Is KYC really a good thing?

[Joyjoyce0]

No, it is not. It even contravene the initial idea and tenet of cryptocurrency. Many people have harvested innocent people ID documents and put them for sale in the dark market

[bigcash2011]

As far as it is making crypto more compliant, helping in adoption and making it legal across the world then im afraid we have to support it. It is like taking a bitter pill because it is against the basic anonymous concept of crypto but seems like we have to compromise a little.

[debra]

KYC is a good thing to ensure that the person is the right one, not for money laundering, not for crimes, and also trusted people to use in the exchanges and also certain projects. however here, it is very risky because we can be scammed and our data are sold. That is why ensure that the choice of the projects and exchanges are the most trusted one

[Prime]

I think it is better to be avoided, bro. KYC is better for investors only, why hunters need to pass the KYC process? I think it is not needed. Hunters only help in promotion and they are not a part of the project. So, why they must do KYC? It only leads to a harmful thing, and risks for the chance for selling the data to the illegal market.

[buublebee]

KYC needed for good projects, for more servicses. For example, when you registed and pass verification you get payment card

[H2O]

Kyc( Know your consumer) a good system of determining scams, cheater and fuads but some projects allow kyc and after collecting information they already flewed away from website and others social networks.

Clipx
Kingcasino
1st trade
Coi carbon

[mohdelayo]

Nobody likes the idea of KYC. Especially in this space that decentralization is the principal motto, but in some cases, due to regulatory compliance of some of the blockchain projects, they will be compel into enforcing KYC compliance for their clients. This is more common with exchanges and projects that are originated from the EU.

[Altcoin1998$]

I don't like KYC, but there's nothing I can do about it. I'm afraid my data will go to the crooks.

Some cheaters and scammers several times stollen my personal information by named kyc. But at the finished they turned into the scammers.

[svetlana]

And why do many argue that the КУС procedure is good? KУС for a bountist is evil because he has to pay with his documents for a cheap reward.
Вountist do not invest their money in any projects and, moreover, do not launder them, so the procedure for verifying their identity should not concern them.
People who have  2 or more accounts can easily pass the КУС with other people's documents, which are freely sold on the Internet.

[Quart]

Good or not it depends on the company that provides the KYC. But mostly it has big risks, so it is better to avoid KYC if it is not needed. I don't think KYC is a good way to grab the data, should be other ways that deserve to try. For bounty hunters, KYC is not needed, so it just wastes the time to pass KYC and risks the data.

[Gubre]

There are project that worth for kyc but if it isn't you're just exposing yourself to a possible threat of scammers. Mostky the victims here are the bounty hunters.

[expander]

KYC is a verification for data security. But unfortunately the KYC stuff is sometimes too complicated, so many people don't like filling it out. I myself also often skip KYC with too many and complicated data entries.

[Inthesilence]

This is sad, scam projects are requiring participants to submit kyc, this can be used in many crimes if landed on a wrong person. Participants will surely suffers in their private life.

But as OP stated, Yes this is good for the legitimate projects to protect both customers and the project itself for illegal activities such as money laundering and terrorists funding.

[Crypto Guard]

If this KYC has a good system and is guaranteed to be safe, then I don't hesitate to use KYC. The list of data that needs to be filled in also differs. Some have to use a passport, some are only with an identity card. If you are in doubt you should avoid it. But if you are sure, what's wrong with KYC?

[leithy]

I do not get involved in anything with KYC. New projects asking for your details yet do you know who is asking. Are they sending you their ID ?