What does KYC stand for and why is it so hard to create a crypto account? - Crypto in Plain English - Episode 175 - by cryptohunt.it
Crypto in Plain English - by cryptohunt.it30 Touko 2022

What does KYC stand for and why is it so hard to create a crypto account? - Crypto in Plain English - Episode 175 - by cryptohunt.it

What does KYC stand for and why is it so hard to create a crypto account?

Welcome to the cryptohunt jam where we spend one minute a day to explain crypto. In plain english.

If you’ve ever signed up for a crypto account with one of the big exchanges you will have noticed: The process was really hard – all kinds of questions asked, some you probably didn’t even know the answer to. Maybe you even gave up and said: “Too complicated, what do they want from me!”

We are here to tell you, those companies don’t actually WANT you to do this. They HAVE to make you do it. But why?

The requirements are different in different countries, but at the core of it is a requirement known as KYC - short for “know your customer”. Governments actually require that companies make sure to verify who you are.

There are a few reasons, but governments want to make it harder for bad players to use crypto for bad things. Because once your money is in an anonymous wallet, it’ll be hard for them to tie it back to someone. Money laundry, tax evasion, financing terrorism - you name it. There are some really bad things money can do, and of course governments try to make them as hard as possible, rightfully so.

But now you know: Because a few bad people do a lot of very bad things, you have to suffer through a long signup process.

And next episode, we show how stablecoins can help you send money to friends and family in even the most remote of places.

Disclaimer: This podcast references our opinion and is for information purposes only. It is not intended to be investment advice. Do your own research and seek a duly licensed professional for investment advice.

Jaksot(373)

What makes Ripple (XRP) special? - Crypto in Plain English - Episode 61 - by cryptohunt.it

What makes Ripple (XRP) special? - Crypto in Plain English - Episode 61 - by cryptohunt.it

What makes Ripple (XRP) special? Welcome to the cryptohunt jam where we spend one minute a day to explain crypto. In plain english. Today, we dive into Ripple, one of the earliest cryptocurrencies out...

21 Joulu 20211min

What make Cardano (ADA) special? - Crypto in Plain English - Episode 60 - by cryptohunt.it

What make Cardano (ADA) special? - Crypto in Plain English - Episode 60 - by cryptohunt.it

What make Cardano (ADA) special? Welcome to the cryptohunt jam where we spend one minute a day to explain crypto. In plain english. Today, we talk about Cardano, one of the most popular blockchains o...

20 Joulu 20211min

What is the Blockchain Trilemma? - Crypto in Plain English - Episode 59 - by cryptohunt.it

What is the Blockchain Trilemma? - Crypto in Plain English - Episode 59 - by cryptohunt.it

What is the Blockchain Trilemma? Welcome to the cryptohunt jam where we spend one minute a day to explain crypto. In plain english. Today, we’ll talk about the three big problems every blockchain trie...

17 Joulu 20212min

How safe are stable coins actually? - Crypto in Plain English - Episode 58 - by cryptohunt.it

How safe are stable coins actually? - Crypto in Plain English - Episode 58 - by cryptohunt.it

How safe are stable coins actually? Welcome to the cryptohunt jam where we spend one minute a day to explain crypto. In plain english. Today, we’ll talk about how stable those Stable Coins actually ar...

16 Joulu 20212min

056 - What makes Solana (SOL) special? - Crypto in Plain English - Episode 56 - by cryptohunt.it

056 - What makes Solana (SOL) special? - Crypto in Plain English - Episode 56 - by cryptohunt.it

What makes Solana (SOL) special? Welcome to the cryptohunt jam where we spend one minute a day to explain crypto. In plain english. Today, let’s talk about Solana! Solana is a blockchain technology th...

15 Joulu 20211min

What makes USD Coin (USDC) special? - Crypto in Plain English - Episode 57 - by cryptohunt.it

What makes USD Coin (USDC) special? - Crypto in Plain English - Episode 57 - by cryptohunt.it

What makes USD Coin (USDC) special? Welcome to the cryptohunt jam where we spend one minute a day to explain crypto. In plain english. Today is about yet another popular stable coin: USD Coin, also ca...

15 Joulu 20211min

What makes Tether (USDT) special? - Crypto in Plain English - Episode 55 - by cryptohunt.it

What makes Tether (USDT) special? - Crypto in Plain English - Episode 55 - by cryptohunt.it

What makes Tether (USDT) special? Welcome to the cryptohunt jam where we spend one minute a day to explain crypto. In plain english. Before we start today, we want to share some exciting news. We just...

13 Joulu 20212min

What makes the Binance Coin (BNB) special? - Crypto in Plain English - Episode 54 - by cryptohunt.it

What makes the Binance Coin (BNB) special? - Crypto in Plain English - Episode 54 - by cryptohunt.it

What makes the Binance Coin (BNB) special? Welcome to the cryptohunt jam where we spend one minute a day to explain crypto. In plain english. We talked about Bitcoin and Ethereum, number 1 and 2 in ma...

10 Joulu 20212min

Suosittua kategoriassa Liike-elämä ja talous

sijotuskasti
mimmit-sijoittaa
psykopodiaa-podcast
rss-rahapodi
rss-sisalto-kuntoon
rss-rahamania
ostan-asuntoja-podcast
rahapuhetta
herrasmieshakkerit
sijoituspodi
rss-karon-grilli
leadcast
asuntoasiaa-paivakirjat
rss-lahtijat
rss-startup-ministerio
rss-paasipodi
rss-yrittajan-mindset
rss-draivi
pomojen-suusta
rss-valaistumisia-tyoelamasta