The KYC process is often confusing for players who are new to betting at online casinos. If you are already familiar with it, you may be wondering why you must go through this process when Bitcoin betting should ensure anonymity. Moreover, if you are not familiar with it, you may be wondering what it is all about? Fortunately, we are here to help with our guide to the KYC process at Bitcoin casinos.
What Does KYC Mean?
KYC stands for Know Your Customer at all casinos, and it is the process you undergo to verify your identity at online casinos. Generally, a short process, you may find that until you have cleared this hurdle that you will not be able to take home your winnings, or at least not any sizable sums. This makes going through the KYC process a critical step. It is worth doing it as soon as possible.
Why Do I Have to Do This?
Bitcoin is supposed to provide anonymity, so why do you have to verify your identity? Ultimately, the anonymity you seek is not from the casino but from snooping eyes, like gambling authorities, hackers, and anybody else you do not want to know that you bet online.
The KYC process is a system that is designed to protect against money laundering, identity fraud and underage gambling. This security measure helps keep both you and your cryptocurrency casino safe, so it is relevant to complete the process.
Submitting the Correct Documents
To begin the KYC process, you can usually contact customer support, or there may be a dedicated e-mail address or document uploader you can use. Ideally, you will want to get this process done as speedily as possible.
Ordinarily, a cryptocurrency casino will request that you send in a copy of your identity card or passport, or a driver’s license will do. You will also need to verify your address by submitting a bill or other legal document with your name and address on it, as well as proof of payment. This can be a screenshot of your Bitcoin e-wallet (with the important details shielded, of course).
Pending Periods and Timescales
After submitting the necessary documents to a crypto casino’s support team, you should have your identity verified in under 24 hours. If there is an issue with your documents, this process may take longer. However, leading casinos such as bitcoin casino have a team on hand to help with this step, so they are usually on the ball.
You only need to go through the KYC process once at a cryptocurrency casino. After doing so, you are free to withdraw forevermore without identity checks. This will dramatically speed up your withdrawal times and may also see you obtain higher withdrawal limits now that the cryptocurrency casino knows who you are and that it is legal for you to play at their website.