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What’s the deal with KYC and Bitcoin? |
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Views: 171
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What’s the deal with KYC and Bitcoin? |
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Views: 171
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Thread Tools | Rate Thread |
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#1
06-22-2025, 07:56 AM
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What’s the deal with KYC and Bitcoin?
Hey everyone, I see a lot of platforms asking for KYC now when buying Bitcoin or other crypto. I thought Bitcoin was supposed to be private. Can someone explain what “KYC” actually means and why it’s needed?
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#2
06-22-2025, 08:31 AM
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Okay, I found the answer. KYC stands for “Know Your Customer,” and it's a process where exchanges and services ask for identity verification—like name, ID, and sometimes proof of address. The main reason? Regulations aimed at preventing money laundering, fraud, and other illicit activities. So, even though Bitcoin itself is pseudonymous, platforms that let you buy or withdraw it often need to confirm who you are legally. If you're curious about how it works in detail (what info they collect, how they protect it, why it's necessary), check out this breakdown on KYC bitcoin What is KYC and Why Is It A Requirement for Crypto Exchanges? - Paybis Blog . It really helped me understand where privacy ends and compliance begins.
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