KYC will not be a matter or problem if: We are really the citizen of the country that is available to buy the coins. We are not spammers that have multiple accounts. And we trust in the developer or company to keep our ID secretly.
KYC is not to be feared of the things. Many people are afraid because they want to ensure that their ID is very secure.
As an investor, we must be ready to provide our ID for buying, because KYC is Know Your COstumer. It is the way for the dev to know exactly who their customers are exactly.
Topic: What is KYC?Why do you need KYC in buying ICO? - page 2. (Read 397 times)
People should stay away from ICO with KYC. Even with big companies still have data breaches and what make everyone think ICO will security all the information.
KYC is also synonymous to AML ( Anti Money Laundering ). All just a means of identity verification
1.WHAT IS KYC?
"KNOW YOUR COSTUMER" means the process of the identification of the client.Token holder will be required to provide with his/her personal data,after token/coin purchased will be sent to the wallet that the user put in his account.
2. WHY DO YOU NEED KYC?
Although the phrase "know your customer"may seem insignificant to a lot of people ,it has a very important meaning in the business world.If particular companies want to interact with other partners in the industry,however, they really have no choice. KYC allows companies to protect themselves by ensuring that they are doing business legally and with legitimate entities, and it also protects the individuals who might otherwise be harmed by financial crime.
KYC is a defensive mechanism for both the company and the clients. By sharing this data,all the token holders confirm that they are the true owners of their personal accounts and the wallet,to which the company send tokens. It will grant that you are the person that receive your tokens.
SUMMARY
KYC IS NOT A THING TO BE FEARED OF,COMPANIES NEED THAT FOR THE SECURE DEVELOPMENT OF THEIR BUSINESS AND FOR THE SAFETY OF YOUR INVESTMENTS AS
WELL.
HOPE IT HELPS..LET ME KNOW YOUR COMMENTS AND IDEA GUYS ABOUT DOING KYC IN ANY ICO.
1. KYC contradicts the very idea of cryptocurrencies as such. So I against him. 2. There are a lot of fraudulent projects that require KYC to receive tokens and it is not known in which hands personal data fall. After all, the state is not responsible for the KYC procedure itself in the case of cryptocurrency, because it does not have a legislative framework. 3. None of the creators of the project to me personally their data for my own KYC does not provide, because he is afraid for the safety. But when the project developers I need your data to provide invest their business money. That's not right.
I think KYC should be applied to all current ICOs. to avoid fraud. to ensure the customer. and avoid customers using multiple accounts. KYC is very useful and should be expanded
KYC understands merely "know your customers," which helps ICO projects not fall into the status of an individual who has acquired the entire Token in that project. KYC helps the ICO manager avoid the case of fraudulent individuals or use multiple accounts to purchase Token in bulk. IMO, KYC should only be used in Token Sale, but the bounty is not necessary because the number of tokens for bounty usually less than 3%.
1.WHAT IS KYC?
"KNOW YOUR COSTUMER" means the process of the identification of the client.Token holder will be required to provide with his/her personal data,after token/coin purchased will be sent to the wallet that the user put in his account.
2. WHY DO YOU NEED KYC?
Although the phrase "know your customer"may seem insignificant to a lot of people ,it has a very important meaning in the business world.If particular companies want to interact with other partners in the industry,however, they really have no choice. KYC allows companies to protect themselves by ensuring that they are doing business legally and with legitimate entities, and it also protects the individuals who might otherwise be harmed by financial crime.
KYC is a defensive mechanism for both the company and the clients. By sharing this data,all the token holders confirm that they are the true owners of their personal accounts and the wallet,to which the company send tokens. It will grant that you are the person that receive your tokens.
SUMMARY
KYC IS NOT A THING TO BE FEARED OF,COMPANIES NEED THAT FOR THE SECURE DEVELOPMENT OF THEIR BUSINESS AND FOR THE SAFETY OF YOUR INVESTMENTS AS
WELL.
HOPE IT HELPS..LET ME KNOW YOUR COMMENTS AND IDEA GUYS ABOUT DOING KYC IN ANY ICO.
I think to weed out most of the scammers and bots! all the same in such cases you need to register a person, his passport to verify the data
1.WHAT IS KYC?
"KNOW YOUR COSTUMER" means the process of the identification of the client.Token holder will be required to provide with his/her personal data,after token/coin purchased will be sent to the wallet that the user put in his account.
2. WHY DO YOU NEED KYC?
Although the phrase "know your customer"may seem insignificant to a lot of people ,it has a very important meaning in the business world.If particular companies want to interact with other partners in the industry,however, they really have no choice. KYC allows companies to protect themselves by ensuring that they are doing business legally and with legitimate entities, and it also protects the individuals who might otherwise be harmed by financial crime.
KYC is a defensive mechanism for both the company and the clients. By sharing this data,all the token holders confirm that they are the true owners of their personal accounts and the wallet,to which the company send tokens. It will grant that you are the person that receive your tokens.
SUMMARY
KYC IS NOT A THING TO BE FEARED OF,COMPANIES NEED THAT FOR THE SECURE DEVELOPMENT OF THEIR BUSINESS AND FOR THE SAFETY OF YOUR INVESTMENTS AS
WELL.
HOPE IT HELPS..LET ME KNOW YOUR COMMENTS AND IDEA GUYS ABOUT DOING KYC IN ANY ICO.
Well you know that people have issue with KYC being introduced to Cryptocurrency because it defeats the purpose of anonymity . However with all the scams and frauds that are taking place in the crypto space, it is necessary to have a safety net to protect investors. This is why KYC is now compulsory
KYC is very strange thing in crypto world. The only thing they need to know is just my wallet number. Want KYC go to the IPO not ICO. I don't want to send to unknown group of people my documents. Why don't we see dev's faces with the photo of their documents on ICO sight? We need to know real people.
This is why I like it when we see real photos of the dev. team in whitepapers.
And I also agree about sending the documents, no way I'm sending my ID / personal #.
KYC is very strange thing in crypto world. The only thing they need to know is just my wallet number. Want KYC go to the IPO not ICO. I don't want to send to unknown group of people my documents. Why don't we see dev's faces with the photo of their documents on ICO sight? We need to know real people.
I really want to. I want to know the dev in the project on to check their credibility and existence. Although the crypto market is very good and brings a lot of profits, there are also many fraudulent projects.But it seems that the conditions we set out will not be accepted because the crypto market is an anonymous market. All we need is trust.
KYC is very strange thing in crypto world. The only thing they need to know is just my wallet number. Want KYC go to the IPO not ICO. I don't want to send to unknown group of people my documents. Why don't we see dev's faces with the photo of their documents on ICO sight? We need to know real people.
How far is too far when ICOs try to KYC? Where do you draw the line? Does it start to become a matter of privacy?
KYC means Know Your Costumer, the US Securities and Exchange Commission (SEC) is reportedly preparing to prosecute ICOs which are held without KYC procedures. In fact, there have been cases where the SEC prosecutes and demands refunds for Token Sales that have not implemented KYC.
The literal meaning of KYC is know your costumer.It means the ico project need to know the costumer's information when participating the ico.Some country is not allowed to join because of the rules and regulations in their country.And also thats why they collect KYC for verification of the customer .
In my opinion, the current KYC validation is useless.
Because the ICO has not been accepted most of the countries, and verifies the KYC they just in order to avoid the next could face legal problems, in my opinion the useless, and our KYC information may be stolen.
Because the ICO has not been accepted most of the countries, and verifies the KYC they just in order to avoid the next could face legal problems, in my opinion the useless, and our KYC information may be stolen.
The whole idea behind KYC is to prevent crime or terrorism. The problem is that how it is being implemented in the cryptosphere is a complete joke. We have completely unlicensed and unregulated entities demanding that people send them copies of their id.
How do we know that these ID's are being stored in a secure way?
How do we know that these ID's are not being resold on the Darkweb?
How do we know that the company we are sending the cryptocurrency and our ID's to is not a criminal organization or a terrorist cell?
The simple answer is we don't.
How do we know that these ID's are being stored in a secure way?
How do we know that these ID's are not being resold on the Darkweb?
How do we know that the company we are sending the cryptocurrency and our ID's to is not a criminal organization or a terrorist cell?
The simple answer is we don't.
Why would a terrorist subscribe to an ICO? Do you really expect an ICO to receive Osama Bin Laden's passport and reject him from subscribing?!
KYC for ICO's is relevant to prevent spam, multi account registrations, to safeguard against govt regulations, and to enforce individual contributor limits.
The whole idea behind KYC is to prevent crime or terrorism. The problem is that how it is being implemented in the cryptosphere is a complete joke. We have completely unlicensed and unregulated entities demanding that people send them copies of their id.
How do we know that these ID's are being stored in a secure way?
How do we know that these ID's are not being resold on the Darkweb?
How do we know that the company we are sending the cryptocurrency and our ID's to is not a criminal organization or a terrorist cell?
The simple answer is we don't.
How do we know that these ID's are being stored in a secure way?
How do we know that these ID's are not being resold on the Darkweb?
How do we know that the company we are sending the cryptocurrency and our ID's to is not a criminal organization or a terrorist cell?
The simple answer is we don't.
is it possible our data being misused, even we do not know there are some icos are a scam?
It is. Though the chance are quite low.But it is still super annoying that certain countries cannot participate in some ICO's. To be a truly free market, we have to get above these stupid laws.
you need to talk to the government of those countries. 1.WHAT IS KYC?
"KNOW YOUR COSTUMER" means the process of the identification of the client.Token holder will be required to provide with his/her personal data,after token/coin purchased will be sent to the wallet that the user put in his account.
2. WHY DO YOU NEED KYC?
Although the phrase "know your customer"may seem insignificant to a lot of people ,it has a very important meaning in the business world.If particular companies want to interact with other partners in the industry,however, they really have no choice. KYC allows companies to protect themselves by ensuring that they are doing business legally and with legitimate entities, and it also protects the individuals who might otherwise be harmed by financial crime.
KYC is a defensive mechanism for both the company and the clients. By sharing this data,all the token holders confirm that they are the true owners of their personal accounts and the wallet,to which the company send tokens. It will grant that you are the person that receive your tokens.
SUMMARY
KYC IS NOT A THING TO BE FEARED OF,COMPANIES NEED THAT FOR THE SECURE DEVELOPMENT OF THEIR BUSINESS AND FOR THE SAFETY OF YOUR INVESTMENTS AS
WELL.
HOPE IT HELPS..LET ME KNOW YOUR COMMENTS AND IDEA GUYS ABOUT DOING KYC IN ANY ICO.
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