Why kyc is need and its important ?

[Sid 589]

On 10/18/2019 at 2:40 AM, Syedbesharat said:

Now a days every exchange and airdrop diffrent sites are requesting  KYC  .what they do with our KYC.kindly reply dear members

They use KYC to verify the user's identity to avoid fake accounts. I recommend not using KYC for airdrops unless you are sure of the results of the airdrop 😀

[Sumayya 493]

10 hours ago, Abdullahi Ibrahim Abba said:

I don't see any reason why kyc is important in cryptocurrency world most especially Airdrops and bounties

And I have experienced that most of the kyc used in Airdrops are just scammers and they want to know from wic country u re from.

Not only country they wanna sell your data for money, you know your data cost a lot of money

[Syedbesharat 5423]

12 hours ago, Sid said:

They use KYC to verify the user's identity to avoid fake accounts. I recommend not using KYC for airdrops unless you are sure of the results of the airdrop 😀

Yeah ,you are right i had done KYC on Airdrop past days.I was confident about that airdrop but today they just delete all my given coins. And now when i sell those coins they just block my payments.I am very upset now .

[Naylor89 1223]

I think some ICO's asked for this check to prevent fraud and money laundering, several accounts. I think the KYC process will really ruin the idea of cryptocurrency investment.

[Sid 589]

14 hours ago, Syedbesharat said:

Yeah ,you are right i had done KYC on Airdrop past days.I was confident about that airdrop but today they just delete all my given coins. And now when i sell those coins they just block my payments.I am very upset now .

How did it happen ? Do other airdrop recipients also experience things like yours? Thank you for sharing your experience 😅

[Syedbesharat 5423]

12 hours ago, jore1 said:

I never liked it because it was informative and we didn't want it to be the disclosure of our information when making transactions.

That's the beauty of crypto but bow it all becoming more like bank accounts where all information must be filled.They are forcing it and want more information of client like address ,lane ,street ,residence proof,fresh pictures with date and signature etc.I am now thinking  why are they gathering  so much personal info .

[Oluwaseun 522]

Every legitimate organisation that has a forward thinking would surely ask for a KYC and that's know your customer the meaning even states the importance. There are many fake users also. At least you cannot do more than one KYC with different info in summary though its for safety.

[lucky80 1046]

On 12/31/2019 at 3:24 AM, Abbas Ali Shah said:

But some governments are so tied to their social problems that they dont have any time for crypto regulations 

That is a super classic excuse. If they want to overcome social problem bitcoin or blockchain is the solution. The problem is the government wants to protect themselves from transparency. This is a major reason behind the bitcoin ban. 

 

KYC is a signal from a good government who want crypto adoption

[Whydoyoucare 1094]

I think kyc is important when you are talking or dealing with a lot of money or coins, because if you are dealing with a lot of money i think a lot of informations is really needed.

[DidaNahrisya 165]

Yes kyc is very important for exchange to avoid money laundering and theft and for your account security too

[Sumayya 493]

22 hours ago, Cryptojubayer said:

Kyc detect scammers and they prohibited them and make a secure place for crypto.

KYC help to clean off scammers from off the table they wouldn't have chance to be oart of the community

[Sumayya 493]

On 1/5/2020 at 8:07 AM, MarsDota2 said:

One of the most secure transaction today is having a kyc because most of the scammers do not use their information so the victim cannot detect who is the suspect. 

Also fake information can be used to pass KYC as the KYC are of different types

[patitaycute 648]

I think KYC is important to track this person of there's an incident happen like theft, money laundering and frauds. KYC also verified the basic information of the customer.

[rajonmia 181]

I think you know what is kyc. Kyc very important for us because many site are real and many sites are fake. Real sites want a real users all time ,that's why they ensure your kyc verification. If you complete then you will use this site freely. Also scammers can not do that. That's why kyc important for us.

[BitMart 326]

We have some serious trouble around about money laundry and terrrorist activities just because of this many countries to have all informations about this KYC so as some new project go for ICO they implement this law pass KYC who is investor and from where this money is coming few peoples don't like this as they don't want to give personal data so its creating problems around the globe but in my view its good and have to work.

[pulokdeb 61]

It's a very important thing for us to make money, it's something we always have to adhere to, and it's good for everyone, which is very important.

[Ankit Nepal 719]

On 10/18/2019 at 1:25 AM, Syedbesharat said:

Now a days every exchange and airdrop diffrent sites are requesting  KYC  .what they do with our KYC.kindly reply dear members

Kyc is needed because it reduces scams and blocks scammers.  Also kyc helps to avoid multiple accounts created by user. The main and one and only task of kyc is to block scammers and secure crypto market.

[Maaz sultan 265]

I explain KYC meaning  for beginners KYC stand for Know Your Costumer this is technology being used  in many crypto exchange site to avoid hacking and scams .

[Syedbesharat 5423]

17 hours ago, Maaz sultan said:

I explain KYC meaning  for beginners KYC stand for Know Your Costumer this is technology being used  in many crypto exchange site to avoid hacking and scams .

Nice ,explanation by You.Its the mean to use it for avoid scamming and  know costumer.But why it become must now a days are they not trust us.They can limit our with drawl if they want.

[mani982 286]

KYC is Compulsory for Trading on Big Volume exchanges .Small Exchanges do not need of KYC with out KYC we can trade and Withdraw.They need personal Data for maintain record and Transaction of users.

[el-Muhammady 718]

On 10/17/2019 at 8:40 PM, Syedbesharat said:

Now a days every exchange and airdrop diffrent sites are requesting  KYC  .what they do with our KYC.kindly reply dear members

KYC is being done to Know and identify the owner of a particular fund or resources and for that you can be able to identify who is the real owner of that fund under concentration

[Sumayya 493]

9 hours ago, Baba mohammed said:

I think is very important to recover funds if there is anything wrong happens like loosing the 2fa etc. 

Yes it is good, I also sometime lose my 2fa, I have to do a selfie and send it again

[rchres 414]

If you created your account you need your KYC or information personally to know if you are the legit owner of the account, You recover it if the hacker try to stole your money the application or wallet will secure your Cryptocurrency. So they need your information to protect your account and KYC is not bad it's protection for us.

[Sapdrx 469]

2 minutes ago, hasankhan said:

KYC is important as it makes the project known to its token holders and also during icos or bounty programs.But it is sometimes its dangerous for us.So stay away from kyc

KYC can indeed be very dangerous as it allows the receiver to perform identity theft. With a copy of a passport it is for instance possible to apply for financial products, sometimes creditcards and such. So beware of comanies that require KYC.

[Sumayya 493]

On 1/16/2020 at 9:05 AM, Mamataiwo said:

KYC for airdrop is scam. except airdrop from switch over site. KYC de rigueur to hoof marks for ilegal activity, such as change laundry. but in some conversation site, KYC is elective for small traders.
 

But also much of the airdrop are scam, so how will you differentiate