Why kyc is need and its important ?

[Kernel 1]

KYC for airdrops filters out a lot of bad actors submitting multiple entries.

[MD SADIR HOSSAIN MRIDA 95]

KYC mean know your customer . Each company have target. and they want to achieved the without any obstacle. For knowing details about a     customer every company should follow this method. Otherwise some fake use enter the company without any obstacle.

[febriyana 934]

KYC is required for security reason, for example when exchanges get reported because money laundry or selling hacked coin, they will give your identity who doing that transaction to the police or government. 

But for bounty, wallet, airdrop i don't recommended do KYC, because that is possibility to selling your identity to somewhere 3rd party company or person.

[Crypto123 0]

There are two possibilities if the site that asks you for KYC is a legal and reliable site as it will use these documents to monitor your transfers and give them to the government (or to the governments of other countries) if you request it. As for if the site is a scam, it will take your documents and impersonate you to do illegal activities, or perhaps sell it to another person for money. So I repeatedly said I hate KYC.

[Sohel Rana 406]

I think kyc is most important for any user, Because kyc is users personal identification.

I don't know why any project and any exchange    take kyc.

Guys if you want to secure your identification you can't verify with kyc any exchange. 

If you want to trade you can trade without kyc in Binance exchange and withdraw wroth 2 btc in 24 hours.         

[teminalibug 309]

On 10/17/2019 at 10:40 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 important in many ways, it helps the company to know their customers, it prevent multiple accounts, etc. But I personally hate it.

 

On 10/24/2019 at 1:11 AM, cryptokram said:

requesting kyc for the exchange is just a normal part of their rules but for the aridrops that is really not suitable to be apply. So if there are sometimes asking for kyc in the airdrops stay away and don't get hype with it okay. 

I think for airdrops is where it is more important, it helps to avoid multiple accounts.

[Hatred 1388]

On 10/18/2019 at 3:40 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

you need the KYC in every trading or selling you will enter. It is because if you don't know who are your customers, you may experience being scam and worst being robbed by them.

[zhaazure27 524]

On 10/18/2019 at 3:40 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

Maybe they need it to prevant spammers who often create too many accounts to manipulate income. Giving KYC is very risky for our personal data. We must be careful in this matter, what is feared is that our personal data is used for things that harm us.

[Kazi Mazharul Hoque 113]

I hate KYC system,  It's look like a jail,In this position it is very much like a prisoner. In my opinion stop KYC system and also stop discrimination of 3rd world population.     

[Afrizal rahman 2636]

Kyc has an important role in handling problems that occur with funds. that's why kyc must exist and participate in all this. this is just my opinion, sorry if wrong.

[deep shakar bardhan 0]

because they are genuinely grow their business thats why they are asking for kyc another reason is that they dont know who you are actually you are bot or another alse the dont know that is the main point they are doing kyc

[Ufra 197]

KYC is need for for the security of the exchange. I think that many of users who wants to buy bitcoin in darkweb are using a very low level security exchange. So KYC is the requirement for exchange security.

[PiroSense 2681]

On 10/18/2019 at 3:40 AM, Syedbesharat said:

what they do with our KYC.kindly reply dear members

It's for their protection as a business operating and also for your own protection. Imagine the following scenarios:

 

a) A whale (huge holder) exchanges huge amounts of BTC to USD. Do you think it's reasonable to send millions of USD to an unknown person? They must have insurance if something goes wrong.

 

b) Imagine you're a user in an exchange, and you've been hacked (your exchange account) and all your funds are sent to an address. Further investigation reveals that the address is owned in another exchange. If the said exchange implements KYC, then the hacker could be identified and you have higher chance of recovering your funds. On the other hand, if that exchange does not implement KYC and the thief/hacker immediately cashed it out as fiat, then you can't recover your funds.

[BeshoFresh 24]

Aidrop and exchange are requesting KYC because many users create multiple accounts for profit of differents amounts that can give them a lot of money. Just because they don't pass the KYC.

[littledi059 1010]

KYC is needed for the projects to be safe from abusers and to build a healthy community even though it is not necessary and for example yobit's conception works as well

[Syedbesharat 5423]

16 hours ago, Hanhassie said:

Assuming it was an exchange, I could say no problem, if it was an investment no problem, but for an Airdrop it is a big problem

Yeah,it make sense but now a days exchanges are also doing scams and mostly air drops are  scamming .So no KYC for Airdrops .

[Syedbesharat 5423]

16 hours ago, Hanhassie said:

Yes no KYC for Airdrop and also no KYC for scam exchange, they can not be trusted all

Finding out about airdrop scamming is not very difficult but finding out about exchange is very difficult.So always prefer valid exchange.Make good research before investing in any exchange.

[Sumayya 493]

Cryptocurrency was not built with anything like KYC, don't go for some KYC they are not important to us

[Luciferludz 1442]

On 10/17/2019 at 10:40 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

The KYC verification in exchanges is most important because it help to decrease the hackers money theft also it help to catch hackers 

[guatazoo 7150]

On 12/12/2019 at 12:45 PM, BeshoFresh said:

Aidrop and exchange are requesting KYC because many users create multiple accounts for profit of differents amounts that can give them a lot of money. Just because they don't pass the KYC.

I guess that the best reason for KYC for those specific companies, But what about the government, why do they need crypto companies to have KYC?

[andrehol 16294]

I think KYC cannot be sent to an unfamiliar address. no one guarantees the safety of your data. In the event of a hack, your data will be in the hands of scammers who will issue a loan for you

[Pearls Before Swine 815]

Exchanges probably don't want to have to require kyc procedures, but they have to in order to operate in whatever country they're in.  It's the government that's requiring *them* to do it, because apparently they're concerned about money laundering and tax evasion and who knows what else.  That's the government's rationale, anyway.

 

It's a pain in the butt to go through the process, and I haven't joined an exchange that requires it yet.  I don't trade with fiat anyway, so it really shouldn't be a problem.

[Kaëns Christophe 231]

The problem is simple: to be able to indentify someone especially if you open an account on an exchange.

What happenned in the very far past when you wanted to open an account on a bank ? You came to this bank and they took your ID and make copy and retain it for official record.

Nowadays everything become virtual and you dont need to go out of your house to open an account and you can open an account at the other end of this planet if you want but the problem stays the same : to be able to prove the Identity of the guy. The way used is KYC .

Dont forget that if you receive an huge unusual amount on your account , the bank will contact you . Everything is digital and everything in your live is now recorded somewhere

[Roomi 1119]

Kyc/AML is very important to avoid money laundring and scams. But its too much risky also. There will be a threat of data stolen always

[Kaëns Christophe 231]

dont forget that world of crypto are stil young, the states begin only now to create rules to take money from the benefits you make with crypto. So knowing everything about you will be easier for them to collect taxes

Edited December 16, 2019 by Kaëns Christophe