Topic: Why exactly is it that people don't like identifying themselves (KYC)? - page 4. (Read 703 times)
December 09, 2021, 09:59:03 AM
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.
December 09, 2021, 01:57:01 AM
This is the same reason I don't do P2P on Binance even though I'm verified there. Personal details are vital and should be properly guarded. I want to have an idea where my bank account details are flying to, especially giving the goings on in my country with the relative ban on crypto activities by the inept government in power. One can't be certain who is at the other end trying to transact with one. For all I know, it could even be a government spy. I can endure my details being with Binance because it's the only way I get to transact there. But it's a different ball game exposing myself to some random peeps, other than the exchange. Privacy matters a lot. Leaked data can easily endanger one.
December 09, 2021, 01:42:45 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.
December 08, 2021, 11:38:03 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 08, 2021, 05:53:07 PM
Most of the reason probably because of hacking issues wherein common issues when it comes crypto. And the fact that there's a chance hacker can get identities after that and of course they can use it as well from bad activities in the internet to scam others.. So it's very dangerous to be honest and it's a big problem , and you know there's already a victim on it. So that's the reason why people's still are scared to submit kyc nowadays even in some trusted platforms.. Well its their choice. 
This is what I'm worrying for. Since I've been receiving unsolicited emails and they're asking for KYC. That email of mine has been hacked and as much as that exchange is forcing me to do a KYC after registration, I don't have enough time to deal with their notifications and automatic emails to me. We don't want to our identities to be compromised since these hackers can use it for bad purposes if they've obtained it.
December 08, 2021, 05:20:16 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.
It simply goes against the privacy of an individual whether a trader or not. The online trading is suppose to protect your identity against theft because you don't know the next person, hackers are everywhere also. The reason also is that decentralised and digital economy doesn't really require the data disclosure of the next person, you need to be careful with who you are dealing with because it is not a safe environment.
December 08, 2021, 10:40:17 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.
It simply goes against the privacy of an individual whether a trader or not. The online trading is suppose to protect your identity against theft because you don't know the next person, hackers are everywhere also. The reason also is that decentralised and digital economy doesn't really require the data disclosure of the next person, you need to be careful with who you are dealing with because it is not a safe environment.
December 08, 2021, 05:42:06 AM
But I can say, as someone who has already gone through KYC many times, that there is no cause for concern.
And I can say, as someone who has driven drunk many times, that there is no cause for concerns. /sJust because something bad hasn't happened to you yet, doesn't mean that activity is safe. I would also wager that, like most people who complete KYC with abandon, you haven't set up any kind of credit alerts or monitoring, and you wouldn't even know if your identity had been stolen and used to take out credit or for money laundering until debt collectors or law enforcement show up at your door.
December 07, 2021, 06:26:37 PM
Personally, I've done KYC several times and I think it's safe so I'm not too afraid to do it because in my country KYC is a normal thing and there are regulations. maybe for some people they are afraid that the data provided will be misused, it's okay for everyone to have their own beliefs and it's good to protect our personal data from being misused. but as long as we follow and do it according to the rules then I think it will be fine.
usually, that's the dilemma. we don't know where will our vital info ended up with. so as much as possible, a lot of us don't want to do kyc. but if there's no choice like if you want to trade in binance, you are now obliged to undergo the completion of kyc. or you want to use your local exchange and they are under the jurisdiction of your local central bank, you have no choice but to comply. i have no prob with kyc as long as it is necessary, in this step, you are entrusting a 3rd party organization to hold your info.
whether we could take risk on complying those verification or not but as much as possible we do really loves on not to verify everything
and able to make use of those service.
December 07, 2021, 06:03:35 PM
Personally, I've done KYC several times and I think it's safe so I'm not too afraid to do it because in my country KYC is a normal thing and there are regulations. maybe for some people they are afraid that the data provided will be misused, it's okay for everyone to have their own beliefs and it's good to protect our personal data from being misused. but as long as we follow and do it according to the rules then I think it will be fine.
usually, that's the dilemma. we don't know where will our vital info ended up with. so as much as possible, a lot of us don't want to do kyc. but if there's no choice like if you want to trade in binance, you are now obliged to undergo the completion of kyc. or you want to use your local exchange and they are under the jurisdiction of your local central bank, you have no choice but to comply. i have no prob with kyc as long as it is necessary, in this step, you are entrusting a 3rd party organization to hold your info.
December 07, 2021, 05:50:57 PM
Personally, I've done KYC several times and I think it's safe so I'm not too afraid to do it because in my country KYC is a normal thing and there are regulations. maybe for some people they are afraid that the data provided will be misused, it's okay for everyone to have their own beliefs and it's good to protect our personal data from being misused. but as long as we follow and do it according to the rules then I think it will be fine.
December 07, 2021, 04:00:40 PM
...I'm asking specifically when trading.
Since most people associate cryptocurrency with large incomes, identifying you in real life with the contents of your wallet can be dangerous for your health. In addition, most participants of the crypto market categorically do not want to pay taxes, which will be impossible if they are identified.
However, since most of the exchanges are already requiring KYC and i know its for security reasons, i'm not already against on it since i'm not doing illegalities in the first place. Even reputable exchanges do so i think we don't have really choices left.
December 07, 2021, 02:28:09 PM
...I'm asking specifically when trading.
Since most people associate cryptocurrency with large incomes, identifying you in real life with the contents of your wallet can be dangerous for your health. In addition, most participants of the crypto market categorically do not want to pay taxes, which will be impossible if they are identified.
December 07, 2021, 10:31:18 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.
Those people who do not want to go through KYC believe that their personal data will be at risk, namely, they can be used by other people. But I can say, as someone who has already gone through KYC many times, that there is no cause for concern. However, in the future, if you have passed KYC, for example, on Binance, then when using large amounts of money, questions may arise for you from your tax authority. Again, if you exchange cryptocurrencies for fiat money in large quantities and withdraw them. There is also another side, where KYC is needed to weed out bots and fraudsters and thereby give the opportunity to use trading tools only to relatable people.
December 07, 2021, 09:08:04 AM
doing KYC on big exchanges is not a threat because they will keep our identity safe.
So the least we can do is to look for exchanges that are transparent and that are trusted by everyone so we will not fall into victims.
No exchange is safe, regardless of how big it is, how trusted it is, how transparent it is, how long it has been around, and so on. Name any big exchange and you can find instances of customer data and information being leaked, hacked, stolen, or sold, from that exchange. You take a risk every time you send off your KYC documents to a complete stranger, regardless for which exchange this particular complete stranger happens to work for.-snip-
I was completely with you right up to the last line of your post. We don't have to abide by the ridiculous rules that governments and exchanges force on us. Such is the beauty of bitcoin. If you don't like KYC, then don't complete it and don't use any exchange which demands that you do. There are dozens of decentralized and peer-to-peer options for buying and selling bitcoin which don't require KYC. If every bitcoin user in the world started refusing to complete KYC and refusing to use platforms which demand it, then you can guarantee these platforms would very quickly start lobbying governments to change the rules and finding loopholes. The reason KYC is so pervasive is because 99% of people just roll over and hand over their freedom and privacy at the first sign of any inconvenience. 
December 07, 2021, 07:11:01 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.
Because nobody knows how the sensitive personal data has been stored and how it's been used by the cryptocurrency exchange platforms.
Hackers are selling stolen IDs on the darkweb.Do you want your ID to appear for sale on the darkweb?
I definitely don't want this to happen with my ID.
The people,who are doing something illegal by using cryptocurrencies would never use their real IDs for verification.
They might use fake or stolen IDs to verify themselves.
KYC isn't really effective,when it comes to fighting crypto scams and illegal activities.
Anyway,we just have to abide by the rules.
December 07, 2021, 06:49:28 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.
KYC (Know your Customers) is a means through which most crypto exchanges use to know your complete identity. But these details/identify happens to your own privacy, because these details can be used against the user in different forms and ways. Those people working with exchange can use your details to scam or set you up as the case maybe, many people decide to keep those personal details privately but unfortunately some exchanges made it mandatory before having assess to their service. Privacy and security issues are the main reason why people don't like doing KYC in an unknown exchange. December 07, 2021, 03:34:19 AM
Most of the reason probably because of hacking issues wherein common issues when it comes crypto. And the fact that there's a chance hacker can get identities after that and of course they can use it as well from bad activities in the internet to scam others.. So it's very dangerous to be honest and it's a big problem , and you know there's already a victim on it. So that's the reason why people's still are scared to submit kyc nowadays even in some trusted platforms.. Well its their choice.
December 07, 2021, 12:39:03 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.
This would be a good read up.https://www.thomsonreuters.com/en-us/posts/investigation-fraud-and-risk/kyc-risk-based-approach/
KYC is something that do exposed all of your information and we know that it could leaked out and could be
sold off on darkmarket.Yes, you had done nothing illegal but do you allow on something like this.
That was hard to read, tbh. What's the gist of it? Any tldr by any chance?
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December 06, 2021, 10:13:00 PM
I don't have a problem with KYC I just wonder how it is possible that an anonymous site where the owner is anonymous and has no corporate headquarters and you don't know where you keep our documents and doesn't have government supervision to make sure our documents are safe, how in this situation can you ask people to do KYC? that's not fair, it's wrong for governments to put this rule in place.
Some of this malicious website that asking KYC are using this to gather details for customers in case they fck up big time while operating business. They can use it as collateral for all there user and sell it to other company that buying info for marketing purposes. I believe this is the reason why people receive promotional email even though they are not subscribed on its newsletter.
But some anonymous company has a license to operate on there respective country. They just don't want to share there info publicly since they are not obligated to share so because they are operating in a decentralized ecosystem.
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