Is KYC benefit to crypto people or not - page 11.

cutesgirl

sr. member

Activity: 938

Merit: 251

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.

Need KYC to know with costumer data to avoid from hacked and use account for wrong way, almost exchange market needed KYC for withdrawal with higher amount and Bittrex exchange market not allowing for withdraw if not pass KYC, KYC have benefit to protect costumer account from hacker and to keep investor not from allowing country investing with bitcoin and altcoin.

Visbay

sr. member

Activity: 1236

Merit: 252

Quote from: AicecreaME on November 05, 2019, 10:09:24 AM

Quote from: Febo on October 29, 2019, 04:03:39 PM

Quote from: Digitalasset123 on October 29, 2019, 10:11:55 AM

KYC is beneficial to every genuine crypto user, as it help to fight against fraud by reviewing the identity of every crypto person. Though some person don't like it as it sometimes slow transaction due to delay in approval of KYC documents.

That genuine crypto user will not be so happy when some criminal after will hack into exchange database appear on his doorstep with a big gun and demand him to transfer all his coins to him.

I can't stop laughing, but seriously, this is true, those people who are genuinely happy about this entire KYC "scheme" will be the saddest person in the end, this thing that they are proud of will surprise them by making a huge traumatizing scenario for them, poor souls.

I'm still thinking about joining bounty that have this requirement, but my cryptocurrency instinct never accepts it.

There is no need to be sad if you are doing this with a responsible and successful site. KYC is not reliable for new sites as it will carry some risk along with it but in well-known sites, we will feel safe. So yeah nowadays the number of scamming projects has increased allot better stay safe by staying away from them and use only well known or old websites to make investments in crypto.

Russlenat

hero member

Activity: 2716

Merit: 904

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.

I have a broader explanation, what you are explaining is you emphasize the bounty which is just part of your job here.
If we are talking about the general effect of KYC, this includes exchanges, gambling sites, and other online businesses, we will have to adopt and follow the requirements because if there is a government there is always a rule that they will impose for us to follow.

let's just make it simple, they impose, we follow, that's the picture of crypto once its fully regulated.

GideonGono

hero member

Activity: 2086

Merit: 501

★Bitvest.io★ Play Plinko or Invest!

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.

RhBjK

full member

Activity: 224

Merit: 100

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.

Silberman

legendary

Activity: 2534

Merit: 1338

Quote from: Memminger on November 04, 2019, 11:06:21 PM

Though there a lot of bounty that turns out to be a scam and I will not be surprised if they will use your personal information to some shady business that they will be cooking next. That’s why I’m quiet reluctant in doing KYC in bounty campaigns so I think that the bounty managers especially those trusted ones should select the ICO or bounty that they will be managing well since most of the time people joined the bounty with a huge factor of who’s the one managing.

I have always thought that KYC for bounty campaigns is ridiculous, it is not like the developers of those coins are paying a fortune to each participant, they are paying with coins which have no value yet and in the best of the scenarios your coins could be worth a few hundred dollars, they use the excuse they do this to avoid people to abuse the campaign but we know this is not true, they do not care about that, what they care about is to get your data and using it to their benefit.

asus09

sr. member

Activity: 1344

Merit: 270

Quote from: JC btc on November 05, 2019, 12:27:18 PM

Quote from: AicecreaME on November 05, 2019, 10:09:24 AM

Quote from: Febo on October 29, 2019, 04:03:39 PM

Quote from: Digitalasset123 on October 29, 2019, 10:11:55 AM

KYC is beneficial to every genuine crypto user, as it help to fight against fraud by reviewing the identity of every crypto person. Though some person don't like it as it sometimes slow transaction due to delay in approval of KYC documents.

That genuine crypto user will not be so happy when some criminal after will hack into exchange database appear on his doorstep with a big gun and demand him to transfer all his coins to him.

I can't stop laughing, but seriously, this is true, those people who are genuinely happy about this entire KYC "scheme" will be the saddest person in the end, this thing that they are proud of will surprise them by making a huge traumatizing scenario for them, poor souls.

I'm still thinking about joining bounty that have this requirement, but my cryptocurrency instinct never accepts it.

Lol, that was so funny, but yeah indeed true at all. Anyway, yeah that's why we should be careful if we don't want our face going viral over the internet with the crime we didn't commit at all, so for me, doing KYC is good for exchange only, but for airdrops, I won't entrust my personal identity, I would not rather join, than using my identity in illegal matters. Still, my reputation and dignity is the most important thing.

We don't viral on internet with submit KYC but if exchange have to use your KYC document like Bittrex what will you do? keep hidden your identity but never can't withdraw your asset in bittrex or only use KYC with big exchange market. many people never show up for internet forum with their document but many investing site and exchange market need for KYC.

JC btc

sr. member

Activity: 770

Merit: 253

Quote from: AicecreaME on November 05, 2019, 10:09:24 AM

Quote from: Febo on October 29, 2019, 04:03:39 PM

Quote from: Digitalasset123 on October 29, 2019, 10:11:55 AM

KYC is beneficial to every genuine crypto user, as it help to fight against fraud by reviewing the identity of every crypto person. Though some person don't like it as it sometimes slow transaction due to delay in approval of KYC documents.

That genuine crypto user will not be so happy when some criminal after will hack into exchange database appear on his doorstep with a big gun and demand him to transfer all his coins to him.

I can't stop laughing, but seriously, this is true, those people who are genuinely happy about this entire KYC "scheme" will be the saddest person in the end, this thing that they are proud of will surprise them by making a huge traumatizing scenario for them, poor souls.

I'm still thinking about joining bounty that have this requirement, but my cryptocurrency instinct never accepts it.

Lol, that was so funny, but yeah indeed true at all. Anyway, yeah that's why we should be careful if we don't want our face going viral over the internet with the crime we didn't commit at all, so for me, doing KYC is good for exchange only, but for airdrops, I won't entrust my personal identity, I would not rather join, than using my identity in illegal matters. Still, my reputation and dignity is the most important thing.

AicecreaME

sr. member

Activity: 2394

Merit: 454

Quote from: Febo on October 29, 2019, 04:03:39 PM

Quote from: Digitalasset123 on October 29, 2019, 10:11:55 AM

KYC is beneficial to every genuine crypto user, as it help to fight against fraud by reviewing the identity of every crypto person. Though some person don't like it as it sometimes slow transaction due to delay in approval of KYC documents.

That genuine crypto user will not be so happy when some criminal after will hack into exchange database appear on his doorstep with a big gun and demand him to transfer all his coins to him.

I can't stop laughing, but seriously, this is true, those people who are genuinely happy about this entire KYC "scheme" will be the saddest person in the end, this thing that they are proud of will surprise them by making a huge traumatizing scenario for them, poor souls.

I'm still thinking about joining bounty that have this requirement, but my cryptocurrency instinct never accepts it.

Memminger

sr. member

Activity: 540

Merit: 252

Quote from: asus09 on November 01, 2019, 01:11:32 PM

Quote from: Palider on October 30, 2019, 10:25:22 AM

Quote from: asus09 on October 29, 2019, 11:16:20 PM

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

I think KYC give much benefit for user and bitcoin, with using KYC almost person know their data and know where is come from, its the way how to make bitcoin and altcoin easy adoption in some country after giving KYC. Right now many country still not allowed using bitcoin and altcoin because many people like ghost and never have who is the real user invest with bitcoin and where bitcoin use by investor.

KYC and Regulation! for ICO campaigns to make all of our ICO transactions more transparent.

We also need to know who runs the company and they must also have KYC so we know who they are and what their background is in these experiences. Maybe this way the scammers will be reduced or they will be totally lost.

I got benefit with KYC because I joined bounty campaign and give space for me to get higher reward with bounty campaign participant joined with multi account, should submit KYC participants in bounty campaign will be limited and I can earn much reward from bounty campaign because there are only few participants in bounty campaign, I hope KYC will use for every bounty campaign

Though there a lot of bounty that turns out to be a scam and I will not be surprised if they will use your personal information to some shady business that they will be cooking next. That’s why I’m quiet reluctant in doing KYC in bounty campaigns so I think that the bounty managers especially those trusted ones should select the ICO or bounty that they will be managing well since most of the time people joined the bounty with a huge factor of who’s the one managing.

Xxmodded

sr. member

Activity: 2254

Merit: 309

SOL.BIOKRIPT.COM

Quote from: Landak on October 30, 2019, 10:10:57 AM

Quote from: KnightElite on October 30, 2019, 04:04:14 AM

It can be a threat and not a benefit for other users. It is better if we will not participate in project that needing our documents because our identity will be at risks. KYC is now part of regulations but still we should prevent joining in a project that requiring our identity.

Agree if kyc is part of the regulations but I see that there is still a lot of data that is misused, even though we don't see it directly.

There is no benefit if kyc on the token project.
Let alone doing kyc in a market exchange whose reputation is indicated to be a scam. And kyc is now often misused by airdrop programs. danger!
Kyc's benefit for me is that I can do transactions on the exchange market that is already legal in my country. for now, that's all I got.

For token project have lower price is not benefit for KYC but for exchange market give away with higher value coin I will submit my KYC, did you remember with upbit even, each participants submit KYC can get coin about $100 in NPXS coin. I will KYC on exchange account if have to sell my coin there and not available for withdrawing if not pass KYC verification.

JC btc

sr. member

Activity: 770

Merit: 253

Quote from: asus09 on November 01, 2019, 01:11:32 PM

I got benefit with KYC because I joined bounty campaign and give space for me to get higher reward with bounty campaign participant joined with multi account, should submit KYC participants in bounty campaign will be limited and I can earn much reward from bounty campaign because there are only few participants in bounty campaign, I hope KYC will use for every bounty campaign

That's good to hear from you as you are benefiting from KYC, just be careful as not every campaign is a legit one, some are just using your personal info for their own benefit, make sure that your personal info is worth it to share, just think thrice before you submit it. Anyway, KYC is an advantage as there's a lot of alt accounts out there, at least if there is KYC, it can limit the fraud in a campaign.

Ambucrypto369

newbie

Activity: 34

Merit: 0

Quote from: Thanasis on July 19, 2019, 02:15:17 PM

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

Kyc not needed for using crypto currencies but you may need them for buying crypto currencies a lot which I think indeed to stop people from money launder their black money apart from this no other advantages we can get but lot of disadvantages by having KYC like our details are in hands of someone which can be used for anything if they want.

List NON KYC crypto exchangers for trade

asus09

sr. member

Activity: 1344

Merit: 270

Quote from: Palider on October 30, 2019, 10:25:22 AM

Quote from: asus09 on October 29, 2019, 11:16:20 PM

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

I think KYC give much benefit for user and bitcoin, with using KYC almost person know their data and know where is come from, its the way how to make bitcoin and altcoin easy adoption in some country after giving KYC. Right now many country still not allowed using bitcoin and altcoin because many people like ghost and never have who is the real user invest with bitcoin and where bitcoin use by investor.

KYC and Regulation! for ICO campaigns to make all of our ICO transactions more transparent.

We also need to know who runs the company and they must also have KYC so we know who they are and what their background is in these experiences. Maybe this way the scammers will be reduced or they will be totally lost.

I got benefit with KYC because I joined bounty campaign and give space for me to get higher reward with bounty campaign participant joined with multi account, should submit KYC participants in bounty campaign will be limited and I can earn much reward from bounty campaign because there are only few participants in bounty campaign, I hope KYC will use for every bounty campaign

kapalmabur

sr. member

Activity: 2002

Merit: 250

Quote from: tsaroz on November 01, 2019, 12:58:06 PM

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

Crypto was ought to be an anonymous money but with money came scammers and the crypto market got so much polluted. Crypto became the favorite mode of money for money launderers and criminals. This attracted the attention of governments who wants a detailed info of how and where the money moves. Most of the companies are just forcing the laws of their authority.

in my opinion it is not a trend, it is a new effort to prevent money laundering and acts of terrorism,
with the KYC makes someone will think about it, if he washes money in exchange that has the KYC system,
then that person will be a suspect, so I very supportive if this system is implemented in government, because corruption will also be tracked

tsaroz

legendary

Activity: 3094

Merit: 1069

Vave.com - Crypto Casino

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

Crypto was ought to be an anonymous money but with money came scammers and the crypto market got so much polluted. Crypto became the favorite mode of money for money launderers and criminals. This attracted the attention of governments who wants a detailed info of how and where the money moves. Most of the companies are just forcing the laws of their authority.

Silberman

legendary

Activity: 2534

Merit: 1338

Quote from: Cnut237 on October 29, 2019, 04:44:06 AM

I think we need to accept that KYC is inevitable if we want crypto to go mainstream. Regulation is inevitable, and KYC is a part of that. As crypto grows and becomes more visible to government, they take steps to ensure that it complies with laws. It may have its negative side, but there are positives to this as well, such as consumer protection.

There is never going to be consumer protection in crypto, once coins leave your wallet you do not control them and since governments do not control truly decentralized currencies then they cannot give you your coins back, make no mistake KYC policies are there only to help the governments and not the people, besides you are giving up too easily, KYC is now part of the market but if cryptocurrencies get adopted globally then many will decide to ignore the orders of the government and will accept your coins without KYC.

BigBos

sr. member

Activity: 1974

Merit: 450

Quote from: Cnut237 on October 29, 2019, 04:44:06 AM

I think we need to accept that KYC is inevitable if we want crypto to go mainstream. Regulation is inevitable, and KYC is a part of that. As crypto grows and becomes more visible to government, they take steps to ensure that it complies with laws. It may have its negative side, but there are positives to this as well, such as consumer protection.

I also began to think like this. Even though there are quite a lot of investors who don't really like KYC, but the most countries implement the KYC system for those involved in cryptocurrency. Well, of course the reason is quite common, which is to avoid crime. if seen from the positive side you mean, with the application of KYC, the company can protect its customers. it's just that it can also be a negative side when they are not trustful in maintaining documents about us. Yeah, but all for the sake of applying crypto that is generally acceptable.

Palider

hero member

Activity: 1273

Merit: 507

Quote from: asus09 on October 29, 2019, 11:16:20 PM

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

I think KYC give much benefit for user and bitcoin, with using KYC almost person know their data and know where is come from, its the way how to make bitcoin and altcoin easy adoption in some country after giving KYC. Right now many country still not allowed using bitcoin and altcoin because many people like ghost and never have who is the real user invest with bitcoin and where bitcoin use by investor.

KYC and Regulation! for ICO campaigns to make all of our ICO transactions more transparent.

We also need to know who runs the company and they must also have KYC so we know who they are and what their background is in these experiences. Maybe this way the scammers will be reduced or they will be totally lost.

Landak

hero member

Activity: 1386

Merit: 503

Quote from: KnightElite on October 30, 2019, 04:04:14 AM

It can be a threat and not a benefit for other users. It is better if we will not participate in project that needing our documents because our identity will be at risks. KYC is now part of regulations but still we should prevent joining in a project that requiring our identity.

Agree if kyc is part of the regulations but I see that there is still a lot of data that is misused, even though we don't see it directly.

There is no benefit if kyc on the token project.
Let alone doing kyc in a market exchange whose reputation is indicated to be a scam. And kyc is now often misused by airdrop programs. danger!
Kyc's benefit for me is that I can do transactions on the exchange market that is already legal in my country. for now, that's all I got.

Topic: Is KYC benefit to crypto people or not - page 11. (Read 6455 times)