Topic: Why exactly is it that people don't like identifying themselves (KYC)? - page 3. (Read 703 times)
December 14, 2021, 10:44:57 PM
Easy, it's because they want privacy and they want to uphold that right so they will be able to make sure that they don't get targeted mostly for harassment or other malicious stuff if their identities are revealed, I mean the advent of identity theft is going to make these people want those privacy more.
December 14, 2021, 08:23:53 PM
It's because some people aren't comfortable sharing their information with others. They don't know how their data will be handled. They have no clue if their data is going to be securely stored by the platforms they are using. They are scared that people might abuse their data. Even if I won't be doing anything illegal, I would not want to be sharing my IDs and personals documents with anyone. You do know that servers can be breached and your data can go into the wrong hands. You shouldn't be surprised if you see someone selling your data and ID on the blackmarket.
December 14, 2021, 03:23:45 PM
I have come to understand that privacy is a very necessary thing to keep on check, you shouldn't allow anyone mess with it. This is what the government doesn't respect, they want to know everything that happens to your life as if you own them your life.
The government want to know how you spend your every last money, that's not a good thing even if we are in democratic system of government.
The government want to know how you spend your every last money, that's not a good thing even if we are in democratic system of government.
December 14, 2021, 02:14:23 PM
OP, I hate KYC simply because I’m lazy. I’m lazy to take pictures of my ID, other requirements, and uploading them. I hate taking a selfie of my ugly face with my ID and a piece of paper showing the date, and I hate that exchanges don’t secure them very well.
Hahaha I had actually laughed on that ugly face part which i do really have those same feelings whenever i do asked out with that selfie with ID plus having that paper telling the current date.As for requirements then it would really be depending or vary whether you could accept or take the risk on where those information would be stored.Some peoples mindset that what should they would be afraid about? As long it could bring out convenience then it doesnt matter at all.
I believe the main reason why most don't want to submit their KYC is not about taking their ugly faces (
) or taking photos with ID, but the worry of identity theft. As we have no idea who will get a hold of our docs and if they will do the right thing and not sell it to the highest bidder. This may further cause problems to us if they decide to sell our info, and later on, we will have problems that someone is after us for something we didn't commit. That's a nightmare. So as much as possible, if you have no choice, just complete the KYC requirements to known reputable sites and limit the exposure of your vital details to these sites.
December 14, 2021, 01:57:29 PM
OP, I hate KYC simply because I’m lazy. I’m lazy to take pictures of my ID, other requirements, and uploading them. I hate taking a selfie of my ugly face with my ID and a piece of paper showing the date, and I hate that exchanges don’t secure them very well.
Hahaha I had actually laughed on that ugly face part which i do really have those same feelings whenever i do asked out with that selfie with ID plus having that paper telling the current date.As for requirements then it would really be depending or vary whether you could accept or take the risk on where those information would be stored.Some peoples mindset that what should they would be afraid about? As long it could bring out convenience then it doesnt matter at all.
December 14, 2021, 01:54:36 PM
Every person regularly encounters such verification in everyday life, such as a bank, hotel. And no one is outraged by this, since everyone knows that this is a necessary condition. In cryptocurrency, the fact that your identity can be linked to your wallet is of particular concern. And the more money there is, the more you will worry about keeping your privacy.
December 14, 2021, 01:23:42 PM
Because they are afraid of leaking data online, being hacked by hackers, or data selling. I also don't like to do KYC on exchange it is very risky. None knows the future of exchange, it can be hacked or their owner can sell your identity data.
December 14, 2021, 12:16:28 PM
Traders have different reasons regarding KYC. Some of us just aren't comfortable with it. We have chosen cryptocurrency because of the privacy and anonymity that it provides so KYC isn't for us. Others want to keep their identity private and just want to be careful because there are cases where our private information is being used in illegal activities no matter how legitimate a site is while others only see it as a waste of time.
December 14, 2021, 02:59:01 AM
OP, I hate KYC simply because I’m lazy. I’m lazy to take pictures of my ID, other requirements, and uploading them. I hate taking a selfie of my ugly face with my ID and a piece of paper showing the date, and I hate that exchanges don’t secure them very well.
December 14, 2021, 01:32:32 AM
If we can hide our identity in online world why should we reveal it?
Personal data really must be kept confidential not only in the crypto world but all things that have to do with the internet but nowadays it is difficult to find where exchanges especially CEX, do not require KYC.
The main concern why our personal inf must be kept confidential is so that it is not used by other people or party who could put us in a dangerous situation.
Personal data really must be kept confidential not only in the crypto world but all things that have to do with the internet but nowadays it is difficult to find where exchanges especially CEX, do not require KYC.
The main concern why our personal inf must be kept confidential is so that it is not used by other people or party who could put us in a dangerous situation.
But if the users of crypto keep hide their identity cryptocurrency won't be adopted as world currencies because it's hard to detect the ownership of transaction that could be lead into any bad transaction without responsibility.
Anyway there are 2 sides of people about this problem, there are also some people who likes to keep their identity private because that's why they choose crypto for transaction.
December 14, 2021, 01:07:02 AM
If we can hide our identity in online world why should we reveal it?
Personal data really must be kept confidential not only in the crypto world but all things that have to do with the internet but nowadays it is difficult to find where exchanges especially CEX, do not require KYC.
The main concern why our personal inf must be kept confidential is so that it is not used by other people or party who could put us in a dangerous situation.
Personal data really must be kept confidential not only in the crypto world but all things that have to do with the internet but nowadays it is difficult to find where exchanges especially CEX, do not require KYC.
The main concern why our personal inf must be kept confidential is so that it is not used by other people or party who could put us in a dangerous situation.
December 14, 2021, 01:01:21 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.
The major concern is always an identity theft, however considering that you are using a smartphone and a carrier your data is already being sent to many tech companies and hence your identity has already been stolen to some extent.Dont rule out the "illegal" scenario just like that. Majority proponents of the no-kyc trend are done by criminal groups and who are into money laundering and I am not talking about your average street muggers, these are bigger corporations who are investing in cryptocurrency and own money that they have obtained by illegal means and trying to offshore it using bitcoin's pseudo-anonymity and lack of taxation.
When you are using someone's exchange, you are bound to be their terms, you like or not. This has nothing to do with crypto's ideals.
Otherwise just go to OTC markets and exchange, but dont ask for safety concerns, liquidity and availability over there.
December 13, 2021, 09:00:48 PM
Most of those who work in trading like to maintain their privacy for several reasons, first: because KYC goes against the concept of decentralization and financial freedom, most people want to work freely without the watch of governments trying to spy on everything and control your financial freedom by knowing everything about Your financial assets and monitoring of all your activities.
Second: KYC exposes you to danger by obtaining your personal documents from exchanges, which can be subject to theft by hacking the exchange or even selling information for money, and then your personal documents may become in the hands of thieves and be used in illegal things and then you can find yourself inside Prison.
Second: KYC exposes you to danger by obtaining your personal documents from exchanges, which can be subject to theft by hacking the exchange or even selling information for money, and then your personal documents may become in the hands of thieves and be used in illegal things and then you can find yourself inside Prison.
December 13, 2021, 06:32:42 PM
Keeping your identity private doesnt mean you're using the platform for any illegal activities.
The main concern is the security of our personal data. What if the exchange got hacked and our information gets compromise? Thats the scenario that we dont want to happen.
Though its understandable that its part of their AML system and they just want to deal with their legitimate client, but still, if you can use the exchange without asking for KYC that would be better.
And this is just one aspect of it, it is true that exchanges can be hacked and then once your information is on the hands of the hackers and the black markets were they trade that information it is impossible to get it back, however this is also simply about privacy, the governments through different measures and platforms seem to not want people to have any privacy at all with the excuse of fighting criminals, but this unacceptable and as such some will simply avoid services that try to force them to go through KYC. The main concern is the security of our personal data. What if the exchange got hacked and our information gets compromise? Thats the scenario that we dont want to happen.
Though its understandable that its part of their AML system and they just want to deal with their legitimate client, but still, if you can use the exchange without asking for KYC that would be better.
December 10, 2021, 01:55:11 AM
Keeping your identity private doesnt mean you're using the platform for any illegal activities.
The main concern is the security of our personal data. What if the exchange got hacked and our information gets compromise? Thats the scenario that we dont want to happen.
Though its understandable that its part of their AML system and they just want to deal with their legitimate client, but still, if you can use the exchange without asking for KYC that would be better.
Exactly. Having to disclose your personal information into an exchange where you are not sure if its secured totally will make you more panic thinking that your personal datas might have chances to be hacked by scammers or hackers in the future. So if you can find an exchange where KYC is not required and as long as its safe and reliable too, then that would do much better compared to a centralized exchange. Sharing your personal information to a group or any entity will only make your portfolio more prone to scammers and that's the thing we should avoid as much as possible. The main concern is the security of our personal data. What if the exchange got hacked and our information gets compromise? Thats the scenario that we dont want to happen.
Though its understandable that its part of their AML system and they just want to deal with their legitimate client, but still, if you can use the exchange without asking for KYC that would be better.
December 09, 2021, 11:26:14 PM
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.
There are some exchange especially new to this industry of crypto space, they are giving free amount of dollar$ like 5$ but for them to receive this amount they need to submit KYC first before anything else. But for me this type of style is not a good things to me because this is obviously there are hidden agenda for it where the information could be steal then in the future the platform could be down instantly.
December 09, 2021, 10:02:39 PM
Keeping your identity private doesnt mean you're using the platform for any illegal activities.
The main concern is the security of our personal data. What if the exchange got hacked and our information gets compromise? Thats the scenario that we dont want to happen.
Though its understandable that its part of their AML system and they just want to deal with their legitimate client, but still, if you can use the exchange without asking for KYC that would be better.
The main concern is the security of our personal data. What if the exchange got hacked and our information gets compromise? Thats the scenario that we dont want to happen.
Though its understandable that its part of their AML system and they just want to deal with their legitimate client, but still, if you can use the exchange without asking for KYC that would be better.
December 09, 2021, 07:41:09 PM
Because nobody wants to give their personal information to someone they didn't even know in online world, even if it is an exchange, you don't know them so there's no reason for you to trust them with your identity, you don't even know if the purpose of their KYC is just for your account to be verified. That's the reason why most of the people hates it, others use fake IDs for KYC to not risk their real identity online.
Most of the KYC requirements on some platforms are indeed for compliance with the law. Since in some countries, there is AMLA (Anti Money Laundering Act) which identifies that you are not doing such money laundering like maybe your funds come from illegal things.Most of the cryptocurrency exchanges these days started to require their customers to undergo KYC (Know Your Customer), which for me is a very red flag, to be honest, most the people using cryptocurrency don't want it as the feature of cryptocurrency is being disregarded.
Well, there are always solutions, like using P2P transactions or Decentralized exchanges.
December 09, 2021, 06:44:04 PM
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.
Because privacy is a right and not some sort of luxury that should be almost impossible to get and people have different standards when it comes to this, so the argument that many people use of having nothing to hide does not apply at all, for example with fiat if you want to exchange a 100 dollar bill for another currency or even you just want to get some bills of a smaller denomination you can do it without having to identify yourself, but somehow governments want to force us to go through KYC just because we want to exchange our bitcoin for some ethereum and that is simply not right no matter how we look at it. 
December 09, 2021, 03:18:28 PM
Because nobody wants to give their personal information to someone they didn't even know in online world, even if it is an exchange, you don't know them so there's no reason for you to trust them with your identity, you don't even know if the purpose of their KYC is just for your account to be verified. That's the reason why most of the people hates it, others use fake IDs for KYC to not risk their real identity online.
Some people been saying that why they've been afraid off on exposing their identity if theres nothing you have done illegally? Yeah. that is some solid point but not all would really be that confident on exposing their identity which could be potentially be used on other aspects which is a no joke.
This is why we are really that mindful when it comes to KYC on any platform we've been dealing neither on an exchange or other services out there.
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