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.Â
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.Â
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!
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