Wallet vs Verify

[sdsonjoy50 886]

I very much like to know why KYC has to be verified in most wallets online. What is the problem with allowing users to use Wallet without KYC Verify?

[Migo 7946]

KYC system is one of the powerful systems to avoid scam and hack, but I don't really like him very much, in my opinion I can say I will give my documents to verify my wallet in some conditions, one if I decided to stay with this wallet for a long time then yes, and two only if this wallet or it team is trusted and worth, otherwise no KYC no matter what happened 

[nahidfresh99 465]

This type of KYC is  has to be verified in most wallets to protect the users
To avoid any kind of fraud or hacker, many are asked to do their KYC so I think this is good because your wallet's alert is in your hands and if you are careful no haker  will not be able to withdraw your money.

[Akbor 1042]

Mainly kyc is done for increasing the security but I think they should increase the security by another way. personally I don't like kyc for wallet .

[febriyana 934]

Currently KYC is needed to verify and to know who control your account. 

Before KYC applied cryptocurrency full of scamming and hacking. So with KYC in every exchanges, if that person known, the exchanges can easy give permission to police to catch that person. So atleast can minimize scamming and hacking practice. KYC now i think also going to government to verify and data, so they will know the account is real person.

There is still some exchanges and online wallet don't need verify KYC, you can find it on Google.

[umer61 8]

I also want to know why we need to verify kyc, Many people say that they want to make sure that one user has one account but they can also check this by ip address. So why kyc ?

[Crypto123 0]

Of course, there is no problem, and basically that is how it should be Crypto. What is the benefit if from Crypto, if we go back to using the old bank methods? Nothing but the transfer of bank control to the control and exchanges wallets. I think this is complete nonsense.

[Zentoly 419]

1 hour ago, Mashaallah said:

They sometimes use to apply kyc in security purposes to about d multiple accounts from users

Yeah and maybe this is a main problem that is why the most of the wallet and exchanges use to apply kyc to their users.

[Jokeer 648]

Usually, i didn't like the KYC system due to many of us in crypto haven't the KYC documents which makes problem but KYC is good for the prevent then scammers.

[Zentoly 419]

1 hour ago, Badman001 said:

I think that wallet who asked for kyc is good and really trusted to use they are just want to verify that the user is not use more than one wallet ..it is good thing for ever exchange or any wallet..

But that is why they are not want that their are not use their wallet with two accounts because sometime keeping our money in multiple wallet is more safe to the hackers.

[mskhatri24 299]

• Mostly exchange and trading wallet needs to verify KYC as most of countries have strict laws towards cryptocurrency as to prevent money laundering cases in cryptos and other funding towards unethical groups. For the same reason faucet hub closed its services as wallet. As the circulation of cryptos increases, it making challengs for authorities.
• For the security and safty of wallet owner as some time we forget password or have any other problem, that time they can ask for our verification to differentiate between real and fake owner.
• To know that no one make duplicate account.

[Crypto.log 17]

Even if this verify is to provide clean systems by preventing multi accounts, hacks and spams, sometimes it may be annoying. 

[Sagor 500]

I think they want to stop making multi account thats why trying to get user information. i dont like to do kyc for using wallet.

[NordisLofer 77]

It is worth noting that the KYC system is one of the powerful systems to avoid fraud and hacking. But verification is necessary. Otherwise, you can’t verify the legitimacy of your activity and protect yourself from scammers.

[Kazi Mazharul Hoque 113]

Their job is to put racism in everywhere.Crypto is a borderless currency but they input KYC system and creat racism. They finding who is the American and who is the African, they will shrink the market. For example, Bittrex has kick out 31 countries this so ridiculous.  

[Fadzinator 285]

the reason why KYC is required by exchange is maybe the country where the exchange is registered requires all entities with financial (including crypto) business to validate their users to avoid money laundering. this is the reason also why some of exchange don't need KYC because they don't have any plans to operate in this countries (such as USA) but they will lose large possible number of users.

[scorpiali 5626]

I really don't know why people are afraid about verifing her account, wallet or exchange. It's a good thing for you not bad it's for your security,no one can hack you account and claim that is you. I really don't have any problems to verify my account and it's the first thing that i do when i registered at any exchange or wallet

[Beeba 240]

In my opinion if you wnat that your crypro coins is more secure then you must be used KYC option and provided all documents which wallet demanded. If you do use the KYC option then you use all feature of this wallet.

I suggest you must be provide KYC.

[Beeba 240]

KYC

Mostly those trader does not provide the KYC, because they belong those countries where crypto business illegal considered. And i know so far as that people use services and cannot move here in this way they obey.

[BitMart 326]

Right now we are in trouble by many ways like terror attacks and money laundrering which helping them so just because of this now many exchanges and big financial institutes doing this all KYC with the help of this system they can take informations about this users and this helping to catch scams and cheats as well in near future we will face some more restrictions about this so better done your all homework before this all.

[Crypto_trader 46]

Yes some wallet required kyc because of reason one person use one wallet

[scorpiali 5626]

7 hours ago, Mr.crypto said:

I personally hate using wallets that need verification.  Will they guarantee the safety of our portfolios?  What would some of our information get annoying at the same time.

For me if the wallet is trusted and most famous like coinbase or blockchain wallet I don't really have any problems with verification because the wallet can't do anything with your documents. But if the wallet it's new and not knowing as much i said no of course

[Akbor 1042]

15 hours ago, sessting said:

For the security reason they want to varify that we are not using more than one account so they inquire kyc from us.

I also think they are asking for verification for the security issue. mainly security is the first demand of any wallet in crypto world . all should take care about his wallet security.

[pakjobhelp 1585]

On 11/24/2019 at 12:16 AM, sdsonjoy50 said:

I very much like to know why KYC has to be verified in most wallets online. What is the problem with allowing users to use Wallet without KYC Verify?

This type of crypto wallet has different special feature and allow to use this feature only verified person. Here i told you that why KYC is important, the crypto wallet developers wants that its user don't leave its, when a customer verify a crypto wallet with document then he cannot move other crypto wallet because he use all the feature of this wallet.

[bitcoinb 1359]

On 11/23/2019 at 8:16 PM, sdsonjoy50 said:

I very much like to know why KYC has to be verified in most wallets online. What is the problem with allowing users to use Wallet without KYC Verify?

KYC verification is used to combat tax fraud and money laundering. In addition, the law says that we must record and report all of our FIAT / CRYPTO transactions for tax purposes.