Bitcoin Forum

Know Your Customer (KYC) is the process where a business Identifies and Verifies it's clients.

In this age of Digital Currency transactions, it is imperative to safeguard and secure your virtual money.

With this Vision, Money Trade Coin, a Cryptocurrency that is building its foothold in the global financial space, has to provide KYC and AML facilities to its investors. These services will prevent the risks of loss and theft. It will also reduce money laundering activities, hacking, terrorist funding, black money generation and many more illegitimate activities.

KYC is good for company point of view but crypto ecosystem is decentralized and it is based on anonymity how far kyc will stand lets wait and see

Such things seem very important to us, but it is not good for the government, especially the U.S. government, because they like to know the privacy of others, they are too sensitive and can get any terrorist attacks. Even if this technology only provides a point-to-point transaction, but they also think that people will be through this to arms, drug trafficking.

How, then, is KYC a boon and it is also called a service for customers? Checking potential buyers of crypto-currencies for their involvement in various illegal sources of money acquisition is the task of specific states and their law enforcement agencies.
So far, we are directly confronted with the problem of KYC when investing in ICO and participating in them as a campaign of generosity. If these companies continue to require them to provide them with various confidential information and copies of identity documents, they generally run the risk of being left without their clients.

I think KYC is a good start to have join any project because you can say that you are safe and no one will stole your token from you.

yes this is what should be done, I have no problem with (KYC). I fully agree with what you describe. But there are many who are frightened by this kind of verification, some people think the data can be misused, it is indeed such a potential.

KYC can be good and bad at the same time. There are some advantages if an exchange can prove that they're not financing terrorists and they work according to the law, this makes them trustable and this can be a real advantage. (But this is not their decision, they're forced to implement these kind of regulations). Also, KYC can have negative impact as well (and now I'm not talking about giving out data to tax authorities), because exchanges are usually got hacked and it's possible that the hackers are not only steal the bitcoins or any kind of cryptos but the ID verification data as well (which can be also really valuable on the appropirate market).

The first thing you learn when the internet began was never give up personal info or passwords. When children go online we tell them bit to give away personal information. Sure on Facebook you must use your real name but that is only your name. KYC is more then just a name. I think people who are willing to give a stranger online their personal info are insane. It's the first thing you learn not to do. Why do they need that info? Money launder? That's been going on since the beginning of time and always will and is a weak excuse for justfying KYC.


I already get spam ads from banks and other places and I never gave my phone number to anywhere I can think of. So I must have given it to somewhere and already it's been shared. Same with my email address. Now they want to know more about me? No Thanks. The last time I gave my address and name to gain access to a casino bonus they kept sending me mail in the post and it was very intrusive.

Most ICO will not use the info for wrong doing but if you handing your KYC over there and everywhere eventually the wrong person gets it and you get doxxed or extorted? No thank you.

Going by that logic, should we also abolish police forces around the world because crime has existed since the beginning of time, and will always exist?

The easy answer as to why they need the info is that they're most likely obligated to ask for it under regulatory requirements. I understand the general reluctance of everyone to share their data given the number of high profile hackings and prolific identity thefts, but I feel like it's a necessary evil in some cases, where not having it would open the system to blatant abuse. That being said, everyone should be careful about what they share online, and to whom. It's always better to be a pessimist rather than an optimist in these cases.

Crypto people enjoy KFC for the same reason most people do. The seven secret herbs and spices.

Oh god I'm not sure if you're being serious or sarcastic. There's so much bullshit around that it's really hard to tell. If you had a ^/s at the end of your post I would have merited you lmao.

It is too far from the topic. Hence, they are both abbreviations but different in middle letter and also in usage. Will you please check your post before you submit it? Thanks.
KYC for me is just a basis of the company whom are the people who invested in their project. They check if the investors are legal and genuine. Most of the time, KYC is needed in ICO but some projects required KYC in bounty campaigns in order for them to exclude the country they avoided.

KYC are good at some point, it makes you more secure and no one else can stole your token though, but in a few reason KYC are not need to implement in crypto, why? because some of the investors are want to hide their true identity on some other people to prevent of liking information about them self and more about their investment. the privacy of some investors are put in risk. im not agree in KYC.

KYC is beneficial to the regulation of money laundering and illegal crime.
But now too many ICO teams collect KYC data, but the safety of these KYC data is facing a big problem.

I am disagree with the KYC system in buying crypto coin, I wanna my identity more private to the other and public, so I am really disagree with the ico project where needed KYC when we buy the cypto coin and ico coin. It will be most difficult and our data will be not save for the public, maybe the next time for the ico project please stop using KYC system for selling your ico coin,

This.

Unless exchanges can compensate users if the exchange gets hacked and their info gets shared, then KYC is a huge risk.

And the exchanges won't compensate people - even orgs like Equifax got hacked, and no-one gave them permission to collect information.

Why KYC is profitable in cryptography, but most current ICOs use them to verify user identity, in the cryptographic space, not too hard to be washed by a coin or invested in. ICO, that is why to be better and lawful, ICOs can now be extremely strict KYC to verify the identity of the user to avoid the case of money by investing ICO, many companies rise By providing services related to KYC and having to name it BITCOINSUISE, the company that specializes in getting KYC verified from professional ICO projects, KYC verification also contributes to the project development in a way. The best and increase the rate of investors are more quality.

You have nothing to fear, if you have nothing to hide. I prefer a company that verifies the identity of their clients. Would we want a company that hides the identities of their owners?