Is KYC really a good thing?

[Uplifted]

It depends on the purpose of kyc and if the said project is worth it. I have nothing against kyc personally but most of my friends don't want anything to do with projects requesting for personal details. Most times kyc get introduced cause of abuse and multiple account spamming which is quite understandable. It is always right to introduce kyc at the beginning of any project agreement or campaign not towards the end or at the end.

[gotbounty]

AFAIK, KYC will be never a good thing. How can we say it as a good thing when we sent them very important data of ours to the unknown people. We may worry about the security of the data, where they probably use it for untrusted and irresponsible goals. So, if you are joining such a project and they need KYC, it is better to ensure that they are legit, not a scam, and also guarantee the data security

[highnayem34]

For some projects, KYC is required to comply with Token-Sale's regulations and at the same time track the effectiveness of the marketing campaigns.
For bounty: KYC campaigns is the biggest nonsense I've ever faced. It should be scrapped because hunters will not complete the KYC just to get a few USD worth of tokens.

I think KYC ought to have for everybody. As you know that bounty seeker is additionally an financial specialist. Bounty hunter giving their time to publicizing to bring speculator. So, they are too earning money to contribute within the project also.

[I-Bit]

Honestly, I never think that KYC is a good thing. Why we must do KYC procedure, it gives our secret data to unknown people in crypto space. I think as long as we can avoid KYC procedure, it is better to not follow KYC procedure. It is very risky and not true to do for crypto bounty especially.

[UNIVERSE]

Now, I will never say that KYC is a good thing if we really don;t know the project. It is too risky to give our ID details into someone that w really don't know there. Many cases of scammer use ourdata to decieve and also be sold in the black amrket.

[xeroz]

I prefer to avoid KYC. I don't want people sell my data. I usually do bounties, I just choose bounties that don't require KYC. If there are bounties to require KYC, I try to avoid them. We mustn't take ourselves in a too risky bussiness, we are in the internet space, we don't really know what the projects are. So, the best way is too choose a safe way.

[EthereumDev_]

well, it's better to keep your privacy well because so far as I know there are several identities of people whose results from KYC are leaked to dark web, meaning that identity is sold and used for crimes without your knowledge.

[Absolutep]

I am not really a fan of KYC not because I don't like things to be done in the proper way but because I cannot trust any of these projects and their way of handling things, many of these project will appear to be legit from the beginning but end up a total mess after investors have submitted their KYC. In my suggestion, I would have prefer that the team ask people in those countries that are under restriction from investing into crypto to do KYC rather than ask everyone to do KYC. I don't think I can give out my details for some sales.

[Rafiq]

I think it is better to do KYC for the safety of investors' money; However, participants in the bounty campaign do not need KYC, because they receive a small portion of the project as a reward, most of which they sell as soon as they receive it. However, investors need to keep an eye on the information provided for KYC.

[comer]

I don't think kyc is good for users doing bounty activity. many projects are just a failure and collecting kyc might be use for their illegal activity. if your doing it with banks and other financial institution within the jurisdiction of government authority then you are good to go.

[Blaze]

Well, with the presence of KYC, it can minimize the possible fraud that may occur and be committed by many people, but there is a risk as well because your identity can be traded to several places that sell people's identities and can be used for other crimes.

[azmirihaque]

Well, KYC is good especially when the project has proven beyond reasonable doubts to be successful. It is a requirement that has been implemented by the authorities of many countries in other to eliminate the issue of money laundering and the funding of terrorists. Anyway, investors must do an intense study into the project to ascertain that their identities will be protected and be used for only verification purposes as stated by the KYC rules.

Thank you very much to write such an important matters. Every exchange requires KYC but is really a security concern for the investors. It becomes more risky for the bounty hunters when payment is obligatory to a specific exchange where KYC is compulsory. The hunters are bound to comply this requirement if they want to get their payment. So there has less opportunity to verify it. I think, it is very concern matter for all.

[Pheonyx]

Yeah right. The intention of asking the investors for kyc is good to prevent the presence of the anti-government but making bounty hunters involve in kyc became the asset of the scammers and so destroys the good intention of kyc.

[azmirihaque]

KYC bears the personal information which can be used in scamming or hacking. Again it can be used for the identification of the real person. So KYC is necessary for some cases as well as risky for sometimes. In such case everyone should justify the platform accurately whether it is safe or unsafe. KYC should not be disclosed in any unsafe place.

[Astra]

Well, KYC is good especially when the project has proven beyond reasonable doubts to be successful. It is a requirement that has been implemented by the authorities of many countries in other to eliminate the issue of money laundering and the funding of terrorists. Anyway, investors must do an intense study into the project to ascertain that their identities will be protected and be used for only verification purposes as stated by the KYC rules.

Thank you very much to write such an important matters. Every exchange requires KYC but is really a security concern for the investors. It becomes more risky for the bounty hunters when payment is obligatory to a specific exchange where KYC is compulsory. The hunters are bound to comply this requirement if they want to get their payment. So there has less opportunity to verify it. I think, it is very concern matter for all.

You here have mixed together investing in cryptocurrency for the purpose of laundering dirty money and financing terrorist organizations using cryptocurrency with the work of bounty hunters, whom the ICO team themselves pay with their tokens for services rendered. KYC for bounty hunters is generally absurd, because we do not invest our money in ICOs, and therefore cannot commit these illegal actions. Therefore, it is illegal to require us to undergo KYC.
You also confused the work of exchanges and ICO teams here. In some cases, exchanges have the right to demand the passage of KYC from their clients, but the ICO operates on completely different legal grounds, and most often without any legal basis.