Altcoins Talks - Cryptocurrency Forum
Learning & News => For Beginners => Basic Questions about Cryptos => Topic started by: VK.point on December 12, 2018, 02:27:16 PM
-
What are the main objectives of KYC and its background?
Personally I welcome positively, regarding identity is one of the important parts. But don't let it be misused. What is your opinion ?
Thank you in advance. :)
-
Know Your Customer is the process of verifying the identity of customer. The objective of KYC is good. Personally I don't have any problem in doing KYC for the genuine projects or bounties but only concern is that our data should not be misused. Kyc is to eliminate the scammers from the system and in some countries every projects requires KYC to follow the country rules/regulation and bounty dev has to comply that.
-
Know your customer is measure deviced by project managers to know individuals that are participating in there project so as to avoid scams,money laundry, etc.
-
There was a recent article that says personal data taken from known centralized exchanges are being sold in the dark web. That's a bit scary.
-
This is a strategy used by companies to number of active customer using their services. It is mostly used in app that mine coins, token etc. It is used to prevent fraud and illegal activity.
-
What are the main objectives of KYC and its background?
Personally I welcome positively, regarding identity is one of the important parts. But don't let it be misused. What is your opinion ?
Thank you in advance. :)
Banks asked for it and so did all reputable companies that deal with money and services, even the government obliged its people to undergo KYC to verify the truthfulness of their accounts.
Although KYC is being done to show that you are a real person transacting on a platform, we have to be very careful when doing it online because there are so many phishing links that disguise themselves as a legit platform, you should be wary of who you do a KYC when you're doing it online the risk is just too high.
-
KYC is something very important to us while we use it and most people finds it difficulty to release their kyc details because they so much cares about their privacy. Yes privacy is very important to us because whatever that happens to our document gets into trouble, most time some of the cryptocurrency exchangers asked for kyc that is because to comply to their AML regulation, and of curse we have to do kyc for us to be able to trading freely in that exchange. The kyc's that I don't support are of those airdrop sites that keeps asking for documents in order for us to receive our token just because of $2 to $10 i won't release mine since they can steal you details to scam someone else and hold you responsible for doing that.
-
What are the main objectives of KYC and its background?
Personally I welcome positively, regarding identity is one of the important parts. But don't let it be misused. What is your opinion ?
Thank you in advance. :)
Banks asked for it and so did all reputable companies that deal with money and services, even the government obliged its people to undergo KYC to verify the truthfulness of their accounts.
Although KYC is being done to show that you are a real person transacting on a platform, we have to be very careful when doing it online because there are so many phishing links that disguise themselves as a legit platform, you should be wary of who you do a KYC when you're doing it online the risk is just too high.
As long as we are dealing with centralized platforms be they crypto-based or the traditional ones, there is always be KYC and with the government extending its "police" power over these CEX they have no choice but to comply with regulations. Personally, I have no big objection with KYC because this is also one way we can weed out scammers and fraudsters from the industry...the only problem is when these centralized platforms will go beyond the purpose of KYC-gathered information and use them for other commercial maneuvers. I am always proposing that there should be strong regulations on how these CEX platforms can use the KYC and how they can be liable if they go overboard -- this is to make things fair and more transparent.
-
What are the main objectives of KYC and its background?
Personally I welcome positively, regarding identity is one of the important parts. But don't let it be misused. What is your opinion ?
Thank you in advance. :)
Banks asked for it and so did all reputable companies that deal with money and services, even the government obliged its people to undergo KYC to verify the truthfulness of their accounts.
Although KYC is being done to show that you are a real person transacting on a platform, we have to be very careful when doing it online because there are so many phishing links that disguise themselves as a legit platform, you should be wary of who you do a KYC when you're doing it online the risk is just too high.
As long as we are dealing with centralized platforms be they crypto-based or the traditional ones, there is always be KYC and with the government extending its "police" power over these CEX they have no choice but to comply with regulations. Personally, I have no big objection with KYC because this is also one way we can weed out scammers and fraudsters from the industry...the only problem is when these centralized platforms will go beyond the purpose of KYC-gathered information and use them for other commercial maneuvers. I am always proposing that there should be strong regulations on how these CEX platforms can use the KYC and how they can be liable if they go overboard -- this is to make things fair and more transparent.
I am also thinking the same thing. If users are given more control over their personal information, they will be more willing to undergo KYC without worrying about protecting themselves from CEX platforms that use their data without their consent. Currently, many individuals, not just in the crypto space, are opposed to KYC due to concerns about the security of their personal information. These worries will always exist as users fear the unknown potential consequences of sharing their personal data.
-
What are the main objectives of KYC and its background?
Personally I welcome positively, regarding identity is one of the important parts. But don't let it be misused. What is your opinion ?
Thank you in advance. :)
KYC is basically carried out by a centralized platform aimed at verifying our data. The purpose of carrying out KYC is for several things, including:
- Avoid fraud and scams or all types of fraud
- Avoid unwanted things such as money laundering and others
- Proving that we are citizens of a country not a restricted country
- So that we can trust each other
Read more on:
https://cointelegraph.com/learn/what-is-kyc-and-why-do-crypto-exchanges-require-it
https://www.swift.com/your-needs/financial-crime-cyber-security/know-your-customer-kyc/meaning-kyc
But really, KYC is one of the things that destroys our privacy in the world of crypto and crypto business. But don't worry, because this has to be done on certain platforms.
-
BTC is decentralized, so kyc kind of defeats its principles. Centralized exchanges and custodial services request for KYC because they have to comply with the money laundering laws of the jurisdictions they offer their service in. Take note that you can use BTC without any third party or centralized exchanges, you simply have to trade p2p, and there are exchanges you can do that: https://kycnot.me/?type=exchange
-
KYC is important because KYC ensures that the user receiving the service is an authentic person for the service. There are many scammers who cannot cheat because of this KYC system. Forum has KYC system but it is not mandatory. You can submit KYC with your personal information in forum if you want then KYC will be checked by admin and if you are valid then you will be KYC verified. While KYC Verified is not mandatory on forums, most casino sites or exchanges make KYC mandatory. Most exchanges offer their services when a user is KYC verified.
-
KYC is important because KYC ensures that the user receiving the service is an authentic person for the service. There are many scammers who cannot cheat because of this KYC system.
Even with kyc in place scammers still compromise people's accounts on exchanges, they even use fake and bought data to register on exchanges and platforms of crypto firms, i know kyc is necessary if you want to use custodial services, but it is not recommended to use a decentralized network and currency like BTC. Kyc had led to many data leaks which resulted in phishing attacks that cost people a lot of money, when your data is with a custodial service take note that it can find its way to the black market at anytime.
-
KYC is is the an act designed by platforms to identify their customers and know more about them mainly aimed at reducing scam activities and to easily track down customers in case of illegal activities. A lot of people go against this KYC because it goes against the principles of cryptocurrency which is privacy. Bitcoin was created to protect our privacy and that was one of the main reasons of crypto but centralized exchanges are taking too much caution by adopting KYC to prevent scams. If the information gathered is not used for illegal purposes and kept safe in their database then I don’t see KYC as a problem but the issue is some platforms cannot be trusted with our personal information that’s why we need to be careful the way we share our personal information all in the name of KYC.
-
KYC know your customer. Any company, any project even many exchanger want to KYC verification. They want to found their real customers because when any financial transection happen there scammer came to scam. And real people fall in risk.
KYC prevent scam. So i think KYC is very essentials for cryptocurrency sector. We know many people Against KYC because they think for KYC his personal information will be lost. But i think we should more careful about KYC. We shouldn’t involve any unauthentic project or company. But overall considering i think KYC is very important for all of us in financial sector.
-
What are the main objectives of KYC and its background?
Personally I welcome positively, regarding identity is one of the important parts. But don't let it be misused. What is your opinion ?
Thank you in advance. :)
The main objective of KYC (Know Your Customer) is essentially a protocol set for customers using financial services. Acquiring a customer's identity is crucial, especially in bank firms. Its importance is evident in cases where a customer needs to appeal any failed transaction or address other issues. Though, there have been rumors that claims that " customer's identity are been sold to government or other institutions for money." I certainly can not agree with that because I haven't come across any situation personally.
-
My identity is my privacy. Sometimes even though what we do is the right thing, we still have to keep our identity secret so that there are no problems from criminals who are after our property. KYC is indeed very contradictory to the way Bitcoin or several other cryptocurrencies work.
Bitcoin's mission is to create p2p transactions and also maintain the privacy of its users. Meanwhile, KYC is a system that reveals the user's identity so that privacy values no longer apply to this mechanism.
-
It became common to airdrops. While it should only be for exchanges and casinos, now it has became a standard requirement for airdrops. That's why you see it everywhere and even in airdrops that don't usually require it before, then now it is giving the biggest points and rewards for those that are going to comply with it. And you should be prepared that it can be sold by the project that you're going to do it. Our identities are important and don't let it be taken by some unknown projects that are yet to be successful or even successful.
-
It became common to airdrops. While it should only be for exchanges and casinos, now it has became a standard requirement for airdrops. That's why you see it everywhere and even in airdrops that don't usually require it before, then now it is giving the biggest points and rewards for those that are going to comply with it. And you should be prepared that it can be sold by the project that you're going to do it. Our identities are important and don't let it be taken by some unknown projects that are yet to be successful or even successful.
I don't participate in airdrops as often as before. So, I really don't understand that many airdrops also require KYC verification. Actually, it will depend on each individual to carry out KYC or not. but what is certain is that there are several notes that must be taken into account when we carry out KYC, especially if it is for an airdrop:
- Is the airdrop really trustworthy and has great potential to be implemented, if not, then it would be better to stay away from airdrops with KYC like this.
- Are the results from the airdrops worth it to exchange them for our KYC, especially with complete documents with the director's identity. I think this is very risky.
- Also analyze airdrops from what kind of project, what kind of team, and who, as well as what platform is used for KYC.
because indeed, the security of our personal data is very important. We cannot trust 100% on certain platforms that require us to do KYC, especially if the KYC is full of documents. So you really have to consider it when looking at which platforms should be equipped with KYC or not.
-
What are the main objectives of KYC and its background?
Personally I welcome positively, regarding identity is one of the important parts. But don't let it be misused. What is your opinion ?
Part of the reasons for choosing cryptocurrency over fiat is because of having privacy, we need to maintain a financial privacy with the money we have because they were ours and we worked for them, we also have to be in charge of our finances because we need to have the opportunity of making use of it at any time without having any barrier, but for the sake of those who will not mind loosing their privacy can opt in for anything that has to do with KYC.
-
Doing KYC is not new and it's the important part when dealing with centralized platforms, it's mostly used to keep track of your identity and wants to be sure you are the real owner of the account you creating with them. Also, it is used to avoid third party payment confusion between traders especially when performing p2p transactions
-
What are the main objectives of KYC and its background?
Personally I welcome positively, regarding identity is one of the important parts. But don't let it be misused. What is your opinion ?
Thank you in advance. :)
Many people have given you the definition and explanation of KYC and I think they are all self explanatory or easy to understand kind of explanation. But I still need to come in one or two ways. KYC has numerous advantages and as well disadvantages. In the real case of the customer side, completing of KYC is more of disadvantage to the customer and the company has nothing to lose.
It is the customer who risks his personal data;
It is the customer's data that will be sold;
It is also the data that will be used by the buyers;
It is better no to complete KYC or do it only when it is necessary.
-
KYC is used to ensure the security of our accounts. I am not personally opposed to KYC as it is a measure to provide security verification of our account and protection from scammers. But if you have done KYC on various apps to get some amount from free airdrop then if you get cheated then all responsibility is your own.
-
What are the main objectives of KYC and its background?
Personally I welcome positively, regarding identity is one of the important parts. But don't let it be misused. What is your opinion ?
Thank you in advance. :)
Many people have given you the definition and explanation of KYC and I think they are all self explanatory or easy to understand kind of explanation. But I still need to come in one or two ways. KYC has numerous advantages and as well disadvantages. In the real case of the customer side, completing of KYC is more of disadvantage to the customer and the company has nothing to lose.
It is the customer who risks his personal data;
It is the customer's data that will be sold;
It is also the data that will be used by the buyers;
It is better no to complete KYC or do it only when it is necessary.
Those are the companies that are not legitimate and are trying to make a profit on the KYC of their customers by selling personal data to other companies. That is why everyone should be careful if we are required to do KYC. Make sure to verify everything. It's also important to read their TOS and look for any information about the KYC, and the security of the data being requested. If there is no such information, do not complete the KYC process.
-
It became common to airdrops. While it should only be for exchanges and casinos, now it has became a standard requirement for airdrops. That's why you see it everywhere and even in airdrops that don't usually require it before, then now it is giving the biggest points and rewards for those that are going to comply with it. And you should be prepared that it can be sold by the project that you're going to do it. Our identities are important and don't let it be taken by some unknown projects that are yet to be successful or even successful.
I don't participate in airdrops as often as before. So, I really don't understand that many airdrops also require KYC verification. Actually, it will depend on each individual to carry out KYC or not. but what is certain is that there are several notes that must be taken into account when we carry out KYC, especially if it is for an airdrop:
- Is the airdrop really trustworthy and has great potential to be implemented, if not, then it would be better to stay away from airdrops with KYC like this.
- Are the results from the airdrops worth it to exchange them for our KYC, especially with complete documents with the director's identity. I think this is very risky.
- Also analyze airdrops from what kind of project, what kind of team, and who, as well as what platform is used for KYC.
because indeed, the security of our personal data is very important. We cannot trust 100% on certain platforms that require us to do KYC, especially if the KYC is full of documents. So you really have to consider it when looking at which platforms should be equipped with KYC or not.
I agree to all of the factors that you've mentioned if it's required for the hunter to fill in the KYC requirements of the projects that has airdrops. And that is because most of the airdrops nowadays are good and this is encouraging a lot of hunters to join most of them. When someone is too active on it, he/she won't think if their identities are going to be required because they're used to it. Before, it's not really a required thing but these days, it had changed and became required.