KYC Compliance for Bitcoin - page 3.

audaciousbeing

hero member

Activity: 1330

Merit: 569

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.

But how would you know which exact company your data got compromised. A lot of people have accounts on several platforms and you fill your details on all of them because you need to have unrestricted access to the services being provided. Hacks still happen today even to reputable exchange sites but because it does not involve movement of funds and not getting the right media attention, it looks as if nothing happened.

I really don't have issues with sites asking for KYCs but concern is who is ensuring they themselves are not compromising on the information entrusted to them and it being uniform rather than arbitrary request that we see on every platform. The moment that is addressed, I think its all going to be for the best.

Kemarit

legendary

Activity: 3080

Merit: 1353

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.

daviddaniels

newbie

Activity: 29

Merit: 0

Quote from: newinquiry on July 24, 2018, 07:07:25 AM

Why we need to do KYC compliance for bitcoin because its a decentralized currency and if we do KYC then what guarantee is our personal info never be leaked or hack. Now many investors hold bitcoins in their wallets and all never want to do KYC compliance because they don't wanna reveal How much bitcoin they are holding. so there is no need to do KYC for any private company.

This is exactly the reason why governments are not allowing it. Atleast for new coins, this should be done so that all may enjoy benefits of crypto.

Harlot

hero member

Activity: 1806

Merit: 672

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.

dark1234

full member

Activity: 1134

Merit: 167

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?

KYC is very private and I really agree if it will help the development of more efficient bitcoin again, but .... as long as they have to be responsible for the security of KYC itself because we as bitcoin users still have a fear of the security of our personal data

Oceat

sr. member

Activity: 2506

Merit: 368

Quote from: avtonomro on July 24, 2018, 06:38:21 AM

Why do you want to introduce KYC for a decentralized technology?
I can't get your point, seriously.

Some businesses do require KYC for their own safety and procedure of identifying each and everyone who purchase the product to them. It is required to most businesses to avoid money laundering so that they can trace whose person is purchasing the product. But when speaking about of Bitcoin as a decentralized digital currency, it is a bit odd to combine both decentralized and centralized establishment.

They should have a very good defense system for hackers that can breach their network to steal every personal information of their clients.

Ozero

full member

Activity: 2142

Merit: 183

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?

Checking KYC when investing in ICO or on exchanges and exchangers has nothing to do with the legalization of bitcoins. In itself, the KYC test contradicts and damages the decentralized nature of bitcoin and the principle of its anonymity. Therefore, if possible, this check should be avoided, especially when investing in ICO projects or participating in them as participants in the generous ICO campaign.

richardsNY

legendary

Activity: 1232

Merit: 1091

Quote from: Xester on July 24, 2018, 06:45:39 AM

Though having a compliance on KYC and AML is against the decentralized nature of bitcoin

It really isn't. It has nothing to do with Bitcoin at all since all these laws are meant to hit businesses authorities can extract precious information from. In all cases you can avoid dealing with them if you find these laws to be ridiculous and privacy breaching, which they are. This is exactly what made local crypto markets boom especially in the last year, because people just aren't interested in going through all this nonsense. Positivity out of the way -- buying coins locally isn't without risks as we have seen and heard about this year. People holding crypto are more than ever a walking target due to the increased value and popularity.

tracyspacy

member

Activity: 149

Merit: 11

BTC loans -> tinyurl.com/tracy-btc-loans

KYC Compliance reduces Bitcoin liquidity, making fiat <-> Bitcoin exchange a bit complicated, its an artificial market barrier that prevents wide Bitcoin adoption and affects not only potential malicious users.

newinquiry

newbie

Activity: 14

Merit: 0

Why we need to do KYC compliance for bitcoin because its a decentralized currency and if we do KYC then what guarantee is our personal info never be leaked or hack. Now many investors hold bitcoins in their wallets and all never want to do KYC compliance because they don't wanna reveal How much bitcoin they are holding. so there is no need to do KYC for any private company.

teilwalL05

hero member

Activity: 980

Merit: 500

This is great assurance that you will have the capability in securing the transaction and a knowledge that you can truly trust the person you are having a transaction with, But this can take away the animosity of someone that are using Cryptocurrency but they will surely have a secured transaction between themselves, I really think this is a great idea so Cryptocurrency can sure brought up to the ones that are not well known to it,

GeorgiyBilyk

member

Activity: 378

Merit: 10

verification of personality is very good! but do not forget that the popularity gained bitcoin - it is because of its anonymity! this is the main advantage of bitcoin !!!! in any case, this verification can be circumvented by someone else's documents! We need that there was a powerful, common base of personal verification! In any case, we need regulation, the only way to safely enter this market is big money!

Xester

hero member

Activity: 994

Merit: 544

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?

Though having a compliance on KYC and AML is against the decentralized nature of bitcoin but still having KYC and AML compliance will help bitcoin establish a solid foundation on every nation. With this compliance more people will be joining bitcoin since it is already legal and they will feel safe. This will also increase bitcoins value on the long run.

daicavung

member

Activity: 280

Merit: 10

The Protocol for the Audience Economy

It is too late for KYC to be too late, because the current BTC coin has too many people and they can not do it for now, so KYC is only for new coins.

avtonomro

newbie

Activity: 86

Merit: 0

Why do you want to introduce KYC for a decentralized technology?
I can't get your point, seriously.

davis196

hero member

Activity: 3150

Merit: 937

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.

DooMAD

legendary

Activity: 3948

Merit: 3191

Leave no FUD unchallenged

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!

daviddaniels

newbie

Activity: 29

Merit: 0

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?

Topic: KYC Compliance for Bitcoin - page 3. (Read 716 times)