Why KYC is important?

[Milansilver7]

Today the world is facing identity theft and almost a whopping amount of $200 billion is lost every year in identity theft. The world was really craving for a solution that can help in solving this identity crisis until now. I recently got to know about velix.id which is working to create a platform for frictionless identity verification on blockchain technology. 

I strongly agree with your opinion, identity theft must be overcome, it is very annoying. I hope the Velix project can work and work well in addressing identity theft issues.

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[patz22]

KYC is stands for "Know Your Customer" and i think this is a system that identifies the true identity of a participants. And this KYC is important in order to validate cheaters and those scammers. But sometimes it can be used also by those scammers also by pretending to have a n ICO and will ask your information for their own benefit like using your information for bad intention and  this is the disadvantage of KYC system implemented.

KYC (know your customers) can be cheated, KYC are required to know one investor where from.
But anyone can do KYC with fake identities, as many identification are stolen online, this is the risk on doing this system with some ICO.
If the ICO is a scam or even not we dont know if our documents are same with them or not.

I disagree with the statement "anyone can do KYC with fake identities". ICO's who requires KYC hires like a third party processing team who do Id checks and if they're are the one who do it for sure they're experts who can identify if it is fake or not. (I am working in a financial institution that's why I know it) that's why  the only acceptable document would be national ID or any government identification to ensure that it will not be manufactured.

At first, I totally disagree with this KYC thing in crypto since we also aim the privacy and avoid Id theft but as I do a research this will help us to avoid scams and also to ensure that funds will not be used for illegal activities as well as some countries have regulations for crypto. And it also benefits us bounty hunters to avoid duplicate accounts so we could get the best out of the rewards that we will get.

[LeaderAMB]

For me, i don't like KYC because i participated many bounties campaign and most of them requested KYC before distribution token, i think this is unnecessary for hunters bounty like me.
For investors in ICOs, i think KYC is very necessary because the crypto market is new market and many people pour their money into this market, many of them invest from illegal money sources, they use ICO like a tool to money laundering, this is very dangerous for society so KYC is important to against this.

[mbah]

I like this system by KYC. This will make many people with double accounts they will not be in accepting gifts from the bounty. the existence of this system of cheating during this mushrooming will be greatly reduced.

[ACVinegar]

KYC (know your clients) is important to determine the original people or the users of the account, it was used commonly by the bank. They do it as policy or regulatory of the bank to eliminate the fraudster or the people who having illegal source of income.
There's a lot of ways to conduct KYC and this is the following:
-Face to face communication, to get the information of the client.
-Thru phone call to ensure that the you talk is original they do it for validation.
-Thru videocall they do this if the people are in the overseas.

[richminded]

I like this system by KYC. This will make many people with double accounts they will not be in accepting gifts from the bounty. the existence of this system of cheating during this mushrooming will be greatly reduced.

Yeah, it can really prevent cheaters to get in but hopefully KYC will be use in a good thing. Recently we heard about the date leak of facebook, it can also possible in KYC but lets all hope for the better. KYC is good if the project is good anyway.

[leea-1334]

As usual, this is another way to weed out, and to be more precise, then reduce by a couple of orders the amount of bounty hunters participating in the project. For developers, it's just wonderful, and pay less, and you can immediately weed out people from countries where payment can be a problem.

This is the case of pros outweighing the cons, I guess. I am completely against privacy breaches like having to give out KYC, but at the same time, I also hate that people can just scam projects and rob rightful people of the opportunities,,, just like with bounty programs as you mentioned. What I am curious to know is, there must be a way blockchain can help get the benefits of KYC but without people having to give their data away. Like a blockchain to store data, only accessed by AI that can verify, or a system that lets humans verify data but only parts of it, so they never can steal or associate you with something else?

[Ryanpaul80]

For me kyc is important to verify the identity of the participant or to verify its investors to know that its a real person and not a robot. specially to know your clients.

[lushlife]

Who need kyc when price is under ico?

Laughed way too hard.

For me, before you give your personal information make sure first that they are trusted, that your information will be secured.
because if you carelessly gave your information it might be use against you

[anti-scam]

to prevent fraud and safeguard asset / token security.
dev will know the number of investors and also the bounty hunter who has their tokens. no need to worry KYC makes us more secure.

[nopedope89]

There are very few people who fall into that KYC information is unimportant. Your name may include fraudulent and criminal cases.

[Michail.]

I like this system by KYC. This will make many people with double accounts they will not be in accepting gifts from the bounty. the existence of this system of cheating during this mushrooming will be greatly reduced.

I first participate in a company where you need KYC, did you provide your data before? Do you think it's safe for us?

[KirunBarber]

A lot of ICOs are facing a problem from their investors due to the KYC. Voluntarily complying with KYC regulations provides many advantages to the Offeror and its investors, even if they are not currently explicitly mandated to enact such a process.

1. Cryptocurrency exchanges are beginning to exclude cryptocurrencies that did not properly implement KYC processes. Thus, not running such checks poses a long-term risk to a project. The Financial Times reported that New York Stock Exchange-backed GDAX says it “plans to list only a fraction of the hundreds of new digital coins that have been invented this year”

2. Voluntary KYC compliance may help ICOs reach a larger global audience and expand the number of jurisdictions in which they can take place. Such compliance allows easier reach to investors in America, Britain, Canada and elsewhere.

There are other restrictions also imposed from SECs and banks which greatly limit the activity of the company in the future.

We know not everyone is happy about KYC and some people don’t agree with it ideologically, especially when it comes to cryptocurrencies, where transfers are anonymous, or at least pseudo-anonymous.

However, for the adoption to seamlessly occur, the company holding the ICO needs to have KYC, which otherwise will create issues for the company in the long run, which is bad for both the investors and the holder of the company.

KYC is not done by a company to know where their money comes from. To be honest, a company rolling out its ICO cares about the cash inflow and not about their identity. It is a means of due diligence so that they are not prosecuted by their country of operation.


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yes, in the presence of KYC is expected the better cryptocurrency can develop. KYC system is expected to be more accepted by users of crypto, investors or bounty developers and the market ..

[yrrehc16]

Does KYC really important or we are just taking risk with our public documents?
i know that some country are not allowed to join a specific ICO, but with out identification and natinal ID we are not safe to have it.
and KYC is one ofthe way to get into it.
but how we sure that they are giving up the correct information? they can get some ID over other people right?

[Golftech]

Does KYC really important or we are just taking risk with our public documents?
i know that some country are not allowed to join a specific ICO, but with out identification and natinal ID we are not safe to have it.
and KYC is one ofthe way to get into it.
but how we sure that they are giving up the correct information? they can get some ID over other people right?

That's another case, those who will be able to get KYC from other information will still enjoy this, but for those who will provide real identity
it can be dangerous, it can be use for some illegal act or just like what others mentioning kyc can be hack and all important information can
be used against us, we know that there's no assurance that those data will not be hacked.

[reflector]

Does KYC really important or we are just taking risk with our public documents?
i know that some country are not allowed to join a specific ICO, but with out identification and natinal ID we are not safe to have it.
and KYC is one ofthe way to get into it.
but how we sure that they are giving up the correct information? they can get some ID over other people right?

Yes if you want to join in the bounty none of the managers will ask you for KYC details but if you want to join in airdrop tokens means you need to share your KYC details to the ICO team mate.
When you are investing to buy the tokens also you need to share the KYC details to the team.
Hope you will find the best bounty which can make you free from KYC issues.

[kalpaiya]

as i know kyc procedure help to recognize people help to know where they are from. so that they can know what people are using their tokens. so it just an identification only.

[Coltpython]

Kyc is very important there's a lot of identity theft going on and I've been affected by it personally while filling out some airdrop forms and bounties last year. That's why I totally support the idea of kyc

[bellakw08]

i do support the KYC process , but i just afraid some scammer making a fake ICO's to get our data and cheat other ICO's systems , as you can see many dark web has proofing many identity from customer , and we dont know how they got that , KYC for security is important , but some bad people doing that for ungood reasons.

[BTC-BTC-BTC]

KYC have to apply correctly. KYC should also apply to all the development teams and business partners. Not jus for investors and there are so many information breaches the last couple years I would not trust any companies out there.