Quote from: uneng on Today at 07:05:41 PM

Quote from: oktana on April 02, 2024, 09:56:40 PM

Quote from: NeuroticFish on December 17, 2021, 09:15:02 AM

3. "You" have to ask for KYC from users, which will most probably scare off a big number of the potential customers.

The third point here is just about the main deal. This is because asking KYC in cryptocurrency related business is weird. We should have that feature of privacy that no one knows any of your information. Having to WILLINGLY submit KYC and even many more information is not something that I’d do. KYC scares so many people because of various reasons, which also includes data theft.

It's so common for crypto businesses to enforce KYC procedure nowadays. It was weird in the early years of this industry, although now it's already pretty usual, being weird for a business to not demand personal informations from users in order to let them use the platform's services these days. If you want to cashout crypto to fiat right now, you probably have to give your personal ID to an exchange at some point, otherwise how are you going to cashout your profits from crypto investments?

Even if you do P2P transactions, the person on the other side of the transaction will have access to your bank account's informations. Privacy is an utopia, and the risk of having your private informations leaked is a real risk 99% of crypto enthusiasts have to take, otherwise they won't be able to remain active on this industry at most platforms it has to offer to crypto adopters, since they are heavily regulated by local authorities from the countries where they offer services.

I don’t think it’s so much of a problem if someone during P2P sees your bank account name because it’s only your name but nothing exactly about you is exposed. But if you talk about giving your details to these exchanges, it’s very different because they will know your house address, your age, name, next of kin, and everything needed to track you (if they wanted). There’s really a lot of difference compared to when doing P2P to a stranger who doesn’t care what your name is.