Why I don't Support KYC in cryptocurrency as it is

[Goku01]

Totally agree with you. They take KYC to make sure that no one using more than one account using or not. But for this purpose we all have to give your personal information. If they sell it to any terrorist organization they will get a huge amount. They can miss use in different sectors. So, Please change this system and make a new system if they really need to be sure of one account.

[Crypto Prime]

However KYC is one of the conditions for us to enter into the ICO and follow its business in the form of Project Investment or become a Member of the Bounty Campaign. But I agree with you a little, because I am also afraid of the Scam on the ICO Project that I have given my own KYC. They could use my identity to commit the next crime. Hopefully it doesn't happen to all of us.

[DakuS]

If there are no regulations then there should not be any identification too. Its better to stay away from those projects rather than giving them your personal information which they can use for any purpose.

[b-day38]

I am going to be very honest here with you guys. I know some of you may antagonise or kick against my view. But I will still speak the truth as it is.

My major reason centered on the fact that there is no regulation for cryptocurrencies.
How can someone somewhere in the name of ICO project team, whom you don't even know, some without a verifiable office address, whose presence is just online and the internet, demand your sensitive information including your international passport, government issued ID, proof of your residential address, and other personal information or documents?
What if this person is just a scammer? What if this person works for maybe a terrorist organization who is just looking for real biodata or identities? What if this person is just a criminal looking for ways to fake his own identity and take upon yours or anyone else? What if your verified photograph (face) matching your identity is used in pornography or nudity? What if the data is accidentally leaked? My questions go on and on.

Remember, the cryptocurrency as it is currently has no regulation, as such there is no regulatory body or authority you can petition your grievances or seek redress should any of the aforementioned incidences happens to you as a result of the information you have forwarded. The ICO project team whom you sent your details can as well disappear without trace.

Therefore, as long as there is no Cryptocurrency Regulation, then there should be NO KYC.

Although i am afraid that my personal identification may be use in some illegal activities but still i able to pass KYC hoping that they will give my reward tokens.

[lokmantekin]

It doesn't make sense for me to give our passport, ID, and address document to anyone we don't know.
If the coins that the crypto coins gave us were worth a few hundred thousand dollars, then maybe I could give them my ID or my passport.

[Mr.X]

Of course we need to support KYC in order to formallity of the owner which can be identified if it is telling the truth of her background.

[altery0518]

In my own opinion opinion i think we should support KYC if it is required by the company because in this way they can screen scammers who are stealing our identity and investment.

[sidkz]

I try to avoid such projects, because I am not sure that these people to whom I send my documents will use them as they should, and will not sell them anywhere.

[PRIBO247]

If there could be decentralized ICOS, this will be better. As far as I am concern, kyc is a big risk, no guarantee that your documents are safe.

[OptimusPrime]

Well buddy there are regulations now that's the irony face it, no project can come up without regulations or shut down your choice. In this situation you have no choice either

[dimosha1]

I think that it is impossible to provide my documents to everyone. I think that it is necessary to check the campaign carefully.

[Yaniner]

The regulation is slowly emerging in many countries now. There are KYC in Holland in place and as far as I know UK is among first countries that issued regulation for companies that trade with crypto currencies. I see that in future this business is going to be much more regulated and controlled

[Fly_Away]

Ok, they actually can do nothing to your documents. It's just a copy. How are they able to use them? Is there any real life examples?

[Sabiduria]

You guys have a point. Are there any platforms where I can buy crypto without KYC?

[fredrick4u]

It is obvious most people are not comfortable with KYC verification that is increasingly becoming common anytime one wish to participate in a project.