What does KYC gives you ?

[khalidxpert]

Kyc means Know Your Customer

You need to provide photo id like your id card passport or driving licensr and addresd proof like any utility bill or bank statement.

To avoid money laundring activities most exchanges and icos ask for kyc. Always research a bit before your personal and confidential i formation.

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[senin]

The main purpose is KYC is definitely had to prevent fraud and also protect the company
You don't to run a business/company where you had no data of people/investor that is in your company because that posses problems like if your investors had black market money, you would have run into problem too

How can a KYC check protect an ICO team? Someone even wondered what this team would do next with the confidential information collected, where and for how long to store it. Will she be responsible for leaking this information? Government agencies are responsible for the safety of this type of information. The ICO team is generally not responsible for anything and can do anything with it, even sell it to criminals.
So what does the KYC check give us, besides the headache?

[shoupengyangguang]

KYC has hardly brought us any benefit, as most KYC projects still do not have any tokens or off-the-shelf products that are already on the market. This means that even if we participate in the KYC project, we are not likely to be 100% profitable.

[ekateriinae]

KYC has hardly brought us any benefit, as most KYC projects still do not have any tokens or off-the-shelf products that are already on the market. This means that even if we participate in the KYC project, we are not likely to be 100% profitable.

Even we participate in the KYC project it doesnt guarantees that project will succeed or profitable. Only one i can sure. The project with a KYC is always are the legit one to participate but it does not guarantees your earn. Atleast scammer had a hard time to claim bounty with this KYC.

[Vaculin]

KYC has hardly brought us any benefit, as most KYC projects still do not have any tokens or off-the-shelf products that are already on the market. This means that even if we participate in the KYC project, we are not likely to be 100% profitable.

I agree with that, KYC is just another risk for us, since we are oblige to give our personal detail.
I really don't understand why some really needs to push that KYC, when if it started trading in exchanges, one can buy it without KYC.
What's the use, I know it's government requirement, but government did not analyze that well?

[maculeth]

we are still objective. I think for some countries it will be a little difficult to get past the Kyc. I have participated in a bounty which eventually required Kyc and when I uploaded some required documents, it was not approved and I was very disappointed. if indeed the token is not distributed to my wallet because we don't pass it, then I can only be sincere and say "it's not mine yet". I am very disappointed with the difficult Kyc.

[Rockkey]

For me, this procedure usually means a certain amount of time that I must additionally spend before performing a relatively simple action, which in other circumstances could take me a maximum of 5 minutes of my time. Thus, my attitude to this procedure - it's often an absolutely unnecessary thing that complicates the process.

[fortunecrypto]

Hi.can someone tell me if KYC is ok ? what could be the effects of doing it especially in bounties/airdrops, they are requiring to pass KYC before joining

For mew KYC is not ok, if you are comfortable giving your vital information and know that they are going to sell your vital information to the third party, then go ahead proceed at your own risk, just don't be surprised if you are only going to get a few cents in exchange for your vital information.

[peter0425]

KYC has hardly brought us any benefit, as most KYC projects still do not have any tokens or off-the-shelf products that are already on the market. This means that even if we participate in the KYC project, we are not likely to be 100% profitable.

I agree with that, KYC is just another risk for us, since we are oblige to give our personal detail.
I really don't understand why some really needs to push that KYC, when if it started trading in exchanges, one can buy it without KYC.
What's the use, I know it's government requirement, but government did not analyze that well?

Yes, it's a risk and I personally doesn't see the need for it. However, some trusted platforms really do need to ask just to be sure that they are working with good actors so I guess its really up to us to decide whether we wanted to submit documents ore just pass and go on the next trading platform. I'm sure that government wanted it to see how some people are moving their money for tax purposes.

[Spaffin]

KYC has hardly brought us any benefit, as most KYC projects still do not have any tokens or off-the-shelf products that are already on the market. This means that even if we participate in the KYC project, we are not likely to be 100% profitable.

I agree with that, KYC is just another risk for us, since we are oblige to give our personal detail.
I really don't understand why some really needs to push that KYC, when if it started trading in exchanges, one can buy it without KYC.
What's the use, I know it's government requirement, but government did not analyze that well?

No government requires ICO teams to conduct KYC checks against ICO bounty campaign participants. Such an audit can only be carried out in relation to investors. This is a contrived problem for bounty hunters. Such a check creates only one problem for us, because practically no ICO team at the initial stage indicates which data they want from us. We have to constantly read their telegram, spend a lot of time on various coordination of ambiguities, because there is no single form for passing KYC checks and each ICO team comes up with its own. Because of this, we spend our time and a lot of nerves, and since the KYC check is always postponed to the end of the ICO, for many it turns out that their work was free because many people could not provide certain required data. For example, I live now at the wrong place of my registration and cannot provide some of the required documents. The KYC check in this case acts as another form of fraud.

[devxoin]

Hi.can someone tell me if KYC is ok ? what could be the effects of doing it especially in bounties/airdrops, they are requiring to pass KYC before joining

For mew KYC is not ok, if you are comfortable giving your vital information and know that they are going to sell your vital information to the third party, then go ahead proceed at your own risk, just don't be surprised if you are only going to get a few cents in exchange for your vital information.

[sssergy]

Especially nothing happened by doing KYC if bounty or ICOs isn't Scam project. Some Scam project sell this information for money that is the biggest problem.

[zachyboy090118]

Hi.can someone tell me if KYC is ok ? what could be the effects of doing it especially in bounties/airdrops, they are requiring to pass KYC before joining

Thats okay they just want to make sure that theres no abuse happen during bounty execution and that only there security reason  also at the same time. As a bounty hunter moat of the project required KYC is shows legitimate in the project .

[baghdatis1990]

      KYC is a measure that bounty projects take away from unserious investors or reward hunters. It is a measure that prevents SPAM. In KYC, you have to give your personal data in order for the project to know who you are. I think it would be best for project members to offer a KYC to investors, so we will prevent most SCAM projects.

[JohnMacZeppelin]

Let's be honest. Today, KYC is a process that no one needs. Everyone understands that this process only gives a threat to investors, so investors today use fake data through Photoshop, so what's the point?

[dumplingsandsushi]

KYC gives you nothing, and takes away your security, it's not worth it.
Especially if a bounty or airdrop is asking you to do it, just walk away.

KYC actually has no legal precedent in crypto.
It is a loosely agreed upon international standard for banking to help stop money laundering.
Basically, banks in the past did not require that much documents or face to face meetings.
It made it easy for terrorists or big corporations to open up accounts anonymously.

Nowadays, you typically need a lot of documentation or open one face to face.

So bounties asking for KYC is not only ridiculous, it is absolutely unnecessary.

[Olayinka225]

KYC is literally know as Know Your Customer.
Recently,  have stoped supplying my details for any kyc bounty and airdrops why because have begin to get afraid if my data is safe or will be safe henceforth because nobody knows what the requesters are using the data's been collected for.

[celot]

Some time KYC is bad thing how to make investor will be unhappy for joining or investing at ICO project, why have needed KYC but we make real investment, maybe just for bounty campaign participants is good to make people keep away from multi account.

[DominickA86]

I am taking part only in projects that have a KYC process integrated because without this procedure nobody is secured from scam. If there are some kind of regulations or maximum caps, it can be simply tricked without a KYC.

[Yudhisthir]

It gives a peace of mind for legit projects. Providing themselves enough information to stay out from any AML investigations.
While it provides a secondary income for scam projects selling identities on dark market.
Anyway it's a bad option for the investors that risk their identity in several ways.