Topic: Are You Afraid of KYC? - page 29. (Read 31966 times)
the concern for the KYC procedure is sure to exist, since KYC is a private data transfer procedure that is legal under government law. but looking at the investment security aspect when joining an ICO is a good thing for us, and I hope in the future the more advanced blockhcain of any project Cryptocurrency using kyc procedures must use the services of a legal company KYC so it can be possible our data is safe with them
'KYC' has proved to be a vital tool through which companies and businesses can protect themselves by having specific data about their customers so that they can maintain authenticity and reliability. However, Blockchain technology, at its early stages, has challenged this process by giving clients the ability to hold their own transactions thoroughly and transparently without the interference of third party. Nowadays, we notice that some exchanges, if not most, enforce such a system as an obligation to enter them. Generally speaking, this is certainly good for both customers and exchange markets, but the question here, will these companies and exchanges using the 'KYC' keep this information secure and not use them against their clients in the future. what are the guarantees?
people are afraid of KYC because of below reasons:
it is not legal in their country
they are afraid of misuse of their identity.
people do not wnt to pay tax against the earning done by them in crypto.
i prefer to do each project with KYC if it is legal.... otherwise i have no problem in doing kyc
it is not legal in their country
they are afraid of misuse of their identity.
people do not wnt to pay tax against the earning done by them in crypto.
i prefer to do each project with KYC if it is legal.... otherwise i have no problem in doing kyc
If this will happen soon I don't have any strong power to stop it because I am just simply a member and a bounty hunter. As what you already mentioned that there is a chance that my private info could be use to evil purpose by some wicked persons, this is not good idea and something that shouldn't be ignored. So my best way to get rid from it is to stop joining any campaign anymore. This is the only way to keep me safe.
If this is needed for good, I think there is no reason to be afraid to KYC. But at this time, a lot of data theft happened. So I am also worried for it. I fear my data is used for something not good.
I can see that soon almost exchanges and even ICO programs will be requiring us to do the KYC procedures where we are required to pass copies of our legal documents before we are granted entrance or the use of the services or programs we are interested with. This can be as common as having a password or 2FA.
Now, personally I have no big problem with it though just like anybody else am also concerned that my personal information can be divulged to anybody or a group that might use it for any illegal purpose. This is one risk we are facing once we are actively living in the online world. Evil people who can be thousands of miles away can now be just one click away.
What are your apprehensions about the KYC procedures that will soon be as popular as noodles?
i am not afraid)))
Cause, if owners will have my ID, they did't do nothing with its
Cause, if owners will have my ID, they did't do nothing with its
It's a risk worth taking if the team is not asking too much. Asking for unnecessary document more than identity, requesting location, bank statement e.t.c doesn't feel safe. Safety of the document matters most in the hands of the team not the apology when it got in wrong hands.
We do have different perspectives in KYC and majority of us feel not safe if someone was trying to ask about our information, that is why as much as possible I also don't like something like that as I don't want to give my personal information for security reason. Even i don't have much interest to share the personal info but we don't have the choice because if we want to participate in our desired ICO we have to share the document otherwise it is not possible for us to buy those. Now many companies are asking KYC for internal audit purposes.
I think, it is new normal. Forget about privacy)
I can see that soon almost exchanges and even ICO programs will be requiring us to do the KYC procedures
where we are required to pass copies of our legal documents before we are granted entrance
or the use of the services or programs we are interested with.
This can be as common as having a password or 2FA.
Now, personally I have no big problem with it though just like anybody else am also concerned that
my personal information can be divulged to anybody or a group that might use it for any illegal purpose.
This is one risk we are facing once we are actively living in the online world.
Evil people who can be thousands of miles away can now be just one click away.
What are your apprehensions about the KYC procedures that will soon be as popular as noodles?
New kyc system is very irritating as many of them get scam.
And Sometimes they reject you even giving real information and original copy of nid.
Well The main thing that the cause of afraid is that,, they can harm us if they want.
If they have our real information, They can easily use it for illegal method, and you can't do anything....
cryptocurrency is already known anonymous. in my own perspective i am reaally afraid of giving my personal idendity specially in registering bounties. Its because i am afraid that if i give my personal data they may use it for illegal purpose someday.
By whom? I can't understand why people say things like that.You know that blockchain is a ledger,in which all transactions are securely recorded,It is possible to trace transactions,even those that have been performed using mixing services...I want to say once again that cryptocurrencies are not anonymous to the same level as cash is,But if we consider Zcash,Which uses Non-interactive zero-knowledge proofs,which also gives cryptocurrency user the ability to hide transactions data Of course it will be harder for investigative authorities to investigate criminal cases but its possible with powerful computers,Even if we get Monero.So your argument is not solid enaugh.In additional,as I have already mentioned,I think KYC is not bad as it seems.
cryptocurrency is already known anonymous. in my own perspective i am reaally afraid of giving my personal idendity specially in registering bounties. Its because i am afraid that if i give my personal data they may use it for illegal purpose someday.
To be honest, I almost got stopped earning bitcoin-related crypto because of this KYC. I'm one of the active airdrop hunters and most of my fillup-ed airdrop requirement is the KYC. But what happened to me is I submitted my KYC on the wrong site of this airdrop and days later on that. Many random emails are kept appearing in my inbox and sometimes there's an unknown number that asking if it's really me wondering how they got my number and how did they know my name and I really doubted that it's because of the KYC I submitted. So yeah, it is a lesson learned from me that you must seek more on the bitcoin-related site that you have been joining.
KYC should be accompanied by confidentiality clauses and legal contracts but, that, too, is a hassle.
Nothing is too much of a hassle when it comes to our privacy. I would love to see regulations sharpen the process of how exchanges gather and store people's precious information.There are systems already that notify a government body each time someone requests access to user information, and we might actually need something like that in this case as well, because what is the alternative?
I rather have a government body watching over everything than whatever third party (that we can't fully verify or trust) hired by the exchange itself. It would even be a smart way for the tax department to collect tax.
I am not necessarily afraid of KYC. There's nothing to be afraid especially if you have nothing to hide or if you know you are not falsifying any of your information. Nevertheless, KYC is a means of knowing the user or the customer/member/participant of a company or a project especially if there are money involve. Now, what is actually scary about this is that you are giving personal information to someone who may and can actually use it against you. Having this exchange of information makes you vulnerable to attacks and to identity theft especially nowadays where no on can be trusted over the virtual and online world. KYC should be accompanied by confidentiality clauses and legal contracts but, that, too, is a hassle.
Yes,there are times that Im afraid of KYC ,because Im not sure if my identity will be safe or I mean someone could used my identity because there are lots of hacker anywhere..That's why I am very careful in choosing sites that I want to join or click..
it is good for knows people and their credit and past transactions so we know easily them.
It's a risk worth taking if the team is not asking too much. Asking for unnecessary document more than identity, requesting location, bank statement e.t.c doesn't feel safe. Safety of the document matters most in the hands of the team not the apology when it got in wrong hands.
We do have different perspectives in KYC and majority of us feel not safe if someone was trying to ask about our information, that is why as much as possible I also don't like something like that as I don't want to give my personal information for security reason. 
It's a risk worth taking if the team is not asking too much. Asking for unnecessary document more than identity, requesting location, bank statement e.t.c doesn't feel safe. Safety of the document matters most in the hands of the team not the apology when it got in wrong hands.
I can see that soon almost exchanges and even ICO programs will be requiring us to do the KYC procedures where we are required to pass copies of our legal documents before we are granted entrance or the use of the services or programs we are interested with. This can be as common as having a password or 2FA.
Now, personally I have no big problem with it though just like anybody else am also concerned that my personal information can be divulged to anybody or a group that might use it for any illegal purpose. This is one risk we are facing once we are actively living in the online world. Evil people who can be thousands of miles away can now be just one click away.
What are your apprehensions about the KYC procedures that will soon be as popular as noodles?
There is a lot of scams out there, but remember, an investment is similar to a bet, whether it's horses or stock, it's still a gamble.
Jump to: