Is KYC really a good thing?

[syedrasool2011]

I think KYC is good for trusted exchange but careful from airdrops kyc lot airdrop scam i think you understand brother.

[LaZim]

KYC is not an effective formality. If you need a full-fledged verification, it should happen 1 on 1 with a person via video link. Now you can buy a lot of documents on the Internet.

[edmundo]

If done for the right reasons, it is definitely a good idea to ensure checks are put in place to forestall fraud, money laundering and funding for terrorist organisations. However, these days, some unscrupulous elements have hijacked the process and are using submitted documents for the wrong reasons. Some have gone as far as selling these documents on the dark Web for cheap gains. One has to be really careful when submitting KYC documents.

[jet]

I don't see any good thing about KYC in bounty hunters. crypto is known to be decentralize so why give to anyone our identity.  I'm quite disappointed in kyc rule given by project managers but I can't do anything it's their project so they can impose whatever they want. I just don't want to join if I've known kyc in the first place.

[Master107]

Uncompromised identify is your security of not getting involve with vices against the law. KYC is one step to possibility of stealing your identification. Just possible but not mean it always. In some cases kyc is necessary to abide in the rules and law with accordance to sovereignty.

[naitik01]

KYC is actually a good thing because it can help remove fraud and help in catching the scam project, and also bring transparency to the crypto project.

[@chison]

It all depends on which of the project you are completing KyC for. One news to be careful not to give out documents to harmful projects. If you are not comfortable with it leave it

[Mexite]

It's advisable for users to carry out due diligence before releasing their personal details on any platform, especially with the increase in fake and scammy projects in the crypto space. Many fake projects spring up just to take people's funds and personal information after which they disappear suddenly.

For me, I can't release my KYC because of airdrop while most of the supposed project developers are anonymous.

[ranaprime]

KYC is really need for those who are creating new account in any exchange or any kind of business platform. The business owner have to know the Clint information. This is very much necessary. But in some causes Kyc is not good especially for bounty hunters. Now a days kyc prove negativity in most causes because scammer are collect information by kyc.   

[Thymoty]

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.

I think that KYC is very helpful for detecting fraud and verifying that investors involved in a project are "real" and can be held responsible if the government asks for data from investors involved in the project. But the problem is, someone's identity can be bought and sold at this time, so I think only give your personal information to platforms that really have regulations that protect the privacy and data of users.

[flyaccount]

For me, KYC is not very good. I am afraid that the data I provide is not safe. And will do my own harm. And I think many think so too. unless there is a guarantee the data will be safe. And I feel that in this online world it will never be completely secure.

[Jaephoenix]

KYC is actually a good tool projects use to verify the authenticity of users or investors. However, that being said, it is now a bad tool where projects steals users identify for their own shady usage

[Pluto25]

Kyc is a good process of identifying cheating but some cheaters also rules  for kyc... Kingcasino, clipx and others

[tinakoya]

KYC can be a good thing or a bad thing depending on the motives of requesting it. Indeed it is good to reduce fraud and money laundering including minimizing multiple accounts being used for bounty campaigns but it can also be very dangerous if you submit your personal data to fraudulent projects as it can be used for bad intents. Hence we all ought to be very vigilant and do some thorough due diligence before giving your data carelessly online.

[franch]

I don't think authentication with more frauds through authentication is as good as it is right now, and the quality of reward campaigns by authentication is very low, they use our personal information for other purposes, so stay away from better authentication for all of us. This will reduce the number of scammers and there will be no barriers to transactions.