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.
Topic: KYC system at some program! - page 3. (Read 501 times)
The KYC process is intrusive to people's privacy, but unfortunately due to money laundering issues it has become commonplace in most ICOs
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.
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.
Doing a KYC means we'll lose anonymity that cryptocurrency has.
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
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
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.
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 
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.
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. 
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?
- 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.
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?
- 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.
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.
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?
- 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.
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. - 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?
if you know that given your details out will hunt you and give you a sleepless night, then dont.
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?
There is two reason, why i never fill the KYC. First because I think they can abuse my personal information. And second because I'm too lazy too fill it - 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?
. if so .. what about the bounty program that we follow .. but at the end of the program they use the kyc system in the distribution of coins result from bounty program. do we just leave it or how do you think
Next time you must be more selective when joining bounty. if that is a project from big company which seem trusted then i don't mind to give my data.i think the projects which use kyc at the end, they don't respect the participants. At least they give information about kyc since beginning
Always give your information only when very necessary, there are Airdrops now demanding KYCs I scenarios where they aren't even necessary, your information can be used to do things that you don't approve. Of placing you in a very awkward situation, if it not necessary, keep your information away from the internet
A good point, but it's hard to tell if our documents will be used illegally or not, but it turns out that it's ok because they are committed to the laws
These days, every tom, dick, and harry requests for KYC. Even scam projects who abandon the development of their projects require personal documents. In the end, the concept of decentralization with the crypto space stands for is eroded, as transactions can't be anonymous anymore. Again, personal documents in the wrong hands can lead to identity theft which is why a lot of people frown at KYC/AML.
There is a risk in submitting your details for KYC, but nowadays most of ICO required Kyc. so you can't avoid them.
you need to participate to make some profit, Most valuable tokens always required your identity to participate their token on ICO.
SO without taking risking you can't make good profit!
you need to participate to make some profit, Most valuable tokens always required your identity to participate their token on ICO.
SO without taking risking you can't make good profit!
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