Ok so the first time I heard someone on Twitter talking about Bitcoin and KYC, I was like “What are you talking about”. After a Google research, I learned it means, know your customer. What the means is when you are creating an account on one of the exchanges, you have to enter in your ‘KYC information’ – as the crypto-world calls it.
Why do I have to do KYC?
I have to admit, I was very annoyed doing my KYC with Coinbase. We are an instant society and seems like every time you open up an account online, it’s just is a few clicks away. Why would I think opening up an exchange to buy cryptocurrency should be as simple as opening up a Pinterest account? I guess after thinking about it from a security and regulatory aspect, it makes 100% perfect sense. Be prepared when opening up an account on Coinbase, Gemini, Binance.Us, etc – to be willing to enter in your full name, address, telephone number, email, SSN, banking account routing & account number or CC number, and upload a photo of the front/back of your driver’s license. Before long, you’ll be so good at it, you’ll be a Bitcoin Superman!
Yeah, that’s right – SSN and copy of driver’s license. I almost didn’t do it. I was so afraid I’d be hacked. But I didn’t want to be that old lady who is afraid to do something ‘current’. I plugged ahead – did my KYC, and bought my first tiny, itsy-bit of Bitcoin (BTC). I had to wait something like 10 days for my funds to clear the bank too. What a joke I was thinking. I also thought it was a scam. I was certain I wouldn’t get my fraction of my Bitcoin off of my Coinbase account. But I did! Yep, it really isn’t a scam.
kyc is not hard at all
Learning how to take my coin (fraction of a coin!) off of the exchange and into a cold wallet wasn’t too hard. I did it – I funded, purchased, and took off the exchange my first few satoshis of Bitcoin. I arrived in the crypto economy. Who would have thought the next thing I’d be doing is taking crypto classes! And actually wanting to! And over time, I’d actually be doing a LiveStream video with my husband about Bitcoin daily news! Yep, we have our own YouTube channel called, Bitcoin Say Whaat?, about Bitcoin and all things education about Bitcoin. Check us out and watch us some morning. We’d love for you to subscribe, and come in the chat & comment!
From Satoshi to Classes
I hated school growing up. I wanted nothing more to be done with school and enter the workforce. And I wasn’t dumb. I got A’s and high-Bs at a college prep high school. I just hated what seemed to be memorizing dumb facts which would never apply to real life. So when I started taking willingly cryptocurrency courses online, I was surprised how much I wanted to learn even more. I highly suggest you take some courses. You can find some great ones too. There is a free WHOLE course at MIT called Blockchain and Money. Keep in mind, this is in 2018, and Bitcoin and the blockchain were at a different development and adoption level than it is now, in 2021. In fact, the professor teaching the MIT course was Gary Gensler. Funny, but Gensler is currently serving as President Biden’s SEC Chairman!
GREAT kyc VIDEOS TO GET ON COINBASE
There are plenty of videos on YouTube to do your Bitcoin and KYC homework done to get you going to opening up a Coinbase or Gemini, etc account. It isn’t as hard as it seems. Just a bit clunky right now. Be patient, have everything ready, and it shouldn’t be a big deal.