KYC which means Know Your Customer in more simple terms is a way through which companies, firms, projects or businesses get to know their clients and consumers of their products and services. Of late, it has become wide issue how investors and bounty hunters struggle to pass KYC in order to receive their hard worked for tokens. The whole issue is presented in way that makes one think that passing the KYC grants the success of the project.
To my best of knowledge, KYC is just for verfication and legal backing purposes. This does not grant the success of a project.
KYC is no guarantee for success of course, but it is one of the conditions for a project to go widespread.
No it is not a guarantee but it was a requirement by the government
Exactly.
KYC is an essential part of regulations concerning cryptocurrencies.
There is no regulation without KYC.
Unregulated currencies will never become widespread.
People won't trust them. Companies, businesses, private and public institutions won't trust them.
They will suffer the competition of regulated cryptocurrencies. These last ones will get the support of public authorities.
Unregulated currencies will never be a substantial part of the economic system of a country.
They are deemed to be used only within the crypto-community.