KYc meaning and why!

[Saj555 2250]

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.?

[malik6314193 5449]

35 minutes ago, 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.?

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. 

[rekter 8129]

3 hours ago, Saj555 said:

Is this some kind of verification or what! Why this is so important for the users.

@malik6314193 already answered to what it is, i'll continue from that: It's short from "Know Your Customer" And it's required by some exchanges and icos because of Anti-money laundering laws.

Edited May 18, 2020 by rekter

[BTC Future 3946]

It would be interesting if someone made a tutorial on how to avoid any KYC procedure. Of course by the moment the money reach your bank account they already have your private data, still I prefer to avoid senting my documents to any random or regulated exchange or individual employee that does not respect them and has a high chance to lose them or even sell them.

[Brand1 1336]

kyc is one of the methods that some sites use to verify the identity of subscribers and it is done by sending personal photos and some documents and a copy of the personal identity and frankly I do not like this method at all because it can be stolen and the use of these files in illegal matters

[Honny143 13612]

Now some  big exchange need do kyc compulsory because they want their costumers full details, because now in crypto money laundering and illegal activities increase, so some exchange verify our personal details, because unfortunately anything happens then they show account details.

[betelihem 4766]

13 hours ago, 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.?

KYC means know your customers, and yeah its one of verification methods, you use your international id or your passport to verify it, and to make your things secure its good, but ifs very risky that if some scam sites or hackers get this information's then they will use it on bad things and you will get in big treble.

[Wilmer Garcia 0]

KyC is a personal verification system where you are required to provide your identity through your ID or your selfie next to it is something that carries a lot of risk because we are relieing on our data and that lends itself to many things

[gourav789 2834]

KYC is a sign that you are verified Member , you may be got some extra features if you provide KYC in any platform .

you need To provided your documents and sometimes selfie for approved , in my crypto jounery i doing kyc only on binance and on localbitcoin. 

[ETheHedgehog 3104]

it's Know Your Customer verification, it means you have to give a picture of your government ID or Passport and other personal information

[Jahida 67 960]

What is usually verified is that there are many people who take your information and try to spam, so if you do KYC verification, no one will be able to spam, I hope you understand

[Sagor ahamad 178]

KYC verification is taking your personal information. Usually in KYC verification, if you want a picture of the ID card, your picture and some addresses, then KYC verification is usually done for a security.

[Ms.o 3322]

Kyc stands for know your customer,for some they find it waste of time and not necessarily but kyc can also protect you from hackers or malicious accessing on your account as they will require you to give you personal identity and your selfie pic so no one can easily access tour account other than you. But make sure that you only do kyc on trusted platform only. 

Edited May 18, 2020 by Ms.o

[Calvinpriva 17296]

KYC means "Know Your Customer" its the top security in many sites. This security requires you to upload your legal documents for your government so that the owner of a certain site can know your full details and reduce spammers in their sites.

[Shahud 1319]

kyc stands for know your Customer ..and it is the process of verification that any exchange or wallet ask you to complete.an you can verify your kyc by providing some id's like passport or any national id that shows your citizenship with your country

[Pinkvilla 258]

KYC is a process of verification that provide your id

And data and it is must to complete and it is 

Also necessary so illegal people are not allow 

And as much our forum is safe.

[Raqeebzy 6456]

KYC (Know Your Customers) is not only used in cryptocurrency, it is used by almost all financially institutions. It is a way of identifying the identity of customers mainly to prevent scamming and financial laundering. 

[George10 9932]

KYC is a verification process that requires user to provide some documents that proves their identity such as passports or driving license in order to be granted full access to certain services provided in an online website like exchanges,wallets, trading platforms and many more,it is also a security measure that helps to fight money laundering activities.

[Sennpaaai 871]

KYC is personal verification using your country passport or driver licence, the main purpose of using KYC is to verify someone and to prevent abuse. But personally I don`t like to pass KYC, because i can easy lose my personal info

[Shivam1 428]

On 5/18/2020 at 4:36 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.?

Kyc that means know your customers and kyc is important for every financial work. In kyc you have to give your personal identity documents then your wallet is able to send or accept money.

[AmjadBydn 0]

This a security feature on wallets or on exchange platforms to make sure that you are not a bot or not a hacker ! this will make them assure about you ! I think it's good way for the platform security 

[Sunil kumar Behera 489]

KYC stands for know your customer this is a very verification process of an individual which is mandatory nowadays in every platform so you can't avoid this totally

[Zaino34 0]

This means verifying your personal data. This feature is required by some sites by its registered members and requires them to provide their personal information in order to join or withdraw from the site.

[Treat1234 0]

I have come across this before where they will ask you to make a k y c is just a verification process where you will be requested to provide your passport national ID card or driver licence.

[lharost 1526]

On 5/18/2020 at 3:36 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.?

KYC is short for "Know Your Customer", many crypto websites and even some wallet use KYC process these days and they say the reason for that is to make sure no fraudulent activity is being done, yes asking for kyc can reduce frauds and illegal activity but it also undermines blockchain and completely goes against the main rule of crypto which is being decentralized, there would be no reason to use crypto if you have to complete kyc process because it's not a decentralized process anymore and you just gave your essential information to a third-party website and that's no different from using banks.