KYC stands for “Know Your Customer” and is an acronym often seen when using centralized services such as exchanges or lending platforms.
The KYC process refers to registering a new account on one of these centralized services. You will need to provide information about yourself through government-issued identification, such as a passport or driver’s license.
Once you provide this information, the service will check your profile against criminal databases to ensure that you are not laundering money or doing any good.
If you are a good citizen and not listed on any of these databases, you should be ready to start using their services.
Usually, the whole KYC process is automated and takes no more than a few minutes, then you can start buying and accumulating Bitcoins – happy days!
Disclaimer: The information provided on this blog is for informational purposes only and should not be taken as any form of advice.
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