KYC Compliance for Bitcoin | Bitcointalksearch.org

Spaffin

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Quote from: daviddaniels on July 27, 2018, 06:22:21 AM

Guys whatever it is I still think it is the best thing also I believe ICOs with proper KYC done can reduce the effect of ICO scams as well so it is a good thing Read more here:
https://shuftipro.com/blogs/kyc-services-for-icos/

You argue that if the ICO team conducts a KYC audit against their investors and bounty hunters, then this can eliminate the problem of fraud in the ICO? Very strange reasoning. In addition to additional fraud with our identification data, I do not see anything else here.
KYC verification is generally illegal for bounty hunters. We are not investors and should not pass this test.

Irvinn

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Quote from: zahed on September 08, 2018, 05:01:30 PM

Quote from: danilic on July 28, 2018, 12:27:57 PM

The KYC procedure in my opinion is fraudulent. You do not know who they will sell your data and how they will be used in the future. It's just very life-threatening.

I agree with your compliment. Most of the time KYC compliance is very harmful i think. I don't trust it because anytime they sell our data so that's not fully secured. Personal data hijacking is big harm and facing problem at future. Even someone can use any illegal activities.

I completely agree. Checking KYC does not give anything useful. Let anyone publish data on how much money was laundered as a result of KYC activities and how many people were prosecuted. I am sure that these will be either isolated cases or zeroes altogether. Is it worth all this effort? How is the database collected and used during the KYC verification generally used and stored? No, this entire information without any protection is stored in the company that collected this information.

Leyss

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Quote from: davis196 on July 24, 2018, 06:37:39 AM

When hackers steal my sensitive personal data stored by a company,I think that I have the right to sue that company for compensation.Those companies have to maintain a strong level of online defence and be responsible for any break in their security.Those KYC laws are dumb,but there`s no better system for indentifying suspicious people.

This may make sense under a normal, non-corrupt and objective judicial system. In my country (Ukraine), it is not necessary to count on fair decisions in the courts. Even after this to seek justice in the European Court of Human Rights is useless. At the end of last year, I sent two appeals against my state to the European Court, but our lawyers consider them there. Although as a general rule, one can add up to 20 pages to justify the reasoning for violations, and I put in 6-8 pages, they returned my requests and wrote that I exceeded the number of allowed page attachments. Thus, the state blocks complaints to the European Court. And to appeal such a decision is impossible. Thus, corruption is everywhere, including in the European Court of Human Rights.

Argoo

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Quote from: daviddaniels on July 24, 2018, 04:53:23 AM

KYC compliance in bitcoin can really help it to gain legitimacy plus it will be available for more common people.

Read More: https://shuftipro.com/blogs/kyc-compliance-for-bitcoin-business/

What you guys suggest?

States are delayed with the legalization of bitcoins and other crypto currency not because of the KYC check, but because the crypto currency can not be controlled and because of its high volatility. Checking KYC does not fix these problems. Inside its country, KYC can still bring certain results, but crypto-alaith owners can turn to exchangers outside the state, and to such that there will not be any verification of KYC. The KYC check only helps the government track our actions and does not solve anything else.

sheenshane

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Quote from: Baofeng on September 19, 2018, 01:46:37 PM

Quote from: marcbitcoins on September 17, 2018, 12:00:53 AM

Although KYC is really important for Bitcoin users but i have observed that there is no strict guidelines on how it will be implemented. Just requiring to submit an government ID's for those who did not travel is just a piece of cake for the illegal people. How can be the KYC receiver will so sure that the ID submitted are all genuine including the owners as we will just send a scan of soft copy of it? Therefore this KYC is still useless and need more improvement to fully serve its purpose.

I also don't like the idea of submitting your personal information for the sake of complying with KYC procedures. I'm even hesitant to submit it to exchanges. But the question is can KYC/AML really bring adoption that we all have been waiting for a long time? Sort of giving crypto legitimacy in the face of governments around the world? I don't think so. It can even bring more harm to us if personal data is not taken care of the party involved. Look at Shapeshift, they are not getting a lot of backlash because they are requiring crypto enthusiast to submit verifications. Not good for their business operations and at the same time, crypto lovers are not comfortable submitting their sensitive information like scan passports or government ID.

This is what I am thinking of, that time to time bitcoin (cryptos) that having KYC/AML will become legitimately to the government and the word of "decentralized" will be gone in the world of crypto, isn't? Yes, submitting personal data is very sensitive for us we afraid that maybe our information share may use others, or probably it may have a cause of a leak in hacking. I think almost exchange now having KYC/AML procedure so it really hard to avoid this thing in the crypto world.

Baofeng

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Quote from: marcbitcoins on September 17, 2018, 12:00:53 AM

Although KYC is really important for Bitcoin users but i have observed that there is no strict guidelines on how it will be implemented. Just requiring to submit an government ID's for those who did not travel is just a piece of cake for the illegal people. How can be the KYC receiver will so sure that the ID submitted are all genuine including the owners as we will just send a scan of soft copy of it? Therefore this KYC is still useless and need more improvement to fully serve its purpose.

I also don't like the idea of submitting your personal information for the sake of complying with KYC procedures. I'm even hesitant to submit it to exchanges. But the question is can KYC/AML really bring adoption that we all have been waiting for a long time? Sort of giving crypto legitimacy in the face of governments around the world? I don't think so. It can even bring more harm to us if personal data is not taken care of the party involved. Look at Shapeshift, they are not getting a lot of backlash because they are requiring crypto enthusiast to submit verifications. Not good for their business operations and at the same time, crypto lovers are not comfortable submitting their sensitive information like scan passports or government ID.

reda

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Not. Bitcoin is save your future. Most of the people believe the bitcoin. So people share the KYC documents. It safe and secure. KYC is your future and person information. So careful to use and Shar. If trust any one. Then share. With out trust don't share. It good future saving. This information help to give some good opportunity to work with bitcoin project. KYC important of all country people. So people not share KYC.

marcbitcoins

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Although KYC is really important for Bitcoin users but i have observed that there is no strict guidelines on how it will be implemented. Just requiring to submit an government ID's for those who did not travel is just a piece of cake for the illegal people. How can be the KYC receiver will so sure that the ID submitted are all genuine including the owners as we will just send a scan of soft copy of it? Therefore this KYC is still useless and need more improvement to fully serve its purpose.

Rustamm

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Bitcoin lover!

Quote from: maarx on August 19, 2018, 03:33:09 PM

Quote from: izanagi narukami on August 13, 2018, 10:49:58 PM

IMO, people interest on crypto because of it's anonymous. When some company require the KYC, It will decrease people's interest on it.
But in my judgement, it's normal things as long as it's reliable because the company also want to track down people who often do the scamming attempt especially on ICO project !

KYC is indeed needed. Still it depends on the ICOs. ICO really need KYC as few countries do not allow their citizens to trade crypto currencies. This is the reason the ICOs get the personal details to verify that they trade with citizens who are allowed to purchase their coins. Here what happens is, the documents taken are used for illegal move which should be avoided. But this has not happened so far and expect not to happen in future.

Verification of KYC is allowed only for investors. With respect to participants in the ICO generosity campaign, the KYC verification is illegal. In general, the ICO teams do not need to be given the right to conduct a KYC check, since they themselves do not pass any verification now and are very likely to be scammers and use the collected data for illegal purposes.
A KYC check in some cases will be necessary, although in general this harms the principle of anonymity of the crypto currency. We need to agree with its conduct in order that the crypto currency will be legalized by the states. In the future, such a check can be avoided, referring to the decentralized exchangers.

zahed

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Quote from: danilic on July 28, 2018, 12:27:57 PM

The KYC procedure in my opinion is fraudulent. You do not know who they will sell your data and how they will be used in the future. It's just very life-threatening.

I agree with your compliment. Most of the time KYC compliance is very harmful i think. I don't trust it because anytime they sell our data so that's not fully secured. Personal data hijacking is big harm and facing problem at future. Even someone can use any illegal activities.

Spaffin

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Activity: 1316

Merit: 108

Quote from: daviddaniels on July 24, 2018, 04:53:23 AM

KYC compliance in bitcoin can really help it to gain legitimacy plus it will be available for more common people.

Read More: https://shuftipro.com/blogs/kyc-compliance-for-bitcoin-business/

What you guys suggest?

I think that the KYC can be checked by exchanges and exchangers, which will be registered and checked for the ability to keep confidential data of citizens safe. Such a test can not be handled by ICO teams, which themselves do not pass due verification and are very likely to be potential fraudsters themselves. In general, KYC should ideally be tested by state bodies that must ensure the safety and security of confidential information of citizens and bear direct responsibility for its leakage.

KorakPawon

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With this KYC, it will greatly help their businessmen to feel more secure with KYC, and with KYC compliance, this will help reduce the level of bitcoin fraud

which at first often causes fraud and money laundering and that makes people lose money and people panic.

Tigorss

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with KYC compliance it is very helpful for people who like business because with KYC compliance all can overcome criminal acts such as fraud and money laundering which previously occurred and this has caused people to panic and choose to quit but with KYC this helps people become more secure.

maarx

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cloverdex.io

Quote from: daviddaniels on July 24, 2018, 04:53:23 AM

KYC compliance in bitcoin can really help it to gain legitimacy plus it will be available for more common people.

Read More: https://shuftipro.com/blogs/kyc-compliance-for-bitcoin-business/

What you guys suggest?

I would appreciate in accepting KYC unless and until the personal documents i give are safe and does not get stolen or reused for any illegal acts. ICO do ask to know if the investment is from the citizens who either allow crypto currencies or have not yet announced bitcoin to be illegal. Few countries have prohibited their citizens from trading crypto currencies.

whythatdo

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it's too late for KYC with bitcoin. Hodlers of bitcoin are millions of people. you can't get them with KYC now. It's possible with new coins, ICOs,...

maarx

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cloverdex.io

Quote from: izanagi narukami on August 13, 2018, 10:49:58 PM

IMO, people interest on crypto because of it's anonymous. When some company require the KYC, It will decrease people's interest on it.
But in my judgement, it's normal things as long as it's reliable because the company also want to track down people who often do the scamming attempt especially on ICO project !

KYC is indeed needed. Still it depends on the ICOs. ICO really need KYC as few countries do not allow their citizens to trade crypto currencies. This is the reason the ICOs get the personal details to verify that they trade with citizens who are allowed to purchase their coins. Here what happens is, the documents taken are used for illegal move which should be avoided. But this has not happened so far and expect not to happen in future.

CofredCoin

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Quote from: daviddaniels on July 24, 2018, 04:53:23 AM

KYC compliance in bitcoin can really help it to gain legitimacy plus it will be available for more common people.

Read More: https://shuftipro.com/blogs/kyc-compliance-for-bitcoin-business/

What you guys suggest?

I completely agree!

izanagi narukami

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IMO, people interest on crypto because of it's anonymous. When some company require the KYC, It will decrease people's interest on it.
But in my judgement, it's normal things as long as it's reliable because the company also want to track down people who often do the scamming attempt especially on ICO project !

bajigur894784

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I personally actually see KYC as something that shouldn't be in the crypto space. this also raises the risk of personal data leakage that could fall to irresponsible people.

AutoMoon

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Quote from: DooMAD on July 24, 2018, 06:25:30 AM

Quote from: daviddaniels on July 24, 2018, 04:53:23 AM

KYC compliance in bitcoin can really help it to gain legitimacy plus it will be available for more common people.

Read More: https://shuftipro.com/blogs/kyc-compliance-for-bitcoin-business/

What you guys suggest?

Provided you draw a clear line between individual businesses implementing their own KYC procedures and nothing whatsoever being implemented at the protocol level, then that's fine.

Businesses have laws they have to adhere to. Even if those laws are a direct cause of identity theft, by mandating that companies store a vast trove of customers' personally identifiable and financially sensitive information for hackers to then steal. Yay for dumb laws!

Completely agree. However, if we ca get identity checks to go through the blockchain then we can keep our personal information safe and still comply with regulations and good-practice procedure.

Quote from: danilic on July 28, 2018, 12:27:57 PM

The KYC procedure in my opinion is fraudulent. You do not know who they will sell your data and how they will be used in the future. It's just very life-threatening.

Absolutely agree, but we're here because of the blockchain. We can implement it in many ways, and doing KYC or AML checks through them is just one of those ways.

Quote from: ?? on ??

On the one hand, I see KYC Compliance in bitcoin can help to gain legitimacy. But, on the other hand, this is contrary to the principle of bitcoin anonymity, I believe some people will object and will not accepting KYC's compliance with bitcoin.

Fortunately we can use P2P exchanges for purchasing Bitcoins and decentralized exchanges for purchasing altcoins.

Although KYCs are a little scammy. Do KYCs and AMLs for banks prevent terrorists, drug dealing or laundering in fiat? Ehhhh nope.

Topic: KYC Compliance for Bitcoin (Read 716 times)