KYC
KYC stands for “Know Your Customer” and is an acronym you will see often when using centralised services such as exchanges or lending platforms.
The KYC process refers to the registration of a new account on one of these centralised services. You will need to provide information about yourself in the form of a government issued ID such as a passport or driving licence.ย
Once you have provided this information, the service will check your profile against criminal databases to make sure you aren’t money laundering or up to no good.ย
If you are a good citizen and aren’t on any of these databases, then you should be good to go and start using their services.
Usually the whole KYC process is automated and takes no longer than a few minutes to complete, then you can start buying and accumulating Bitcoin – happy days!
Share with a friend
If you thought this information was helpful why not share it on your favourite social media network and encourage others to learn more about Bitcoin
The latest news from our blog
What Is A Ledger Nano Gen5?
The hardware wallet market has evolved dramatically since the first Ledger Nano devices emerged nearly a decade ago. Ledger had a first-mover advantage, and the
What Is Parasite Pool?
The Bitcoin mining landscape is experiencing a quiet revolution this cycle. While corporate miners consolidate around predictable payout models, a counterculture of “pleb miners” is
How Bitcoin Mining Can Power Water Desalination
If Greenpeace and Greta Thunberg are to be believed, then Bitcoin mining is a net negative in getting to net zero, as we boil the