Topic: Is KYC benefit to crypto people or not - page 22. (Read 6455 times)
The KYC is to comply with the regulation of your jurisdiction. The main disadvantage is that it prevents lot of people to engage with crypto based on the sensitivity of their record. Although, there are decentralized exchanges that does not required this but they are still lacking the volume required most especially for institutional investors.
KYC on exchange market I think is fine and not worried about our data, but for an IEO or ICO project needed KYC its not good ideas to give our data for them.
Decent exchanges who are concerned about their reputations will have a decency to keep their participants being safe and to work with them as attached as possible while with ICO's or IEO's project shouldn't asking for this personal information as it's not a big deal when starting a project, crypto intends to be anonymous and freedom to work with the system.
KYC on exchange market I think is fine and not worried about our data, but for an IEO or ICO project needed KYC its not good ideas to give our data for them.
I don't know if these control systems really help protect honest traders. It seems to me that not only are they useless, but they expose them to the theft of data and documents by the bad guys, while the scammers quietly continue to make their own comfort.
It suppose to help the traders because that's the purpose of KYC, but when the exchange is irresponsible, it will not be able to serve the purpose. Once the exchange requires for the KYC, this means they are required also by the government to impose the same, and when they mess up with the data, the government are looking into this as an offense and they will have to be dealt accordingly based on the rules and regulations impose to them as well.
We don't need to worry, the government are punishing those corrupt exchanges, even how big they are currently.
I don't know if these control systems really help protect honest traders. It seems to me that not only are they useless, but they expose them to the theft of data and documents by the bad guys, while the scammers quietly continue to make their own comfort.
Now a days many of ico and bounty organisers demand kyc for for know about their participants, generally this type of personal documents they can use for anything or crime! i think it’s rovide you threat over your personal Securities if they use it for criminal activities like terrorism.
Not just these icos and bounty orfganizers demand it, there are a lot of them.
They have their reasons, security and also to abusing users that spam accounts to earn more.
Its been a long time since this is presented to the users and investors but I did not heard or read anything about it being used in such illegal activities. I guess this really depends on the site you will be accessing.
I believe that KYC is very bad for crypto users, and it is against the aim of cryptocurrencies which are decentralized and anonymous to keep the identity, data, and info of users safe. Now so many exchanges and ICO projects require completing the KYC procedure, unfortunately.
Agree, because cryptocurrency is about financial freedom and then when KYC is applied there is no longer anonymity in this market because I admit that depositing is at least it must be applied by KYC but one thing that is unacceptable is the ICO project implementing this too even though we only became bounty participants who in fact payments to bounty participants still cannot be guaranteed about the KYC.
KYC is not a requirement in the CRYPTO space, but due to different countries regualtions and policy, to combat scam and unmask individual using CRYPO platform to source for arms and amunition and for terrorist engagement there is a need for developer to get to know there customers, for tracking purpose.
I believe that KYC is very bad for crypto users, and it is against the aim of cryptocurrencies which are decentralized and anonymous to keep the identity, data, and info of users safe. Now so many exchanges and ICO projects require completing the KYC procedure, unfortunately.
I do not know that KYC is profitable for crypto, which is clear KYC only verifies our data for withdrawals from websites and I think KYC is not important and this is just a trend so KYC is used everywhere.
I dont how KYC makes profit for investors. Dont misunderstand the reason for KYC, you can do a little search on it, it will help you. The idea of KYC is to have personal details of individuals submitted to prevent laundering, bank's involvement in any form.KYC really helps most individual that are in CEX exchanges to decentralized exchanges, if it was a decentralized platform that much hacking happened, no one would have been responsible for that and even if they arrest the victim, how would they return their money in dex when it is strictly peer to peer.
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.....
KYC is really valuable. It seems that every project wants bounty hunters to supply them with KYC so they can sell it to other businesses to make more money. and we won't know how our identities will be used in the future. This is very dangerous. 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.....
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.....
KYC needed if you are using a trading platform it is their terms and condition it's up to you weather you will give your details if you want to use their platform and usually some ICO needs a KYC mostly in their bounty campaigns they need to submit your KYC so they can easily detect those people who use multiple accounts. 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.....
The KYC audit should be used solely to prevent dirty money laundering and the fight against terrorist financing. Using this check for other purposes is illegal. In addition, on June 21 of this year, the Intergovernmental Organization for Financial Actions (FATF) adopted binding recommendations that only KYC verification is possible with transactions worth more than one thousand dollars. Therefore, if bounty hunters receive tokens worth less than a thousand dollars, they should not undergo any KYC verification.
Now a days many of ico and bounty organisers demand kyc for for know about their participants, generally this type of personal documents they can use for anything or crime! i think it’s rovide you threat over your personal Securities if they use it for criminal activities like terrorism.
I do not know that KYC is profitable for crypto, which is clear KYC only verifies our data for withdrawals from websites and I think KYC is not important and this is just a trend so KYC is used everywhere.
I dont how KYC makes profit for investors. Dont misunderstand the reason for KYC, you can do a little search on it, it will help you. The idea of KYC is to have personal details of individuals submitted to prevent laundering, bank's involvement in any form.Profitability has no relation to KYC as it's just a requirement for people to be able to invest and trade in a certain platform, and normally, those company who requires KYC are companies that are regulated under the control of the government, and that's something we need to verify first before submitting for KYC as that's an important information that we cannot just give away to untrustworthy company.
I do not know that KYC is profitable for crypto, which is clear KYC only verifies our data for withdrawals from websites and I think KYC is not important and this is just a trend so KYC is used everywhere.
I dont how KYC makes profit for investors. Dont misunderstand the reason for KYC, you can do a little search on it, it will help you. The idea of KYC is to have personal details of individuals submitted to prevent laundering, bank's involvement in any form. 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.....
KYC needed if you are using a trading platform it is their terms and condition it's up to you weather you will give your details if you want to use their platform and usually some ICO needs a KYC mostly in their bounty campaigns they need to submit your KYC so they can easily detect those people who use multiple accounts. 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.....
In some exchange you can't withdraw your funds without completing KYC and i don't think there is a benefit on this. Because all i know kyc is not good specially if it is handed into a wrong hands. They know our personal information because of kyc and it broke the rules of anonimity in the world of crypto but we have nothing to do but to follow specially in some crypto exchanges.
Indeed, most exchanges now ask for KYC but that is only for people who want to withdraw more than the maximum limit per day that has been determined. I don't know if it is beneficial or not but for traders it is helpful because they are free to make any amount of withdrawal on the same day. 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.....
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.....
KYC in some cases defies blockchain’s whole purpose of anonymous trade, which is one of its principles. There’s also the risk of exposing your personal information, if the website security platform is lacking. But even if KYC kills anonymity and by proxy decentralization, it has its advantages; for instance, you have less chance to get scammed since you're trading with a "real person" and the platform you're using is backing the trade. Also, said platform would know who you are, thus making it easier when you need to solve a problem.
I think it's a matter of risk versus benefit. KYC can be beneficial for trading, and it wouldn't represent an inherent risk if handled correctly.
In some exchange you can't withdraw your funds without completing KYC and i don't think there is a benefit on this. Because all i know kyc is not good specially if it is handed into a wrong hands. They know our personal information because of kyc and it broke the rules of anonimity in the world of crypto but we have nothing to do but to follow specially in some crypto exchanges.
WHat kind of benefit we can expect from completing KYC,I don't think there is any benefit for the people other than getting more limit from KYC but it was created by those exchange due to various reasons like government laws and to restrict money laundering.But we have lot of disadvantages personally if our KYC information got leaked by the site we did undergo KYC.
Indeed, people look for crypto as a place where they can remain anonymous and limit the intrusion from the government, KYC process may break this initial purpose, market capitalization may decrease when the government tightens everything, benefits still do not appear, in return, KYC has made the market receive influence. Besides, KYC information is too easy to leak, sometimes it can be very important documents for bank accounts and some other accounts, KYC for crypto really has no benefits, almost creating more problemsJump to: