What is KYC?Why do you need KYC in buying ICO?

[Ronaldobaban17]

         
    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.

[alt-fire]

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

[Xioma]

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

[Ronaldobaban17]

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.

[subG]

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

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.   

[amrulshare]

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

[sudhirratra68]

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.

[auliahr]

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

[IgniHash]

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

[lobo13hf]

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.

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.

[Conanti]

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 !

[valnd]

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

[Xfactor06]

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.

[pikatju]

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.

[Procopiogamscrypto]

         
    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.

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

[janggernaut]

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

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.

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.

you need to talk to the government of those countries.

[iconoclast]

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.

[ICO-Master]

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?!

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

[leland orser]

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.

[wel24]

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 .