Why exactly is it that people don't like identifying themselves (KYC)?

dunfida

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Quote from: Luzin on December 29, 2021, 12:11:07 PM

Quote from: wildan88 on December 29, 2021, 08:59:17 AM

But for something like legal service such as trading site it's better to provide your personal information so your investment will be safe.

This is what sometimes makes people want to do KYC. Because of compliance with the law. Although sometimes we, KYC actors are not given security about the KYC data that we have sent. Security is a major factor, and it goes against our will. But that's the risk of how the work we do in every crypto activity, we have to dare to take risks.

If you wont take the risks then you wont able to make use of the services which we do mostly deal or make use when making out conversions specially on exchange platforms which it would be normal that you would really be making out some verification for you to proceed on.

We do value anonymity but there are times which we cant really avoid it because we do mainly need it but if not then you can opt out not to do so but honestly
it would really be hard.

So its up to someones preference in the end of the day.

Luzin

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Quote from: wildan88 on December 29, 2021, 08:59:17 AM

But for something like legal service such as trading site it's better to provide your personal information so your investment will be safe.

This is what sometimes makes people want to do KYC. Because of compliance with the law. Although sometimes we, KYC actors are not given security about the KYC data that we have sent. Security is a major factor, and it goes against our will. But that's the risk of how the work we do in every crypto activity, we have to dare to take risks.

VanityWallets2015

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Some people are just really do care about their private information. Well if it is for legal purposes, for me I don't mind sending it knowing that they are operating legally and it was really required to use their service or to invest on their project but sometimes people don't know which projects are legitimate and fake ones they can sell and use your personal information to their own advantage and most people just want to avoid that.

wildan88

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Of course privacy thing. You don't want to see your personal information around deep web or receiving random advertisement on your email or someone using your identification right? Also the cryptocurrency are decentralized and was made to be decentralized and probably anonymous that's why KYC will just destroy it. But for something like legal service such as trading site it's better to provide your personal information so your investment will be safe.

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Quote from: sarmrakib on December 21, 2021, 09:04:12 AM

Its true that if we are not using it for any illegal purpose why the kyc is concern .Its really a complicated issue .All top exchange wants to make everything securely and most of the top exchange asking you for kyc when you are trying to withdraw a huge amount of crypto .They actually wanna know their customer details before doing a big deal .They don't wanna make any hesitate situation after doing a transaction .It has a lots of advantages and also disadvantages .If your data somehow become leaked you will be on risky point .So that nowadays DEX are become more popular .It always an accident when an exchange fall into any scammed or hacking .So there is everything what i know about this concern.

The government requires them to do so due to anti-money laundering laws. For them to keep their license and to continue operating they are requiring it with certain rules. On our part as investors and traders, we must do diligent research on whether that exchange is worth using. Does it support their laws? And have a good support system for our queries and at the same have a reputable image. We can not guarantee the exchange that didn't require KYC as legit same as those who require it, so better research before depositing money in it.

Well, in general, platforms should always watch their backs for the possible problems that they can cause from the countries where they work, there is something that I did not like with Binance a long time ago, and that is that it blocked the accounts of Colombians, just because the police from another country asked to investigate them, and this seemed disrespectful to me, because they take advantage of people's data to track their transactions, so this seems unfair to me, in fact the Colombian authorities complained about this to the exchange because they do not have the right to do such acts that go against the identity of their country.

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Quote from: Rengga Jati on December 20, 2021, 07:54:16 PM

Most people like more about his own privacy, moreover privacy around the world and also privacy to tell somebody or parties about who he is.
It means that many people don't believe the platforms that require KYC because they don't know whether they are really trusted or not, because mostly there are no guarantee that their platforms are exactly safe or even their personal information is exactly saved secretly.
Moreover many bad experiences are here in the online world when KYC documents are sold and used for irresponsible activities by platforms that are doing that KYC. and this will be very dangerous for someone.

This is exactly the reason why I give my KYC information to some places and do not give it to some other places. There are places that I shared my KYC, like I did give it to coinbase and binance and few other big exchanges in my nation but that's about it, I do not do it for other places.

This is why I keep saying that the best places are fine but when you are dealing with a place that you are not really sure about then why would I want to give all those private information regarding myself to somewhere I do not trust? People expect you to give it to everywhere when you give it to just few places but that is not how it works, those places I shared have my trust but the other places I decline to share do not look trustworthy enough for me.

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Quote from: Turbolantern on December 06, 2021, 02:22:21 AM

I get that it goes against the fundamentals of crypto currency, but exactly for what reasons though? Assuming you're not using it for anything illegal (if you are then it's understandable), why the concern? I'm asking specifically when trading.

Its true that if we are not using it for any illegal purpose why the kyc is concern .Its really a complicated issue .All top exchange wants to make everything securely and most of the top exchange asking you for kyc when you are trying to withdraw a huge amount of crypto .They actually wanna know their customer details before doing a big deal .They don't wanna make any hesitate situation after doing a transaction .It has a lots of advantages and also disadvantages .If your data somehow become leaked you will be on risky point .So that nowadays DEX are become more popular .It always an accident when an exchange fall into any scammed or hacking .So there is everything what i know about this concern.

andriarto

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Quote from: PhucS on December 17, 2021, 12:27:55 PM

KYC is the process to identify and verify the identity of customers when participating in opening accounts on exchanges, this ensures against illegal activities such as money laundering. Currently, on major exchanges, KYC is a mandatory condition to be able to trade, withdraw and deposit. However, many people do not like KYC because they are concerned about the issue of personal information being exposed. Information used for KYC such as passports and driver's licenses may be exposed if the exchanges are not well secured.

especially if the exchange is a local exchange which requires kyc. indirectly, our identity can be known and I think the tax office will find it easier to know each of our transactions. We know that the exchange is already a legal entity and has received permission from the government, while the government has the right to collect taxes.

Rengga Jati

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Most people like more about his own privacy, moreover privacy around the world and also privacy to tell somebody or parties about who he is.
It means that many people don't believe the platforms that require KYC because they don't know whether they are really trusted or not, because mostly there are no guarantee that their platforms are exactly safe or even their personal information is exactly saved secretly.
Moreover many bad experiences are here in the online world when KYC documents are sold and used for irresponsible activities by platforms that are doing that KYC. and this will be very dangerous for someone.

However on the other hand, KYC may be required in the very trusted platform in order to prove that the user is the exact holder when something bad happens.

So, this will depend on your own analysis to like or don't like KYC.

Silberman

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Quote from: tvplus006 on December 17, 2021, 02:50:06 PM

Quote from: PhucS on December 17, 2021, 12:27:55 PM

...Information used for KYC such as passports and driver's licenses may be exposed if the exchanges are not well secured.

By itself, the disclosure of information contained in a passport or driver's license is not particularly secret. The problem arises when the disclosed data is linked to your wallet and it becomes known to attackers. Although if the tax authorities know about your cryptocurrency income, then this will also cause you additional problems.

That is the real danger, if your holdings are small then this is not so much of a problem, but if your holdings are big then that could make you a target to hackers or to common thieves, this is why probably the first step needed to secure your coins is to never tell anyone the actual size of your holdings, and if someone ask just tell them that you have a few dollars worth of bitcoin and nothing more, but by going through KYC this information is impossible to hide anymore ,and if the exchange is hacked, something incredibly common, even if the hackers do not get your coins at least they will link your activity in the exchange with your identity and that is extremely dangerous.

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Quote from: sulendra12 on December 20, 2021, 04:33:39 PM

Quote from: Turbolantern on December 06, 2021, 02:22:21 AM

I get that it goes against the fundamentals of crypto currency, but exactly for what reasons though? Assuming you're not using it for anything illegal (if you are then it's understandable), why the concern? I'm asking specifically when trading.

Have you seen so many hacking incidents on the past? They could get all your data if they want to and especially if the exhanges have data stored in their server which makes your real life data in danger. Those hackers usually using your data for crimes, which is why your data is valuable even the little one such as your date of birth.

Some doesnt mind because they would be having on mind that.What they have done? They arent doing something illegal so theres nothing to be afraid off that kind of mindset thats why some people doesnt really bother

on complying out those KYC and exposing their identity as long they could really proceed on things that they've been doing and majority is really that itching when they do hear off such word.

We do put up important with our identities thats why we do much prefer on having that privacy and this is where crypto do really sets in.

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Quote from: Turbolantern on December 06, 2021, 02:22:21 AM

I get that it goes against the fundamentals of crypto currency, but exactly for what reasons though? Assuming you're not using it for anything illegal (if you are then it's understandable), why the concern? I'm asking specifically when trading.

Have you seen so many hacking incidents on the past? They could get all your data if they want to and especially if the exhanges have data stored in their server which makes your real life data in danger. Those hackers usually using your data for crimes, which is why your data is valuable even the little one such as your date of birth.

VanityWallets2015

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Quote from: nhaila on December 18, 2021, 06:01:38 PM

Quote from: bounceback on December 09, 2021, 02:42:45 AM

-snip-

In relation to what was mentioned, KYC is somehow being seen as a threat to privacy, thus people doesn’t really like it. Also, the issue of the security of their identities from being acquired by third parties is another reservation. I think that people seem to look at KYC as something that opposes their desire to have private transactions, without having to disclose personal information.

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Quote from: bounceback on December 09, 2021, 02:42:45 AM

Quote from: Turbolantern on December 06, 2021, 02:22:21 AM

I get that it goes against the fundamentals of crypto currency, but exactly for what reasons though? Assuming you're not using it for anything illegal (if you are then it's understandable), why the concern? I'm asking specifically when trading.

So far, no exchange can guarantee 100% security of our identity, if we remember back in 2019 when Binannce exchange was hacked and hackers managed to collect information about users' personal data and they threatened Binannce CEO to pay ransom, otherwise they will leak the identity of its users, this is the reason I am afraid to KYC on the exchange.

Kyc (Know Your Consumer) just an identity process in take part in ico and sto process in cryptocurrencies but some people refusing kyc because they don't focus themselves on the government taxes. In the exchanges ,kyc just a phenomenal because Binance, bitmart, Kucoin centralized exchanges already hacked but all are kyc verified exchanges...

boyptc

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Quote from: Oilacris on December 17, 2021, 01:15:11 PM

Quote from: boyptc on December 17, 2021, 12:31:19 PM

Quote from: OrangeII on December 16, 2021, 12:08:24 PM

well, this is a privacy issue. many exchanges are often hacked. because of that, people are afraid to use their data to do their KYC verification. however, I only do KYC on some local exchanges. however, if want to KYC register on a new exchange, I might just do KYC Level 1. anyway, this is all just a matter of privacy. In addition, many people are afraid to use their personal data for other things.

Yeah.

It's all about privacy and that's why many don't like to comply with KYC. But if there is no option for which you have to comply and that's all you need to do.

You will have to comply even if it's against to your will. You'll be fine doing that with the exchanges that you trust.

All matters with trust and acceptance because there are instances that you wouldnt really be having no choice but to comply on whats been asked if you are really that badly needing their service which means you wont have any options left but to deal on whats into your front.

Privacy thing is always been our primary concern which means that we would really be hesitated whenever we do meet up some verification
and that would be on possible reasons on which we dont like to expose our personal identity and we dont like for those informations
to leak online.

Most likely that's the situation.

That, we don't have a choice but just to pass it on and comply because we like the exchange, our coins are hostage and we don't like to ship from exchange to exchange.

We're concerned about leak because hackers are also going for those very important information.

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Quote from: Turbolantern on December 06, 2021, 02:22:21 AM

I get that it goes against the fundamentals of crypto currency, but exactly for what reasons though? Assuming you're not using it for anything illegal (if you are then it's understandable), why the concern? I'm asking specifically when trading.

People don't like KYC process because sometimes people avoid governments taxes . If they participate with KYC process , it obviously have documentation though they can't avoid governments taxes.

nurilham

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I think there are several possibilities that they are afraid of misuse of the personal data that they send and also as we know KYC requires quite strict processes and regulations so not everyone is able to do that, some people may have difficulty with that. but for me as long as I follow KYC properly then I don't need to be afraid that my personal data will be leaked, after all if we enter the crypto world then we cannot escape the KYC process. but it all depends on the opinions and beliefs of each, of course follow the existing rules because it will also make it easier for us to do things.

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Quote from: Turbolantern on December 06, 2021, 02:22:21 AM

I get that it goes against the fundamentals of crypto currency, but exactly for what reasons though? Assuming you're not using it for anything illegal (if you are then it's understandable), why the concern? I'm asking specifically when trading.

Hackers and scammers can easily use your personal details to access your accounts online, and to scam many people as well using your identity and this raise a concern for your own safety as well. I do not support KYC in cryptomarket because first there’s no regulations here that can protect yourself from any kind of fraud and of course I’m concern about my safety and the safety of my money online. KYC should not be mandatory, that’s cryptocurrency for me.

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Quote from: Turbolantern on December 06, 2021, 02:22:21 AM

I get that it goes against the fundamentals of crypto currency, but exactly for what reasons though? Assuming you're not using it for anything illegal (if you are then it's understandable), why the concern? I'm asking specifically when trading.

I can't speak on behalf of everyone else, but I can say that the clearest thing for me is the fact that we are talking something that is seriously important in privacy for me. Why would I want that data to be shared with anyone? Like what could be the reason to "want" something like that?

If we do not want it, then the feeling drops to "being okay with it", like it is not something I want, but if I am forced to do that to continue then I would be okay with it. Suddenly it becomes a lot more logical to understand why people do not want to share it, they do not like it because it is not something they want to do anyway, so it is forced on them.

Secondly and more importantly, I do not trust them to keep it safe, I have seen too many places that got hacked and all that information shared with others, that is enough reason to not want it because bad people could get their hands on it.

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Quote from: Turbolantern on December 06, 2021, 02:22:21 AM

I get that it goes against the fundamentals of crypto currency, but exactly for what reasons though? Assuming you're not using it for anything illegal (if you are then it's understandable), why the concern? I'm asking specifically when trading.

Privacy, crypto is designed to have our privacy that's why we have a decentralized blockchain, but it turns out as crypto is getting more popular, it's also getting regulated as well. With the intervention of a centralized exchange, there's no choice for us but to comply with the KYC requirement, otherwise we will have a hard time converting our crypto to fiat.

Topic: Why exactly is it that people don't like identifying themselves (KYC)? (Read 681 times)