Is KYC is benefit to crypto people or not. what are the advantages and disadvantages of doing KYC.
Only companies that value their reputation have advantages.For ordinary users - it's a headache) 
Topic: Is KYC benefit to crypto people or not - page 7. (Read 6455 times)
Is KYC is benefit to crypto people or not.
It depends which way you look at it.If we consider complete anonymity, not all countries and companies are ready to play the game,, in the dark,,.For us,as users of this cryptocurrency,of course, this is not the most pleasant procedure.I would even call it humiliating.But what to do, now this procedure must be carried out on almost every exchange. KYC is becoming more and more required in crypto now, and there is a possibility that within the next 2 years crypto wont be available as it is now without KYC and even harder regulations, i do so much hope that it don't come to that, it will kill the basic idea of crypto.
Kyc is good for the developer of the campaign since they can be assured that no one is violating the rule nor making a double entries, they dont want to pay for multiple accounts. I dont want to join to a bounty that needed a KYC it is kinda alarming and I always have a doubt on it. Better to be sure than tl regret it in the long way run. 
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.....
Our benefits are a few dollars to use in a day but the disadvantages are unpredictable. Now that it is the age of information technology, they desperately need our information to do things like marketing, promotion and some shady actions at Deepweb. Since I knew the dangers of giving out arbitrary personal information, I have not used my true identity ever since. Often they will sell their information instead of using it for legitimate purposes. 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 becoming more and more required in crypto now, and there is a possibility that within the next 2 years crypto wont be available as it is now without KYC and even harder regulations, i do so much hope that it don't come to that, it will kill the basic idea of crypto.
In general, the KYC check is not needed for people and brings us additional inconvenience. However, given the fact that with the help of cryptocurrency some abuse their rights and capabilities, states are forced to establish certain rules and restrictions, including identifying personality with significant volumes of transactions.
At the same time, I believe that the requirement to undergo the KYC procedure for participants in ICO bounty campaigns is generally illegal and unnecessary.
And that is precisely the issue, any of those that were exchanging huge amounts of bitcoin or any other cryptocurrency had to go through KYC anyway and had to explain to their banks what were they doing, but now everyone has to go through those kind of policies which is ridiculous, now a person receiving one dollar from an airdrop has to fulfill the very same requirements that a person with a lot of money and that simply doesn't make any sense. At the same time, I believe that the requirement to undergo the KYC procedure for participants in ICO bounty campaigns is generally illegal and unnecessary.
In general, the KYC check is not needed for people and brings us additional inconvenience. However, given the fact that with the help of cryptocurrency some abuse their rights and capabilities, states are forced to establish certain rules and restrictions, including identifying personality with significant volumes of transactions.
At the same time, I believe that the requirement to undergo the KYC procedure for participants in ICO bounty campaigns is generally illegal and unnecessary.
Agree, because participants in any bounty campaign in crypto really do not need to implement KYC, because KYC itself is basically only intended for every exchange, because remembering the regulations in each country and to anticipate money laundering and or crime others that involve money in it. So there is a benefit or not KYC in crypto there are at least certain parts and factors that do require users to provide their identity there.At the same time, I believe that the requirement to undergo the KYC procedure for participants in ICO bounty campaigns is generally illegal and unnecessary.
In general, the KYC check is not needed for people and brings us additional inconvenience. However, given the fact that with the help of cryptocurrency some abuse their rights and capabilities, states are forced to establish certain rules and restrictions, including identifying personality with significant volumes of transactions.
At the same time, I believe that the requirement to undergo the KYC procedure for participants in ICO bounty campaigns is generally illegal and unnecessary.
Agree, because participants in any bounty campaign in crypto really do not need to implement KYC, because KYC itself is basically only intended for every exchange, because remembering the regulations in each country and to anticipate money laundering and or crime others that involve money in it. So there is a benefit or not KYC in crypto there are at least certain parts and factors that do require users to provide their identity there. At the same time, I believe that the requirement to undergo the KYC procedure for participants in ICO bounty campaigns is generally illegal and unnecessary.
With that said. It is a proof that submitting KYC should depend on the website that you are using. KYC is helpful even though you are not exceeding 2 bitcoin per day in withdrawal because it will make your account more secure since you have a proof of ownership to your account because of the identification documents.
KYC is not going to make your account any more secure that it already is. Your account is linked to your email and mobile phone number, and as long as you control these accounts your exchange account will remain secure. I don't think that sending your ID documents to unknown people will help in increasing the security level of your account.
You have the wrong idea about KYC. KYC will not prottect your account, at least not in technical security sense, it's about protection of personal data and prevention of illegal activities like money laundering and similar. KYC should disable potential fraudsters that also you can make a victim of their activities. And based on.KYC you have a legal protection.
We encounter too many messages talking about hacks and data leaks.
At least because of this, uploading your personal data can be too risky.
Even if we assume that all the projects where you will send your personal data will be absolutely legitimate,
there are no guarantees that the servers and database storages of these projects will not be hacked in the future, which in turn will lead to a compromise of your personal information.
At least because of this, uploading your personal data can be too risky.
Even if we assume that all the projects where you will send your personal data will be absolutely legitimate,
there are no guarantees that the servers and database storages of these projects will not be hacked in the future, which in turn will lead to a compromise of your personal information.
In general, the KYC check is not needed for people and brings us additional inconvenience. However, given the fact that with the help of cryptocurrency some abuse their rights and capabilities, states are forced to establish certain rules and restrictions, including identifying personality with significant volumes of transactions.
At the same time, I believe that the requirement to undergo the KYC procedure for participants in ICO bounty campaigns is generally illegal and unnecessary.
At the same time, I believe that the requirement to undergo the KYC procedure for participants in ICO bounty campaigns is generally illegal and unnecessary.
Maybe to prevent it, really make sure that the site we submit KYC is really legit, although not guaranteed if our data is safe, at least it is still better than we recklessly give our data into any exchanges that ask it or maybe when join bounty that actually suspicious, they can do anything with our data easily.
That's the most important thing to do, if they will require your information for KYC, you should ask their license so you can sue them once they do something with your info, that's illegal because KYC information should be taken care by the company requiring it confidentially.
If there is a leaked, that's their problem too, just like what happen on Binance, so small or big company is not really safe, so we need to be careful with our data.
Well when it comes to big exchanges like binance, i don't mind since we really can't do anything if they require information from its users. There are other lesser known excganges that you can use that doesn't require kyc but the risk would pretty much be the same if they're not reputable yet. When it comes to wallets, you have more options if you don't want to submit kyc like have hard wallets.
KYC is benefit for crypto hunter because they can withdraw their bitcoin and altcoin assets on exchange after pass KYC, without submit KYC they only can trade or hold bitcoin and altcoin assets without can cash out or withdraw to other account, so far document for KYC safety and not use for other site I think is not worried have to KYC with exchange market and bounty campaign reward.
kyc for market exchange may still be acceptable but if kyc for participating in a bounty campaign / airdrop I think it is not necessary, because the results aren't necessarily worth. And there are several market exchanges that without kyc can make deposits/withdraw/trade, usually get a daily limit of 1 btc per day. Compared to the benefits, in my opinion kyc more towards the detrimental.
Actually, it's quite important thing to avoid some scams or something. Imo KYC isn't anything wrong and it's important when it's connected with huge amount of money investments
Maybe to prevent it, really make sure that the site we submit KYC is really legit, although not guaranteed if our data is safe, at least it is still better than we recklessly give our data into any exchanges that ask it or maybe when join bounty that actually suspicious, they can do anything with our data easily.
That's the most important thing to do, if they will require your information for KYC, you should ask their license so you can sue them once they do something with your info, that's illegal because KYC information should be taken care by the company requiring it confidentially.
If there is a leaked, that's their problem too, just like what happen on Binance, so small or big company is not really safe, so we need to be careful with our data.
Well when it comes to big exchanges like binance, i don't mind since we really can't do anything if they require information from its users. There are other lesser known excganges that you can use that doesn't require kyc but the risk would pretty much be the same if they're not reputable yet. When it comes to wallets, you have more options if you don't want to submit kyc like have hard wallets.
That's why I prefer crypto exchange platforms that doesn't require KYC too, it's time now that we should implement a non KYC, but for some exchange they implementing it because the law requires, so if it is required by law then we cannot do something about it but to follow if we really want to use that certain exchange platform.
~snip~
Currently I do not see any advantage to do KYC, the idea of this is decentralization and maintain anonymity, the tendency of governments and banks has always been to end anonymity for them to have control.
The only advantage of KYC that I see is for the ICO, IEO projects, which is taken as a protection measure to avoid scams that have fallen so much some investors, however there is the latent risk of using that data for other purposes or worse still sell them .
in general, KYC is used for such things, but many investors do not want to do that, so KYC can only be seen as beneficial from the developer's point of view.
not really , because the developers of the ICO ,IPo ,IEO and all that jazz have to comply with the regulations in order to launch
what use do they have of the KYC if they cannot enforce anything legally against a potential scammer
some projects require KYC to deter scammers , not to protect themselves , since scammers will do their thing KYC or not
but with AML and KYC they are losing many potential clients who do not like their documents to be sent to random companies ,while definitely saving money on paying out to "beginner" frauds
Maybe to prevent it, really make sure that the site we submit KYC is really legit, although not guaranteed if our data is safe, at least it is still better than we recklessly give our data into any exchanges that ask it or maybe when join bounty that actually suspicious, they can do anything with our data easily.
That's the most important thing to do, if they will require your information for KYC, you should ask their license so you can sue them once they do something with your info, that's illegal because KYC information should be taken care by the company requiring it confidentially.
If there is a leaked, that's their problem too, just like what happen on Binance, so small or big company is not really safe, so we need to be careful with our data.
Well when it comes to big exchanges like binance, i don't mind since we really can't do anything if they require information from its users. There are other lesser known excganges that you can use that doesn't require kyc but the risk would pretty much be the same if they're not reputable yet. When it comes to wallets, you have more options if you don't want to submit kyc like have hard wallets.
yes, they make excuses to take our KYC and sell it to businesses that need it and make a lot of extra money. This is the policy that new projects often mention because they want to consolidate part of the costs for businesses. Of course, providing your personal information to such organizations is completely not good and they can do anything with your information. so limit your KYC supply to developing projects. You should only provide KYC at exchanges holding lots of your money to ensure your assets are okay.
Identity theft is a big issue these days, and I would not advice sending the scanned copy of your passport or national ID card to unknown people. You can trust established exchanges such as Binance and Huobi, in case they ask for KYC verification in order to participate in the IEOs. But for ICOs, it looks very risky to send the KYC information.
Maybe to prevent it, really make sure that the site we submit KYC is really legit, although not guaranteed if our data is safe, at least it is still better than we recklessly give our data into any exchanges that ask it or maybe when join bounty that actually suspicious, they can do anything with our data easily.
That's the most important thing to do, if they will require your information for KYC, you should ask their license so you can sue them once they do something with your info, that's illegal because KYC information should be taken care by the company requiring it confidentially.
If there is a leaked, that's their problem too, just like what happen on Binance, so small or big company is not really safe, so we need to be careful with our data.
Well when it comes to big exchanges like binance, i don't mind since we really can't do anything if they require information from its users. There are other lesser known excganges that you can use that doesn't require kyc but the risk would pretty much be the same if they're not reputable yet. When it comes to wallets, you have more options if you don't want to submit kyc like have hard wallets.
~snip~
Currently I do not see any advantage to do KYC, the idea of this is decentralization and maintain anonymity, the tendency of governments and banks has always been to end anonymity for them to have control.
The only advantage of KYC that I see is for the ICO, IEO projects, which is taken as a protection measure to avoid scams that have fallen so much some investors, however there is the latent risk of using that data for other purposes or worse still sell them .
in general, KYC is used for such things, but many investors do not want to do that, so KYC can only be seen as beneficial from the developer's point of view.
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