Why KYC is important?

[Cryptoryna]

I think it's not important  because the greatest attribute of blockchain is its permissionless. The only reason we need KYCs now is because of government's regulations. But that one or those ones who have created a Bitcoin never gave a damn about government in the first place. Blockchain can help us to get rid of intermediaries and the biggest intermediary we how nowadays is government.

[asradoni]

KYC is necessary to defend people and their investments. For ex., it could be bounty participants where KYC helps to avoid multi-accounts. Also it could be ICO participants (for ex., to avoid buying all tokens with several investors).

And what about confidentiality and decentralization? Was it not for this the crypto currency was created? Now we are discussing a topic that was impossible a year ago.

[Winnerschapel]

Kyc is important as it makes the project known to it's token holders and also, during icos or bounty programs , kyc's are often used to prevent cheaters of the system. This is the basic thing kyc is been used in this industry

[Dewao]

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.

Good thinking, investors also need trust in ICO developers with KYC. So they can get to know each other and investment will be safe.

ICO should know their investors because as far as I know there are some countries that banned crypto and in that case they need to avoid the netizen to join in any ico where crypto is banned .

[soooulliv77]

From the beginning I was against the KUS and my opinion has not changed. I hope there's some other way to verify our identity.

[krishnaverma]

Imagining going to an office or school without an identification card or traveling abroad without a passport or boarding pass. For crypto exchanges, that's equivalent to doing business with people you have not personally vetted. These is where kyc comes in. The process is pretty much similar to when you first opened your bank account where you were likely to fill personal data sheet and submit one or two ids

I think that the exchanges are just following legal directions given by the government. Even after implementing KYC, there is no guarantee that fraud can be eliminated completely. There are many providers giving false documents for such kyc.

There are benefits as well as shortcomings of kyc in my opinion. I will not be surprised if government starts tracking people with the help of this and demand more tax from them in future.

[Sevarchik]

This KYC is simply standart procedure, it dont give us maximal guarantee.
Many peoples use not real their documents.

[irianto18]

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.

It would be great if the development team passed kyc before running ico, then there would be less scam. It seems to me that such a rule will soon be introduced

not only that Kyc also avoids cheating or multiple accounts. so it would be better to use kyc.

[thsaudtl1]

I think KYC is needed in the exchange, but when I invest in an ICO project, I think I need it. Every time I go to ICO, KYC feels very uncomfortable.
I think ICOs should find a way to simplify KYC. I think we can change the flow of ICOs depending on how we do this, and we need to eliminate various regulations around the world.
KYC is needed when trading on the exchange and I think it is possible to further reduce the risk of hacking.

[efeyigit399]

I think kyc bounty is very unnecessary for the participants. ico may be required for participants. it is important for the tokens to spread properly.this situation is formalizing.

[bavian]

The KYC is mean Know Your Customer to limit cheater or some people come from US, etc.. join ICO, airdrops and bounty. But be carefull, If you join projects scam, scammer will take your idenity documents.

[Micerker]

I find that ICOs projects that require KYC verification will help those ICOs become more professional. You may see that many people think that KYC is really troublesome, but KYC helps you know that the developer is really looking for their project.

[permatasai]

KYC will provide feedback for the project maker whether the project has been successful or failed and whether there are other issues that must be discussed there.

[Adhichan]

KYC is necessary to defend people and their investments. For ex., it could be bounty participants where KYC helps to avoid multi-accounts. Also it could be ICO participants (for ex., to avoid buying all tokens with several investors).

there are many purpose for using KYC.even in a bank they use this methode too to consider the money source their clients.and also they can prevent money that come from criminal flow.

[Benarand]

Nobody wants to give money to "non-existent people," that is, bots, because people just simply used them to increase their profits, so ICO projects decided to fight this factor with their own methods.

[UIXID]

KUS identification allows you to prevent the participation of one person with dozens of accounts in your campaign bounty. Also you can cut participants from different countries of the world to ICO.

[rippar]

KYC is very important to protect projects from regulatory punishment and make the process of tokensale more clear for everyone.

[sarul]

The KYC is mean Know Your Customer to limit cheater or some people come from US, etc.. join ICO, airdrops and bounty. But be carefull, If you join projects scam, scammer will take your idenity documents.

That's the risk of performing KYC procedure. Then our identity will be used for things that smell bad or would be sold on darknet by those scammer. So, there is good and bad like devil and angel. Just need to be more careful while used your ID card.

[Asmh85]

KYC is very important for ICO, but sometimes it's annoying for investors especially when it takes time to processed

[boltz]

Nowadays KYC is a must as most of the projects cannot risk anymore to receive funds without knowing for sure who send them. In the past a lot of projects had problems because they didin't know how to demonstrate that the funds was received and now they are facing laws and other problems.