KYC Compliance for Bitcoin - page 2.

maarx

hero member

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cloverdex.io

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.

I would say yes. KYC is needed. But it depends on the ICOs. ICO really needs KYC as few countries do not allow their citizens to trade cyprto currencies, so the ICOs get the personal details to verify that they trade with citizens who are allowed to purchase thier 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 the future.

Yusuf_Jay

jr. member

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Yes, I agree with KYC Compliance for Bitcoin, besides it can help to gain legitimacy plus it will be available to people who are more general. This will also prove that Bitcoin can follow the rules like as other financial instruments.

hilariousetc

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It's not harmful. It's a natural progression into the mainstream. KYC is going to be a requirement for using bitcoin with legitimate third party services, just like it is with fiat-accepting banking or gambling services etc, but if you don't want to use those that ask for documents to prove who you are then don't. You can use bitcoin without or just find services that don't require KYC verification (though they'll likely be unregulated services where your money is more at risk).

Flor1982

full member

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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?

Indeed, KYC is much needed to help prolong the life of Bitcoin investment by ensuring it would not be use by illegal people in illegal activities like money laundering, terrorist funding, smuggling and even scam investments that will use the Bitcoin platform. Without KYC thru regulations then for sure many countries will declare the illegal of use of this currency.

CryptoGamblingSites

copper member

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Giving information to third parties means trusting their security and staff to protect your information.

Banks losing customers data constantly and having no penalties for data breaches means people need to control their own information and money.

Anonymous bitcoin exchanges and crypto currencies along with decentralized exchanges will keep increasing everywhere and KYC/AML will be for people who want to follow those rules.

saaux

jr. member

Activity: 252

Merit: 1

Following the kyc is a way of respect for the ico ended, there is nothing wrong with following the kyc because it is the modern way of security of an investor for his coins. and it is to admit the ico so they do not want to.

BitHodler

legendary

Activity: 1526

Merit: 1179

Quote from: ashaksagnis on August 03, 2018, 03:34:49 AM

what insurance? it can not be proven that your data will be secure and will not be used for malicious purposes.

Indeed. I have read through the TOS of various services requiring AML/KYC where they initially want to make it seem like your data is safe, but hidden within a wall of text they state that they may sell your data to third parties.

That's why people should carefully read through the TOS of the service they plan to sign up with. I know it's boring and time consuming, but you have no right of speaking when you blindly agree to all terms.

In any situation people should just assume that their data is compromised by evildoers, because no one but the service or the company they outsource their verification and storage tasks to knows what happens with it.

gayletot

member

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Merit: 10

I first saw and done the KYC on ico's which I joined quite a bit when it comes to kyc but it's better to protect our tokens and so their platform is finished better as it has for them to know where the involved and not in their ico.

Monikadhiman

newbie

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For my point of view the KYC process is a foul play. KYC law is useless.

ashaksagnis

full member

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Quote from: USDOLLAR on July 28, 2018, 03:21:15 AM

For my point of view kyc compliance for bitcoin is no problem but there must be insurance that people's personal information will not be leaked in any case. If there is believe there is business.

what insurance? it can not be proven that your data will be secure and will not be used for malicious purposes.

pluMmet

sr. member

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Merit: 251

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.

if it is like that KYC will be very helpful, and we as customers will be more comfortable in using it, because it is the responsibility of a company.

Leyss

member

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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?

In order for the KYC to function normally and to benefit, it is necessary that it be conducted by specially authorized officials, ensuring the integrity of the collected confidential data and that these persons are directly responsible for the non-preservation of this information.
Therefore, the fact that ICO teams now make such a check, which are collected only for a while for this activity, do not pass any verification themselves, and in half the cases are themselves scammers, is a parody of such verification and inflicts enormous damage on investors. This can not be allowed.

huhhuh18

jr. member

Activity: 250

Merit: 2

The KYC ideology is very good but we shouldn't forget that crypto is still not yet regulated worldwide and so you may not know who you're submitting your info to and what they're gonna do to it. Imagine you joined 10 different projects in one month and they all required KYC, think about the number of times you've spread out delicate personal info to unknown personnel.

entrepmind23

sr. member

Activity: 644

Merit: 261

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.

If the business really needs to have KYC because it is a requirement by the government then they cannot do something about it. All you can hope for is to use your personal data properly and not sell it to other people for their own benefit. If you can avoid using a site that requires KYC then simply don't use it but then sooner or later, the services will have to comply with the government requirements so you might as well check out the company that requires KYC and then confirm if there are no issues in the past regarding data leakage.

As what I have read from the article:

Quote

They do this to prevent money laundering, identity theft and to safeguard the money of the public from fraud. If businesses do not comply they are heavily fined and in worst case scenarios shut down.

Even if they don't want to do KYC, their business is also at risk of being shut down because of non-compliance so they just do it. I have no problems with KYC as long as they are a reputable company.

danilic

newbie

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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.

USDOLLAR

newbie

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For my point of view kyc compliance for bitcoin is no problem but there must be insurance that people's personal information will not be leaked in any case. If there is believe there is business.

daviddaniels

newbie

Activity: 29

Merit: 0

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/

Oilacris

hero member

Activity: 2996

Merit: 609

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?

Only talking about Businesses that would followed governments requirements but bitcoin doesn't really need any legitimacy but somehow it do adds up on the adoption where these merchants or businesses accept bitcoin and other crypto. They do need to comply it if they do like to proceed but these things are just applicable to those businesses residing into countries that having consideration with bitcoin.

Tylev

full member

Activity: 854

Merit: 104

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 do not see that the KYC test has a positive effect on the process of legalizing bitcoin by states. The fact that during confidential transactions with confidential information will disappear and most of its holders will be known to the state for collection of taxes, will not solve the main problems of bitcoin for states - its decentralized and unmanageable nature and its great volatility. It is these two factors - uncontrollability and volatility of bitcoin that are the cause of the bad process of legalizing bitcoin and all the crypto-currency from the states.

Harlot

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Quote from: Kemarit on July 26, 2018, 06:21:26 AM

Quote from: Harlot on July 25, 2018, 04:09:42 PM

If the government is actually the one requiring KYC and not some ICO developers gathering and selling data then I am cool with it. You see KYC as of right now is being abused by some ICO developers and they are actually selling our data in other devs that will also planning on having their own token promotion, this is clearly a violation of our privacy and is not tolerable for us consumers. The government also needs to monitor this kinds of activities so that this kinds of attempts won't happen.

This is the main reason why I'm really afraid of. It can be really exploited and we don't know if those ICO projects are really protecting their investors or bounty hunters who submitted their personal data. We all know that if it went to the hands of criminals, they can do anything with our information, without us knowing and its gonna be late till we find out that our identify has been stolen and exploited by them. There's already an ICO wherein the the personal data has been leaked, so the risk is already proven.

That is why even though a lot of people are against it I still want to see the cryptocurrency market be regulated specially the exchanges who will be putting of newly listed ICOs. We should push for a more tougher kind of screening process for this kinds of ICOs as we really are risking our information eoth their KYCs. Unlike what stock brokers are doing the personal data we are giving to them is bind by law to only be seen by them and they cannot share it to others as they will be breaking our client privilege and most importantly our privacy.

Topic: KYC Compliance for Bitcoin - page 2. (Read 716 times)