Why KYC is important?

[jagdeepjd]

KYC is important for the projects as they are (most of them) required to comply with regulation and also some countries have banned their people from participating in ICO's so KYC process keeps those users away from investing in the project.

[nade70]

KYC is important because companies love when they know the customers face, birthday etc. just joking. kyc is important of course. because in some countries you can not participate ico's.

[Dhaniii]

good information, giving an explanation of the importance of KYC. it can bring many benefits if KYC is do on exchangers and bounty programs, such as reducing scammers and more. but there are some people who don't like KYC because it includes giving our personal information to someone else, but according to if our data is safe and not spread, in my opinion KYC is no problem.

[Isterichka]

Actually KYC is a huge problem of all market of cryptocurrency. This procedure contradicts all bases of technology a blockchain and the ideas about anonymity.
To all this swindlers for data acquisition about holders of cryptocurrency use this procedure. And you do not know into what hands your documents will fall. Maybe already soon to you these swindlers home will come and will rebovat to give your money and your coins. It is very dangerous to you and your relatives.
Already there were even such cases when to holders of cryptocurrency came home and extorted to give keys from their purses.

[Stavri]

i dont care about importance of kyc. as an investor kyc verification is includes a very high risk for me. i have witnessed so many times that passport details and personal informations were sold to other people in some platforms.

[berkat28]

in my opinion, with the first kyc preventing fraud, money laundering because they want to get a lot of tokens, when the project ends its sales, if there is no kyc, they might make lots of accounts and they get lots of gifts.

[inoes]

i dont care about importance of kyc. as an investor kyc verification is includes a very high risk for me. i have witnessed so many times that passport details and personal informations were sold to other people in some platforms.

what platform dude can you tell me ?
I also know very well about the big risk of sending our personal data,this needs updating to be sure how our data is not sold as you are talking about

[badakjawa]

KYC is an abbreviation of "know your customer" which is very useful for some ICO projects or exchange sites. Because KYC serves to find out the customer's identity, monitor customer transaction activities. This can make it easier for some ICO projects to monitor their customers and ensure that their customers are not a bot.

[jakiro.hovard]

Earlier, when the crypto-currencies did not have such a large audience, it could be said that the anonymity in the network was probably a very important advantage and it was very easy to make payments, but now, it becomes more difficult.

[Abiodun99]

In other to properly use a bitcoin exchange, you will need to complete a know your customer verification procedure.
This procedure contradicts all bases of technology a blockchain and the ideas about anonymity

[morgenshtein]

KYC is now widely used for ICO projects because it helps verify the identity of investors, which is very beneficial for ICO projects that want to grow over the long term.

For the most part, KYC was invented in order to avoid legal problems in the future. As some countries banned the cryptocurrency and the ICO can prosecute for what he gave the bitcoin to grajdanam such countries.

all right, they usually warn that residents of certain countries can not acquire their crypto currency or participate in the bounty. for me KYC is a very good thing

[karthcrypt]

In regards to the concept of cryptocurrency,  Kyc is not necessary but if we want adoption and get the money and regulation that will further legitimise ICO,  we might need to use KYC to achieve all these!

[Cacao2017]

KYC makes it easier to identify and it makes the management of customer information more convenient and better thanks to the information from KYC.

[Boss95rnd]

KYC is very important to every ICO, because there are a lot of scammers, that are trying to get a lot of coins. For example, if an ICO has a limited cap per person, the KYC will help to identify cheaters, that want to gain more coins.

[Iykecolyno]

I think I go more with the info on the fourth paragraph, knowing where bulk of the money is coming from isn't bad for an ICO will help them channel their energy properly during marketing and promotion, there have been a lot of concerns around it being that those details may be used for wrong purposes but now I think I agree with this

[Sandeep24]

I think KYC helps the ICO company to maintain their investors records as a standard form and companies are maintaining the record for avoid the scammers also. Over all it is beneficial for company as well as investors also.

[cryptocyprus]

No advantages of KYC does not, but with so many frauds KYC is very dangerous for those people who provide their data.

[ooxtcoo]

I also asked myself this question and decided for myself that the KYC is held only in order to get rid of the fraud on the part of the participants. After all, each participant can make several accounts and invest as much as he wants!

[Buttonluck]

I consider KYC to be harmful to all cryptspace. Our personal data from the photo can be used by scammers. It's more terrible than some one-off benefit for someone.

[irinakovallove]

I believe that the adoption of the KYC system is a step towards regulators, a soothing pill and the ability to determine illegal activities on time.