OptiShen
Acquaintance
KYC is a good strategy to improve security. They use this to prevent misuse or fraudulent uses of an account. It also protects the company in illegal acts and moves. So I think KYC should be implemented in all platforms.
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Yeah. For example ledger exchange site users got their private information leaked , the exchange site couldn't do anything to affect it . The leaked data was used by the hackers to threaten the users ,and also in extorting them . This is why most people are not comfortable with kyc verification .There have been many breaches recently where user data was exposed. Over the last year there have been many hacks and so I think that this is a concern when it comes to people submitting the documentation for approval of exchange sites. This is why I only think that it may be necessary if you have large amounts. Because this way it makes sense to track usage for fraud. But for smaller account KYC may not be favourably looked upon. I guess in a way it is a double edged sword here.
KYC is a very important step because but it is also afraid of coming to the exchange of hackers this is the best step, I say it should be made more stronger for every exchange in my point of view this is necessary for exchangesThere are many cryptocurrency exchanges that are out there at the moment and many more that are being released. Some of these exchanges have extreme verification processes, whereas the others do not, and you can use it immediately after signing up with just an email address. Which is very good for some users. However, do you feel that KYC verification should be a standard practice across all exchanges?
There are of course advantages and disadvantages to this. The advantage being that it will prevent money laundering and also that it will be able to provide more of a regulated feel for crypto which may help in governments accepting it more readily. The disadvantage is that there are many that will then move away from exchanges to protect their anonymity as is what is provided through crypto.
Personally I think that to balance these two, accounts with high values in coins that exceed a certain limit should be required to do KYC verification to avoid money laundering. What are your thoughts on this?
This is true. There have been cases and reports of those users that are being blackmailed as a result of this as well, and it is rather disappointing to see that happening, especially for a company like Ledger, where you are paying a lot for the hardware wallet and the security that it is able to offer. I think that in this case the scepticism that is around KYC verification may be justified. I think there needs to be a safer way to store this information in the future perhaps.Yeah. For example ledger exchange site users got their private information leaked , the exchange site couldn't do anything to affect it . The leaked data was used by the hackers to threaten the users ,and also in extorting them . This is why most people are not comfortable with kyc verification .
The whole issue boils down to ledger loosing the private data of their site users to a third party. This is where the whole issue began ,and this is another issue with going for kyc verification in some places,because it can lead to future issue.This is true. There have been cases and reports of those users that are being blackmailed as a result of this as well, and it is rather disappointing to see that happening, especially for a company like Ledger, where you are paying a lot for the hardware wallet and the security that it is able to offer. I think that in this case the scepticism that is around KYC verification may be justified. I think there needs to be a safer way to store this information in the future perhaps.
I love the idea of KYC (Know Your Client/Customer) verification procedures, it creates some sense of security of funds to some extent and it discourages the intending fraudsters. I am always skeptical of any Cryptocurrency website that doesn't put up KYC guidelines. It makes me think twice before having funds in their wallet.It don’t think kyc is extremely necessary although it helps prevent fraud and manipulation of people’s wallet and funds but I believe that other means can be applied like the persons password or security question that only that person has the answer to, i sayvthis because we also have to be careful about or information being used without our consent
I love the idea of KYC (Know Your Client/Customer) verification procedures, it creates some sense of security of funds to some extent and it discourages the intending fraudsters. I am always skeptical of any Cryptocurrency website that doesn't put up KYC guidelines. It makes me think twice before having funds in their wallet.It don’t think kyc is extremely necessary although it helps prevent fraud and manipulation of people’s wallet and funds but I believe that other means can be applied like the persons password or security question that only that person has the answer to, i sayvthis because we also have to be careful about or information being used without our consent
I totally agree with your suggestion. Those transacting high amounts that can be used for laundering should have KYC verification. This will really help in balancing the needs of those who want anonimity and those who want the safety that KYC provides.There are many cryptocurrency exchanges that are out there at the moment and many more that are being released. Some of these exchanges have extreme verification processes, whereas the others do not, and you can use it immediately after signing up with just an email address. Which is very good for some users. However, do you feel that KYC verification should be a standard practice across all exchanges?
There are of course advantages and disadvantages to this. The advantage being that it will prevent money laundering and also that it will be able to provide more of a regulated feel for crypto which may help in governments accepting it more readily. The disadvantage is that there are many that will then move away from exchanges to protect their anonymity as is what is provided through crypto.
Personally I think that to balance these two, accounts with high values in coins that exceed a certain limit should be required to do KYC verification to avoid money laundering. What are your thoughts on this?
Yes dear I consider it a very necessary step to avoid any type of scammers and fake people because in the world of Crypto there is always a risk of fake people who can hack our wallets so every exchange must perform this action to know its each customer and exchanger.There are many cryptocurrency exchanges that are out there at the moment and many more that are being released. Some of these exchanges have extreme verification processes, whereas the others do not, and you can use it immediately after signing up with just an email address. Which is very good for some users. However, do you feel that KYC verification should be a standard practice across all exchanges?
There are of course advantages and disadvantages to this. The advantage being that it will prevent money laundering and also that it will be able to provide more of a regulated feel for crypto which may help in governments accepting it more readily. The disadvantage is that there are many that will then move away from exchanges to protect their anonymity as is what is provided through crypto.
Personally I think that to balance these two, accounts with high values in coins that exceed a certain limit should be required to do KYC verification to avoid money laundering. What are your thoughts on this?
Yes dear I consider it a very necessary step to avoid any type of scammers and fake people because in the world of Crypto there is always a risk of fake people who can hack our wallets so every exchange must perform this action to know its each customer and exchanger.There are many cryptocurrency exchanges that are out there at the moment and many more that are being released. Some of these exchanges have extreme verification processes, whereas the others do not, and you can use it immediately after signing up with just an email address. Which is very good for some users. However, do you feel that KYC verification should be a standard practice across all exchanges?
There are of course advantages and disadvantages to this. The advantage being that it will prevent money laundering and also that it will be able to provide more of a regulated feel for crypto which may help in governments accepting it more readily. The disadvantage is that there are many that will then move away from exchanges to protect their anonymity as is what is provided through crypto.
Personally I think that to balance these two, accounts with high values in coins that exceed a certain limit should be required to do KYC verification to avoid money laundering. What are your thoughts on this?
Whilst I do agree with you in the sense that it is a necessary step to make the cryptocurrency world safer and of course more government friendly as well, I think that many people may stay away from crypto and may not see the advantage in it as much if they are forced to go through such extreme verifications processes as well. Therefore, whilst I do agree with you that we should use this as a means to take out the spammers of a fake accounts, there should be a criterion that is employed so that those that are doing light trading or small amounts do not have to face this as well. So it still keeps the interest in cryptocurrency for beginners too.Yes dear I consider it a very necessary step to avoid any type of scammers and fake people because in the world of Crypto there is always a risk of fake people who can hack our wallets so every exchange must perform this action to know its each customer and exchanger.
Yes, Know Your customer or know your client verification is a very integral part of business. It should be made compulsory across all cryptocurrency trading platforms to minimize the actions of fraudsters who hide under bitcoin to cheat people and dupe themThere are many cryptocurrency exchanges that are out there at the moment and many more that are being released. Some of these exchanges have extreme verification processes, whereas the others do not, and you can use it immediately after signing up with just an email address. Which is very good for some users. However, do you feel that KYC verification should be a standard practice across all exchanges?
There are of course advantages and disadvantages to this. The advantage being that it will prevent money laundering and also that it will be able to provide more of a regulated feel for crypto which may help in governments accepting it more readily. The disadvantage is that there are many that will then move away from exchanges to protect their anonymity as is what is provided through crypto.
Personally I think that to balance these two, accounts with high values in coins that exceed a certain limit should be required to do KYC verification to avoid money laundering. What are your thoughts on this?