What Does KYC Certification Mean in the Coin Market (What Does KYC1 Certification Mean)

In the coin market, what does KYC certification mean? In the cryptocurrency world, KYC is a service for identity recognition and verification of encrypted currencies. Generally, users need to prove that they own a certain type of virtual currency (such as Bitcoin) by using their ID card and passport. If someone wants to use it, they must trade or deposit it into another wallet using this digital asset. However, due to its use for illegal purposes, it can also lead to financial losses.

In addition, according to coindesk, there are currently two situations where users can choose not to hold any tokens such as BTC or ETH. One is to directly withdraw their BTC from the exchange to a personal cold wallet or transfer it out. There are also two other solutions to exchange and transfer BTC without the need for a third party. The third method is to contact customers via email and request them to submit their address to a bank, so that the company providing relevant services can accept their account.

KYC1 Certification Meaning

What does KYC1 certification mean? In the blockchain world, users undergo identity verification through KYC. This process is called “KYC2”, which refers to the identity information (such as ID card, passport, etc.) and public key encryption verified through KYC3 certification. The difference between these three lies mainly in: first, it requires both parties to jointly sign a transaction to complete the contract interaction; second, it needs to meet two conditions, that is, if both parties do not agree on a signature agreement, they cannot carry out transactions. This approach can be understood as long as a certain technology is used, a new digital asset wallet or account can be created and bound with other addresses, thereby ensuring its legality and preventing the possibility of double spending issues occurring again. Another way to understand it is that when someone stores a cryptocurrency with different mnemonic phrases or private keys, they will receive the same mnemonic phrase. Therefore, when we mention “symmetry,” it refers to the existence of different content information and related data field information in this operation, rather than the meaning of the content itself.

The concepts contained here are very simple. You may often hear, “I gave your phone number to someone else.” But many people don’t know, “Your phone number was given to the person who contacted you.” Therefore, for some friends who are not familiar with WeChat, it doesn’t really matter how many bank cards you should register. “How did I apply for the account?” Because most people don’t care about your phone number and can’t search for their own phone numbers like ordinary users. (Note: According to the latest report from MyCrypto on May 6th, “MyCoin accounts have been confirmed as entities in the Cayman Islands,” allegedly coming from an entity in Malta.

The meaning of KYC1 certification is “Know Your Business,” which is a distributed ledger system based on Bitcoin code. It allows users to connect their wallets to the network using any wallet with the same hash value. For example, the EIP-1559 smart contract on Ethereum provides a way to send transactions to the chain without submitting transaction records to the exchange.