KYC in crypto, does it really require?

[clipman77]

This procedure is absolutely useless and not needed, cryptography was not invented for these purposes in order to identify the owners of cryptocurrency. In addition, all the personal data that we send can get to the fraudsters.

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[yingfeng]

Each team decides whether to enter the KYC procedure. Bad when the team does not report this in advance. There have been cases when investors have invested their money in the project. After that, the team reported: for investors to get their money, they need to go through KYC. This is not correct.

[TastyChillySauce00]

Each team decides whether to enter the KYC procedure. Bad when the team does not report this in advance. There have been cases when investors have invested their money in the project. After that, the team reported: for investors to get their money, they need to go through KYC. This is not correct.

While most of the time it's the investor that too lazy to read the terms & agreement I think it's also a necessary thing for the project to make a warning, I mean a big warning that it requires KYC to invest into their project. Hiding the KYC is just seems like a trickery from the investor side.

[Desmo]

I think that kyc in crypto is normal, but only for those people who are investors. For bounty hunters in Bounty, in my opinion, this procedure is very complicated and unnecessary. It is good that many companies do not require kyc.

I probably will agree with you. There are very difficult procedures of pass of KYC in some proyetka. And the most important isn't clear why they are necessary for participants of bounty.

[labake]

You are right, you said it very well but I would only try to be realistic with you. It's not every bounty campaign and ICO require KYC and most of them would make mention of that before ICO TOKEN SALE begins. You will laugh and enjoy the if only you abide with their reals

[BuyBuyBitcoin]

The KYC process will just keep all of the data breaches that banks have currently in the crypto space!

Look what happens when Banks store people information

https://www.theregister.co.uk/2011/06/14/citigroup_website_hack_simple/

https://money.cnn.com/2018/02/09/pf/equifax-hack-senate-disclosure/index.html

https://www.vice.com/en_ca/article/jmv3a3/anonymous-hacked-bank-of-america

Banks = DATA HACKS

Protect everyone who likes their privacy and buy crypto anonymously through bisq, hodlhodl, changelly, paxful, openbazaar, mycelium local trader, BitKan, WallofCoins or BitQuick.co.

[Cyptobonds1]

We can't say it's not required for some benefits but in most way i don't see this thing called kyc help in crypto about of the prohibited country in crypto if not we should all agree as scam because one of the most important things a scam needs is someone info and when he have access to thousands trust me he can do whatever he wants, and whose kyc project the owner will think might have done such when so many of them already have his details. We just need to be careful

[karanggatak]

there may be advantages and disadvantages of some ico rules kyc. I think the ico rule that requires someone to send kyc is that they prevent someone who has multiple accounts and follows more than one in an ico campaign. and I think the lack of cyc is that our identity will be known. and I myself will be very worried if our personal data will be used by irresponsible people. thinking of such things, I myself object to the existence of such a rule.

[sodiik]

KYC up to now is not a basic requirement that must be present in crypto. It is only one alternative to help crypto run more smoothly, transparently, and avoid fraud that can be done by the participants. Some people don't really like KYC, and there are still other alternatives or methods to reduce fraud. So crypto doesn't have to use KYC.

[xDispeLme]

I believe that KYC is absolutely not needed cryptocurrency world and only discourages investors who do not want to give their data and lose anonymity

[aces777]

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 .

It does not but there is just the fact that a lot of the projects know that their coins are going to die out and they need something that they know that they can make money out of and hence they are taking to collecting private and sensitive information from people which they can then sell out on the black market for a lot of money when they die out

[Fortified]

Do we really need to submit our personal details to ICOs for buying the token or for participating in it's bounty and airdrop?

No it does not necessary , although they have a purpose but not quiet enough to show our data , perhaps these can be use in other way that someday it may our big regret .

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 .

Yes its time to stop sending our KYC just to claim our tokens with a very small amount and its better not to join bounty that requires KYC and also not patronizing a centralize exchange since it's also requires KYC .

[VisualPleasure]

i dont know if require kyc for buy token, but for like airdrop or bounty its for reduce some cheater

[Henisusan]

Without KYC, crypto can still run smoothly and safely under control. So KYC is not something that is mandatory for crypto. Only, with the existence of KYC can help the team in crypto minimize the level of fraud. The use of KYC is currently still applied in several ICOs, not all ICOs implement it, because some people think that KYC implementation complicates and slows down the process.

[royalfestus]

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 .

there might be no regulation in cryptocurrency but there are regulation in each country that control entity that are similar to cryptocurrency e.g stock, bond etc. Since cryptocurrency will at some point relate to fiat of these countries, have physical structure online and on-ground so they will need to abide by those rules within the circle.

[Icologies]

I think KYC needs to be developed and renewed the system so that users are comfortable with the KYC on a project. many complain about KYC that doesn't match what they want.

[Gryphet]

Kyc in recent times a lot of course where required , but of course there are those projects where there is no need to provide , but in most cases with kyc good pay !

[bitcoinst]

I believe that this procedure is overvalued, in fact, a self-respecting project that aims to succeed in the first place always take care of a professional bounty manager who, at the reporting stage, will find all multi-accounts and dishonest bounty hunters.

[JCviggen]

KYC exists not because to find cheaters in bounty programms. it is done to find out who is the holder of the coins .. which is contrary to the principle of anonymity

[jpnl0002]

The basic reason for kyc in most project is to prevent scam most people do not get their reward or token because their identity was snatched or stolen so i do support the idea of kyc to ensure the rightful owners earn their rewards