I don't understand why people don't want to use 'kyc',
This is a really good question! 🙂
Why people in crypto may not want to do KYC?
It basically comes down to whether you trust the organisation that you're giving all of your personal details to.
The idea behind KYC is that it makes it harder for scammers and money launderers.
That it's meant to protect you.
But the reality is that it doesn't actually do this and instead, opens you up to a whole raft of risks in the process.
First you have to trust that they're not selling your data to advertisers.
Because once your info has been sold once, it's out in the wild.
Second, you have to trust that the organisation you're giving your details to store it securely.
Countless examples of data hacks and leaks show that even the largest, most trustworthy companies don't do enough in this regard.
Third and finally, you have to trust that the organisation won't pass your details onto government/law enforcement unfairly.
You might say that you're not a criminal and that's fair enough.
This is certainly less of a concern in the west.
But having your financial assets frozen for political/cultural beliefs is a real issue in large parts of the world and again you're trusting that things out of your control won't change for you.
For all these reasons, having a non-KYC option to buy a truly decentralised USD pegged asset like HBD. is extremely important.
Posted Using LeoFinance Beta
