Are You Afraid of KYC?

[marielbeckham]

Everything depends on the particular project. It is definitely compulsory to undertake a thorough investigation before doing this. But yes, this is still a bit scaring.

[CryptoKu-een]

Just a question, from what I read and know of, KYC's are just present on ICO's right? I have seen some coins that are already asking for KYC while just on the airdrop and bounty stage and scheduled for pre-sale(not yet started). I am just confused, something's not right about that or it's the new thing being implemented? The projects look so cool though.

[onebtcforlife]

Just a question, from what I read and know of, KYC's are just present on ICO's right? I have seen some coins that are already asking for KYC while just on the airdrop and bounty stage and scheduled for pre-sale(not yet started). I am just confused, something's not right about that or it's the new thing being implemented? The projects look so cool though.

Don't confuse about the KYC procedure, soon many companies will start asking this KYC documents for further regulatory activities. If a company is asking for KYC, maybe internally their legal advisory department will start asking to follow this procedure in order to protect from scammers.

[matuson]

Just a question, from what I read and know of, KYC's are just present on ICO's right? I have seen some coins that are already asking for KYC while just on the airdrop and bounty stage and scheduled for pre-sale(not yet started). I am just confused, something's not right about that or it's the new thing being implemented? The projects look so cool though.

Don't confuse about the KYC procedure, soon many companies will start asking this KYC documents for further regulatory activities. If a company is asking for KYC, maybe internally their legal advisory department will start asking to follow this procedure in order to protect from scammers.

I am interested in how companies will ensure the safety of the data that they provide investors. We constantly see that around the world periodically there are scandals with leakage of databases. It is not known for what purposes this data will be used. This has me concerned. Everything else doesn't scare me because I'm not a terrorist.

[andreijoaquin]

I can see that soon almost exchanges and even ICO programs will be requiring us to do the KYC procedures where we are required to pass copies of our legal documents before we are granted entrance or the use of the services or programs we are interested with. This can be as common as having a password or 2FA.

Now, personally I have no big problem with it though just like anybody else am also concerned that my personal information can be divulged to anybody or a group that might use it for any illegal purpose. This is one risk we are facing once we are actively living in the online world. Evil people who can be thousands of miles away can now be just one click away.

What are your apprehensions about the KYC procedures that will soon be as popular as noodles?

If bitcoin will become a legal tender of a certain country having a KYC is something that should be implemented, especially that cryptos are very prone to illegal acts and can be a way for corruption without any trace left for checking. I actually support KYC but I think there should be basis or limitation in requiring this for any transactions like what banks do when they implement AMLA (anti-money laudering act).

[Hannahanto]

I can see that soon almost exchanges and even ICO programs will be requiring us to do the KYC procedures where we are required to pass copies of our legal documents before we are granted entrance or the use of the services or programs we are interested with. This can be as common as having a password or 2FA.

Now, personally I have no big problem with it though just like anybody else am also concerned that my personal information can be divulged to anybody or a group that might use it for any illegal purpose. This is one risk we are facing once we are actively living in the online world. Evil people who can be thousands of miles away can now be just one click away.

What are your apprehensions about the KYC procedures that will soon be as popular as noodles?

Worried of hackers. The documents may get misused. So need to be more careful of hackers.

[Allincode]

Exchanges are experiencing some kind of regulations and it is a necessary step to get out of the wild wild west. But nobody really controls them yet and that's why I'm scared. They have my info and they can do anything with it.

[darkangel11]

Exchanges are experiencing some kind of regulations and it is a necessary step to get out of the wild wild west. But nobody really controls them yet and that's why I'm scared. They have my info and they can do anything with it.

You want more control? In such case you should forget about cryptocurrency and become a forex trader. Then you'll have something that not only is controlled on every level because exchanges are licensed and overseen, the overseeing authorities fall under the government, and even the money that you're trading belong to certain governments.
The role of crypto is to break the circle, not to become another fake token that you don't own.

[Dreamchaser21]

Exchanges are experiencing some kind of regulations and it is a necessary step to get out of the wild wild west. But nobody really controls them yet and that's why I'm scared. They have my info and they can do anything with it.

Well, that's the risk because of so many regulations these days and I believe we need this thing before government banned it so better to follow some regulations. We give our own information into banks which sold our info's for some advertisement company so I think KYC is still good for us.

[richardsNY]

We give our own information into banks which sold our info's for some advertisement company so I think KYC is still good for us.

I'm not sure what banks you use in your country, but actual banks don't and should never sell your details, purchasing profile, etc to whatever third party. That goes against anything they stand for, and that legally isn't even allowed. And no, KYC isn't good for anyone but the authorities looking to collect as much data about people as possible. The exchanges and the third parties they hire to take care of verification requests have access to this information for ever, and who knows what they will do with all that data. On top of that, how well secured are the servers they store all this data on? Are the most essential pieces of information encrypted, or just dumped on a server and that's it? In other words, KYC is shit.

[paulwallyall]

No, I think it's a good idea to trust the company I want. If I'm not sure, I don't do it. It gives both sides more security and keeps potential scammers away.
We're not 100% anonymous on the internet anyway, so I don't have a problem with doing a kyc when investing. I wouldn't like to do it for small bounty campaigns or airdrops, though.

Yes, keeping the scammers away is a win for everybody who owns crypto.

[bitcoinisbest]

Everything depends on the particular project. It is definitely compulsory to undertake a thorough investigation before doing this. But yes, this is still a bit scaring.

People must be aware and have confidence to whom they are giving their KYC project is a genuine and their data would not be misuse. If one does not have such confidence then kindly avoid in such projects where you have to give KYC .

[Gadhoh]

I can see that soon almost exchanges and even ICO programs will be requiring us to do the KYC procedures where we are required to pass copies of our legal documents before we are granted entrance or the use of the services or programs we are interested with. This can be as common as having a password or 2FA.

Now, personally I have no big problem with it though just like anybody else am also concerned that my personal information can be divulged to anybody or a group that might use it for any illegal purpose. This is one risk we are facing once we are actively living in the online world. Evil people who can be thousands of miles away can now be just one click away.

What are your apprehensions about the KYC procedures that will soon be as popular as noodles?

sometimes I think scared too but sometimes I think not too, so how ya, the possibility of the emergence of kyc to avoid excessive use on each person so that cheating can be avoided but sometimes can also be detrimental

[Sir Cross]

n way we not afraid for the required KYCs i think its good for our security

I do not understand how it can be good for security that you transfer your personal data and copies of your documents directly into the hands of scammers? According to statistics from 902 ICO projects, a third turned out to be scammers. Even if a company that conducts an ICO and is registered in a country where it is required to conduct a KYC audit, this does not mean that such a company will not later be fraudulent.

Apparently even registered ICOs may turn out as a fraud because scammers these days make it seem like they’re truly legitimate.

KYCs are really scary now that there are numerous scams these days. It’s hard to tell whether an ICO is just a front made for you to fall for a scheme or a phishing tool. Personal information is something we must keep secure and we must be cautious of giving out this information because it may easily be used against us. Identity theft is one of the many risks if our information falls on the wrong hands.

[sindikat]

Exchanges are experiencing some kind of regulations and it is a necessary step to get out of the wild wild west. But nobody really controls them yet and that's why I'm scared. They have my info and they can do anything with it.

You want more control? In such case you should forget about cryptocurrency and become a forex trader. Then you'll have something that not only is controlled on every level because exchanges are licensed and overseen, the overseeing authorities fall under the government, and even the money that you're trading belong to certain governments.
The role of crypto is to break the circle, not to become another fake token that you don't own.

Unfortunately, many people do not understand this. They took advantage of easy access to bitcoin when the price was below. Now they use bitcoin only to have access to Fiat. I am sure that they will not keep their bitcoins if there is a difficulty in accessing the exchange of bitcoin to Fiat. They're not interested in freedom. They're slaves and they like it.

[ebay1990]

I am also afraid of my KYC being stolen by the bad guys, and using my KYC to do illegal work, many ICOs just take KYC of the customer to sell to third parties doing bad things. The good ICO projects they have customer information security is not. That's one thing nobody knows dc

[hahay]

Actually worried about the KYC procedure, but if we have participated in an ICO and ultimately required to upload KYC, inevitably I will do it. But when KYC is needed at the beginning, I have to rethink to do it.

[brylle34]

KYC procedures is without a doubt will be the future of cryptocurrencies and a part of it makes me afraid of it because it violates the main concept of bitcoin but on the other hand just to make things right and being crypto becomes friendly with the government is to follow these rules and regulation set upon them.

Basically this is for our own protection, and hopefully they will use our information in right things. The only concern is who is the regulatory body to protect our details, and still many people are afraid of this thing specially if ICO's ask for this thing. Its good for the exchanges to have KYC but in ICO I think its too risky.

Most of the companies are asking KYC because they know the value of their token and for audit purpose, they will ask for KYC. KYC is always good for the companies because they can easily track the records for regulatory issues. I think it won't harm us and they will protect our details.

You can say that you trust those companies but are you 100% sure that they won't use your information or someone could hack your information in their companies and use it for  illegal purposes, we won't know what will happen, it could be a protection for us but it can also harm and get our information for illegal purposes. There are ico's and bounties that after the bounty campaign has ended they will said they need KYC before they will distribute tokens, i think it's not good if for people who do work's on bounties and they don't want there info to give.

[dave111223]

No problem for me as there is no interdiction in my country, it must be scary for americains though

[campica]

Just recently I joined to BitStamp because I wanna buy some bitcoin for cheap price there. So after I register they ask me verify my account. I need to send copy of my ID document and proof of residence document. I know that BitStamp are trusted and secured site but I won't send my personal ID on it, rather I would pay higher fee somewhere else. Today you never know for what they will use your identity , so yes I'm really afraid of KYC.

btw. I will never give my personal ID for some ICO , even that mean I won't get token.