Bitcoin Forum

WHAT IS KYC?  ???

Know your customer (alternatively know your client or 'KYC') is the process of a business identifying and verifying the identity of its clients. The term is also used to refer to the bank and anti-money laundering regulations which governs these activities.

From the word itself, "Know your customers", contributors or investors should do that thing, not us.
We, the bounty hunters participated and having a discussion here in the forum anonymously. Some of here didn't put their personal information because it has many disadvantages sharing it online like theft of personal information, spamming, and threats.

This forum allows you to hide all your information or you can disallow it to your profile.

THE MAIN PROBLEM!

Some of the projects requires to do KYC to receive the token. So we must put our personal information there and requires to upload a valid ID or papers that your information is legit. The project needs your information to be credible of earning their token.

We are on disadvantage in this case, why?
This information we share can be use in fraud, "a person or thing intended to deceive others, typically by unjustifiably claiming or being credited with accomplishments or qualities."

Since we're just a bounty participants, this people might look us a workers only. For short, they can use our informations to their own desires.
The worst part is, it can be use or sell it to the black market for criminal activities  Got a successful ICO + selling informations of the promoters = WP
If you want to know more about selling informations in black market, Please click here: link (https://www.ontrack.com/blog/2017/02/23/black-market-data/)


Not all participants are on the same country. Some of them are from SEA, EU, and US etc,. There are long distances,
for example;

The project is made on US, some of the participants are from South East Asia. If they tried to sell our documents in the black market of the US. We can't have an action on that easily. Sometimes the worst part is, we can't have an action to solve that case. Some people are just a normal persons doing bounties and some have high education acquired, this people are in danger using their info to abuse some people.

Yes, I also hate the bounty thread that requires KYC validation.
I wouldn't be involved if these bounty threads were to declare that they needed KYC validation at the beginning.

Well, now the trend is starting in the company to implement,to complete KYC and it is not only Bautista but also investors,all goes to the fact that they want to control everything,one has much money,so everything in sight was below the government again was only their

I do not consider this a problem. It is not difficult for me to go through a bite to get my generosity. What is the problem? I do not understand)

Since you're new here, you can't understand that. Well, it's not difficult to do KYC, i know that  ;D  you're taking it literally LMAO. The hard part is, it's very risky to share your information even in facebook. You can have a daily threat, it can destroy your life.

Send your information to a person who do money laundering.  ;) ;) for you to understand.
Read more informations here: link1 (https://blog.mesltd.ca/the-advantages-and-disadvantages-of-shared-documents) , link2 (https://sites.google.com/a/cortland.edu/privacy-and-the-internet/home/disadvantages)

If you live in a country where cryptocurrency is banned, then if the authorities own such information, they simply can come to your home on a visit.

Indeed there is no way to get any of that in the legit hands but in the troubling hands only. KYC is for the investors who put their real money on the projects and make a transaction. KYC is made for the purpose of tracking the user transaction, banking ways and much more so that it can help government know where exactly the money is going. Thats why its okay to ask for KYC to the investors but it doesn't make any sense when they ask about it to the participants as they dont have any real money transaction with them.

I participated in the Fiancia bounty campaign and they wanted 0.1 ETH from me to pass the KYC :D.

I think it's because people are multi accounting, not a legal requirement.

In some States, this requirement is mandatory, so what you are saying is nonsense. I think that if the company requires KYC means not to use your personal data, but to make sure that you exist in reality.

That's not a problem in their project, it's a problem here in this bitcointalk and we all know that multiple accounts are not allowed.
To the project, As long as they promote the project they have no problem in multiple accounts.

Frist, I am not the investors in the ICO, they participate in the bounties only earn the few money or the token in it, they are the worker working in this company and earn your reward, I don't know why should need provide the valid ID for claim your reward? If they participate in the fraudulent project and collect their personal ID and sell on the black market, this is another illegal passport or ID, so I will stay away this one.

Hi Mr. BeeKeeoEr,

Well KYC is also used in some business not only here in cryptocurrency, "to make sure that you exist in reality" TOTALLY WRONG.

How can you say this is nonsense?? Your statement is the nonsense one, Read this spammers of altcoin discussion incase you don't get it:


KYC is made for the purpose of tracking the user transaction It is mandatory to investors and contributors only! Are you reading?
                       ^ we are not a user or a customer of a project, we are promoters. get it?


THAT'S WHY IT IS CALLED A BOUNTY!

THAT'S WHY IT IS CALLED A REWARD!

THAT'S WHY IT IS CALLED A BOUNTY REWARD! *facepalm*

You are right, I dont see why ICO management should ask for KYC in case of Bounty.
Moreover recently i saw something outreagoues.
AITHEON is askinf for KYC for their Airdrop!!!
Not only the fact that KYC is asked for airdop but also they ARE NOT using KYC company to do so, they askfor your ID on their wepage.
HOW the HELL i can trust this shady webpage with my data.

agreed,they collect KYC from bounty hunter for what? some project ask KYC then they will sold your data. be careful guys

Yup this matter has to be taken seriously. Why we should send our personal information to people like this to whom we dont even know at all.

I mean there are more than 80% ICO or bounty programs which are scam one and how we can be sure that the bounties who asking us for the KYC is really legit one? What if they misuse our details and sell it to the international criminals.

Do you even understand how critical it is to give away our passport details whose fake copies can be made! Lolz. I aint risking my details at all otherwise goodbye to bounties.

Even good project can be hacked and all KYC data can be stolen, so KYC can be more dangerous than we think.

KYC is used as a way of increasing the hype, i don't know how effective it is but they sometimes use it that way. the ICOs are not regulated and in many countries they are not even legal to want to ask for things such as your identification. so you are in reality handing over your personal information to a bunch of random people doing something illegal on the internet!

If you are interested Welltrado is offering an attractive bounty campaign.

I agree with you. There's no point for bounty hunters to pass KYC. We are not even a customer who buy token in ICO, we are just promoting the ICO. Instead of bothering the bounty hunters to pass KYC, why don't just pay us in ETH? DAOstack is the example of ICO that pays the bounty hunters in ETH.

Am okay with the KYC procedure it only stops people from operating from multiple accounts

I don't understand why they don't use decentralized idendtity verification platform where information is safe and secured and you have control over your data. I agree to some KYC but only if the information is safe and the KYC provider complies with international standards and regulations. Especially the new GDPR.

My opinion is that KYC pass those who invest in the project, and the bounty people should not do it.

I dont participate in the bounty which wants me to pass KYC. I am only a bounty hunter and promote your project. So why do you need my id? i am not an investor or a customer who is interested in your project.

KYC makes ICO project is not anonymous anymore even though KYC is not so bad but people who life in the country which doesn't allowed to being cryptocurrencies investors will be so difficulted and i personally not so comfortable if there is ICO project offering airdrop program with KYC required and even they promising will pay high but i would not take a part

Yes, I agree with you mate. One reason why people love crypto currency was the reason of the anonymity of each indivudual if every participants of bounties required to pass KYC then our information will be spread out then it will be very easy to steal our identity and be use for illegal,so I disagree for KYC.

In fact, it is very far-fetched. There is a real risk and it is that now a lot of ICO is a Scam. If you pass the verification just in such ICO - then there is a risk that your data can be used somewhere, and most likely not for good deeds.

I really hate the fact that Bounty Hunters need to do KYC. Because i really dont want to give my information to somebody i didn't trust fully. But we cant do anything about it. Some bounty campaign do KYC to filter multi accounts cheaters. The more they filter the more they save funds for their project.

Thanks for a very useful post, adding my insights.That's what I feared with KYC, the misuse of personal information. So as much as possible I avoid the bounty that gives KYC terms.

I can't disagree with this article, it's only truth. I hope projects will not require KYC for bounty participants.

Yes, we can say that it is for the person who have multiple account in same campaign but how about the personal identity of the person? What if there are something happen because they gave their info? But it is good that it is the plan because we can catch all members that has multiple accounts in this forum.

It always belongs to the Bounty campaign that you participate in. The most signature campaigns don't have a KYC requirement for the participants. But I also know some campaigns where it is required to do a KYC. But that no problem for me, it protects the projects against multi account users.

Though i dont really support kcy for campaign participants,because for me theres no privacy remaining for us,but if this is the way to prevent multiple account enrollment well i guess this is ok for the dev to set this rules..

On other hand whats bothering me if this will be used for personal option of the dev,thinking they are holding our details.thats the sentiments i only concern

I absolutely completely agree with everything that you wrote above. This is nonsense, it's not right, and maybe even not legal. And I think many people understand this.
But it can't be canceled. Leverage pressure on this doesn't exist. Public opinion is completely ignored by the companies. There are no specific laws forbid it.
And as you know - Everything that is not prohibited is automatically allowed. Companies use this unspoken law. If we lived in an ideal world ..... This is one of my not realizable dreams.

Well, most of the bounties now are demanding for kyc these days. We must conform with the rules of the bounties Anyways

indeed now kyc is there for bounty participants,
and will likely be used in the future, I think kyc for bounty is not too important

It's not big deal for them as long as the account is promoting the project even it's a sub account, We all know that they created bounty for promoting the project. They implemented a bounty campaign, then they should know and expected on this but there is a hole on multiple account user. You can borrow your valid ID of your family or friends and send it there, maybe there's a risk on sending others for the verification of KYC but it's 85-95% chance that you'll still get the bounty right? That's why it's better to remove KYC for the bounty hunters, they should find another way to promote the project.

And btw, this case should be handled in this forum or solved by the bounty managers to avoid this kind of case.

Yeah, because it is against our right of privacy as we are here working in this decentralized world of cryptocurrency under the blockchain technology. That is why I don't bother to participate in those projects that let the promoters (us) KYC it is because of the fact that it is so annoying and some of our personal information might be compromised and used in any malicious acts. If they really need strong support from promoters and public, for me I think projects has to undergo KYC or regulation instead of us bounty hunters. That is so unfair in our part where they are securing themselves but how about us? We'll never know whether the project is a success or a failure and that is how and where we get paid win or loss we are responsible of it and they don't even care about our safety. I've been in some campaign that fails and all of our time and efforts are gone and wasted.

The right thing is to ensure marketers don't reveal their identities, because the medium of which does the advertising is taken place ( bitcointalk) doesn't require it members to identify themselves ,hence ICOs shouldn't demand that.

Actually kyc is a good thing but because of all the scams out there, i refuse it.
I will not participate in any bounty campaign that kyc demands. I prefer to do without it.

I think because some of the participants joining with multiple.accounts and.some are bots

I don't think its an issue. Everyone can easily go through from KYC. Its simple and not too time consuming. Most of the Bounty campaigns demand KYC these days. Everyone should be clear all the rules of the bounty campaign.

I agree with you. I do not like KYC for the bounties campaign. It is not necessary because the bounty hunter is not an investor.

I totally agree with this everyone here, we bounty hunters shouldn't need to fill a KYC.
Just as mentioned before, we don't get the coins from purchasing it, but we are getting it because it's a reward from the job we've done.

Not only bounty participants need to pass the KYC to receive their rewards, some free airdrop also need to do that, I'm confused and I won't join that airdrop, anyway, just hope for ICO project don't need bounty participants pass the KYC, but sometime work for 2 month and told us need to pass KYC, what should we do? Burn 2 month work or pass KYC? We don't have any choice ...

Yes, I think that's true. should not a bounty hunter need to fill out the KYC form to receive our token. Actually KYC is required for investors who invest in the project to find out the original identity of the investor. But I hope there will be no case of data abuse from KYC because investors will definitely be harmed by this sort of thing.

You are working with the tokens not investing plus if you are a citizen of a country that is not prohibiting to participate to the ICO then it is valid to stay low in your profile then the allocation percentage in the legit bounties are not that much compared with the developer's shares and investors, approximately 2% to 5% of the total amount, this should discuss at the beginning of the campaign not after when we are waiting for the payments.

i support KYC, as it allows delete multi-accounts and increases the reward of honest participants. The only thing is, it must pass through a simplified scheme, without providing a lot of personal data.

such a situation, participated in the Bounty Company, did KYC.  A bounty company deceived everyone and did not pay the counter, but our data is already with them.  Confirm your identity - this already contradicts the laws of the crypto currency.  The world idea of ​​crypto currency is anonymity !!!

I don't like campaigns that are asking kyc to their bounty participants especially if they change their rules at the last part of the bounty. I know kyc is important but it does not apply for the bounty hunters because they are the one promoting the project and not investing. The risk also of doing kyc as a bounty hunter is big as they may sell our information to other people which is bad.

Mr Newbie, it's a very big issue :) You're taking it literally that we can easily go through or passed this KYC. You don't get it, the point is the private information we shared to them is very risky :) Stop spamming if you don't get the point.

I fully support this statement and I think that it is not legal in principle to require KYC for bounty hunters, because today KYC does not apply to bounty hunters, still I think that all projects should understand this.

I think it should not be obligatory for every bounty participant, should be so only for those who get more money than a determined amount of money. some bounties are so.

O man, such a nice post! Thank you. I have just started to do bounties and this word KYC was making me crazy. Thanks, if i would have a merit i'd give it to you ;)

I agree on the fact that bounty participants should not require to pass the KYC..there is no logic behind this...But again this is the decision of that particular company,manager or ICO..But they should make it clear at the very beginning of the campaign

Yeah i get your point about security concerns and i wouldnt be supprised at all to find out that some of icos pulled out an exit scam and sold out all the infos they collected and id on black market.On the other hand there are a lot of bots/multii accounts that abouse the bounties and filling kyc is one of the ways how to fight that

I don't see the relevance of KYC to bounty campaign. It is just a waste of bounty hunters time as KYC is to allow you know your customers or investors to ensure that they are not fraudster, criminal or money launderer.

I agree if there is a bounty project that requires KYC, it is very effective to deal with cheaters and breaking rules. But, it should be explained at the beginning of the project, so for those who agree or not on this condition can choose or ignore the project.

Yeah, probably the best option, but again sending ID cards to the untrustworthy ico is very dangerous, we need another way how to prove our identity.

I do agree that the participants dont need to submit any kyc because its very dangerous for us to submit our id to some unknown project, if its being used for bad purpose then its very troublesome, I am more afraid of identity theft than getting profit so I never joined any ICO that need submit kyc

Yes, I am not in favor of such KYC requirement for some of the ICO's that requires the partcipant to submit an identification for the purpose of token reward after the campaign period. I am not joining bounty campaigns that require KYC since it may use our identity for something illegal which I think not favorable for the bounty participant.

Indeed the intent and objectives of KYC will provide a positive impact. the system from KYC is also very neat to keep track of transactions. but many reaped cons by reason of fear of abuse of personal data. It has certainly become a spotlight because personal data if it is up to the hand that is not true, will cause a problem.

Thank you very much for the information. I will get acquainted necessarily. Maybe you're right now

yes, i have experienced 2 times following a bounty which in the end when token divider i have to verify the information with KYC
ie Cibus Token and Betex projects

Speaking about my experience, I also bought KYC documents and sucessfully passed KYC. I don't want to disclose my personal data and become a victim of fraudulent activities. Being a bounty hunter you aren't customer and you are not going to be customer in most cases, so we don't need to pass KYC, but most projects make us passing it to receive tokens

KYC is identification with the help of passport data or other necessary documents so that there are no multi-accounts!

Great thread, there needs to be more threads like this for the new comers! Keep up the good work!

If you are you are looking for a new interesting bounty, Unitalent seems like a great one, they are a Swiss based blockchain high skilled freelancing platform (think of Fiver with people who are highly skilled professionals. Link is below and I hope this helps!

well, or the project just pay them with ETH or any other tokens besides their TOKEN SALES? More and more project force the bounty hunter to do KYC but they offer another alternative as i said before.

Yes exactly to get some tokens its really very dangerous to give their identity someone else and they can make wrong use of that...we cannot trust some unknown company for such a thing...so its much better to dont even join their bounty campaign

A reasoned fact, to be honest I did not suspect it earlier. How did you know about that? Just I read I was told that this is purely for confirmation, as managers bounty and developers familiar with one project.

Bounty participants are not clients. KYC practice is required to avoid money laundering and other operations with illegal money, but bounty payments don't related with sending money from participant to a project so it is not necessary for those case.

I would agree, I wish the bounty manager can also came to the fact that they would abolish the KYC in order to claim the token. As I see to it, it only applies to investor to use KYC when they invest in so much amount. And as of us, bounty hunters, I think its not necessary to comply with KYC terms, because not all bounty hunters can provide KYC documents.

do not ever give your data on bounty, if indeed they need kyc then leave the project, because it is very dangerous if you enter the kyc in bounty, keep your identity in the digital world

I didnt  participate on bounties that needed KYC because its not needed as promoter of their project.

It's really hard to join on ICO's with KYC is applicable, but if we where on their case,  maybe they have a big reason why they needed it,  but on our situation it should not because whe are just a bounty hunter not a investors. 

this is what I fear if they need KYC, I have the same thoughts with you, I am afraid my data resold, and used for bad things like scam

Bounty needs KYC will only add to the problem only. KYC for bounty is not significant, especially if a notice requiring bounty KYC as well at the end or ahead of the distribution. This is not a fair action name. surely many people will spare their identity that could be misused. from now on many bounty hunters also avoiding the bounty that uses KYC.

For me theres no problem on submitting kyc as a bounty hunter.Some hunters are  abusing the campaign using multiple accounts on social media to bag more rewards and thats unfair to us who are using only one account.If i were the bounty hunter much better to  know the requirements of the  campaign to avoid any conflict in times of distribution.

Of course, I agree with the Author of the topic, that Bounty participants do not need to pass KYC. Because we just deal with the promotion of ICO, and do not participate in their ICO buying tokens

I always belongs to the Bounty campaign that you participate in. The most signature campaigns don't have a KYC requirement for the participants. But I also know some campaigns where it is required to do a KYC. But that no issues for me, it protects the projects against multi account users.

Most bonus threads do not require KYC validation, so you don't need to panic too much.
Even if some of the ICO projects require KYC validation, they will be announced in advance.

I don't see the problem either. I use my foreign passport for passing KYC, which I'll change after several years. Why does everybody panic when hearing about KYC procedure? I don't understand... Alarmists? ???

In the case of USA and China, I guess it's better to obey the law, and if your country doesn't support cryptocurrency operations and investment in ICO projects, you'd better give it up and choose another legal and profitable way of earning money.

i'm a newbie but can't join bounty KYC why ?

While it does not hurt us and instead adds bounty quality, I also do not mind to do KYC.

yeah i agree , KYC is only for investors not us , we are anonymous here then they need our information for what . ? what if this ICO is scam and they need KYC . and took all the information and used for bad things .

Just a small percentage of the bounty campaigns require KYC but I think the reason that people are so surprised is that these things always start little by little that no one pays them any mind until it grows to a point where nothing can be done about them. If people keep signing up for bounties that require KYC then there will be a point in the future when all of them will require KYC

And I'm not against passing the verification of personality. Just the whole problem is that they do not immediately announce this. And just skip the news, and do not get paid for the work. Due to verification, fraud risks are reduced.

indeed in ancient times I never knew the term KYC in the receipt of bonuses in the campaign project. but for now almost all bounty using KYC when they will do token distribution, although less agree but I think it is not too bad for bounty participants

OP raised an important issue. But, unfortunately, we tend to the fact that the KYC will be necessary for all bounty hunters. Here's an example: https://medium.com/amazix/introducing-amazix-community-rewards-41313bd4c896
And this is a respected company AmaZix, which leads a lot of bounty.

The spread of the demand for confidential information from the participants of the ICO signature campaign and a copy of our passports is illegal and very dangerous. We need to require the ICO team to point out a specific regulatory act that gives them the right to require us to pass a KYC test. I am absolutely sure that such a normative document does not exist and it is all exceeding its authority. We really are not investors and should not undergo such verification. In addition, we are not clients of the ICO team either. We provide them with services to promote their ICO project and they pay us for it. Therefore, they are our customers and they, in that case, must pass the KYC check, if this is mandatory.

I think the only issue I have a problem with is those bounty managers that don't make it obvious from the start that you will need to do kyc before you can claim your tokens until the bounty has finished.

I agree. I am not against the verification of participants and filtering multiple accounts but the fact that we will send our information with ID's is something I am not comfortable of.  I believe that KYC are for investors. Bounty participants will only get paid using their wallets so there is no need to KYC unless the smart contract requires it. KYC will only make the distribution slow since they need to check everything first. If the bounty is bad, it can take months before they can finish the verification. Also, some participants are not sending their KYC verification on time and it results to the delay of distribution.

Just as mentioned before, we don't get the coins from purchasing it, but we are getting it because it's a reward from the job we've done.

Sincerely, I really dislike any bounty thread that requires KYC before one can receive ones token. I really do not see any reason for bounty participants to still be doing KYC. There are more to this KYC of a thing, which I really do not know what they wanna use our personal details for.