Bitcoin Forum

what is the function of kyc system .. will there be any problems or risks that we have after we send kyc on a program?
- is there any possibility of misuse of our data on certain things..or what about the action of prohibiting the law on our data?
-do we have to be more careful in following a program that requires a kyc system?

There is always risk, you are providing them your personal information which can be abused or sold to a third party.

if so .. what about the bounty program that we follow .. but at the end of the program they use the kyc system in the distribution of coins result from bounty program. do we just leave it or how do you think

To be honest, I also disagree with projects that use KYC. because I am afraid of personal data in the wrong use, but beyond that, there must be a positive side. as there are restrictions from certain countries to participate in the project, and with KYC all can be in the know by project manager.

maybe in our minds do not agree. but if we have already joined the program .. and to get the coin results of the program requires kyc.secara not we will think twice .. whether we we will do kyc or we give up not get coins result of bounty program.
often kyc system in infokan after the end of the program at the time will be the distribution of coins

Sorry, if this happens to me then I will follow the rules of the bounty program. if at the end of the bounty project in give the requirement to get the token must KYC then I will do it. My intentions are good, and I will always think positively. and there will be no use of our personal data!

If that's the rule and that's what I want, I'll do it, for the sake of getting the prize. useless work, just because of KYC we continue to surrender. And true said the person above, we must think positive only.

in recent taim, increasingly require KYC ICO - without it you won't get the reward. and Yes your data can be used by scammers.

Next time you must be more selective when joining bounty. if that is a project from big company which seem trusted then i don't mind to give my data.
i think the projects which use kyc at the end, they don't respect the participants. At least they give information about kyc since beginning

Im also against with KYC because your personal info can be gain and misused by other people with a negative intention in our info. This is the problem of bounty hunters and even investors that wants to join ICO's because their personal information might hold on to the wrong hands or bad guys.

The document we have to make the kyc may differ and it for some people can cause a little problem. The document that may cause the issue is the document to proof our address. I have a problem with it and now I will avoid kyc.

When I start involving in cryptocurrency there is no such thing like KYC is needed because of it's decentralization and that is one thing I love in crypto for staying as anonymous as I like but because of the new regulations from SEC some ICO should be under the AML & KYC system. I am also afraid of misuse of our personal information but I don't mind sharing it if I know that the ICO or company involve is legit.

I assume that there may be unfair actions on the part of the projects in which we send our documents to confirm our identity. What is to prevent these organizations disseminate our data in any darknet!?

in providing data in KYC must be a lot of risk and it is a provision that we have if we do not give our data after bounty finished we just wasted time because if we do not give our data surely they will not give reward to us, and that surely all there is risk we just left thinking okay hopefully there will be no problem after giving our data.

There is a risk in submitting your details for KYC, but nowadays most of ICO required Kyc. so you can't avoid them.
you need to participate to make some profit, Most valuable tokens always required your identity to participate their token on ICO.
SO without taking risking you can't make good profit!

These days, every tom, dick, and harry requests for KYC. Even scam projects who abandon the development of their projects require personal documents. In the end, the concept of decentralization with the crypto space stands for is eroded, as transactions can't be anonymous anymore. Again, personal documents in the wrong hands can lead to identity theft which is why a lot of people frown at KYC/AML.

A good point, but it's hard to tell if our documents will be used illegally or not, but it turns out that it's ok because they are committed to the laws

Always give your information only when very necessary, there are Airdrops now demanding KYCs I scenarios where they aren't even necessary, your information can be used to do things that you don't approve. Of placing you in a very awkward situation, if it not necessary, keep your information away from the internet

I agree with you. We must be careful in every step including for the purposes of KYC and sending personal identities. Selective in selecting projects needs to be done, sending an ID for KYC at the end of the campaign becomes a risk. If the project is genuine and trustworthy, just follow the rules, but if the project is not clear we just ignore it.

There is two reason, why i never fill the KYC. First because I think they can abuse my personal information. And second because I'm too lazy too fill it  ;D.

before you chose to give someone your confidential details about yourself, you should be aware of the risk involved, I have done a series of KYC verifications lately, I know given out my details risky, but on the other way round, since I have nothing to loss why should I worry.
if you know that given your details out will hunt you and give you a sleepless night, then dont.

Yes there is risk and yes you have to be careful.
A lot of legitimate projects are now asking for KYC information because they don't want to fall foul of AML laws. Unfortunately some scam projects will also ask for KYC, so you do have to be very very careful. This is valuable information, and you need to be sensible to limit the possibility of it falling into criminal hands.

You must be convinced that a project requesting a KYC is very legitimate , otherwise if the project turns out to be a scam, you must find your data be sold on dark web or any online black market well fake Identities are sold.

Well some country there is a regulation to be followed thus some country requiring KYC in order to distribute the coins from bounty or from ICO. Also there is a chance of information leak or getting compromised by hackers so it is still not 100% safe.

I think KYC is a part of a certain projects country regulation depending on which country a project is originating from. There's a risk that your data is unsecured since some are requiring to pass some sensitive data that may disclose your personal information. I think there are legal entities that are performing KYC for projects, so this kind of risk can be avoided.

KYC is used to identify the fake person so some peoples are stay away in KYC system. But some projects are ask for the KYC you must analyse it is good projects are scam project and mainly trusted manager is available in this project definitely your data is safe. Many spam users are day by day increasing in this forum so this is also good for this community and we should alert ourself then only we will survive in this platform.

You need to be very careful before sending in your KYC details as there is always a possibility of your personal information being misused. I wouldn't tell you not to projects that request KYC. But make sure, if you decide to do it, to analyze the campaign fully to know if it is a legitimate one or a scam.

Of course you should be careful if you invest in any ICO project or bounty campaign which require KYC cause if it's a scam project or bounty campaign, your documents will be sold right after you done your KYC. For now, there are so many investors hate KYC so they only wanna invest in ICO projects which don't require KYC :)

As for me, KYC violates the most important principle of crypto currency and its anonymity. I think that there may be different situations and the data can be drained off somewhere.

I think the system kyc there are advantages and disadvantages,
indeed many argue if kyc is very harmful and vulnerable to abuse of data,
but in my opinion at least kyc system can be used to track investors and as evidence that there is no coercion in the program

I personally don't agree with the idea of KYC, cause it breaking the idea of cryptocurrency.
Doing a KYC means we'll lose anonymity that cryptocurrency has.

I agree. Each transactions are supposed to be anonympus and that is one of the main reason why people choose transacting via cryptocurrency than fiat. But the kyc guidelines of some projects forgets that, that is one major characteristic of cryptocurrency. Moreover, it makes the user/investor vulnerable not just to abuse of data but also identity theft. Also, some governmwnt ID's can be hacjed just via picture scan, so its really dangerous.

The KYC process is intrusive to people's privacy, but unfortunately due to money laundering issues it has become commonplace in most ICOs

Why don't you just look up KYC online so you understand it? Then you might also understand that not every program, casino or ICO out there has the right to ask you for KYC. In summary, if the entity you're dealing with is regulated, or is registered and recognized as a business entity, then OK, they probably need to comply with KYC/AML, and they would naturally want users to be verified.

They want to know their customers. Simple right?

But if you're dealing with a project that's NOT registered, a casino that's NOT regulated, an exchange that's anonymous. Then don't ever give them KYC. Quit them, find someone else. You bet all the things you're worried about they could do with your data, they will do.

- yes.

- yes.

KYC system is due to strict regulations of the ICO's today. In this way, this will ensure that the ICO is following crypto protocols by the government. Somehow it's has benefits but on the other hand, why we here on crypto is because of decentralized system.

With growing numbers of ICO's scam, it's really required that a legit ICO's must follow the regulations and KYC is part of that.

The whole KYC system is against the key principle of cryptocurrency which is being anonymous. You are giving personal information which can be abused later. Personally i dont like KYC but because of some issues companies are asking for KYC.

Yes, we have to be careful of an ICO requesting your data (KYC), I think the wrong way of sending personal data to outsiders. This implies the rule of cryptocurrency, but there are some trading markets asking for your data (KYC)

KYC it means know your customer, it is really needed for ico program and bounty campaign, in order to avoid multiaccount and avoid restricted country. although it must be done, but you also have to be careful in filling a kyc program, make sure the project can be trusted, because now very much kyc that abused

Guys, those data are great goods on the darknet. Some projects can get more funds for team such. And if this data can be sold why not? Of course they trade. I'm sure. Not all, but much

The objectives of KYC guidelines is to prevent the company from being used, intentionally or unintentionally, by criminal elements for money laundering activities. In the side of the company, this helps them manage their risks prudently, but in our side as customer, there is a chance that our data will be used for the benefit of that company.

Signing up for kyc has a high chance that our personal data can be used for illegal activities. We have to be careful and onlh sign up to the bounty that you can trust.

Now projects with a single KYC database are already functioning. There is a tendency that soon it will be necessary to send your documents to one certain reliable company.
And already all other projects that require some kind of confirmation from you can contact this storage system. This is important and useful, but only as long as it is safe.

quite risky if we must submit a personal data for KYC bounty. Although currently, some bounty uses the system then I avoid it. better I was looking for another bounty that has no such system. of course, this was done to anticipate the bad things going on such as the misuse of identity. certainly, it would be very unfortunate and dangerous if it comes to identify with the name we will be misused by third parties. Thus in selecting bounty should also ask whether it needs to be KYC and sturdiness.

you should be careful with KYC procedure because some projects are not reliable and who knows how they will use your data. I try to avoid bounties where KYC is required.

Know your customer or in short KYC is to check the authenticity of the customer. It is mainly done to control any kind of unwanted situation. But this is true that sharing KYC would be reisky from the point of sharing your all credentials with some other.

The KYC check is illegal and very dangerous for the participants of the ICO generosity campaign. It is illegal because in projects ICO should only apply to investors, since its main purpose is to prevent money laundering. Therefore, the requirement to pass such an inspection against bounty hunters is an excess of their authority on the part of the ICO team.
The provision of our identification data is also dangerous, because we transfer such information to the hands of persons who in almost half the cases are themselves fraudsters and may well use our data and copies of our passports for illegal purposes. At the same time, these persons themselves do not pass any verification of their identification by the state bodies.

Yups,actually thats the same reason thats why i am opposing that KYC requirements in any particular program here in cryptocurrency remember why were here is because of privacy,and no third paty that anticipating our usage of funds

But thos kyc program are making us vulnerable for any misusing imagine your personal details will be send to not only single person but with the whole company or teams,isnt it much riskier than what we are dealing in the past with only email requiring?

I'm am also against KYC because it is against my will, It will expose my identity here in crypto and maybe used my identity by cyber criminals and it is dangerous, we talk money here and we want to be anonymous at all time that is why we use crypto currency to hide our name in public, I also avoid bounty program that needs KYC, some of that program is not legit and scam, just to stole people credentials.

I don't trust any project enough to do KYC. I have even given up bounties that I did all work for because I didn't want to submit KYC docs. The bounty didn't mention this beforehand and only just before distribution mentioned it.

Sending our identification data and copies of passports to ICO teams is very risky. There is a very high probability of using our data for illegal purposes. Such cases already exist.
In addition, the requirement to pass a KYC test from participants in the ICO generosity campaign is illegal, since we are not investors in these ICO projects. In many countries, laws on the protection of personal data of citizens, where a limited list of persons and bodies that have the right to require confidential information, is listed. As a rule, these are only government agencies. No ICO team has yet indicated on what grounds they decided to violate our rights. Why should we send our data to people who themselves are often scammers themselves? To date, this is a very serious problem.

I always take caution about participating in a bounty with KYC. Because I'm afraid that my personal information got leaked and obtained by cyber criminals and used for identity fraud. But, I always used my national id here as a requirement for KYC. Because my passport are way sensitive.

I am too layman in that problem .. maybe for the sake of getting the coin from the results I worked on bounty program I joined to send kyc without thinking more detail about the risk of data delivery. I also do not understand the function of our data later in the misuse of the internet world

The function of the KYC is actually to Know Your Customers.
The ICO commonly uses KYC based on the regulation that they make. Commonly it is to know that their customers or investors are not the scammers or spammers. It is also to ensure that the societies from the illegal participation will not participate in buying the ICO. This is why the KYC is needed to verify the process. But for bounty and airdrop hunters, I think it no needs.

If you are a member of the ICO generosity campaign, I do not recommend sending your identification data and passport copies to ICO teams at their request. It is very dangerous. It must always be remembered that while almost half of the ICO teams are scammers who can also sell your identification data. There are already many such cases. Nobody knows how your data can be used by anyone. Sometimes you can come to the police after a search and then at the police station you will be justified as to your name the property is registered after committing murders and other crimes or why you do not pay credits taken for your name for a long time and much more. In addition, ICO teams do not have the right to demand a KYC review from the participants of the ICO generosity campaign, since we are not investors.

I also thought so, but now I see that all the most hyped projects require KYC to get whitelisted (and there are actually thousands of people sending their documents and hoping to take part in tokensale), let's take Fantom or Shivom as examples. Probably some of them send fake documents, but I'd better send my real ones then do it as it's illegal (and I'm also to lazy to photoshop them, haha).

Lately, I submitted my personal data on bounty program that I joined. I filled it up but some of my answers were not relevant to my real identity. Yes it is against in my will but if I know that from the start it will have a KYC I will not surely join but I have no choice to follow them in order to claim my rewards to them. A risk is everywhere, I think showing your ID is no problem for me, but don't show the whole you are.

there will be no problem if you pass your kyc on some legit ico's, because if you send it to the wrong person, your identity might be use in some illegal things. so you must be very careful before sending one.

There is a need of KYC now a days by the new projects and I believe we need to share our data for KYC if it really needs and if it is trust worthy. I can see form the new ICO's asking for KYC to trade in their coins and some projects asking for KYC to receive bounty rewards as well. They say that it is mandatory as per the law of their country.

For large amounts I think it is necessary the KYC but for bounties and for small amounts I don't think is a good idea for KYC verification as there will be thousands of people who will need to apply for this kind of verification which doesn't make sense at all even though the companies that run these ICOs are forced by the government and regulators to ask for each customer for the KYC.
If every ICO will start requiring KYC verification then we will see a slightly decrease of interest of people into ICOs and many manipulation of these documents will be made.

Well that's all what they can do if they want to avoid of being seized their project by the government there, however the overwhelming risk that's involved into putting my important document into stranger's hand is what make me really doubtful when it comes to KYC verification.
Just as you can see, handful of project turns out to be a scam and they demands KYC aswell, if they are already planning this all along since the beginning I can sure that they are not going to miss the opportunity of using the KYC data for wrong thing. We really need a platform that could verifiy our KYC at once and can be used into many ICO, and not handing over our data into everyone else, that's the problem I think.

Yes, i never join those programs because we do not know who is going to hold our data, that is the main reason of why i think that it is better to avoid those bounties/airdrops.

There is a risk for sending your data anyway for any reason. It makes sense for large transactions were you are sending fiat in exchange for tokens. There are anti-money laundering laws that go along with this. For bounty programs and especially airdrops, it is crazy to be that people would send their personal documents to projects that could potentially misuse your information. Stay safe out there, folks.

The threat of data use has always existed and will continue to exist. Where there is information, immediately there is a need to apply it and not always for good purposes. The fact is that a multi-level verification system exists to protect both sides from fraud. But undoubtedly we are very at risk, sending information about ourselves. The solution is as simple as usual: re-insure and re-check whether you should trust the company that you are going to send your data to.

Agreed KYC is always doing that keeping your private information is what they are doing and giving a secure detailed process in able for you to access your funds in their site, that's the advantage of KYC.

i agree with them,KYC serves as proof of participation. This is something that isn’t only required by governments and regulators, but also by the banks, large corporations, and public bodies. but im talking about the benefits of kyc. kyc is  to protect you, as token buyers, from the possibility that anyone could claim these funds aren’t legitimate.

Well KYC helps a lot for determining multiple accounts and to avoid scammers. It's a great advantage for some project makers to know the details of their customers 'cause it will help them a lot but for us, it's not a great idea.

I don't want to send my information to a unknown project makers because they might it use for fraud.

For the function of KYC, try to read this: https://bitcointalk.org/index.php?topic=454795.0. That is an explanation of AML/KYC.

- Yep, KYC has a big risk. The risk of your data which is a possibility to leaked and misused by irresponsible parties.
- I think so. You should avoid this system in an unclear program.

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Agree.
That's why I always avoid the KYC system. It's very terrible

I know there are currently several projects ico after asking the system kyc they asked us to submit a number of eth when we claim token bounty program.whether it is the terms that real or is project a scam with a developer when we are asked to submit a number of eth

if for verification of data about the real account that I think is very helpful and I agree.however there are some projects that I ever follow.after the process of the kyc they asked us to submit a number of eth to take a token of the bounty program.whether it is the project real?
I think that is scam project when we must send eth to their project.

- is there any possibility of misuse of the data on certain things..or what about the action of prohibiting the law on our data?
-do we have to be more careful in following a program that requires a kyc system?

- Although the phrase "know your customer" may seem insignificant to most people, it has a very important meaning in the business world. The process of knowing your customer, otherwise referred to as KYC, is what businesses do in order to verify the identity of their clients. The term KYC can also reference the regulated bank's practices that are similarly used to verify clients' identities.

Banks and companies of all sizes have become the big supporters of KYC. It is increasingly common for banking institutions, credit companies, and insurance agencies to require that they provide them with detailed information in order to ensure that they are not involved with corruption, bribery, or money laundering.
- the possibility of misuse of data will always exist. but certainly the principle of prudence must always be held firmly in any case
- yes if in my opinion ... in following a program that requires a good system kyc we are looking to know what kind of program. whether the program is benefiting us or vice versa.

Bounty use KYC will not be too interested in my follow unless the results are great. This would be highly risky especially concerning the Affairs of personal data. Moreover, the presence of a third party will certainly make the data transmitted will be very prone and are at risk for abuse. so for advice only better don't when the bounty by KYC requirements.

KYC or Know Your Customer is a policy used by most ICOs today to verify the citizenship of its participants since some countries aren't allowed to join particular projects. KYC is advantageous only to the developers because they get to filter their participants according to their criteria and it is a disadvantage to participants because their personal data are at risk.

I am in your position, I join bounty and at the end of the campaign, rewards can be accepted only if we fill out the form kyc provided by the project, it is a risk there will be but as long as we do anything best, we will be able to face all obstacles that exist, on the one hand we are harmed with kyc but on the other side the company also not willing to bear the risk, the main reason is multi account, with kyc we can not do anything, unfortunately kyc known after the end of the campaign or at the time of distribution of rewards

KYC is preventing money laundering and reducing fraud. It is important to verify the identity of the client in some reason such as preventing some financial  crime. There are also risk in KYC because we don't know how secure our profiles. It can be use for self interest like identify theft.  Remember the time we submitted our Identity they have our names that can't be change and they have our addresses.  The question is how safe we are from them?