Know Your Customer (KYC) A Good thing or Bad Thing?

Negotiation

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Quote from: Tash on February 01, 2020, 05:11:41 AM

Before forwarding all kinds of personal information do a KYC, Know your Company.
Who will have access to your private information, will it be sold, anytime a new person gets access get informed about it and your approval......
Handing over your data to a random stranger on the internet is silly.

I agree with you it's not okay to give our personal information to anyone but I think KYC does have Google Authentication. It is unlikely that your personal information will be hacked. That could be the KYC risk.

Tash

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Before forwarding all kinds of personal information do a KYC, Know your Company.
Who will have access to your private information, will it be sold, anytime a new person gets access get informed about it and your approval......
Handing over your data to a random stranger on the internet is silly.

akram143

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Quote from: mrquackquack on January 01, 2020, 08:11:12 AM

We all seemingly have some sort of mixed emotions when it comes to the dreaded KYC. Picture the painting "The Scream" or some ghastly Emoji and none the less this maybe a somewhat accurate account of to how some people may feel about KYC. Some people might think it's a complete invasion of privacy and completely ruins the whole thought of what crypto is all about, when some others may think it's a step in the right direction to hopefully bring transparency to the crypto world and thus making it a more viable option for mass adoption. What are some of your thoughts and opinions on the matter? As usual any thought or comments are more than welcome. Thanks.

People are afraid of their ID getting misused for illegal activities because the crypto sites asking all the sensitive information might be created only in recent time in the name of new project.

Naida_BR

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It is good and bad at the same time.
I believe that we need KYC until we find more decentralized ways of validating a user identity and prove that he doesn't have multi accounts. I don't like KYC but I think that it is necessary to have such mechanisms right now in order to tackle scams.

TIDOVEE

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I also initially use to have issues with that KYC but at a time I did not worry myself about it, since we have many projects that do not require KYC. KYC is expected to make a proof of genuinety of participant but in the process,it has made registration more difficult for many and yet many do not even receive their reward after all the stress. I have never registered any KYC project.

RapidsNetwork

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Great question and topic.
Personally I think that kyc will not go away. And all exchanges will require it, those that dont will probably end up quitting by their own choice or by the government they choose to be in.
The US will probably make all exchanges require KYC when and where it can.
I mean binance doesnt server usa members unless they use a VPN to hide themselves, same as bittrex.
There are options like binance.us and bittrex us. But they dont see near the volume as the big players.
I personally dont mind the KYC. I know alot of people do and hate it.
I guess it can go both ways, but for me I do KYC.

mrquackquack

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Well wasn't crypto one of its main purposes for being engineered was to combat centralization and maximize privacy? It seems like the exchanges are either selling out or being pressured by governments.

Subbir

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I think both are good and bad for KYC customers. within the case of KYC work, on the one hand, our people aren't ready to take past information easily but on the opposite hand KYC scams are more prevalent. I also do not like KYC myself because it doesn't always require KYC when it involves protection.

peter0425

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Quote from: ?? on ??

When a company gets overzealous and overreaching in their KYC, make no mistakes. It's either to collect very private (hence very valuable) datas about yourself that can be later resold to god knows who, or they want to get rid of you for whatever reasons.

So in both cases don't bother to answer and move to the next company.

well for obvious reason we have a knowledge about that,selling our data's to third party after gathering from those scammer ICO campaigns back then,when most are not seeking for kyc but after the bounty they will require all of a sudden.

i think what is better to do is just let providing KYC if the transaction is very important and you have no other option but to provide KYC.

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We need to know who our data will be with. Let's take an example of the crypto world:

Exchanges have no license, are anonymous, do not have headquarters of the company, the owners of the exchanges are also anonymous... they are anonymous but ask their customers to deliver documents to do KYC? it makes no sense in my opinion

russel123456

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It's a good thing.

old fart

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In my opinion, going with the fact that crypto is built for decentralization, privacy and trust-less. KYC goes against these properties of blockchain, but if the reason is to curb criminal acts, then it is welcomed.

bobitza

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Of course knowing your customers is a good thing. It is essential in business and commerce. In the field of cryptocurrencies, too. You should know about KYC. KYC (Know Your Customer) is a process of verifying the identity of members to help the system comply with anti-money laundering (AML) laws and protect the system from illegal acts. The KYC confirmation will help increase the withdrawal limit for coins / tokens in 24 hours.

mamedesign

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KYC is actually good and really helps our security and comfort in a platform. But unfortunately there are things that sometimes make things difficult here, not all KYCs are easy and easy to accept, that's all the problem for me.

Negotiation

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Quote from: JoJoNssien01 on January 01, 2020, 10:21:55 AM

Personally I don't like KYC I see it as a stress but to be sure of less spams and cheats the KYC is necessary

I agree with you I also don't like KYC but there are times that KYC has to do it for their own protection Because everything has good and bad aspects as does KYC Also it often reduces the risk of money.

peter0425

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if this KYC thing dont get abuse?for sure this will help both parties from the costumer to the company,the problem is people with bad intention take this as advantage to other people and this is why i hate this implementations.

boyptc

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It has advantage and disadvantage.

An advantage for those who want to expand the adoption for crypto because it's a way to gain trust of the gov't and the exchanges are required by them to comply for it so they also don't have a choice but to implement it. The disadvantage, we just can't be sure if these issuers are taking care of our identities.

amonymous

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I think (know your customer) good think every banks Portals and in Cryptocurrency market In fact it allows you to verify simple information so that it can be easily solved in the future if any problem, but each bank gives it more importance. Although in the crypto market it helps a lot to identify the scammer peoples.

codegnome

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KYC is not a bad thing. Banks doing this for many years. AFAIK there are three important factors for dong this.
1:Establish the client’s identity
2: Understanding your client’s nature
3:Access money laundering risk attached with the potential customer for purpose of monitoring the customer’s activities

albon

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I think the "know your customer" feature is both good and bad, Good because it achieves transparency and we were able to know the scammers, and bad because it eliminated the decentralization characteristic of cryptocurrencies, and also its procedures are somewhat complicated.

Topic: Know Your Customer (KYC) A Good thing or Bad Thing? (Read 277 times)