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skillex

KYC Importance to Every Cryptocurrency Investors and Holders

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Have you ever tend to ponder in your mind, that if you die, who will be the one to get the funds you have left in this world since there is no KYC being implemented in your every cryptocurrency accounts? I tend to realize the importance of KYC regardless of the others saying their security and anonimity maybe at risk. Through the help of KYC, your identity will be approved and if time comes you'll die no need to worry because your family left can just get your funds and sell since you provide your id there.

Let me know what's on your mind? :) 

 

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Well KYC is indeed important because it helps in reducing cyber thefts and money laundering the main reason why it was released. But KYC is also bad since some people who make a lot of crypto doesn't want the online world to know who he/she is so if KYC was implemented everywhere then it would surely annoy every single person who uses crypto. 

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3 minutes ago, Kate said:

Well KYC is indeed important because it helps in reducing cyber thefts and money laundering the main reason why it was released. But KYC is also bad since some people who make a lot of crypto doesn't want the online world to know who he/she is so if KYC was implemented everywhere then it would surely annoy every single person who uses crypto. 

Well you have a point too. KYC really has a lot of good and bad effects. :)  Maybe the security commission soon will be implementing a lot of security measures just to secure this issue.

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I use Coinbase which does require for you to provide documents and information on who you are to open an account.. although, i honestly think that if a person decided to not use services like Coinbase to remain annoymous, well i am pretty sure if they are the type of  people that thinks about what would happen if they suddenly die, they either already have added all these information in their last of will testement or have at least given their spouse, family member or someone they trust with these information... it would bot be wise not t o do so, unless theres really not much value n what they posses, then meh! *shrugs* xD

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I have never done kyc in any place. Why ? because self-identity is expensive. Have you ever thought that if we just provide information about ourselves for free or cheap prices on a web it actually makes a boomerang for ourselves. why did I say that? I only have the experience that one of the website owners who used kyc like this is selling their data bases to irresponsible parties and misusing them. so think carefully if we face a business with personal data information. maybe that's just my opinion :)

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1 hour ago, KiXxnTRiXx said:

I use Coinbase which does require for you to provide documents and information on who you are to open an account.. 

Well i guess they need KYC only if you are going to buy or sell cryptos but on the other hand for wallets they don't require KYC. 

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3 minutes ago, Kate said:

Well i guess they need KYC only if you are going to buy or sell cryptos but on the other hand for wallets they don't require KYC. 

it's true if only for storing assets, most large markets don't need kyc :)

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31 minutes ago, Kate said:

Well i guess they need KYC only if you are going to buy or sell cryptos but on the other hand for wallets they don't require KYC. 

and if u wanna cash out ur btc or someting to u bank account.

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2 hours ago, KiXxnTRiXx said:

I use Coinbase which does require for you to provide documents and information on who you are to open an account.. although, i honestly think that if a person decided to not use services like Coinbase to remain annoymous, well i am pretty sure if they are the type of  people that thinks about what would happen if they suddenly die, they either already have added all these information in their last of will testement or have at least given their spouse, family member or someone they trust with these information... it would bot be wise not t o do so, unless theres really not much value n what they posses, then meh! *shrugs* xD

You've got a point there.But in such cases also of the wallet keys to be jat down in a paper is too risky also to be read by anyone if ever.

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On 2/15/2019 at 8:19 AM, skillex said:

Well you have a point too. KYC really has a lot of good and bad effects. :)  Maybe the security commission soon will be implementing a lot of security measures just to secure this issue.

Anything that can help reduce the chance of online attacks is good in my opinion. There are so many scams out there, it can be hard to protect yourself. It is sad to see that criminals are operating so widely on digital platforms.

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On 2/16/2019 at 3:04 PM, williamshennie9 said:

Anything that can help reduce the chance of online attacks is good in my opinion. There are so many scams out there, it can be hard to protect yourself. It is sad to see that criminals are operating so widely on digital platforms.

You are right and its really very sad.We can't hide the fact that there are a lot more thief online compared to physical thief since they are or they just can anonymously steal not revealing their identities and its just too relaxing job.

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I guess most cryptocurrency users wants to remains anonymous without their idenfication documents to be leaked out.

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It's important, but it has one of the effects that many players don't know. i.e.

all the personal data that you send may be misused or will be sold at a buying and selling site that is used to gain huge profits.

so I suggested that before you do the kyc you must be careful

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