Is KYC really a good thing?

[TROXIE]

KYC- Know Your Client is not bad in this campaign, it helps to make proper record of registered members, it enhances accurate and genuine registration,it also help reduce fraud and cheating during token distributions.

[Nimix]

With the little study I have done about KYC, I think it's a good thing. It's a good way to get information and to know who you are about to strike a business with. Nevertheless, it is important to be sure of safety for your privacy. (Private and delicate informations)

[Micky]

Each of us needs to verify the account.Because if we do not verify the account, we have to face many problems.I think it is a good way to verify the account .If everyone's account is verified then you don't have to face any problem.

[Freemind]

I do not mind doing the KYC for an ICO / IEO or registering in an exchange or similar as long as they ensure that my data will be well protected. On the other hand, I would like all the ICO / IEO and others, all the members of the #DevelopmentTeam s, to also do the KYC for the tranquility of the investors. But that is practically impossible...

[Evgenklm]

Now KYC is carried out on almost all new projects, and I do not see anything wrong with it, if the investor is confident in the project, then it will not make any effort to pass verification, only it is necessary to selectively approach the choice of the project.

[Freemind]

Yes @Evgenklm but sometimes those documents with private information end up in the wrong hands. Even years ago there were cases of people finding that private data on the darknet for sale. And that gives a great sense of insecurity, especially if a project wants the trust and investment of the users, security should be much higher and they should not keep those documents in a bad way.

[Raqeebzy]

Well, KYC is good especially when the project has proven beyond reasonable doubts to be successful. It is a requirement that has been implemented by the authorities of many countries in other to eliminate the issue of money laundering and the funding of terrorists. Anyway, investors must do an intense study into the project to ascertain that their identities will be protected and be used for only verification purposes as stated by the KYC rules.

The purpose behind KYC as the name suggests (Know Your Customer) is to suggests is getting to know the people behind every operations on exchanges in aim to prevent money laundering and financial misappropriation. Thinking deep in to this, I see no harm taking on KYCs procedures if intentions are clear.
However, in return of taking on KYCs, customers need to be given maximum assurance, personal information provided are very safe and not being taken advantage of by third parties.

[Nikawe]

Know your consumer, just a identify process in the cryptocurrencies market but some scams projects required to do kyc verification which is very much dangerous and they still stealing our personal information. I think kyc verification is the worst process.

[Dreamer]

Of course, KYC is good security because scammers will not dare to share their legit identities with companies, so it helps to protect any project to be attacked easily. Though we have to be careful because not all projects which require KYC are legit, some of them they'll collect our personal info and use it to scam people.

[bitbit97]

Of course, KYC is good security because scammers will not dare to share their legit identities with companies, so it helps to protect any project to be attacked easily. Though we have to be careful because not all projects which require KYC are legit, some of them they'll collect our personal info and use it to scam people.

But scammers could use someone else identity. If I send you 3 photoshopped passports, could you tell which one really belongs to me, and which are fake? Projects should not be affraid of people without kyc, projects should be more worried about being hacked.

[Freemind]

Yes @bitbit97 but the security of users' documents is the responsibility of the project team. If someone hacks the database, users could claim legal responsibility for not having the necessary security. If someone sends documents modified with Photoshop, the solution is very simple if for example, they ask you for a video to prove your true identity, some banks do it in my country to avoid scams.

[sacrotic]

KYC is method to avoid scammer and also find potential customer for platform exchange but the problem is not all have ID so in several case it makes difficult. I support KYC and any safety method but should not give our original data, I take this advice because a got phone by their customer services every week offer investment platform, I don't like it. ID for exchange/ wallet only and never use for other.

[Najmul]

KYC is commonly used to identify investor orders.  And it is most likely to succeed in any project.  But we have some people in this forum who do not support KYC but in my opinion doing KYC is a good aspect because KYC is used as security to avoid fraud of every account.  So I think it is better to do KYC.

[Crypto Banglu]

KYC means verifying own account with own identity card. I definitely believe KYC is very important for the account. The admin has provided us with a Google form to submit KYC to this forum. I have submitted this KYC. If anyone likes, you can also submit. This will make your account stronger.

[Freemind]

KYC means verifying own account with own identity card. I definitely believe KYC is very important for the account. The admin has provided us with a Google form to submit KYC to this forum. I have submitted this KYC. If anyone likes, you can also submit. This will make your account stronger.

This thread is not about KYC in this forum, which can be read in the rules. This thread is about KYC within the crypto ecosystem, especially when investing in an ICO or IEO. Theoretically, doing the KYC should give us certain guarantees, but that rarely happens and sometimes our private data can be sold.