Is KYC benefit to crypto people or not - page 23.

FlightyPouch

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Quote from: Ambucrypto369 on August 27, 2019, 02:21:01 PM

Quote from: ?? on ??

KYC is just a tool of anti-money laundering and I think there is nothing wrong about it. IN countries like the US, the crypto market is very much regulated with the Federal Reserve having every information about the inflow and outflow of money to and from the economy so I think there is no point in avoiding KYC because whatever you do is known by the exchange.

Yes, KYC is not wrong, however, many people do FUD regarding data information. KYC is indeed very important to avoid money laundering and other frauds. some KYC is also quite easy to do such as self-identification cards, and selfies. yeah, that's easy enough to do. it's just that we need to know who we give it to.

If exchangers not trust traders, then how can traders trust exchangers...Some exchange companies misuse our KYC details

There are a lot of people wanting to do bad things in their advantage. They want to earn money easily even if it means doing a crime and being strict is not new in the internet. The thing here is thay how can you say thay these exchanges misuse the KYC details these traders are sending? Care to explain?

kennen1113

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Quote from: semobo on August 28, 2019, 03:20:30 AM

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 problems

Barbut

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Quote from: semobo on August 28, 2019, 03:20:30 AM

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.

I don`t see the benefits of completing KYC, too! It`s for companies to keep track of their users, their habits and to use that in promotional and advertising purposes. Almost every big company is accused of selling private data from their users, many of them paid for that, but I don`t think they will stop doing that. I try to skip that KYC part whenever I can, but it`s hard these days cause most of the services ask for that, due to governments regulations.

semobo

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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.

Ambucrypto369

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Quote from: ?? on ??

KYC is just a tool of anti-money laundering and I think there is nothing wrong about it. IN countries like the US, the crypto market is very much regulated with the Federal Reserve having every information about the inflow and outflow of money to and from the economy so I think there is no point in avoiding KYC because whatever you do is known by the exchange.

Yes, KYC is not wrong, however, many people do FUD regarding data information. KYC is indeed very important to avoid money laundering and other frauds. some KYC is also quite easy to do such as self-identification cards, and selfies. yeah, that's easy enough to do. it's just that we need to know who we give it to.

If exchangers not trust traders, then how can traders trust exchangers...Some exchange companies misuse our KYC details

Zemomtum

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Most of the third parties that offer cryptocurrency exchanges are doing this to comply with the legal framework of their jurisdiction. For bounty, most participants are greedy and use multiple accounts, for the project owner to ascertain that the token does not get into wrong hands and dump, they do request KYC to eliminate scammers. KYC is not compulsory but just to checkmate scammer and money laundering, there are alternatives via Decentralized Exchanges, OTC, P2P etc

yohananaomi

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For me, kyc is still an obstacle to making transactions if held. I do not like knowing from the start that there are instructions to do kyc, I try to avoid even sometimes having to stop halfway after being notified. for me personal identity cannot be taken and used by anyone without us knowing who they are and what they are for.

jostorres

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Quote from: mongkie on August 25, 2019, 10:28:29 AM

well in my opinion KYC is needed by the crypto world for us to know the exact number of people that are into that certain project because there are many crypto people signing up with 2 or more accounts to maximize rewards given by a certain project then they suddenly dump their holdings. it is good if the project have an strict monitoring of customers for them to protect their rewards.

If I get you right, you are talking about an investors having more than one account that he fund on a project for rewards, but what would he gain by that when there is no much limit to which they can buy on those altcoins platform, most of the altcoins that I have seen, as long as you bring money, they are ready to even sell the whole of the market to you, and if we were to sanitize the ICO market, this was where we ought to have even started from.

Most project should limit the amount of investment that an investor can make on a particular project, and coming down to exchanges, they are also supposed to have the limit to which an investor can also withdraw his fund from the market at once to be able to control the level of dumping that usually bring the project down.

kidoseagle0312

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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

In my own opinion, KYC is not necessary but sometimes there are other projects requiring KYC for the investors and bounty hunters
for them to receive the utility token after the project finish. And mostly kyc is required for every centralized exchange like Binance, kucoin,
Huobi, Okex, Bittrex and others.

sinta23

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Quote from: Natalim on August 23, 2019, 09:37:31 AM

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it's just that, some people don't want to do the KYC because they don't want to spread their identities, moreover, there are a lot of FUDs about illegal data usage.

That's true, however, in the long run, these people who will not comply will the KYC will not be given a chance to invest, or if they will invest, they might fall as victim of scam projects as most projects that are legit will be required to register and impose KYC which is the basis requirement.

Some categories that require KYC for investment are usually with a large nominal value, but it is not uncommon for us to join an investment and we must also carry out the KYC process. As long as the company that we provided the data from is indeed valid, this isn't really a problem

Tylev

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The question itself is very strange, since it is actually proposed to answer whether it is useful for us to leave each person we meet their data about themselves, including copies of their personal documents. In my opinion, the answer suggests itself. We will surely become victims of fraudsters if we leave our identification data in almost all cases of resolving financial issues. This could still be discussed if we left our data to state authorities, however, leaving it to various people who may turn out to be scammers is not a very clever idea.

mongkie

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well in my opinion KYC is needed by the crypto world for us to know the exact number of people that are into that certain project because there are many crypto people signing up with 2 or more accounts to maximize rewards given by a certain project then they suddenly dump their holdings. it is good if the project have an strict monitoring of customers for them to protect their rewards.

Free1bitco.in

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Quote from: hahay on August 24, 2019, 06:53:27 PM

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I do not like doing KYC for bounties and that is why I avoid them. In the past I did some bounties requiring KYC that later became scam projects. I believe our data was collected and sold to the dark net. I hate to think about this and whenever I do I feel like calling myself stupid. KYC is good but it should be with sense and wisdom.

As much as possible avoiding KYC for bounties is the best way to protect your identity but does that also apply to an exchange that still seems to be worrying about being traded in the dark net because the issue has long been circulating. The application of KYC does have pros and cons and we cannot conclude also if this application will be entirely detrimental, because every rule made has at least a certain goal for a safer industry.

I also think of avoiding KYC, and have the same concerns when I think that the data we provide will be sold. however, most projects currently use KYC to follow government regulations, so that their projects are permitted.

true if this problem raises the pros and cons. however, there will be those who support the use of KYC, but scam projects make this quite difficult for people to do. I just suggest that to be careful to choose the project, so that when they ask for KYC, we don't hesitate to give it.

hahay

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Quote from: ?? on ??

I do not like doing KYC for bounties and that is why I avoid them. In the past I did some bounties requiring KYC that later became scam projects. I believe our data was collected and sold to the dark net. I hate to think about this and whenever I do I feel like calling myself stupid. KYC is good but it should be with sense and wisdom.

As much as possible avoiding KYC for bounties is the best way to protect your identity but does that also apply to an exchange that still seems to be worrying about being traded in the dark net because the issue has long been circulating. The application of KYC does have pros and cons and we cannot conclude also if this application will be entirely detrimental, because every rule made has at least a certain goal for a safer industry.

JohnBitCo

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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

Soon you will see that kyc will become mandatory for all trading and exchange sites. There is a high risk of money laundering in crypto market and anyone can transfer money earned through illegal means from one place of the world to another. Having proper KYC will put some check and balance on such people, because in case anyone is suspect of money laundering, the exchanges can check his identity and provide them to the government authorities.

Japinat

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Quote from: ?? on ??

KYC is required when using regulated exchanges with fiat on-ramps. You don't need to trade on exchanges that implement KYC, but the exchanges that are compliant are normally safer.

We don't have to because we have an option, Binance is a big exchange and regulated as well but they give an option for traders to trade with KYC, and majority of the traders can enjoy it and at the same time, they will feel safe as they are trading in one of the biggest exchange is not the biggest.

Quote from: ?? on ??

I trade on ecxx because it uses ledger vault cold storage, is located in Singapore and is regulatory compliant, and is backed by a 44 million dollar funding round.

Well, I really have no idea about this exchange, must be a big exchange as well since they are back with 44 million dollar funding.
Can you explain further about this site? This is interesting.

Natalim

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it's just that, some people don't want to do the KYC because they don't want to spread their identities, moreover, there are a lot of FUDs about illegal data usage.

That's true, however, in the long run, these people who will not comply will the KYC will not be given a chance to invest, or if they will invest, they might fall as victim of scam projects as most projects that are legit will be required to register and impose KYC which is the basis requirement.

Distinctin

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Quote from: BennyK on August 22, 2019, 11:14:42 PM

KYC is beneficial although crypto was created to be anonymous when it comes to its transactions. KYC helps projects to abide the legal laws of certain countries because it helps the government to track illegal activities. It also help the project to know their customers and to eliminate fake, bot and double entries.

This advantage is more on the government side, crypto is suppose to be anonymous but we can't grow without the government approving us, and unfortunately their approval comes with a condition that we have to comply with the KYC requirement.

They are treating crypto like banks and other financial institutional that under their monitoring, and we have to option but to comply if we want to use the service. Let's just say it benefits us also because a project that we like to invest will also undergo a process required by the government before they can launch.

BennyK

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KYC is beneficial although crypto was created to be anonymous when it comes to its transactions. KYC helps projects to abide the legal laws of certain countries because it helps the government to track illegal activities. It also help the project to know their customers and to eliminate fake, bot and double entries.

adzino

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Some casinos and crypto companies have to go through the KYC thing to abide by the laws. Criminals can use an exchange or a casino to hide their doings. Thus, casinos and exchanges are bound to ask for personal documents to abide by the anti money laundering laws. If your information are in the right hands, then you shouldn't worry (but there is no guarantee that your data won't be leaked or misused).
KYC has both good sides and bad sides. It is how and through what perspective we look matters.

Topic: Is KYC benefit to crypto people or not - page 23. (Read 6455 times)