Is KYC benefit to crypto people or not - page 10.

Natalim

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Quote from: Yatsan on November 11, 2019, 02:49:54 AM

Quote from: befriendmywater on November 11, 2019, 12:02:54 AM

Yes, and our information is really valuable to some businesses. Bitmex was also recently condemned for issuing KYC by users to sell to other businesses.
So now providing KYC is really dangerous and we shouldn't do it for a few dollars. Think of the far future and the higher goals.

Trading websites require KYC to maintain their website because that is required by the law. I think our identity is safe on a bigger and legitimate exchange, just like what you said, which is Bitmex. What I don't like is ICO and bounties that are requiring KYC. First of all, they are not proving themselves if they are legitimate or not. And for the user, there's no guarantee that their personal information is safe from those ICO and newly startup crypto business.

This depends on where the business is situated or registered since every country has different approach in crypto but as a trader we should make sure we are in the safe side and those exchange that are regulated by the law is safe but they will surely require KYC as that's the basic requirement for any regulated exchange.

Actually we can choose, there are some exchange that does not require KYC but in case of some trouble, we will surely feel the disadvantage of not complying with the KYC, non KYC is not advisable if you are transacting with big amount of money.

Yatsan

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Quote from: befriendmywater on November 11, 2019, 12:02:54 AM

Yes, and our information is really valuable to some businesses. Bitmex was also recently condemned for issuing KYC by users to sell to other businesses.
So now providing KYC is really dangerous and we shouldn't do it for a few dollars. Think of the far future and the higher goals.

Trading websites require KYC to maintain their website because that is required by the law. I think our identity is safe on a bigger and legitimate exchange, just like what you said, which is Bitmex. What I don't like is ICO and bounties that are requiring KYC. First of all, they are not proving themselves if they are legitimate or not. And for the user, there's no guarantee that their personal information is safe from those ICO and newly startup crypto business.

befriendmywater

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Yes, and our information is really valuable to some businesses. Bitmex was also recently condemned for issuing KYC by users to sell to other businesses.
So now providing KYC is really dangerous and we shouldn't do it for a few dollars. Think of the far future and the higher goals.

Edraket31

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Quote from: Brunus on November 10, 2019, 05:03:43 PM

I frankly don't know if the KYC can help those who deal with crypto.
What is certain is that it helps all scammers who populate the deep web and who wait for nothing more than to have personal data and photocopies of documents to use ....

KYC does help in different ways, for exchange, it is mandated by law and we as user/trader needs to comply if we want to use that certain exchange, for bounty, it depends, most of the campaigns doesn't require KYC but because of the cheat that's happening around the campaign, so campaign managers and the team of the project requiring it to eliminate cheating. If for airdrop, some requires it too, but, I am not participating with airdrop which has KYC as they might just doing airdrop to steal your identity, so be very careful.

Brunus

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I frankly don't know if the KYC can help those who deal with crypto.
What is certain is that it helps all scammers who populate the deep web and who wait for nothing more than to have personal data and photocopies of documents to use ....

liuqi

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Why KYC needed for cryptocurrency users. Seriously this is million dollar question. Some of the business comes with the proposal of cryptocurrency and KYC verification on using it.
But that is truly wrong and investors should make the entity to verify them. But here they are using us to do it.

OrangeII

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Quote from: ~Money~ on November 09, 2019, 12:25:09 PM

Quote from: clickerz on November 07, 2019, 12:33:28 PM

KYC is for campaigns and bounties that tend to be abuse by participants. KYC is for the identity of participants and crypto, in general, has nothing to do with this. Cryptocurrency is a mostly anonymous transaction that does not require any KYC.KYC benefits the campaign manager, exchanges banks and government in general because once identified, taxes will follow. Grin

this is absolutely right, i have only 1 experience in KYC in a local exchange service which after few years i learned that site hosting had been hacked and all data leaked in blackmarket

i noticed that once i saw my own passport and selfie was used by someone on another site, but hopefully the manager knew me and suspended that account and warned me not to do KYC any tie at any place anymore

something like this is something that is feared by KYC users. although quite a lot of benefits can be obtained, but there is no guarantee that they can protect the data we provide.

just curious, for what that person uses you did the KYC? Is it dangerous? actually I have done several times KYC.

~Money~

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Quote from: coolcoinz on November 10, 2019, 11:57:06 AM

Quote from: ~Money~ on November 09, 2019, 12:25:09 PM

Quote from: clickerz on November 07, 2019, 12:33:28 PM

KYC is for campaigns and bounties that tend to be abuse by participants. KYC is for the identity of participants and crypto, in general, has nothing to do with this. Cryptocurrency is a mostly anonymous transaction that does not require any KYC.KYC benefits the campaign manager, exchanges banks and government in general because once identified, taxes will follow. Grin

this is absolutely right, i have only 1 experience in KYC in a local exchange service which after few years i learned that site hosting had been hacked and all data leaked in blackmarket

i noticed that once i saw my own passport and selfie was used by someone on another site, but hopefully the manager knew me and suspended that account and warned me not to do KYC any tie at any place anymore

If someone had your KYC info and tried to push it through you can bet that he wasn't the hacker but someone who bought the photos. This means that there can be a dozen people around the world trying to pose as you at the moment.
Of course no information is safe, but you suddenly became 100 times more vulnerable than an average bank account holder who knows that only 1 or 2 private companies in the world have a picture of his ID. I just hope the validity of your documents is going to end soon and past that date they'll become useless without some photoshop (and that can be spotted).

it was long ago, but thanks to adobe, photoshop can handle every problem, they can easily change dates and re-use that for any other purpose.

and yes, it is absolutely correct that data now worth more than anything else and it is a huge solution for making more income
that is why government now trying to take more control over those giant tech companies

coolcoinz

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Quote from: ~Money~ on November 09, 2019, 12:25:09 PM

Quote from: clickerz on November 07, 2019, 12:33:28 PM

KYC is for campaigns and bounties that tend to be abuse by participants. KYC is for the identity of participants and crypto, in general, has nothing to do with this. Cryptocurrency is a mostly anonymous transaction that does not require any KYC.KYC benefits the campaign manager, exchanges banks and government in general because once identified, taxes will follow. Grin

this is absolutely right, i have only 1 experience in KYC in a local exchange service which after few years i learned that site hosting had been hacked and all data leaked in blackmarket

i noticed that once i saw my own passport and selfie was used by someone on another site, but hopefully the manager knew me and suspended that account and warned me not to do KYC any tie at any place anymore

If someone had your KYC info and tried to push it through you can bet that he wasn't the hacker but someone who bought the photos. This means that there can be a dozen people around the world trying to pose as you at the moment.
Of course no information is safe, but you suddenly became 100 times more vulnerable than an average bank account holder who knows that only 1 or 2 private companies in the world have a picture of his ID. I just hope the validity of your documents is going to end soon and past that date they'll become useless without some photoshop (and that can be spotted).

Silberman

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Quote from: AicecreaME on November 07, 2019, 11:24:40 AM

You don't get the point, even if it was just the manager of a certain bounty, still, you don't know him personally, my question will be, would you trust your newly neighbor to take care of you son? I guess not, you don't know what he will do your son when you are not around, same goes to your personal information that is being exposed whenever you are submitting it in any projects that requires KYC.

Wait until it backfired to you, let's just hope nothing's worst gonna happen.

It is beyond me why this concept seems so difficult to grasp, if I have to go through KYC because a bank asks me at least in the case they reveal my information against the terms established in the contract I have some legal ways to get some compensation, when you give your information to icos they can use your information as they like and in the case they sell it there is nothing you can do because most likely they are in a different country and sometimes they did not even revealed their identity.

Ludmilla_rose1995

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Quote from: Ambucrypto369 on July 19, 2019, 02:04:06 PM

Is KYC is benefit to crypto people or not. what are the advantages and disadvantages of doing KYC.

Universal money and Anonymous is the biggest strength of btc BTC, now every country follows KYC and then it can be controlled by someone.

Now KYC is trend in crypto market..... Cheesy

Is KYC benefit for crypto users? the answer is NO! KYC is only for the benefit of the state and a centralized exchange that suspects crypto users for illegal actions such as money laundering or tax evasion. We will never know what they will do with our data.

milesfull

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KYC is against general crypto idea of anonymity in my opionion

cutesgirl

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Quote from: wxxyrqa on November 10, 2019, 04:44:51 AM

Quote from: Vishnu.Reang on November 07, 2019, 12:26:05 PM

Quote from: RhBjK on November 05, 2019, 03:49:59 PM

KYC and BTC are diametrically opposed concepts. One advocates privacy and non-stalking, while the other aims to reach out publicly to their credentials. Yes, you can use BTC without KYC, but most bounties or similar charities will be abused because KYC is a requirement.

Can't put it any better than this. One of the reasons why Satoshi invented Bitcoin was to give an additional layer of privacy for the users. And with KYC becoming mandatory in the exchanges, user privacy has become a thing of the past. The good thing is that users are still finding loopholes to avoid KYC, such as using multiple exchanges and withdrawing/depositing amounts below the KYC threshold.

I completely agree with what you said, because providing passport data violates that original idea of creating a cryptocurrency. But for this period, the situation in the world is changing very seriously and events are developing in such a way that legally no one can use cryptocurrency in the future until the owners of the funds show their sources of income and provide passport data. I believe that almost all cryptocurrency users will have to come to terms with the fact that they will have to fulfill the KYC conditions.

If site not most important better never submit your KYC by giving your document and your passport data, for exchange market look how limited withdrawal without submit KY, there are available or not for withdrawing without have submit KYC or not. Exchange market have popular like Binance, Bittrex and Gate is best way if submit KYC.

wxxyrqa

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Quote from: Vishnu.Reang on November 07, 2019, 12:26:05 PM

Quote from: RhBjK on November 05, 2019, 03:49:59 PM

KYC and BTC are diametrically opposed concepts. One advocates privacy and non-stalking, while the other aims to reach out publicly to their credentials. Yes, you can use BTC without KYC, but most bounties or similar charities will be abused because KYC is a requirement.

Can't put it any better than this. One of the reasons why Satoshi invented Bitcoin was to give an additional layer of privacy for the users. And with KYC becoming mandatory in the exchanges, user privacy has become a thing of the past. The good thing is that users are still finding loopholes to avoid KYC, such as using multiple exchanges and withdrawing/depositing amounts below the KYC threshold.

I completely agree with what you said, because providing passport data violates that original idea of creating a cryptocurrency. But for this period, the situation in the world is changing very seriously and events are developing in such a way that legally no one can use cryptocurrency in the future until the owners of the funds show their sources of income and provide passport data. I believe that almost all cryptocurrency users will have to come to terms with the fact that they will have to fulfill the KYC conditions.

~Money~

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Quote from: clickerz on November 07, 2019, 12:33:28 PM

KYC is for campaigns and bounties that tend to be abuse by participants. KYC is for the identity of participants and crypto, in general, has nothing to do with this. Cryptocurrency is a mostly anonymous transaction that does not require any KYC.KYC benefits the campaign manager, exchanges banks and government in general because once identified, taxes will follow. Grin

this is absolutely right, i have only 1 experience in KYC in a local exchange service which after few years i learned that site hosting had been hacked and all data leaked in blackmarket

i noticed that once i saw my own passport and selfie was used by someone on another site, but hopefully the manager knew me and suspended that account and warned me not to do KYC any tie at any place anymore

clickerz

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Quote from: GideonGono on November 05, 2019, 11:35:24 PM

Quote from: RhBjK on November 05, 2019, 03:49:59 PM

KYC and BTC are diametrically opposed concepts. One advocates privacy and non-stalking, while the other aims to reach out publicly to their credentials. Yes, you can use BTC without KYC, but most bounties or similar charities will be abused because KYC is a requirement.

They do KYC was because they need to know their customer and also to know if the person was the same as other person who participant in the bounty campaign. From privacy, it was okay because sometimes the manager will be the want who need the info and for that, there are a lot of people who do KYC too so it was like Facebook account information only and not all of your information in life.

KYC is for campaigns and bounties that tend to be abuse by participants. KYC is for the identity of participants and crypto, in general, has nothing to do with this. Cryptocurrency is a mostly anonymous transaction that does not require any KYC.KYC benefits the campaign manager, exchanges banks and government in general because once identified, taxes will follow. Grin

Vishnu.Reang

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Quote from: RhBjK on November 05, 2019, 03:49:59 PM

KYC and BTC are diametrically opposed concepts. One advocates privacy and non-stalking, while the other aims to reach out publicly to their credentials. Yes, you can use BTC without KYC, but most bounties or similar charities will be abused because KYC is a requirement.

Can't put it any better than this. One of the reasons why Satoshi invented Bitcoin was to give an additional layer of privacy for the users. And with KYC becoming mandatory in the exchanges, user privacy has become a thing of the past. The good thing is that users are still finding loopholes to avoid KYC, such as using multiple exchanges and withdrawing/depositing amounts below the KYC threshold.

Kambal2000

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Quote from: AicecreaME on November 07, 2019, 11:24:40 AM

You don't get the point, even if it was just the manager of a certain bounty, still, you don't know him personally, my question will be, would you trust your newly neighbor to take care of you son? I guess not, you don't know what he will do your son when you are not around, same goes to your personal information that is being exposed whenever you are submitting it in any projects that requires KYC.

Wait until it backfired to you, let's just hope nothing's worst gonna happen.

Indeed, so let's treat and be careful with our personal identity, even in facebook or other social media accounts, let's not give those hackers and scammers a hint for them to check us always, especially in facebook as they are selling our identity to a big syndicate, so be very vigilant with what you are posting. Also here in bounties and exchange, don't just give your personal info easily, think well if worth it or not.

AicecreaME

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Quote from: GideonGono on November 05, 2019, 11:35:24 PM

Quote from: RhBjK on November 05, 2019, 03:49:59 PM

KYC and BTC are diametrically opposed concepts. One advocates privacy and non-stalking, while the other aims to reach out publicly to their credentials. Yes, you can use BTC without KYC, but most bounties or similar charities will be abused because KYC is a requirement.

They do KYC was because they need to know their customer and also to know if the person was the same as other person who participant in the bounty campaign. From privacy, it was okay because sometimes the manager will be the want who need the info and for that, there are a lot of people who do KYC too so it was like Facebook account information only and not all of your information in life.

You don't get the point, even if it was just the manager of a certain bounty, still, you don't know him personally, my question will be, would you trust your newly neighbor to take care of you son? I guess not, you don't know what he will do your son when you are not around, same goes to your personal information that is being exposed whenever you are submitting it in any projects that requires KYC.

Wait until it backfired to you, let's just hope nothing's worst gonna happen.

Gotumoot

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Advantages: It's good for an ICO campaign to have KYC this is to avoid fraud, To make the transaction more legit.

Disadvantage: If a company does not have KYC you can easily join their ICO and we can buy a large amount of their token sale. There can also be scams, this is for bounty hunters who enter multiple accounts to gain more tokens.

Topic: Is KYC benefit to crypto people or not - page 10. (Read 6455 times)