Is KYC really a good thing?

[Evgenklm]

I agree with the author, but there are also projects that do not collect enough money for the ICO, but KYC is collected from investors, as a result, the project curtailed its activities, and it is not clear where the documents went.

[missbtc]

I don't understand why bounty companies are introducing KYC to receive tokens. What are our documents for if tokens are still worth nothing and are not traded anywhere? This is a violation of human rights. I can still agree that the KUS is needed for trading on the exchange, to prevent fraud, but in the bounty this is arbitrary

I agree with you completely.  We are not institutional investors, and it is not clear why we need to go through KYC.  It is not known where our confidential data goes later and to whom it can be transferred.

[Noverteno]

KYC is legal. In fasct it is a good move to know the costumer's from different places. The identity of individuals must be record.

KYC is legal, of course, but only zokonno in the case when the project itself is 100% legal. When the project team itself will pass KYC and will be legally responsible for the safety of your data. I do not know of such projects. At best, there is a profile in Linkedin. And it seems to me unnecessary to trust your documents to someone unknown.

For bounty hunters, KYC is completely illegal.  According to the mandatory FATF recommendations, KYC should be carried out only for the purpose of preventing money laundering and combating the financing of terrorism.  Its conduct for any other purpose is illegal, since it is a violation of citizens' rights to privacy.  Bounty hunters do not invest their money, so they cannot be suspected of the above illegal activities.  In addition, the FATF also established that KYC is carried out only in cases where the transaction amount exceeds one thousand euros.

[vegasus]

If we are really going to fulfill KYC, we must ensure that the platform or project to verify is really legal and trusted. Because we don't know them, we can't ensure whether they are trusted or not. We can't also ensure whether they will keep our data safe or not. or probably they are scammers that may sell our data in the black market. This is what we are afraid for from KYC

[lepbagong]

Good or not it depends on the company that provides the KYC. But mostly it has big risks, so it is better to avoid KYC if it is not needed. I don't think KYC is a good way to grab the data, should be other ways that deserve to try. For bounty hunters, KYC is not needed, so it just wastes the time to pass KYC and risks the data.

it seems that KYC will not stop there will be tug-of-war and the pros and cons that will occur. I may somewhat agree with our friend that KYC is indeed very risky for providing data because no one can provide a solution if the requested data is not used properly. Moreover, for bounty hunters, I agree that it is better to avoid this because I cannot guarantee that you will get the best results.

[Tanimariya]

KYC is a good solution in exchanges and projects. However, many users do not like KYC. Because in the cryptocurrency market, some users don't think K is a very big advantage. So I think KYC is good, but so that can be done very conveniently.

[Senin]

KYC is a good solution in exchanges and projects. However, many users do not like KYC. Because in the cryptocurrency market, some users don't think K is a very big advantage. So I think KYC is good, but so that can be done very conveniently.

For bounty hunters, KYC brings only one problem anyway.  ICO teams used KYC very often in order not to fraudulently pay bounty hunters the tokens they earned.  In addition, KYC in relation to bounty hunters is illegal, since we do not invest our money in the project, and therefore we cannot launder dirty money or finance terrorism, for which KYC should be carried out.

[gunhell16]

For the investors yes! KYC is important to identify who it is. But for the bounty hunters like me, I think this must not be applied.
Because bounty hunters are the one who gives a big contribution for each project here in crypto space to promote it quickly. So, it is really better not to require them to submit KYC anyway, in my own opinion.

[Vasyak]

This is a bad decision for ordinary cryptocurrency users and will not bring them any benefit. Only problem. KYC is required for regulatory authorities. It will really help them.

[Dociko]

I place a lot of importance on KYC. However, I never give priority to KYC at the end of a project campaign. Because I think it's extra trouble. So I don't support KYC very much. Because it is not possible to catch any user through blockchain transactions all over the world. So why would KYC be needed? However, KYC is convenient in exchanges.

[yohananaomi]

I place a lot of importance on KYC. However, I never give priority to KYC at the end of a project campaign. Because I think it's extra trouble. So I don't support KYC very much. Because it is not possible to catch any user through blockchain transactions all over the world. So why would KYC be needed? However, KYC is convenient in exchanges.

In my opinion, what you are saying that KYC is convenient in exchanges. can be proven because we can see their quality and there will be no fear that will occur.
However, it is something that we cannot avoid if a new project does not ask for KYC at the beginning but at the end of the project requires KYC. obviously this is a scam to get rid of most of the participants who don't want any KYC and I don't like the way.

[sky20]

Actually KYC definitely a good requirement for the Authority. There are many countries of the world which are not allowed to invest or trade crypto currency. Due to those problems i think KYC is better. But now a day one another problem is scamming. There are many scammer use this advantage to collect investors information's. For this reasons some times KYC is not good at all.   

[dragonvslinux]

Not a fan of KYC, too many projects selling it right now it seems. I can understand the need for it from certain projects, but also the choice of others to not provide their details.

[Gyrgen]

I have a different opinion on this issue. And I think that this is just an excuse to learn more about the counterparty. And looking for sponsors of terrorism and other bad people is definitely not in this circle, it is very shallow for such things.

[Astra]

Actually KYC definitely a good requirement for the Authority. There are many countries of the world which are not allowed to invest or trade crypto currency. Due to those problems i think KYC is better. But now a day one another problem is scamming. There are many scammer use this advantage to collect investors information's. For this reasons some times KYC is not good at all.   

KYC can be used on exchanges and exchangers for transactions over one thousand euros or other amounts established by the state at the location of the exchange.  In addition, KYC should only be used to prevent money laundering and counter terrorist financing.  Bounty hunters do not invest their funds, so they should not go through KYC.  It's illegal anyway.