Isn’t KYC anti-ethical to Bitcoin?

[Honny143]

Mr nakamoto satosis main aim is not reveal sender identity to others and make transactions securely, that's why he created bitcoin, but after some time some illegal activity groups use this technology for their own purpose means money laundering, that's why present so many centralized exchanges made this kyc compulsory to stop these type activities,
Note, metamask, trust wallet, coin base, and so many other wallets don't required kyc.

 

[Chibson]

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?

Anonymity is one of the major reasons so many people use cryptocurrency. The major reason centralised exchanges is to avoid any kind of scam. But when you are using decentralized exchanges kyc is not required.

 

[Good-Person]

Anonymity is one of the major reasons so many people use cryptocurrency. The major reason centralised exchanges is to avoid any kind of scam. But when you are using decentralized exchanges kyc is not required.

This is why I prefer trading in exchanges that do not need KYC. Unfortunately, the number of exchanges that require you to send documents is increasing a lot. I currently trade on an exchange where it is not required to send documents.

 

[Chibson]

This is why I prefer trading in exchanges that do not need KYC. Unfortunately, the number of exchanges that require you to send documents is increasing a lot. I currently trade on an exchange where it is not required to send documents.

many of the best exchanges requires you to do your kyc before you can be able to trade. There is nothing wrong with that because it does not take time. It all about you getting the right documents and you're good to go.

 

[Honny143]

many of the best exchanges requires you to do your kyc before you can be able to trade. There is nothing wrong with that because it does not take time. It all about you getting the right documents and you're good to go.

Sorry to say sir I am also against kyc, kyc means submit our personal data, is there any guarantee those kyc required exchanges do not sell our personal data to third parties, few years back binance also face some aligation they are selling their users data, everyone knows binance is Chinese based exchange, everyone knows what the China does with this data

 

[Chibson]

Sorry to say sir I am also against kyc, kyc means submit our personal data, is there any guarantee those kyc required exchanges do not sell our personal data to third parties, few years back binance also face some aligation they are selling their users data, everyone knows binance is Chinese based exchange, everyone knows what the China does with this data

This is very true. I am against the issue of selling data but sometimes kyc is important. What I always do is that if I want to use centralised exchanges I don't put all my money there because so many of them are not trusted.

 

[Sincerem]

I don't see anything wrong with kyc requirements from crypto exchanges and platforms because they are trying to prevent people from using cryptocurrency in an illegal way for illegal purposes.

 

[Planbizzle]

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.

Given that KYC is an essential component of most financial organizations' regulatory procedures, it is not inherently unethical towards Bitcoin. KYC is intended to assist in preventing financial crimes like money laundering, fraud, and financing for terrorism.

 

[Chibson]

Most exchanges that requires kyc are centralised exchanges. I think it is clear because they are centralised and it is owned by people. If you do not want kyc then you should use decentralized changes.

 

[Mayorla]

Yes, KYC is anti ethical to Bitcoin. You can easily use Decentralized Exchange if you want to avoid KYC. Centralized exchange offers KYC to avoid Money laundering, This enable to be able to trace their customers.

 

[Riberet19]

Well if you believe in decentralization and in everything that is the cypherpunk manifesto that cryptographics comes from this ideology, then the KYC is not ethical because it is a money or asset to have it in self-custody and not have a counterpart with it, if you want to buy it on a platform that asks you KYC that is already being a supporter of centralization, although there is nothing wrong, but I like DEXs more like Okx

 

[Potuse]

Bitcoin is a decentralized cryptocurrency and conducting kyc policies does not really affect the decentralized feature of Bitcoin in any form.

 

[Nomad]

If you use a decentralized wallet and exchange to store your bitcoin, you do not have to do KYC. However, if you want to use a centralized exchange and wallet, you will have to do KYC. Bitcoin is a decentralized money, however, today, bitcoin investment and trading is mostly done on a centralized platform, where you have to do KYC. These companies are compliance to the laws where they operate, so KYC is must.