Problems with cryptocurrency in America Part 1 KYC

in cryptocurrency •  9 months ago 

Greetings Steemians, I am back after 6 months. I have not had any time to work on posts for a while due to school being annoying. I was going to write about how to change money, but two things in America make investing in cryptocurrency and changing monetary system nearly impossible. This first post is about KYC and the second post I will write later is about the securities laws in America that prevent crypto projects from doing well.


Know your customer means to collect information on financial service customers. In theory it is simple, but with unclear guidelines and uncertainty the financial institutions have a hard time collecting the data. It is also costly for financial institutions to do.

My main problem with Know Your Customer is the Customer Identification Program. The program requires an id number and multiple documents  including id or passport to verify identity. I understand why Know Your customer exists, because of "money laundering", but  I fear the identity requirement can be abused by corporations, hackers can steal identity easier, and in the event of a major government shift the government can abuse that power. This link shows other opinions of mine as well. 

Cryptocurrency in the United States is hard in private because almost all crypto exchanges that support the United States have know your customer procedures that make it difficult to invest in. 

The United States have started to control cryptocurrencies through the use of soft power including high taxes on cryptocurrencies and Know Your Customer on exchanges and ICOs. The second blog post is all about the United States and ICOs.

I am also curious on how to make my posts better, so please leave feedback in the comments.

Dm312 out.

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US laws are terrible for anybody who wants to get into crytpo. But there are worse places on Earth. It's not popular yet. but the Decentralized ICOs of Komodo Platform is a great solution for this. My strategy is to buy some crypto with fiat on a KYC exchange and move funds and grow it with trading/ICO/Airdrops etc.

STEEM has actually been a great place for me to grow.

I agree that Steem is amazing. I don't feel as though trading is a good way to make money, but that's me. I don't have time to keep an eye on all cryptos and school gets in the way. As for ICOs, I generally avoid them because again, USA rules. Airdrops are interesting, but same principles apply. I will talk about the ICOs and USA next post I make which will be in a bit.

welcome back after 6 months

Thank you so much

hola @dn312
Buena información no sabia que era tan difícil comercializar la cryptomoneda en los estados unidos...
Gracias por la informacion, saludos...

Hola sartigas16, gracias por el comentario. Los Estados Unidos todavía están decidiendo qué hacer. Me siento como si hubiera demasiada regulación en los Estados Unidos. Mi siguiente post va a entrar en detalle en las ICOs.

ok, espero leerlo...

thank you very much for your post, its been a wile that im reading and see the word KYC, but now thanks to you i finally know what it means!!

Geet going!

Sorry I was unable to get back to your comment sooner. I am glad to help you understand what kyc means.

Yeah, I know there are certain restrictions in the US and I have never been in favor of the current KYC process used by most Crypto institutions.

I am all in on Steem and do not have to worry about KYC :)

Thank you for your comment. Steem is down now, but it has a lot of potential. Make sure to stay safe when investing

I'm not really a fan of KYC i think its intrusive and its just another form of data mining. I want to be free to transact with whomever I want, i know people want KYC to reduce scam and all that but thats always going to be around people don't give a shit if they want to scam let them scam.

Also welcome back to steemit, glad you found your way back. You may want to try out dapps like esteem or busy or even steem plus they really help enhance the steemit experience

Thank you for the input. As for the other steem apps, I have been looking at them. I guess I like Steemit's interface best at the moment.

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