KYC
Home » Bitcoin Culture » BTC Glossary » 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.
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.
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
Can Governments And Corporations Threaten Bitcoin’s Core Promice?
Most people have heard the term “Bitcoin” in passing, but how much they know about it or care about it is debatable. I think there’s
What Are The Costs Inovlved In Buying Bitcoin?
So you’ve heard about Bitcoin, and you want to acquire some but don’t feel like meeting some random person at your local park to exchange
How To Use AlbyHub Node Sub Accounts
Let’s get real for a moment; Alby moving to fully non-custodial is a good thing for Bitcoiners, but it is still a pain in the