KYC in crypto, does it really require?

[enci55]

If you are like most people, you might not hear anything about KYC until you register to buy a token, but because crypto currencies are becoming more common, you can expect to hear these three letters which means Getting to Know Your Customers - more often. The KYC process is the only way a project developer can check the source of funds collected during the sale of tokens, and by verifying each buyer's identity and residence. This is something that is not only needed by governments and regulators, but also by banks, large corporations and public bodies that we bring to the data trading market Indeed, not everyone is happy with KYC and some people disagree with that ideology, especially when it comes to cryptocurrency, where transfers are anonymous, or at least anonymous pseudo. However, to be a legitimate partner for public bodies and large companies, KYC is a process to ensure that the source of all funds collected in the sale of tokens is legal. There are no funds that can come from prohibited sources, sanctioned people, or organizations with terroristic links. It is important to do this check because it protects you as a project contributor. In the future, we cannot ask the Regulator to say, "Hey, where do these funds come from? If the source is invalid, maybe the funds should be frozen while we investigate." The point is that this process is not only to protect the project, but to protect you, as a buyer of tokens, from the possibility that anyone can claim this fund is invalid.

[bubblebubble]

Well, own data submission is essential if you want to participate in a ICO, considering recent internationl laws aiming to avoid laundering.
In any cas during this bear market is not essential participate in a ICO. The tokens, indeed, are available on the market to a lower price. So, keep calm and buy low! 

[Ahmedalab]

I considered submitting my KYC I made a lot in KYC in the past and it was a stupid mistake  but now I weight the project first if its worth it or not.

[shadowdio]

I don't join the campaign that needs KYC is too risky you know, what if they use our information to hack some people.

[Chomzzy]

Kyc is necessary in Crypto as it is a way of helping the government reduce Criminal activities like money laundering , terrorism sponsorship and drop trafficking.
But developers or should I say is projects seems to be abusing that by asking bounty hunters to do kyc for as small as $10 bounty rewards.

[Rafiq]

I don't join the campaign that needs KYC is too risky you know, what if they use our information to hack some people.

I agree with you. I think KYC is not good for ICO. I do not support kyc in ICO. When we create a KYC then we gave more information. Shearing informationis always bad.

[babu10]

Do we really need to submit our personal details to ICOs for buying the token or for participating in it's bounty and airdrop?
I always wonder why do we need to give our vital info to ICOs that most are not even likely to come on in crypto space and crypto is all about decentralization but submitting our info has made it look centralized to me.
There is no regulation in crypto yet so why should we give our details to unknow ico organizers, so claim to prevent some region in participating in the ico because of the country law but those ICOs comes from the same region and country that prevent their own citizen from participating, should we say they are using style to rob us or our details is being used for other purpose .
I think it's high time we all need to stop giving our details to ICOs if really the crypto is all about decentralized and their is no regulation in the world yet to really require such details, I will like to know everyone minds about the submission of our details in term of KYC .

Yes very good thinking by you that i did not think it before. My identity is fully my personal and it should not shareable.  But what will they do when many fake id apply against real id and i suffer it in my bounty payments. So its time to think alternative of KYC.

[Nazir]

I assume that KYC is not a problem but I really do not like to ship my non-public informations to perfect strangers.. there are some a success ICO project which have evolved KYC approach the usage of a 3rd part as escrow and i suppose this can be a great technique to make investor's records safer.

[Shahinaz]

I am personally for KYC,  always consider every KYC that exists,
if one bounty asks for KYC from the beginning I skip the bounty, for fear that there is misuse of the data that i  given, the suspicion  at the beginning of fear of project fraud

[Cutter Cute]

The Kyc procedure can stop scammers who want to buy more coins or to benefit from the coins they have. I can see a lot of fraud that occurred when filling because of a scam project. But we can see good projects can benefit you when the price goes up

[Puncak_pelangi]

in my opinion, KYC is really needed in a bounty, because I think that is to avoid people who want to do or follow multiple accounts.

[indexx]

I just agree with KYC if it is really needed and the team can guarantee our secret data. I don't want to take a risk with my secret data, it is more important that gaining profits. KYC is still not safe with common ways that are usually done by most project teams.   

[Hope4life]

For some reason KYC is required for the ICO project to prevent from scammers, combat the criminal act, and to ensure safety of investor assets. But still KYC is like betting with something that we don't know what will happen if the project not success or scam.

[mamacoco]

I agree if ico participation uses KYC. because they buy coins in large quantities. but for bounty and airdrop, strongly disagree if it requires showing our identity. we only get coins based on our work.

[adterna]

Maybe I can explain what I know about KYC (Know Your Customer), imagine going to an office or school without an identity card or traveling abroad without a passport and boarding pass. For cryptocurrency exchanges, it's equivalent to doing business with people they haven't personally inspected. This is where Know Your Customer (KYC) enters. The process is very similar to when you first opened your bank account where you might be asked to fill out a personal data sheet and send one or two IDs. The increasing demand for cryptocurrency as evidenced in the growth of crypto exchanges (around 200 per CryptoCoinCharts) only means widespread adoption of KYC. It functions as a check and balance for exchanges that buys fiat currency and converts it to crypto currency for trading, converts this crypto currency with other crypto currencies, and related activities.