Bitcoin Forum

         
    1.WHAT IS KYC?

"KNOW YOUR COSTUMER" means the process of the identification of the client.Token holder will be required to provide with his/her personal data,after token/coin purchased will be sent to the wallet that the user put in his account.

    2. WHY DO YOU NEED KYC?

Although the phrase "know your customer"may seem insignificant to a lot of people ,it has a very important meaning in the business world.If particular companies want to interact with other partners in the industry,however, they really have no choice. KYC allows companies to protect themselves by ensuring that they are doing business legally and with legitimate entities, and it also protects the individuals who might otherwise be harmed by financial crime.

    KYC is a defensive mechanism for both the company and the clients. By sharing this data,all the token holders confirm that they are the true owners of their personal accounts and the wallet,to which the company send tokens. It will grant that you are the person that receive your tokens.


     SUMMARY

    KYC  IS NOT A THING TO BE FEARED OF,COMPANIES NEED THAT FOR THE SECURE DEVELOPMENT OF THEIR BUSINESS AND FOR THE SAFETY OF YOUR INVESTMENTS AS
    WELL.


HOPE IT HELPS..LET ME KNOW YOUR COMMENTS AND IDEA GUYS ABOUT DOING KYC IN ANY ICO.

it helps to deal with multi-accounts and protects against scammers, as it is sometimes required by law, for example, in the United States

How do we, as the customers, apply KYC to ICOs? Do we deduct from their target market and so on? Or what?

what do you mean "we deduct"? kyc is very important for both parties (costumer and company)as this is the data for both parties to protect each other interest.

Not sure I understand your question but KYC is nothing more than a verification process to either accept you or deny you from participating in the ICO.  For example, many ICO's don't allow US Residents, so if you don't have identification from another country, you won't be accepted.   

is it possible our data being misused, even we do not know there are some icos are a scam?

KYC means "Know your Customer". It is a verification procedure of the customer who is going to enter the Crypto World in order to use and make transactions in crypto coin Exchanges.

In KYC you are required to confirm your phone No., identity by submitting your personal documents. This is all done in view to ensure safe cryptocurrencies transactions.

I honestly do not like kyc, because the data I gave was never approved. The data that the organizer asked is correct and that is the real data that I have. I think not all ico need kyc, should we remember that in the past few years ico never requested kyc requirements and all went well without one problem. The problem is in fact in the project and its developers, because many also ico scam, the developer brings a run of investors money and this is the fact that happened

I thought you ask a question about KYC, it turns out you gave the answer.
If you buy a legit ICO, I think it's ok to give your privacy. The problem is, sometimes we don't know which ICO is legit.
There is always a chance that your ID may be misused or sold to another party

The company needs your KYC to make their business secured from those countries are threatening ico as scam. Just like US, China and some other countries. There are so many people from those countries just try to avoid the ban from the developer though use VPN to participate in the ico. That's the real purpose of kyc verification in every ico.

Most of the time KYC is just an excuse from some shady / scammy "ICO" to get your personal informations


--> Don't do it, there is plenty of ICO / Aidrop where you don't need it ! Don't pu yourself bare ass for $1 !

KYC is important especially in ICOs for proper regulation. Exchange listing normally request that as one their criteria to list the coin.But you have to be careful which site you submit your KYC. Don't submit your KYC in a suspicious site

It is both healthy for investors and company to have a KYC, but there's always risk, some people may use our information for their own sake.

But it is still super annoying that certain countries cannot participate in some ICO's. To be a truly free market, we have to get above these stupid laws.

KYC is good for ICO and bad for investor because participants are required to submit  identifiable documents such as image of passport and other official documents in exchange for nothing,not even a guarantees of security that data will not be sold or used for commercial purposes or identity theif

It is. Though the chance are quite low.

Can you read what OP wrote? No need to explain whats KTC again because he already did it on first post.

you need to talk to the government of those countries.

The whole idea behind KYC is to prevent crime or terrorism. The problem is that how it is being implemented in the cryptosphere is a complete joke. We have completely unlicensed and unregulated entities demanding that people send them copies of their id.

How do we know that these ID's are being stored in a secure way?

How do we know that these ID's are not being resold on the Darkweb?

How do we know that the company we are sending the cryptocurrency and our ID's to is not a criminal organization or a terrorist cell?

The simple answer is we don't.

Why would a terrorist subscribe to an ICO?  Do you really expect an ICO to receive Osama Bin Laden's passport and reject him from subscribing?! ;D

KYC for ICO's is relevant to prevent spam, multi account registrations, to safeguard against govt regulations, and to enforce individual contributor limits.

In my opinion, the current KYC validation is useless.
Because the ICO has not been accepted most of the countries, and verifies the KYC they just in order to avoid the next could face legal problems, in my opinion the useless, and our KYC information may be stolen.

The literal meaning of KYC is know your costumer.It means the ico project  need to know the costumer's information when participating the ico.Some country is not allowed to join because of the rules and regulations in their country.And also thats why they collect KYC for verification of the customer .

KYC means Know Your Costumer, the US Securities and Exchange Commission (SEC) is reportedly preparing to prosecute ICOs which are held without KYC procedures. In fact, there have been cases where the SEC prosecutes and demands refunds for Token Sales that have not implemented KYC.

How far is too far when ICOs try to KYC? Where do you draw the line? Does it start to become a matter of privacy?

KYC is very strange thing in crypto world. The only thing they need to know is just my wallet number. Want KYC go to the IPO not ICO. I don't want to send to unknown group of people my documents. Why don't we see dev's faces with the photo of their documents on ICO sight? We need to know real people. 

I really want to. I want to know the dev in the project on to check their credibility and existence. Although the crypto market is very good and brings a lot of profits, there are also many fraudulent projects.
But it seems that the conditions we set out will not be accepted because the crypto market is an anonymous market. All we need is trust.

This is why I like it when we see real photos of the dev. team in whitepapers.

And I also agree about sending the documents, no way I'm sending my ID / personal #.

Well you know that people have issue with KYC being introduced to Cryptocurrency because it defeats the purpose of anonymity . However with all the scams and frauds that are taking place in the crypto space, it is necessary to have a safety net to protect investors. This is why KYC is now compulsory

I think to weed out most of the scammers and bots! all the same in such cases you need to register a person, his passport to verify the data

The reason why I use cryptocurrency is because of anonymity and suddenly you put a KYC. And how can we assure that the information we gave will not leak in to the bad hands. By the way KYC is useless because the moment the price would spike very high, those holders will surely sell their coin for profit so those KYC is not reliable at alll because once it is added in trading you will never know where it goes.

KYC understands merely "know your customers," which helps ICO projects not fall into the status of an individual who has acquired the entire Token in that project. KYC helps the ICO manager avoid the case of fraudulent individuals or use multiple accounts to purchase Token in bulk. IMO, KYC should only be used in Token Sale, but the bounty is not necessary because the number of tokens for bounty usually less than 3%.

I think KYC should be applied to all current ICOs. to avoid fraud. to ensure the customer. and avoid customers using multiple accounts. KYC is very useful and should be expanded

1. KYC contradicts the very idea of cryptocurrencies as such. So I against him. 2. There are a lot of fraudulent projects that require KYC to receive tokens and it is not known in which hands personal data fall. After all, the state is not responsible for the KYC procedure itself in the case of cryptocurrency, because it does not have a legislative framework. 3. None of the creators of the project to me personally their data for my own KYC does not provide, because he is afraid for the safety. But when the project developers I need your data to provide invest their business money. That's not right.

KYC is also synonymous to AML ( Anti Money Laundering  ). All just a means of identity verification

People should stay away from ICO with KYC. Even with big companies still have data breaches and what make everyone think ICO will security all the information.

KYC will not be a matter or problem if: We are really the citizen of the country that is available to buy the coins. We are not spammers that have multiple accounts. And we trust in the developer or company to keep our ID secretly.
KYC is not to be feared of the things. Many people are afraid because they want to ensure that their ID is very secure.
As an investor, we must be ready to provide our ID for buying, because KYC is Know Your COstumer. It is the way for the dev to know exactly who their customers are exactly.

I think that the KYC procedure is such a useful thing that helps to legalize cash flows as much as possible. It will be convenient for companies to make collaborations with other projects that deal with data security. One of such projects is REMME. Their idea is to protect user data and can save businesses good amounts on the long run.

Kyc is a procedure to know how you are before investing into an ICO, that is what most icos are asking for before letting you invest in there, or well, there are some of them who let you invest (1 out of 5)

While it helps to prevent lots of people from doing funny stuffs to get tokens, I really don't like it. But what can we do? We just have to do n continue doing it if we are to get involved in some of the good bountiea

KYC is good. But we have to be careful so we don't leave our private documents in the hands of fraudsters and scam artists. There are several fake projects out there who just intend to steal your ID credentials so they can use it for criminal activities. Be careful with KYC

I think that the kyc is needed in order not to speculate with tokens or for something like that.

Yes, KYC is "Know Your Customer" which is a process required by every company (especially those related to finance) to identify its customers. This is to prevent or avoid or minimize the existence of criminal acts, such as money laundering or theft.

Actually we don't need KYC if all the people using this are honest but since there is lot of people doing bad things such as scamming,hacking, we need to implement this for our security reason and the security of an ico as well.

KYC is a form of identity verification by investors to limit the dominance of many whale investors' projects. The implementation of KYC also helps to prevent scammers from participating in ICO projects for malicious purposes. I encourage the implementation of KYC in the ICO investment because it is really useful.

I believe that this is a very important thing that controls the process of infusion of money. If this system did not work, then many of the mice would continue to launder money in good projects. I think that it is more important only the project manager's KYC to know the faces of all who take money from us.

Seems KYC has become hot topic discussion at recent time. I have no problem with ico asking KYC to the participants, as well as for token sale or bounty participants who have consciously understood the term and interest to joined. But with a condition, KYC requirements are announced in early ico start on the website.

Having KYC in ICOs is additional burden for the buyers, and though it has a positive reason why they do this, it still not recommendable. Especially those who join in the ICO's bounty program, participants have done completely their task and just because they have not passed KYC, and some even don't accept the KYC, they didn't get their pays right, which is awful. KYCs should be removed in ICOs because it will be another problem.

Of course, and this method to complete all of the compliants from the regulators and we know that in US, and some other countries are prohibited their citizens to participated in the ico and that's the real reason behind this.

Some ICO required you to sign up first and KYC is needed for purposes, No.1 they want to know your identity coz some investors wants to buy alot of tokens and there are contries that are restricted on buying ICO. so KYC is needed but i think in the future they will cut KYC for sure.

KYC can help ICO to get listed on some exchanges. KYC helps ICO identifying and verifying the identity of its clients. Most of ICO rating websites are also considering KYC as a factor in their calculation. How reliable these rating websites are is another question!

KYC means Know Your Customer. It’s a standard verification process common in ICOs, bank account opening and many more. KYC is a requirement by many authorities around the world to validate your identity.

KYC is an international control standard by which the customer is identified. and I'm not sure that sending your data, they will not use the scammers.and I personally against KYC.

The KYC is pretty controversial when it comes to the ideology of crypto because most of us want some privacy. That said, if ICO wants to open up a bank account, in most cases they need to have KYC done for their investors. Otherwise, banks cannot accept the funds, because they simply don't know where the money is from. On the other hand, there have been some scams like mentioned before that have gone after pure identity theft. What we can tell from our experience is, that ICOs that need KYC process, should outsource it from other already trusted providers that even banks use.
Like ICOStream Turnkey platform has done so for their ICO projects: https://icostream.org/turnkey-ico-platform/ 

I think that all this started because the anonymous property of the cryptocurrency is difficult to track. The government has no way. Therefore, it needs to participate in its list of people. I think it is not necessary for normal transactions to be reviewed. It is mainly due to some black market transactions and illegalities. Dealing, fighting them is good for the entire community.

I think that this technology has positive sides both for the company, and for investors and bounty hunters. After all, it helps to protect investors' assets, and this is the most important thing.

KYC where we do shoot our identity card or face, and why should KYC? because it is very necessary in the online world or ICO to avoid a fake identity or use a duplicate account :) then this could endanger the future of ICO if no KYC