KYC in crypto, does it really require?

[Thyaga]

I think that verification needs to be done to detect fraud. because now the velocity of money in cryptocurrency is huge and we must be careful to prevent fraud and fraud

Doesn't what makes the difference between crypto currencies and banks a crypto currency does not need government intervention?

[1714877318]

1714877318

[Spoop]

Not at all, we do not need to do kyc for a coin to be successful but all of the coins now are making it seem like they do need it just so they can have an excuse to gtet the private information of people which they can end up selling much later for a good price when their coin ends up going under. Do not do kyc to buy any ico.

[myhoho]

I think it's not required for me.
But they are asking for KYC i never understand why they require. I allso never understand KYC for Bounties.
Not a logical way but they does it offently.

[DominickA86]

It is requiered for a projets with a limited cap per person. A lot of scammers are using multi accounts to get more tokens and to influence the token price. KYC is a must for every ICO. The other question is the security of your personal data. If you trust in this project, feel free to pass the KYC, if not, it is your own choice

[PetrVas7789]

I too in perplexity, cryptocurrency have to be anonymous and why request documents for receiving coins to me not clear. Too the requirement to load documents on the exchanges for verification revolts.

[Asantewaa2000]

Since there are no regulatory bodies for KYC it really worrisome but by and large I think there are some ICO's that requires no KYC so you could look at those  project from that perspective. But I do sometimes understand why they request KYC.

[stripykitteh]

Since there are no regulatory bodies for KYC it really worrisome but by and large I think there are some ICO's that requires no KYC so you could look at those  project from that perspective. But I do sometimes understand why they request KYC.

Part of the reason why most people get a KYC verification system inside of their project is because they need your infirmation to use on other KYC verification systems.

[Drobek]

I don't think KYC should be done by ICOs. I can't trust my info with an upcoming project. Crypto is suppose to have a level of anonymity and this KYC stuff ain't helping.

[DAVETUN]

KYC is necessary and our personal data is quite save in as much as the project is filled with viable service to be deliver, Some ICO'S require  KYC base on there country of location, and governmental rules that will aid the survival and existence of the project, also KYC is required in order to dictect  scammers and hackers in the space in order to reduce there expression in the space.

[kateycoin]

I think kyc is important especially to the investor who will invest in ICO to avoid cheating of some country that may not able to invest in some ICO. But im little confuse because I think bounty is not required of KYC to get the reward even if for the protection to the project. There some ways to know who cheats in the bounty so kyc is not needed to bounty hunters

[genapena]

I do not understand the meaning of this procedure. It seems to me that KYC does not change the quality of most ICOs projects. This formality is of no use.

[TastyChillySauce00]

KYC is necessary and our personal data is quite save in as much as the project is filled with viable service to be deliver, Some ICO'S require  KYC base on there country of location, and governmental rules that will aid the survival and existence of the project, also KYC is required in order to dictect  scammers and hackers in the space in order to reduce there expression in the space.

The thing I bold above, you can't be really sure, the project can be really legit and later turns out to be scam and your data is not safe. It's your data that saved up to their storage and will be kept forever.
Any misuse can be done as long as one of them have bad intention to. Most of people will realize this once their data floating around in the dark web to be sold to someone else.
There's no such thing as "save" when it comes to giving away data so keep watching the project that you've sent your personal data to.

[Laxus215]

OP do you know why crypto market is not performing well? It's because of unclear regulations in the cryptocurrency industry due to that lot of VCs and institutional investors are not entering with their investment funds. KYC is the part of the some regulation set by the particular countries which ICO projects have to follow under their jurisdiction. I think there should not be any problem with the KYC if we know the project well which we are supporting and are confident about that project. If you are still confused about wether to go with KYC or not  than ask in the projects telegram community what if my data will be miss used and what are your plans with data protection of the investors as well as supporters?

[Viklopot]

I believe that KYC in cryptocurrency is not required. and I have a negative attitude to give their data to unknown persons

[fakegurutu]

Do we really need to submit our personal details to ICOs for buying the token or for participating in it's bounty and airdrop?
I always wonder why do we need to give our vital info to ICOs that most are not even likely to come on in crypto space and crypto is all about decentralization but submitting our info has made it look centralized to me.
There is no regulation in crypto yet so why should we give our details to unknow ico organizers, so claim to prevent some region in participating in the ico because of the country law but those ICOs comes from the same region and country that prevent their own citizen from participating, should we say they are using style to rob us or our details is being used for other purpose .
I think it's high time we all need to stop giving our details to ICOs if really the crypto is all about decentralized and their is no regulation in the world yet to really require such details, I will like to know everyone minds about the submission of our details in term of KYC .

Thats true mate, the true essence of cryptocurrency is all about decentralization, what does it mean? it only means that everything should be unknown, no identity at all, no giving out personal information. Thats why ICO that has a KYC is suck, I dont even go and invest to it. Its really unreasonable to make a KYC in crypto world.

[FreeAirdrops]

There are now some services that privately store your data and KYC certify you. In general I don't feel good about giving out my information unless it's for a very good reason. I've not going to take a selfie with my passport for some $5 airdrop.

[Genesis Crypto]

I do not support KYC verification because I am concerned about the security of my data and personal information. And I try to avoid such projects using KYC. Many projects use KYC to their advantage, and many people are willing to provide personal information because of the rewards without thinking about the consequences.

[plr]

With the current ICO situation, I don't think it's recommended that you go through an ICO so many projects become dead after doing their ICO and you don't know what happens to your sensitive information, but as long as the project is compliant to the government where they are located it's ok to do that but do not guaranty the safety of your information.

[montaza]

In most exchanges KYC is required to avoid illegal activities. Kyc are also use in bounty campaigns to avoid abusers who make multiple accounts and join in one campaign.

[Bedebah]

I think KYC is a good thing so it can prevent cheaters, especially now more and more are making bounties as the main income so I recommend using KYC.