Why kyc is need and its important ?

[Michar1 1693]

It is true that question I have also asked myself, but I think it depends on how they use our data, they can only store it, even sell it. But it's just checking the policy and privacy.

Edited November 14, 2020 by Michar1

[mildred27 317]

Greetings, Making transactions in crypto-currencies is something anonymous and irreversible once made you cannot appeal or fight to recover the transaction as it could be possible in a bank, The crypto currencies are currently used every time so many exchanges allow free trade between its participants to exchange their currencies for physical currencies such as dollars and to control the scams these ask their users to perform the Know Your Customer (KYC), in this procedure of the KYC the user must verify their identity through photographs of their identity documents and a selfie accompanied by them. 

[Jamillove2580 115]

KYC verification is done at many airdrops.  Because they can know a lot of information by doing KYC verification.  They will know all the information about you.  Using this KYC is very dangerous.  Because of this they can know all your information

[khan22 3478]

So many exchanges now need the KYC becasue in so many countries crypto is ban totally and that is the main reason that they need KYC and also the main reason of security and withdraw from that exchange need the kyc.

[bogdanoff 3173]

Some have reasons to ask for KYC because they are regulated exchanges but I don't see a reason to ask for KYC for airdrops and I'm not following any of these projects. I don't trust them either if they ask for kyc and makes them look bad.

[zhoutong 2188]

KYC is not so important, it is providing ID to someone else to explain who you are. It means Know Your Customer something that we don't need in the blockchain.

[satoshifactory 295]

Verify that you are not a fraudulent person by completing multi-accounts to receive more rewards in different campaigns

[annayks 2314]

Kyc is a way for companies to know who we are. But ask anyone, would he give a copy of his identity to his supermarket or to the shops you use or to the bus you take? You don't want to do that as you don't know how these people that take your documents will use them.

[kryptonick 2659]

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

Why do you think it is important? I think it is important not to make KYC and not use these exchanges and airdrops that ask for KYC. If someone asks for my ID I will give it if he gives me his ID too otherwise it is unfair.

[Onden 2098]

Actually I don't agree with Kyc's terms when I want to list on the exchange, but Kyc is needed if we want to link bank account numbers and want to convert them to fiat. The requirement is valid data verification so that we can transact on the exchange, and I can accept it.
But if an airdrop asks for Kyc, I don't think it's necessary and it's better not to follow it, because personal data security is very important.

[Zafarwaheed 0]

Yes this topic is very informative. Kyc is very essential and important to remove the scammers activities and their fraudulent links. By kyc verification of exchange may done and the admin of ico verify that we are want to do work. But I didn't ask you to submit your kyc to airdrops. Because it's quite risky.

[Mella 3680]

I am not do with kyc and it is not posseble to known what these people are think to do with them, maybe they are sell them like zuckenberg was with all our facebook privacy date to sell to advertiser and make money. We are have to give nothing to them.

[khan22 3478]

KYC is the main thing in the exchaneg becasue so many hackers will know hack the account and no one know that which person will hack that but through the KYC we can easily know that the hacker and also our account is secure from the outside hackers.

[Patso 53]

If it is a proven and reliable project, then most often KYC is done to confirm identity, in terms of distributions it is done so that one person does not make a large number of bots and does not overwhelm the system, and in terms of public use is needed to prevent money laundering and other illegal actions.

[Gabriels100 157]

Well, it is important to keep track of a user, it is a type of protection for the user as well as for the exchanger, here the important point is that you respect the privacy notice.

[Razan alikac 1899]

Is it possible for me to do KYC for Airdrop! This is definitely nonsense, and no one should do it but rather not take part in any airdrop that requests KYC.

[DrkMot 44]

1. The survey showed that the number of users who have a positive or neutral attitude to the KYC procedure and are ready to undergo it is 4 times more than those who spoke negatively about it. 

2. the majority of positive opinion that passing KYC for trading on the exchange is a requirement of state regulators. 

3. users' justified fear for the safety of their confidential information sets the cryptographic industry a nontrivial task to maintain a balance between security and compliance with the necessary regulations. 

4. At this stage of product and service development for Kick Ecosystem, choosing a reliable KYC partner on the KickEX exchange is one of the highest priorities. We intend to use the services of Sum&Substance, which has already established itself as the market leader in KYC/AML in Central, Eastern Europe and Asia. Their experience and tools will allow us to solve issues related to overhead and risk, while at the same time providing our customers with reliable protection of their data. The processing of documents and selfies of users who have passed KYC is handled by Sum&Substance. Kick Ecosystem will not keep all user data on hand, receiving only impersonal data, which will provide additional protection against possible cyberattacks and data theft by third parties.

5. This survey once again proves the trend towards a gradual shift of opinion among cryptographic users: from negative to neutral and positive.

[playman64 11]

I think that government must do that because it will be good for us and also for the Crypto world. And it can decrease the value of scammers. That will open people's eyes and minds to accept cryptocurrency.

[Sykkuno 2887]

Kyc is required by some countries to run a financial institution but it is not required from projects and I have seen bounties and even airdrops asking for kyc something that is against why we are using cryptocurrencies as we dont have to give our identity to somebody to transact.

[Kami505030 1617]

Every where there are thousands of spammers who create multi accounts with fake id, and it disturb the whole project. So thats why every site and airdrop is now trying to make their site strong and legit and for this reason they are implementing kyc everywhere.

[ramonn22 731]

I personally believe in my humble opinion that the kyc is necessary on some platforms to verify that you are a real person but there are other platforms, for example many airdrops that ask for your data, surely to sell them to large companies because crazy turns out to be cheeses airdrops are a scam
good luck and big winnings
a big greeting

[Shaheer16 908]

Most of the airdrops and exchanges demand for KYC. If you give KYC to different airdrops you may be get in a problem. So avoid that airdrops who demands for KYC. 

As for exchanges, only give KYC to a genuine exchange. Like a binance it demands for KYC to make an account. 

In these types of exchanges which are working globally there is no issues to give KYC. By this they make sure a person is real or not from the restricted country. 

May be you can also recover your funds with this if you get any issues. 

[Mridul Rahman 1058]

Kyc reffers to "Know your customer".We know that crypto is not available in some region.So some exchanger also prohibit some regions from using their platform.Besides scammers are increasing like crypto in worldwide.Many creates multiple accounts to come upon their needs.Platforms need active members.So they require kyc to decide if they are real or not.

[Braulio Eurea 720]

The KYC know your custumer verification is a process of verifying the identity of a client in which identity documents issued by official entities are required, this to avoid doing business with criminals, it is an important process to be certain of doing business with people of good. This verification can help avoid criminal acts in transactions with cryptocurrencies, it is the norm demanded by most of the entities that operate in the cryptographic world.

[guatazoo 7150]

On 10/23/2019 at 12:01 PM, Lubruselu said:

While you are in crypto exchange it means you are a business partiner with them that why they need to "KNOW YOUR CLIENT" (KYC).

They need to know you in order to stay away from cybers and hackers, also KYC verification help to catch easy hackers if they also have account in a certain exchange.