Isn’t KYC anti-ethical to Bitcoin?

[Deleted member 403]

The whole point of KYC is for financial custodial services and exchanges is to understand where your funds have originated from. Although crypto is supposed to be decentralized and nowadays, it's hard to purchase crypto without completing KYC. I am just curious about what everyone thinks about this.

 

[eLdavis]

I must say I agree with you, KYC can be seen as anti ethical when it comes to Bitcoin but I guess what matters most, which I believe is the major concern of ever investor is security. There have been high rates of fraudulent activities in the crypto world. This might be a good way to at least reduce it.

 

[Good-Person]

I must say I agree with you, KYC can be seen as anti ethical when it comes to Bitcoin but I guess what matters most, which I believe is the major concern of ever investor is security. There have been high rates of fraudulent activities in the crypto world. This might be a good way to at least reduce it.

The main aim of Bitcoin was to remain anonymous. It's primary goal is to hide the identity of the sender. if the identity of the sender gets disclose then Bitcoin will no longer remain anonymous, right?

 

[eLdavis]

The main aim of Bitcoin was to remain anonymous. It's primary goal is to hide the identity of the sender. if the identity of the sender gets disclose then Bitcoin will no longer remain anonymous, right?

That's true, this is why I agreed with it being anti ethical, cause it totally stands against what Bitcoin really is. That by the side what do you think should be done in terms of security?

 

[Good-Person]

That's true, this is why I agreed with it being anti ethical, cause it totally stands against what Bitcoin really is. That by the side what do you think should be done in terms of security?

I think Bitcoin should be made "hack proof". This is because i often hear the news of exchanges getting hacked and people losing funds all the time. This is a really common problem that is being faced by the cryptocurrency world.

 

[Justin]

You don't need kyc to use a wallet, you need kyc only when you are using exchange. This has been mandatory to make sure the coins are not being used for illegal transactions and terrorist funding

 

[Blessedsam60]

The whole point of KYC is for financial custodial services and exchanges is to understand where your funds have originated from. Although crypto is supposed to be decentralized and nowadays, it's hard to purchase crypto without completing KYC. I am just curious about what everyone thinks about this.

Thanks for this wonderful discussion. But I want you to know that kyc is as good as protecting your coins and KYC aren't just used in crytocurrency world but other forms of online businesses to protect both customers and others.

 

[HayKay]

Yeah in a way but that's not the entire angle to which we'll have to look at this cryptocurrency thing. Sometimes like someone suggested, it's good as well to secure these coins as a lot of people with evil intentions on this space as well.

 

[Omotayo]

I think the KYC is done by all these exchange platforms. I understand your point. Since the whole point of crypto is to remain anonymous while do we have to submit our details?. Well, the world is a weird place.

 

[Sotherefore]

I like the issue of completing the kyc because it can help to cut the rate of scamming activities.. you can only be able to do that on trust wallet that won't ask , but definitely there are limitations because you can't buy cryptocurrency from the platform as you are doing on binance.

 

[Nomad]

KYC is not anti ethical to bitcoin, if you are dealing with exchanging, you will be required to to reveal your identity because the government does not want anyone to use crypto currency for money laundering and funding illegal activity.

 

[GoldenLady]

The main reason Satoshi created Bitcoin was decentralization but KYC goes exactly against that. However its still necessary as we've seen since a lot of people are inherently unethical in their transactions.

 

[Bousine123]

Although the issue of KYC making people to reveal their identity may not be convenient for them, I believe it is for the sake of stoping people from being scammed, so it is helpful.

 

[Lens]

The introduction of the KYC policy to cryptocurrency exchange is a regulatory means. So many exchange now put up regulatory activities via the KYC features. It will help curb the illegal use of the cryptocurrencies.

 

[Bookwormlux]

Sure cryptocurrencies are not meant to be centralized, but the problem here is how the people ain't helping matters. That's why the government has to put stringent restrictions.

 

[Mayox25]

The kyc option that many exchanger platform has introduced i believe is not what they intended at the initial stage but for government wanting to unmask all that has to do with cryptocurrency and them trying to bring it down without success the exchangers have to concede to the government some of this requirements.

 

[Sincerem]

To me I understand kyc to be all about the exchanges knowing who their customer is . This will expose every details about you and not necessarily where your money is coming from. I don't see it as unethical because they are trying to cut the rate of criminal activities.

 

[Chibson]

Kyc in crypto exchanges is not really bad because it helps to curb the case of money laundering and other social vices relating to money. I think you can probably purchase cryptocurrency in decentralized exchanges without any form of kyc but it is necessary in centralised exchanges.

 

[tyrim88]

Though the issue of cryptocurency trading should be decentralised,but the concern about the safety of ivestors funds has made it very paramount for these things to be put in place to be able to increase the confidence of investors.

 

[eenya00]

This has been my thoughts for some period of time Bitcoin or rather cryptocurrency Is supposed to be decentralized and free from every form of the traditional banking system but almost every exchanges requires some form of verification which kills the main purpose.