All About the 10m Kyckeely Theblock

The 10m Kyckeely Theblock: A lot of people are asking about Kyckeely Theblock, even though there’s no hard evidence that she exists. But her name was mentioned in the lawsuit against bitcoin exchange Kraken, and apparently KYC is a requirement for operating a business as an individual on the blockchain. So at least we can say she exists? Maybe it’s just all marketing? We may never know, but right now most crypto fans want to know what KYC means and how to do it.

There have been a lot of questions over on Telegram and Reddit and now this blog is trying to help out by explaining what KYC really means. We’ll break it down in an easy-to-understand way so that everybody can grasp it. And we’ll also look at how KYC is being integrated into the crypto community, because it seems like a lot of exchanges are requiring it. But first let’s get the most important question out of the way right up front.

What is KYC?

KYC stands for ‘Know Your Customer’. It’s a process where you prove who you are and that you’re allowed to trade on an exchange. To do that, a company will ask you some questions about yourself and you’ll have to provide information as to your name, address, phone number, passport details and other personal information. A lot of people are asking about KYC out of fear that it means KYT (KYD) but this is not the case. KYT is another type of KYC. It’s a requirement for companies to operate in the financial sector, which is why it’s also known as ‘business KYC’.

KYC is just one of several types of KYP (Know Your Personal). Other types are:

• KYPS – Know Your Password : Proof that you know your password.
• KYPC – Know Your Payment : Proof that you know how to pay with your chosen payment method.
• KYPSC – Know Your Password and Payment : Proof that you know your password AND payment.

This helps to prevent hackers from stealing other people’s money by stealing their private keys, which are used to access wallets. And while we’re on the subject of wallets, one of the best ways to protect your cryptocurrency involves storing it in a hardware wallet like Trezor or KeepKey.

One of the other main reasons for KYC is to track down money laundering. It’s supposed to be used as a tool against criminals who are trying to hide their identity when they make trades. So it is an important process. But that doesn’t mean you have to do it; if you don’t want to do something, you don’t have to.

So why is KYC being introduced?

KYC is being integrated into the crypto community because it’s a requirement from many exchanges in order to be able to trade on their platforms. So you need to let them know that you’re trustworthy or else your account won’t be verified. It’s being enforced by regulators and law enforcement agencies, along with anti-money laundering laws that require those in the financial sector to comply with KYC. So it’s best to do it if you want to trade.

Do I need KYC?

This is your personal choice, though for those who were heavily invested in the crypto market during the bubble period of 2017 and 2018, this may seem intimidating and unnecessary. But cryptocurrency exchanges are happy to help by giving people a passport verification service. So you can use them without KYC. But it’s advised that you speak with your local bank first so that they can give you an identification number (which will be used for future KYC).

All these exchanges check each person who joins to make sure they’re not a criminal and have nothing to hide. So if you don’t want to do KYC then you can contact your local bank and ask for a verification number.

That’s basically how KYC works. But how do I do it?

You choose a service that fulfills the KYC requirements for your country, which may be the exchange you want to trade with (it depends on what type of exchange it is).