Bitcoin Forum

KYC is a procedure that many ICOs implement. It is normal due to the uncertainty in regulations and the multi-jurisdictional scope of most ICOs. However, as investors, we have a serious problem with this, because everytime we want to invest, we have to upload yet another copy of our ID.

If I get scammed and lost my ETH or NEO... well, I can live with that. But if I am scammed and my identity is stolen, the damage can be extreme. Paypal accounts, credit cards, bills, services... the economic disaster can be huge.

What is the solution to this? I have read a bit about projects like CIVIC or The Key, but it seems that ICOs are reluctant to use these. WHY? As investors, we deserve to be treated with maximum care.

You are right. although we need to provide KYC for lots of things, that is our identity and the identity theft is a most dangerous thing that can happen. I know a website that we need to register there and pass our KYC only once. After that we can provide our account name of that account to ICO and bounty and no need to provide passport or other details for each and everyone. But I don't know whether all the ICOs and bounties accept that.

Yes, it's also a concern for me.
I can't lose my credit for profit, so I won't submit any KYC.

That part is the most crucial. Especially when you need to fill up and submit your KYC in order to be able to participate in the sale. This is a big threat when the ICO that holds a sale, for example, they got hacked and have stolen some user identities, it will be a major disaster to us all.

One thing we can do is not to participate in ICO, bounty or airdrop that requires KYC. The reason is that we wouldnt be able to assure that they are not scam because they are all getting expert in getting customers and investors. I've already stopped joining and trying to get free stuff because i am afraid that they might stole my identity and use it for fraud.

Very interesting. And what is this site? can you give a link?
And I also agree there are serious risks with the theft of personal data. But alas, if you plan to invest - then you need to put up with it

You can participate through ICO pools without KYC, but it can also be a dangerous game, I guess there could be many scammers there. I think we just have to accept, that the cryptocurrency is not a very safe investment method, but have some great returns, so for me, it worth the risk.

There is no way, many projects are KYC, the purpose is to make them look more standardized, if they really are a compliance company, these are not to worry about! You are advised not to upload your own key information! This is the safest!

I have seen icosid which is accepted by shivom ICO for kyc completion and login purpose. Such project is really require so that our identity can be safe from scammers

Is that all ICO which required KYC always scam? I mean not just for paying our job. But in future there's a possibility to stole our identify for bad reason such as Paypall, credit cards and another reason. What reason they going to do that? Is there any solution for being not scammed if we want to join ICO that requires KYC?

ICO without KYC sounds like a bad idea. Regulators want you do not sell your coin and get money from bad guys. We need KYC. Personally I never invest ICO without KYC. It is super risky.

Most of the ICO project required investor pass KYC, not all of them also scam, most important is investor need to do their homework before join the ICO, we know that submit our information to third party is so dangerous, but do we have any choice? money or no money (don't KYC), so I hope that thekey, selfkey, icopass can immediately solve this issue

That is also my concern at this time. I am skeptical to sign up in their kyc because there's a big chance that my identity will be stolen. But i have no choice but to sign up to get my reward that i hardly worked for.

Yeah your definitely right, it is not safe to give our personal information to any body, we know it is require in some ico's but if you need to pass your kyc, do some research first on the project if it is liget. Sending your personal info means you are submitting yourself.

Well you're kinda right. I don't like the ideea to give away my ID and other privacy things so I'm just gonna skip the KYC project or just get involved in the ones that can provide trust/decent alpha product and support for their investors. I saw an article on reddit recently that most of the current projcets don't care about investors and they just tell to go on telegram to chat there but guess what,no one is responding anymore.

Yeah I think you are right, it is not safe to give our personal information to any body, we know it is require in some ico's but if you need to pass your kyc, do some research first on the project if it is liget. Sending your personal info means you are submitting yourself...
Although we need to provide KYC for lots of things, that is our identity and the identity theft is a most dangerous thing that can happen. I know a website that we need to register there and pass our KYC only once. After that we can provide our account name of that account to ICO and bounty and no need to provide passport or other details for each and everyone. But I don't know whether all the ICOs and bounties accept that...

I think ICO projects that use KYC or do not have the same risk. but those using KYC make it a bit more difficult to work.

You are right about this it is a serious concern as this space is not that secured yet so investing in an ICO amd that ICO turning out to be a scam can left us with scammed money and also our identity at risk too. There has to be some regualtions regarding this implementation for the safety of Investors.

I completely agree with the fact that now many projects are conducted by KYC which in the end only harms people, I think that this is not right, because now there are a lot of places where you can buy these documents after KYC, think about it.

i totally agree with your concern we should be very careful. i dont like to send my private informations to some company that i dont know. it is a ridiculous demand actually. because blockchain based projects supposed to have an anonymous base. But demanding the id details is not fair at all.

Most ico now required KYC before you can claim your token and i only see two  option inregards with this issue. Advantage of having kyc especially for bounty hunters is that noone can claim your entry ,noone can use your identity. Disadvantage is that about your privacy,well,let's just hope that every project who ask for kyc will keep our identity private and they will not use our id's on bad things.

Am really impressed with the post, I have been finding post like this for a while, sincerely speaking you are on point, moreover most times you have to do the KYC two to three times before it will be accepted

You have raised a valid point when it comes with KYCs. Its something that should bother anyone who values his identity because the extent that anomalies can be done due to identity theft cannot be under estimated to the extent of being arrested for fraudulent activities. But at the same time we cannot because of that deny us from reaping the return of good investment. We only need to weigh before trusting them with any of our data.

Yep, that's why before passing your KYC try to check their rules & agreements. they won't just give your identity or sell it to others for sure since they are committed to their customers and participants, always check if it's a legit ICO before submitting. ICO's managed by amazix is the only campaigns I trust.

well, at this very moment ico have to do KYC verification, i'm a bit hesitant with that even though that's an uncertain decision. especially if we do not fill the KYC form then we can not participate in investing.

There are really a lot of fraudulent projects that people demand for KYC. And this is very bad, because criminals can take possession of personal data. I think we need to carefully analyze the project before sending KYC!!!

You are absolutely right, money lost can be regained but identity it is a very sensitive thing if it is stolen might be difficult to regain. To some extent ico that request for it isn't there fault due to regulation that might set in by government sooner or later, they are just being careful.

You said you read about civic and the key they can use but they are reluctant they may not trust those platform at this point in time, the solution is to stay away if you aren't confrontation with giving out your identity.

And what we should do? Nobody can give a guarantee that even a reliable ICO project can eventually use your data in fraudulent schemes

I mean even before the advent of this crypto currency, everyone should really protect our data and this has been a issues ever since Internet came along. Everyone needs to be careful, as it might go to the wrong hands and we all know what's gonna happen. It can end up in dark web for all we know and once your data is compromise, one day you will be surprised to see that you have taken advantage of. So yes, we need to be careful about this KYC procedure, especially bounties are now requiring it.

Maybe you're right. Being an investor, I want to be anonymous. KYC does not give anonymity. I bypass such ICO

Here is the link https://icosid.com/ to the site where I registered KYC, as I understood after registration here, for some other projects KYC will automatically be counted.

Giving away personal information is a problem - but it's exactly the problem Blockpass is solving! We're developing a truly self-sovereign Identity Verification network and recently partnered with Edinburgh Napier University to work on things like Zero Knowledge Proofs which would give a person complete privacy whilst satisfying KYC requirements.

https://blockpass.org/