KNOW YOUR CUSTOMER (KYC)

[Tribalchief]

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.

[bayu7adi]

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.

[bhadz]

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.

[sampoerna]

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.

[Aanuoluwatofunmi]

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.

[Lordhermes]

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

[KingsDen]

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.

[MVL~$]

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.

[DabsPoorVersion]

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.

[bhadz]

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.