Indeed KYC is killing. The majority of crypto users/holders prefer privacy, KYC is the last thing we need. The governments want regulations, they say It's for the protection of individuals and to prevent criminal activities, but the main reason is taxes. And then they need KYC.
So we have to build our hope on decentralized exchanges.
Topic: KYCs (Know your Client) is killing crypto - page 8. (Read 664 times)
It is the plague that hovers over the traditional system and I sincerely hope it does not provide the same doom and gloom cloud for us. Luckily we have decentralized exchanges working every day to remedy that problem and now we even have a decentralized TOR exchange in BISQ. The future is bright, hang tight though because it may be a while before we are trading in full on anon DEX.
When I was starting to get involved in crypto-currency, one of its features that attracts me is the privacy it gives you. Now with all those KYC being required in exchanges and in ICOs and other platforms, some people are beginning to be hesitant in their activities in crypto.
KYC is only required when buying crypto from fiat. There are a handful of crypto currencies that focus on greater anonymity.
Without KYC, crypto currency would be opposed by every government agency and make it significantly more difficult to work with.
Here's another question for you - is enduring KYC for the purchase of crypto currency worse than the alternative?
Actually its a good thing as it means regulations are coming in place and regulations are the only way institutional money will flow into crypto.
When I was starting to get involved in crypto-currency, one of its features that attracts me is the privacy it gives you. Now with all those KYC being required in exchanges and in ICOs and other platforms, some people are beginning to be hesitant in their activities in crypto.
I really do not understand what problem people have is these exchanges are taking your KYC. This is done for a number of reasons. Most important reason is to ensure that the investors are paying taxes on their profits. This must be enforced otherwise people will start investing all their money in bitcoins and government will not get any tax. Another thing to keep in mind is that KYC helps to reduce the chances of criminals using bitcoins.
Indeed, this problem is now gaining momentum. The bankers went on the attack. They know the most vulnerable spot of all cryptocurrency users. Many exchanges are forced to follow tighter KYC rules in order to obtain a permit to work with Fiat. I hope that this situation will encourage the solution of the problem of the use of cryptocurrencies as a full-fledged currency.
You won't have to worry much about exchanges getting KYC requirements as decentralized exchanges are being made. This year many decentralized exchanges are going to be launched which should open many option for us to exchange our coins without the need to verify ourselves.
1. Crypto=Cryptography
2. Cryptocurrencies doesn't need KYC just as they doesn't need centralized exchanges.
3. Centralized exchanges are going to die not only because of KYC.
2. Cryptocurrencies doesn't need KYC just as they doesn't need centralized exchanges.
3. Centralized exchanges are going to die not only because of KYC.
When I was starting to get involved in crypto-currency, one of its features that attracts me is the privacy it gives you. Now with all those KYC being required in exchanges and in ICOs and other platforms, some people are beginning to be hesitant in their activities in crypto.
Jump to: