthy and very risky, so the issue of kyc has it good and bad side, but at the end security is important.
That's certainly true, mate. Personally, I've been skeptical about KYC since it open the doors for hackers to steal your utmost personally identifiable information for illicit activities. Governments require this in order to prevent money laundering and terrorist financing, but it totally defeats the purpose crypto was invented for. Considering that the entire crypto/Blockchain space is dependent on centralized infrastructure, you cannot trade crypto without submitting your ID to centralized exchanges. This is mostly required when trading crypto to Fiat, greatly introducing a security risk as we speak. So far, it's the only path to take if you want to cash out your crypto for your own financial gain.
Shapeshift and nearly every other popular exchange within the crypto/Blockchain space are required to comply with KYC if they want to keep their businesses operational. That's the not case with decentralized exchanges as they're not operated by a middleman. Maybe with the introduction of atomic swaps, there will be no need to go through KYC for crypto trades? Even without atomic swaps, it's still possible to cash out your crypto without KYC in a P2P manner. This route will be used by most crypto enthusiasts like you and me. But the average Joe will have to go through the hurdles of KYC just to get access in and out of crypto as we speak.
Nonetheless, time will tell us if KYC compliance is worth the government's efforts on the crypto space. The least they could do is declare crypto illegal for mainstream use (if KYC fails in the long run). But Blockchain networks will continue to operate regardless of government's actions within the mainstream world. Just my thoughts
I hasten to inform you of news that are interesting and not interesting to me. At one time I sent a lot of copies of my data (passport). And they called me yesterday. I don’t know how, but they tried to give a microloan in my name !!! To be honest, it excited me. No more desire to take KYC ...
KYC (know your customer) is by no means bad for crypto. In fact, it is much needed if the goal is for cryptocurrency to be taken seriously on the world stage.
When cryptocurrency was in its infancy, it was an almost entirely unregulated industry. There were very few measures put in place to check who was trading what, how much of a particular cryptocurrency they owned, or whether they could be considered trustworthy.
While this might sound reckless today, many people viewed it as a perk of cryptocurrency as a whole.
What KYC is really about is installing a level of trust between both buyers and sellers. It helps business owners to build a relationship with their customers. Without KYC, sellers are entirely in the dark about who their clientele is, meaning that they are left unable to protect themselves from malicious activity.
When cryptocurrency was in its infancy, it was an almost entirely unregulated industry. There were very few measures put in place to check who was trading what, how much of a particular cryptocurrency they owned, or whether they could be considered trustworthy.
While this might sound reckless today, many people viewed it as a perk of cryptocurrency as a whole.
What KYC is really about is installing a level of trust between both buyers and sellers. It helps business owners to build a relationship with their customers. Without KYC, sellers are entirely in the dark about who their clientele is, meaning that they are left unable to protect themselves from malicious activity.
KYC have advatanges and harm the user of the crypto, for the advatange of this once a a user do something bad he is possible to locate where they came from and who is he, but the bad effecrs of this a person who wants to be unknown will not anymore because they requiring KYC a user need to follow because if they don't they did not able to use their platforms for sure and another disadvatanges ofthat is once a system hack the details of customer possible to see of the hackers and use to the illegal activities and the user will be sacrifice in the future.
Actually KYC is very important to catch up thief. At the same time it also problematic if any exchanges hacked and hacker also stolen the identity of all members. Finally what will have to do actually that is every online site or exchanges site must be more secure.
This is not only about the worry on theft, however. Many of the services are selling your private information to advertisers and other 3rd parties. I reckon some of those 3rd parties might be owned by big technological companies or the government to track you down and predict your every movement on the internet and the real world.
Some day our world will become similar to the world of Westworld season 3 hehehehe.
Of course, the main purpose of KYC is to prevent money laundering and illegal activities. That's why the big exchanges in this market do not require people to KYC if they withdraw money below 2BTC.
but sometimes the multiple exchange system also allows multiple account ownership. so one member can have two accounts in one exchange. they can do KYC with the same documents. but unfortunately, some new projects that ask bounty participants to do KYC mostly do not make money even many say that the data used for charging KYC can be used for fraud. 
The only one who should provide KYC are those people or companies that wants their projects to be promoted, bounty hunters and investors doesn't necessarily need to provide such as information since we're just wanted to adopt and promote their projects, simple as that. KYC doesn't harm crypto, the truth is, the people who provides KYC on a certain project because it is required to receive their bounty are the one who is in danger.
I also don't understand why new projects now require KYC from bounty hunter, they are not part of the project. They only perform promotional work here and social networks to get paid. It is the most ridiculous request that I disagree from new projects, they overused it to collect people's personal information
Kyc is not bad in some instances, like for some crypto exchanges it is necessary . i think kyc is not necessary for creating an web wallet .
KYC is good only for big investor or traders and it is a bad habit by Bounty programs as in my opinion KYC is not needed for those crypto traders which have assets less than 02 BTC and some exchanges like Binance is doing good that they allow the traders equal to 02 BTC without KYC.
totally agreed, there should be an adequate level below which you can buy up without giving up your personal data.
KYC is good only for big investor or traders and it is a bad habit by Bounty programs as in my opinion KYC is not needed for those crypto traders which have assets less than 02 BTC and some exchanges like Binance is doing good that they allow the traders equal to 02 BTC without KYC.
Actually KYC is very important to catch up thief. At the same time it also problematic if any exchanges hacked and hacker also stolen the identity of all members. Finally what will have to do actually that is every online site or exchanges site must be more secure.
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.
However, exchanges are not doing it in the best interest of the user. They are doing it only to be compliant. Also, your private and personal information are not safe. They are usually sold to 3rd parties for profit as normal practice. They also might give them to a demanding government.
Many exchangers allow withdrawals without KYC but are limited to a maximum withdrawal of 2btc. In my opinion, the exchanger must obey the government rules regarding KYC because there is a fear of money laundering and I think this is a good thing to increase public trust
What would you do if the exchanges that do not require KYC with maximim withdrawals of 2 bitcoins changes their policy on you and lock your account and ask for KYC?
Also, KYC does not appear to be increasing trust. KYC can also be used against you. We have already seen this.
The only one who should provide KYC are those people or companies that wants their projects to be promoted, bounty hunters and investors doesn't necessarily need to provide such as information since we're just wanted to adopt and promote their projects, simple as that. KYC doesn't harm crypto, the truth is, the people who provides KYC on a certain project because it is required to receive their bounty are the one who is in danger.
I also don't understand why new projects now require KYC from bounty hunter, they are not part of the project. They only perform promotional work here and social networks to get paid. It is the most ridiculous request that I disagree from new projects, they overused it to collect people's personal informationThey always says this excuse "We need that to verified that you're a legit investor or a person" I mean, we're not stealing any of their money, so why should we bother filling that up or why they would required such thing if they are the one who should give it to people to gain public trust here in the cryptocurrency world, KYC is so very fishy for me. So as much as possible, I always ask first if they would required KYC in the process of after their ICO, but it's always disappointing cause they are just sugarcoating the "No we don't" statement, since it's up to them whether change the rules or not.
It is very suspicious, if airdrops and bounties are requested for KYC, especially for inappropriate gifts. but I used to do it to send kyc, because the prize I got was satisfying. but worry still exists, because it involves our personal data, but until now there are no problems, hopefully the project will develop in a healthy manner
But hiw can you tell if it is worth to pass kyc or not. It has become common to ask to pass kyc before you receive bounty reward, and the token is still doesnt listed.
One can evaluate how fast the project reached soft/hard cap or how quick was ieo tokens sold. But all that data can be falsified.
It's not worth it if there's magically airdrop or bounty asking for KYC. I am not fully against KYC but, just please, do KYC on legitimate website only, a reputable one considering that, they built their reputation and they are running for years.
Don't do KYC on any new projects, it will be very risky!
It is very suspicious, if airdrops and bounties are requested for KYC, especially for inappropriate gifts. but I used to do it to send kyc, because the prize I got was satisfying. but worry still exists, because it involves our personal data, but until now there are no problems, hopefully the project will develop in a healthy manner
But hiw can you tell if it is worth to pass kyc or not. It has become common to ask to pass kyc before you receive bounty reward, and the token is still doesnt listed.
One can evaluate how fast the project reached soft/hard cap or how quick was ieo tokens sold. But all that data can be falsified.
It's not worth it if there's magically airdrop or bounty asking for KYC. I am not fully against KYC but, just please, do KYC on legitimate website only, a reputable one considering that, they built their reputation and they are running for years.
Don't do KYC on any new projects, it will be very risky!
I only pass KYC on exchange, if I have tokens to be sold there for $100+ and passing KYC is obligatory to withdraw. Everything other I count as "not worth even doing something". And of course I dont pass KYC before I got tokens for bounty. Specially when the project ask to pass it after campaign is over. Doing that is the most stupid thing I've ever know.
KYC procedure is really necessary to stop illegal activities, funding and much more illegal attempts but I think kyc procedure should be necessary for those cryptocurrency traders who does higher trades everyday, for an average or small cryptocurrency traders it should be optional and the most important thing we should do kyc only on notable cryptocurrency exchanges.
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