Is KYC benefit to crypto people or not - page 29.

bitgolden

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Quote from: romecheo on July 22, 2019, 10:39:16 AM

KYC was risky, and no use for us, instead, it can be used against us. It was intended for banks.

It somehow beats the objective of using cryptocurrency.

I am not comfortable doing KYC, whenever, I filled up a form, it looks like, I am exposing myself to danger.

Which is why you should careful in the kind of form that you fill or any site you submit your KYC to, KYC is not supposed to be something that scary if not because some of us lives in a very corrupt country were people see opportunity out of everything and then take advantage of it to do evil.

KYC was created to protect people too, if you look at the initial means of raising fund through crowd funding, why do you think it becomes very difficult and almost impossible for the project developers to scam their clients, because there is a regulations that involves KYC and once their identity is known, they can be charged for any unlawful act. If we are to face the truth, it is because of the lack of KYC at the initial stage of crypto that made scammers become rampant since they get away easily without their identity being known.

Findingnemo

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Quote from: Findingnemo on July 23, 2019, 02:17:22 PM

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Quote from: Findingnemo on July 23, 2019, 04:50:51 AM

KYC benefits government,KYC benefits scammersKYC benefit site owners to cheat or sieze our fund in the name of TOS and much more but it doesn't benefit the people who were completing it.

Actually the existence of KYC can also be useful to prevent large funds laundering by scammers by using the cryptocurrency method. and also as an election so that people are more careful in doing kyc not carelessly

It will fall under the category of benefiting the government right?

But for doing the KYC no benefits can be taken for ourself even which harm the community or society.

It's a way of helping the government who has already have control over all our fiat holdings. Now once again through KYC we're requesting the governments to take control of our funds. There is no need of KYC, when KYC is done automatically data will be secured and the decentralized functioning will start to get changed to a centralized platform.

Remember the black money doesn't means earned from illegal way,if someone don't want to pay tax for all the money they were making then it will be considered as illegal on the eyes of governments.

When we do KYC all our origin of funds will be noticed so we can get tracked if needed.

Findingnemo

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Quote from: Findingnemo on July 23, 2019, 04:50:51 AM

KYC benefits government,KYC benefits scammersKYC benefit site owners to cheat or sieze our fund in the name of TOS and much more but it doesn't benefit the people who were completing it.

Actually the existence of KYC can also be useful to prevent large funds laundering by scammers by using the cryptocurrency method. and also as an election so that people are more careful in doing kyc not carelessly

It will fall under the category of benefiting the government right?

But for doing the KYC no benefits can be taken for ourself even which harm the community or society.

Upgrade00

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KYC is one of the process in customer verification, which is necessary for exchanges and sites which have to confirm with certain regulations. And to an extent regulations, are necessary, so yes KYC is also. This serves as the major advantage, it also helps to reduce the rate of scamy ICOs.
It's disadvantages borders majorly on identity theft.

juperos

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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

KYC is really not good for electronic money users. Because I have doubts about the projects that will sell the information of the provider and they will make money from it.
I'm really worried about this problem. We can't know what deepweb and anonymous organizations will do with our information.
Recently, there are a number of magazines that have said that the hackers group in deepweb released a clip of Mark Zuckerberg revealing his purpose to take over the world. but then, the readers studied and found it to be a very sophisticated counterfeited character.
This is horrible and I'm afraid that in the future, those organizations will do the same for us when they got our KYC.

kingpin4321

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Quote from: Bezobraznike on July 23, 2019, 03:52:57 AM

They say KYC protects both the client and the advisor, but I can`t say that I believe in that.

In a way it does protect the client as it helps keep our funds safe on exchanges and prevents other external parties from getting access to our funds, in my opinion as long as you're giving such information to credible exchanges and projects, then one should be fine.
The problem is when we give out personal data to poorly run projects and scammers, then it becomes inimical to us.

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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.

Hope you understand the purpose of KYC, there is no benefit for the end user, these exchanges are collecting these documents to identify bad players who use illegal sources and to better understand their customers and their finances. Bitcoin is an universal money but it cannot be termed as anonymous and with KYC and others being provided to exchanges even anonymous coins cannot help you in giving a total anonymity Grin

.

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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

KYC only depend on how the authority manage the flow of cryptocurrency in their country. Not all crypto is necessarily need kyc since anonymity of the users are the most important so that third party like government cannot intervene in our transactions.

Findingnemo

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KYC benefits government,KYC benefits scammersKYC benefit site owners to cheat or sieze our fund in the name of TOS and much more but it doesn't benefit the people who were completing it.

Bezobraznike

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KYC benefit industry not people. It`s an excuse they make by telling us that is good for us, but in truth it benefits only them. Giving private information`s about us, with
ID, passport, driving license pictures expose us a lot. KYC helps banks, they are always at the top of the pyramid, to improve compliance and customer service, and so that
they keep track of every transaction we make. They say KYC protects both the client and the advisor, but I can`t say that I believe in that.

el kaka22

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I think it also depends on where you are giving your KYC as well. I mean I wouldn't want to give to a company that will later collect that data in an excel like format and sell it to advertisers and that is the least of our worries, not to mention bad people neither.

Just because you gave your KYC to a company that company can sell it to some money laundering people and in return those people could use your KYC to cash out their bitcoins to fiat using your information they bought from that company. So long story short if your information gets in the hands of some bad people they can do some bad stuff with it. That is why its not about giving your information, its about who you are giving that information to, a decent company can get their hands on my KYC no problem but if a shady one wants it then I am not sharing it.

jonaire99

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I can't see any benefits on the part of bounty participant but kyc will ensure the legitimacy of each participant in the process. Those who running the bounties will get the benefits because their tokens will surely not go to fake participants or those who pose as real bounty participant. KYC is the proces of cleansing the list or spreadsheet from bogus ones. The only problem is the possible leak of personal informations to those who join the kyc when someone hack it.

Tylev

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Quote from: FFrankie on July 19, 2019, 07:16:34 PM

The only time that KYC is beneficial to the crypto user is if they get locked out of their account with 2FA, or 3FA and can only get back in after the website verifies the users identity with their KYC

Yes, perhaps this is the only case when KYC verification is really necessary. In other cases, this is a very big problem for cryptocurrency users. I believe that our identification data should not collect any temporary ICO teams. The right to collect such information should be primarily authorized by government agencies or other entities under strict state control.

iMark

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Quote from: ufaiz50 on July 21, 2019, 01:49:38 PM

I think KYC is imposed because of E-business regulations, in some regulations that I read because of the development of technology and communication (internet), knowing who consumers are is to avoid further risks, although it is somewhat deviant from the freedom of transactions but because of that legal regulation in the country it cannot be avoided. The advantage of using KYC so far is that I have been lacking in this, maybe to further strengthen your account whether it's in crypto market or crypto wallet.

There is no benefit from customers from KYC, customers get the risk from the required KYC, their identity is open and vulnrable to be misused, the only party that benefits is the company itself. they get many benefits from user control, get real users, and many others. yeah it's government rules but it's very detrimental to customers to be honest.

Jamjamz30

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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

For most people they hate KYC, as much as possible they don't want to submit. But it is required sometimes to other
Bounty campaign project all participants and investors had no choice but to comply the task for the sake of profit because
if they didn't submit they won't get any rewards to get profit. In short, my answer to that was yes KYC gave benefits to
crypto people.

bitcoin31

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I do not think KYC will help people but in danger for them to use their Identity for the other things like scamming of other people.
The KYC will benefits only to the team of company because they saw the people's infotmation and I don't see right now we get advatanges for thaf but disadvatanges they have for sure.

2double0

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In my personal views, KYC is like a condom over a hot and happening pussy like crypto. It gives exchanges the ability to know us in full. Do you want to compromise your private data by giving it to them when you care too much about it when sharing it with an airdrop site just to keep yourself safe?

CryptopreneurBrainboss

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

Is KYC is benefit to crypto people or not.

Universal money and Anonymous is the biggest strength of btc BTC

You're already late to the discussion, the issue of kYC pro and cons have been tackled numerous times on the forum just do a quick search around and you'll find all the necessary answers you need but just for a references if the cryptocurrency community can't operate without employing the service of kyc we aren't ready to make a difference in the financial institution. Also don't forget bitcoin isn't that anonymous as you think especially when you employed the services of 3rd parties.

o_e_l_e_o

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Quote from: bitcoinUF on July 22, 2019, 03:25:10 PM

What we need is a lot more regulations and insurance in the exchanges (not in the coins). To avoid things like cryptopia, quadriga, etc

What we need is the opposite. We need truly decentralized exchanges which do not require regulations or insurance, because they do not touch users' money at any point. Then hacks or scams like those which happened to Cryptopia and Quadriga customers are impossible, because users maintain control over their own coins at all times.

IDEX was never really truly decentralized. It's more of a hybrid exchange, and you still have to transfer your coins or tokens to them, which is why they are now asking for KYC from their users.

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Quote from: Dread Pirate Roberts on July 22, 2019, 02:08:10 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

basically the concept of kyc is used to show the authenticity of data and the legality of the user to use the services of a company. even though it was very privacy but someone faced the choice to do it for his sake. I would rather see Kyc as proof of authenticity of data and clarity and truth that is very useful if someday there is a problem from a service to the user, then it can be checked to the original. I think overall for crypto it doesn't have to be, but for services such as exchanges, banks or services like that it should. for the security of the system too.

+1

Plus we are going to start seeing DEXes doing KYC. For example IDEX had to go through it in order to not be closed down by the regulators:
https://news.bitcoin.com/decentralized-exchange-idex-to-introduce-full-kyc/

What we need is a lot more regulations and insurance in the exchanges (not in the coins). To avoid things like cryptopia, quadriga, etc

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