KYc meaning and why!

[TimopheyKa 3900]

I recommend using verification, because there is nothing wrong with it, and usually exchanges use it to promote or get real users. After all, sometimes bots participate in such hands, which could also receive winnings , but verification eliminates them, and this is great! Also, if you are worried, you can edit your data to avoid a disaster !

[aaayyy6 7]

kyc is a check (passport, phone number) that is currently present on many sites, it is made more in order to check whether you are 18 years old or not, or to weed out abusers from any projects

Edited November 3, 2020 by aaayyy6

[Husnyjaf 1784]

On 5/18/2020 at 12:06 AM, Saj555 said:

I have been listening about the word kyc a lot of times. And i also saw some people asking questions related to this. But actually i didn't find any answers about this. What is a KYC? Is this some kind of verification or what! Why this is so important for the users. I nwver faced anything in crypto related tools i assume. Please let me know what is this actually.?

I thinks it's a place where your informations will be required. But don't actually know how and where its requires. But I think the information they ask is your name,number  passport etc

[saqqdiyaa 528]

kyc verification is taking your non-public data. normally in kyc verification, if you want a photo of the identification card, your photo and a few addresses, then kyc verification is commonly accomplished for a protection.

[scofield64 943]

Yes, KYC is a verification method. Some site use KYC to know about their customers by demanding for customers details like valid documents such as national ID. 

[Biojay 2080]

I keep crossing this word for many times now without knowing the meaning of it, please can someone give us or enlighten us on the meaning of KYC, it may be important but we won't know

[Upright 2688]

Knowing your customer identification as on having to know the users which you think are authentic to use your services as we know of this kyc, being used to reduce scammers and fraud

[Russel 017 506]

KYC is used to verify the identity of the subscribers. Kyc needs to send some personal photos, some documents and personal identity. I think it gives strong security 

[JesusFries 1958]

KYC (Know Your Costumer) is a weapon that a certain company/entity use against financial crimes/money laundering. Basically, KYC is a guideline/process that a client or subscriber should be put into. KYC is a process of obtaining/getting the customer's personal information to ensure that this person/customer will act accordingly in order to avoid scammers and fraudulent individuals. 

[Cryptic 0]

On 5/18/2020 at 7:44 AM, malik6314193 said:

KYC is verification process in which you have to provide your personal information like your national identity card or passport, your picture and your phone number. Someone even gets utility bills for your address verification. 

In addition to what OP have said since it is the concrete definition and purpose of the KYC or know your customer, I would just add the other purpose of it, it is being used in big exchange to easily track the culprit once there are fraudulent act happens on that exchange, since they have a copy of the personal information of their users then they could easily tell the culprit. This fraudulent act could be money laundering, scamming and hacking and etc.

[matias estigarribia 1605]

In my opinion, the issue of KYC is very delicate, since many platforms use it to steal personal data, there are some more strict that require a facial scan, who knows what they do with that data. In my case I only do KYc with well-known platforms that give me a lot of confidence. Be careful with doing KYC on any website is very dangerous.

[Irungu 4299]

My assumption would also come to that , that its a verification key and its good for us because we are all suppose to get and understand what these means but I will have to google it my  brother and understand every single one of them and that would be the most important thing of them all that would help us grow

[Baba abdul 0]

cryptocurrienses sites for tranfering money as money laundering and illegal activities have increased now a days, its just they want to verify that its you by taking your id proofs and some personal information. 

[hatambaba 1064]

KYC is benefit for crypto hunter but I Personally would never give my personal data from any bounty campaign or in any airdrop, not because I don't have any trust to them but just for safety of my data.

[leakydonney 1402]

On 5/18/2020 at 2:06 AM, Saj555 said:

I have been listening about the word kyc a lot of times. And i also saw some people asking questions related to this. But actually i didn't find any answers about this. What is a KYC? Is this some kind of verification or what! Why this is so important for the users. I nwver faced anything in crypto related tools i assume. Please let me know what is this actually.?

@Saj555 KYC is an abbreviated word for "know your customer" which involves the process of verifying users identity to assess customer risk and a legal requirement to comply with Anti-Money Laundering (AML) laws and it's primary goal is to satisfy that the source of the customer’s funds is legitimate.

Edited November 10, 2020 by leakydonney
Correction

[Aurangzaib 465]

KYC is  stands for know your customer verification process to provide your personal information and  make sure that you are not a Reboot  and to prevent abuse. Kyc is provided in an online website  Such exchanges and  Trading account .  kyc is important for every financial work.

[Roop 1108]

Kyc is a know your costumer  form for your verification. You provide your personal informations like your name,address, identity card or passport or your driving liscense. This is very improtant and when you fill kyc tou should be aware of what site you are uploading it because if the website is scam your personal information would be misused.

Edited November 10, 2020 by Roop

[godislovefll 1880]

On 17/5/2020 at 19:06, Saj555 said:

He estado escuchando la palabra kyc muchas veces. Y también vi a algunas personas haciendo preguntas relacionadas con esto. Pero en realidad no encontré ninguna respuesta sobre esto. ¿Qué es un KYC? ¿Es esto algún tipo de verificación o qué? Por qué esto es tan importante para los usuarios. Supongo que nunca me enfrenté a algo en las herramientas relacionadas con criptografía. Déjeme saber qué es esto en realidad.

The KYC is: Know your client, this is used by banking platforms and among others to identify your user where they ask you to verify your identity through a photograph of identity documents and thank you photos with the date of the day the verification is done, this is done to prevent the entry of scammers and malicious people.

[setifien 1016]

On 11/6/2020 at 4:01 PM, katri2 said:

but it undermines blockchain and goes against the core rules of crypto that are decentralized, so there is no reason to use crypto information on a third party website....  

Actually there is no guarantee that the information you gave while doing kyc process are not shared with other parties (like legal authorities or security authorities) and as you said this is in contradiction with crypto aspect of anonymity

[Viktur4 597]

KYC simply means Know Your Customers . It is a verification process put in place to pool the data of customers so as to keep adequate records.

 Most sites take it very seriously to prevent people from creating multiple accounts and to also help with easily identifying fraudsters.

I hope this helps?

[Harazimi 275]

KYC is simply verification deal with in which you tolerate to provide your individual in sequence like your nationalized identity card or passport, your image and your call number. 
 

[Sofia Bravo 704]

KYC is a security system to be able to identify your clients and thus be able to avoid fraud and money laundering

[Zafar123 906]

Here is a question frequently asked that what is kyc ?

It's means know your costumer . Some questions are asked to customer for knowing his identity. It is for avoiding money laundering. The costumer has to provide his complete record.

[Sherrybhai 385]

Kyc is the process of verification of your identity , which is used by different kind of websites or apps .. like in paxfull site kyc is important to verify your account u have to provide your passport ,id card, your phone number even your utilities bills to confirm that you are a genuine user .

 

[Tsadoyisa 86]

Kyc is an abbreviation for know your customer, some organizations do kyc so as to know their customers and to avoid any issues of scam, been duped although some people don't like kyc because some organizations ask for too much personal information.