Topic: What does KYC gives you ? - page 25. (Read 26241 times)
If it is a legal obligation and it is the laws of many countries - how we can check that this companies do not will use our data in illegal way?
If they don't meet the softcap they will probably sell your ID in the dark markets, something that is 100% verified as being legit is worth money. They can take out loans in your name, buy illegal items, not worth the risk if you ask me
KYC today is a procedure that does not promise anything, you just give away your data, which is actually your private property, this is very personal data, but you share it, I do not understand and do not support it.
Though I don't have problem with kyc but it always give me concern when bounty or ico ask for kyc when their is no regulating body in cryptocurrency yet, but on exchange is still more save than ici that you don't know if it's real or will really secure your documents, so the kyc stuff is at your discretion.
You have to share your private informations like passport with unknown people to pass kycs. It is very dangerous for us because those informations can be leaked easily.
KYC is an authentication mechanism which gives an investor the authorization to contribute during ICOs. This is done to prevent fraudlent activities. Some of the down fall of it is you willingly giving out your private info to someone you trust. If the party is unethical, your data might be monitized without your concern which has many consequences.
Hi.can someone tell me if KYC is ok ? what could be the effects of doing it especially in bounties/airdrops, they are requiring to pass KYC before joining
KYC gives nothing to bounty hunters. He only selects our confidential data from us, and in the future it may cause problems if our data copies of the documents fall into the hands of criminals. In addition, the KYC check is generally absurd, useless and illegal against bounty hunters. We are not investors and therefore should not be held in relation to us. The ICO team uses KYC checks to fraudulently not pay out earned tokens to bounty hunters.
KYC isn't really about you that does it, it is more for the project that requires it, many of them conduct KYC because it was necessary because of regulations, some do it in a bid to restrict cheating and level the playing ground for everyone.
I have been doing KYCs for over a year now and up till this moment, I have never had any problems with it, you have to be careful about the legitimacy of a project before you trust them with your details though.
Well honestly, nothing! Whenever i do any KYC for bounty or ICO, it feels me just risk only. But sometime i think, if KYC begins then there should be some main reason for starting. I think KYC should only available in ICO, not in bounties or airdrops. I never like to do KYC for bounty and airdrop, because if they are giving free tokens then why they need KYC.
Hi.can someone tell me if KYC is ok ? what could be the effects of doing it especially in bounties/airdrops, they are requiring to pass KYC before joining
Know your customer is something what is needed by government of the country where company works. It doesnt give you anything, also company shouldnt get anything from it.But some scam ICOs require KYC and they sell these informations on the black market.
KYC is ok, yeah, nothing bad if ICO doesn't want to scam you. They just try to know better those to whom they pay. But there is always risk when you give information about yourself to somebody you don't know
I actually disagree with regulations that require bounty participants and airdrops to do KYC because the real purpose of kyc is to find out the identity of investors at the time of the ICO so as to reduce the level of money laundering.
Then the bounty hunter is required to do kyc even though what is obtained from the project alone does not even know and by doing kyc the possibility of personal data is very large.
Then the bounty hunter is required to do kyc even though what is obtained from the project alone does not even know and by doing kyc the possibility of personal data is very large.
Hi.can someone tell me if KYC is ok ? what could be the effects of doing it especially in bounties/airdrops, they are requiring to pass KYC before joining
First of all you should clear understand why KYC is required and how is you data will used. You should know who is perform KYC procedures and does this company is legit for work with personal data.
KYC it's normal. It helps to projects organize all their actions at the legislative level and ultimately pay you tokens
Hi.can someone tell me if KYC is ok ? what could be the effects of doing it especially in bounties/airdrops, they are requiring to pass KYC before joining
I don' think that doing KYC is wise. There is always the chance of the project failing and them selling your information on the dark web to hackers and scammers. You should be very careful who you share that information with as things can go very wrong, very fast if you are not careful. The only thing you should be doing KYC for should be for the exchanges.
For me KYC nothing gives, but it only takes my data, which can be easily leaked. i don't like this fact, what I only suffer from thi procedure and ICO receive my data for free, what can be sold on black market.
Is simply to get tax criminals these people should dependably collaborate with honest to goodness money related foundations like banks and credit associations to clear their assets. On the opposite end of the range, money related organizations need to depend on data they have accumulated, and an arrangement of different methods, to counter such exercises. This arrangement of methods went for distinguishing a client is alluded to as KYC.
Hi.can someone tell me if KYC is ok ? what could be the effects of doing it especially in bounties/airdrops, they are requiring to pass KYC before joining
Its not bounties or airdrops or ICO, KYC in crypto is basically used for AML (Anti Money Laundering), it is very important for legitimate companies so that over the long runs during audits they can prove that they are clean.
However, lending your KYC to scam projects/ICO is very dangerous, you should be very careful while submitting your KYC details.
KYC is more of a pain than anything positive. I prefer not to do KYC verification whenever possible. I would not do any bounties for campaigns that requires them. Sometimes, you have no choice to do it such as having a Coinbase account.
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