KYC system at some program!

[9jaflick]

what is the function of kyc system .. will there be any problems or risks that we have after we send kyc on a program?
- is there any possibility of misuse of our data on certain things..or what about the action of prohibiting the law on our data?
-do we have to be more careful in following a program that requires a kyc system?

before you chose to give someone your confidential details about yourself, you should be aware of the risk involved, I have done a series of KYC verifications lately, I know given out my details risky, but on the other way round, since I have nothing to loss why should I worry.
if you know that given your details out will hunt you and give you a sleepless night, then dont.

[Cnut237]

what is the function of kyc system .. will there be any problems or risks that we have after we send kyc on a program?
- is there any possibility of misuse of our data on certain things..or what about the action of prohibiting the law on our data?
-do we have to be more careful in following a program that requires a kyc system?

Yes there is risk and yes you have to be careful.
A lot of legitimate projects are now asking for KYC information because they don't want to fall foul of AML laws. Unfortunately some scam projects will also ask for KYC, so you do have to be very very careful. This is valuable information, and you need to be sensible to limit the possibility of it falling into criminal hands.

[boakyei]

You must be convinced that a project requesting a KYC is very legitimate , otherwise if the project turns out to be a scam, you must find your data be sold on dark web or any online black market well fake Identities are sold.

[Meraki]

what is the function of kyc system .. will there be any problems or risks that we have after we send kyc on a program?
- is there any possibility of misuse of our data on certain things..or what about the action of prohibiting the law on our data?
-do we have to be more careful in following a program that requires a kyc system?

Well some country there is a regulation to be followed thus some country requiring KYC in order to distribute the coins from bounty or from ICO. Also there is a chance of information leak or getting compromised by hackers so it is still not 100% safe.

[shinchan123]

what is the function of kyc system .. will there be any problems or risks that we have after we send kyc on a program?
- is there any possibility of misuse of our data on certain things..or what about the action of prohibiting the law on our data?
-do we have to be more careful in following a program that requires a kyc system?

I think KYC is a part of a certain projects country regulation depending on which country a project is originating from. There's a risk that your data is unsecured since some are requiring to pass some sensitive data that may disclose your personal information. I think there are legal entities that are performing KYC for projects, so this kind of risk can be avoided.

[ajqjjj]

To be honest, I also disagree with projects that use KYC. because I am afraid of personal data in the wrong use, but beyond that, there must be a positive side. as there are restrictions from certain countries to participate in the project, and with KYC all can be in the know by project manager.

KYC is used to identify the fake person so some peoples are stay away in KYC system. But some projects are ask for the KYC you must analyse it is good projects are scam project and mainly trusted manager is available in this project definitely your data is safe. Many spam users are day by day increasing in this forum so this is also good for this community and we should alert ourself then only we will survive in this platform.

[Jimmymoriarty]

You need to be very careful before sending in your KYC details as there is always a possibility of your personal information being misused. I wouldn't tell you not to projects that request KYC. But make sure, if you decide to do it, to analyze the campaign fully to know if it is a legitimate one or a scam.

[BITSPANISH]

Of course you should be careful if you invest in any ICO project or bounty campaign which require KYC cause if it's a scam project or bounty campaign, your documents will be sold right after you done your KYC. For now, there are so many investors hate KYC so they only wanna invest in ICO projects which don't require KYC

[Kratos456]

As for me, KYC violates the most important principle of crypto currency and its anonymity. I think that there may be different situations and the data can be drained off somewhere.

[sateyaam]

I think the system kyc there are advantages and disadvantages,
indeed many argue if kyc is very harmful and vulnerable to abuse of data,
but in my opinion at least kyc system can be used to track investors and as evidence that there is no coercion in the program

[marufnang]

I personally don't agree with the idea of KYC, cause it breaking the idea of cryptocurrency.
Doing a KYC means we'll lose anonymity that cryptocurrency has.

[Swenna]

As for me, KYC violates the most important principle of crypto currency and its anonymity. I think that there may be different situations and the data can be drained off somewhere.

I agree. Each transactions are supposed to be anonympus and that is one of the main reason why people choose transacting via cryptocurrency than fiat. But the kyc guidelines of some projects forgets that, that is one major characteristic of cryptocurrency. Moreover, it makes the user/investor vulnerable not just to abuse of data but also identity theft. Also, some governmwnt ID's can be hacjed just via picture scan, so its really dangerous.

[ronnis.gomes]

The KYC process is intrusive to people's privacy, but unfortunately due to money laundering issues it has become commonplace in most ICOs

[slaman29]

Why don't you just look up KYC online so you understand it? Then you might also understand that not every program, casino or ICO out there has the right to ask you for KYC. In summary, if the entity you're dealing with is regulated, or is registered and recognized as a business entity, then OK, they probably need to comply with KYC/AML, and they would naturally want users to be verified.

They want to know their customers. Simple right?

But if you're dealing with a project that's NOT registered, a casino that's NOT regulated, an exchange that's anonymous. Then don't ever give them KYC. Quit them, find someone else. You bet all the things you're worried about they could do with your data, they will do.

[agustina2]

what is the function of kyc system .. will there be any problems or risks that we have after we send kyc on a program?
- is there any possibility of misuse of our data on certain things..or what about the action of prohibiting the law on our data?
-do we have to be more careful in following a program that requires a kyc system?

- yes.

- yes.

KYC system is due to strict regulations of the ICO's today. In this way, this will ensure that the ICO is following crypto protocols by the government. Somehow it's has benefits but on the other hand, why we here on crypto is because of decentralized system.

With growing numbers of ICO's scam, it's really required that a legit ICO's must follow the regulations and KYC is part of that.

[cryptomonotize]

The whole KYC system is against the key principle of cryptocurrency which is being anonymous. You are giving personal information which can be abused later. Personally i dont like KYC but because of some issues companies are asking for KYC.

[chandrarahmadewa]

what is the function of kyc system .. will there be any problems or risks that we have after we send kyc on a program?
- is there any possibility of misuse of our data on certain things..or what about the action of prohibiting the law on our data?
-do we have to be more careful in following a program that requires a kyc system?

Yes, we have to be careful of an ICO requesting your data (KYC), I think the wrong way of sending personal data to outsiders. This implies the rule of cryptocurrency, but there are some trading markets asking for your data (KYC)

[carrie_white]

KYC it means know your customer, it is really needed for ico program and bounty campaign, in order to avoid multiaccount and avoid restricted country. although it must be done, but you also have to be careful in filling a kyc program, make sure the project can be trusted, because now very much kyc that abused

[AUruHM]

Guys, those data are great goods on the darknet. Some projects can get more funds for team such. And if this data can be sold why not? Of course they trade. I'm sure. Not all, but much

[hyadumadha]

The objectives of KYC guidelines is to prevent the company from being used, intentionally or unintentionally, by criminal elements for money laundering activities. In the side of the company, this helps them manage their risks prudently, but in our side as customer, there is a chance that our data will be used for the benefit of that company.