KYc meaning and why!

[Whited35 15285]

KYC simply means Know Your Customer. Most of the cryptocurrency exchange platforms require you to fulfill KYC by submitting your documents like national ID, residence address proof etc. Generally exchange requires KYC to prevent illegal money laundering. 

[Jimmy26 987]

KYC is the process where you have to verify yourself on that platform you are going to work or using and this process has been introduced to overcome the rate of illegal works and now people cannot use any platform for unhealthy work also so now it's going to more easy to find any person if they are doing any illegal work by their KYC verification and I think it makes people more secure  form scamers.

[Michael0606 861]

The kYC is a method of security for exchanges against fraud, multiple accounts, money laundering and other things, verification by removing some type of document that has been supported by the platform such as the identity card.

[DreamStage 2105]

Sometimes you also need "Known Your Customer" informations in case Gambler from a Casino requires to recover his account and needs to prove his identity.

Therefore in some cases just like this KYC is really important 😉

There are other cases where people dont like it but i understand since it's basically removing the privacy you had into a public one.

[magd 5231]

My friend, this process is carried out by some platforms and sites in order to make sure of your personal information before doing the withdrawal and transfer for the sake of business credibility, but there are some fraudulent entities that use it to obtain personal information and the addresses of the wallets to steal it.

[Virgil dijk 1431]

Actually KYC is just like a verification to know if Actually the person seeking for permission in a site is actually the real owner of that account, and most times it requires much information about a person identity.

[bitcoinb 1359]

On 5/18/2020 at 1:06 AM, Saj555 said:

Why this is so important for the users

As said by @rekter, Know Your Customer verification is a process to fight anti-money laundering. In EU, it is requiered everytime you want to use a service that accept debit card.

[guatazoo 7150]

KYC means, Know Your Client or Know Your Customer, and the aim of verifying KYC is to make the familiar with the platform and the users in order to have the alternative way to found you if there have something bad or good happened. 

[melikf78 987]

for kyc verification you should send some photos of your documents to prove yourself they usually ask a photo of you passport or id card with holding it in your hand.in exchanges kyc is for your own safety but in airdrops its for avoiding multiple accounts.

[BrolySSJ 7899]

I think that kyc stands for know your client and it is a way of verifying your identity on a site. Basically you will be required to provide a proof of identification which is generally either an identity document or your passport. Personally i think that it is very unsafe for these documents to be uploaded online especially with the number of scam sites that there are now and those that ask for kyc verification so i think that people should stay away from these sites.

[koussai999 1986]

KYC is a collection of personal information about you that proves your personality at any time and is useful in cases of dealing with trusted sites because in the event that you are exposed to any problems, you can prove your personality with this information

[Fzack 285]

The full form of KYC that is know your customer itself tells a lot. KYC is a method of verificatiob of customer. It is generally done performing greater exchanges where one needs to verify him/herself wit support of related documents.

[Cammer 4609]

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.?

Websites require KYC or identity verification because they don't want to have scammers registered to their site. This will decrease the reputation of these websites. 

[pablomarwan 3082]

It seems that you have experienced one of the times that you are asked to fill in your information and it is a process that verifies the identity of customers and often now it depends on the field of encryption and that for several reasons including to track your transactions and make sure that you are not fraudulent or that if you once lost your password No one will be able to hack it

[bentayebsalah 2280]

KYC means identity confirmation. This step is requested by platforms to protect themselves from legal accountability and their work is legal.

[Fattkidd 1852]

Kyc or Know your Customer is method use to verify users and secure there account KYC is being use more to avoid bot and Other scamming scheme like Hacking this also been use to avoid abuse from claiming airdrop and other things like having mutiple account to get rewards.

[Bohana 2143]

Actually, this is the first time I've heard that I'm not an expert here, but I hope you will teach me the correct meaning if you find it.

[Ndayebo8 0]

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

Please let me know what is this actually.?

Kyc is a security created on blockchain by collecting the users identities to know from were you are. This kind of security system is use mostly in exchangers and some scam exchange to steal identities of users.

[Omar Ommeish 4872]

This verification is required by some platforms in order to increase the level of safety for its users, but there are many people against it because they do not like to publish their legal papers on the Internet.

[tienda 8776]

Sincerely I dont agree with some website exchange who ask or exigent the KYC for their users, if we dont know who are them why we trust them if they are unknown! so KYC for me means provide your personal data to a person or groups you dont know. So in my opinion KYC >> K=killing  Y=Your   C=Confidence >> means Killing Your Confidence.

[vynz 540]

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. 

I've been also wondering what KYC is so thank you for sharing this information it will be helpful for us even for me as a beginner since i'm planning on stepping up my game in the cryptocurrency. Thanks buddy!

 

[Captain Karim 0]

My friend, KYC is the method of verifying the user’s identity. In KYC, you need to send your personal data, such as an identity photo or a photo of your passport, to the entity requesting verification by KYC, and they may also request a video call with you.

[Alimhana930 1605]

It means activating the documents, like your documents that confirm your identity, who you are, and from which country, such as your personal ID and photo, and some platforms require them to be able to withdraw certain amounts of money from them.

[Jami273 2020]

'Know Your Customer' or shortly 'KYC' is a very strong security system.It ensure your identity perfectly to the authority of a website or exchange etc.For KYC verification,many time we need to submit our personal informations and documents like photo of NID card or passport or Driving license etc.In crypto world we can see that so many exchange wants KYC,though many people don't like it but still it's the best verification and security system.

[Guru2050 8284]

Well KYC verifications literally means Know Your Customers, it's an additional/ extra verifications process that requires your valid documents and other value information.