AML KYC 2FA FAQ and QR Code Explained | Crypto Jargon #1 - YouTube

welcome to the first episode of "Crypto Jargon" - in this series I'm breaking down

the complex terminology related to cryptocurrencies and blockchain tech,

as well as trading slang, so if you're new to this channel make sure you subscribe

and hit the notification bell, so you don't miss an episode.

There's a lot of great content in this series and each episode is packed with value

and I'm sure you will learn a lot, so let's get started.

this episode is sponsored by LEDGER

maker of the best hardware wallets on the market.

their devices support more than 1000 different crypto assets so you can safely store

all of your tokens and coins in a robust cold storage and truly be the owner of

your private keys and have the best protection against hackers to find out

more about it check out the description of the video where you will find the

link and my tutorials on the Ledger Nano S and Nano X devices.

since this is the first episode I will break down the following acronyms:

starting with AML: this is the acronym for Anti Money Laundering

which is a process that all financial institutions are required to follow,

in order to prevent, detect and report suspected money laundering activities.

Money laundering is a broad term related to acquiring capital illegally or moving

illicit funds. Some examples are tax evasion, public corruption and market

manipulation through methods such as inside trading or wash trading.

Wash-trading by the way, is explained in another episode so make sure you check

out the rest of the "Crypto Jargon" series here on this channel.

Another popular acronym you will see on many websites as you open new accounts

is KYC.

this stands for: know your customer

there are a number of laws and

regulations worldwide which require businesses to know the identity

of their customers so it is a typical requirement for most exchanges wallets

and ICOs these days usually you will need to send your personal details like an ID scan,

proof of address which can be a bank statement or utility bill of some sort

and in some cases even a selfie - to prove that you are the same person as the ID you provided

moving on to 2FA

which means two-factor authentication

this is an additional layer of security requiring a code to verify that the

owner of an account is the same one accessing it. This is a method of

securing online accounts through multiple authentication rounds. This makes it

difficult for hackers to breach your account and even if they are able to

crack your password they won't be able to log in without the access to your second factor.

Most commonly, the second factor is a code, generated from your

phone and the most popular apps for that are Authy, Google Authenticator and

Microsoft Authenticator.

Email verification and text messages are also used for 2fa

but they are considered a little too weak.

the next acronym is FAQ

frequently asked questions. I know you probably already knew that but just in

case you didn't FAQ is the most useful section of a website to any new customer

you can find the most common questions answered there and most likely, you will

find it on the top or the bottom of any good company's homepage

And lastly: QR code which stands for quick response code

this is similar to a bar code but

it is square in shape and it can hold more information than a regular bar code

it is widely used in crypto, associated with pretty much any crypto wallet addy

and especially for mobile wallets

what is a Wallet or Addy? This is the topic of the next episode

so make sure you follow the Crypto Jargon series on this channel

subscribe and hit the notification bell so that you can get notified when the

next episode is out.

Enjoying this content? why not grab a copy of my book

Crypto Jargon A-to-Z

the most thorough dictionary that exists to date

Just go to ojjordan.com/crypto jargon and grab your digital copy today

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