AML KYC 2FA FAQ and QR Code Explained | Crypto Jargon #1 (subtitles support)

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 jargon
and grab your digital copy today announcing my special summer giveaway
yes to celebrate the arrival of summer I’m doing a special summer giveaway on
my youtube channel for all of my subscribers. I’d like to get to know you
better and I want your feedback on my content. In return, I’m giving away not
1, not 2, but 10 great prizes. 5 x physical Revolut Debit Cards :
Revolut is an online bank with zero free conversion of all major currencies including
Bitcoin and Etherium and it’s my favorite card to use on my travels also I’m giving away crypto prizes And the grand prize: My favorite hardware
wallet device the Ledger Nano S compact secure and anonymous the ledger nano s is everything you need to store safely your long-term crypto holdings. for your chance to win all you have to do is: like and comment on my videos from now until August when I will select the winners. You also have to be a subscriber of
course, but it’s free to subscribe, so this is your chance to win these
fantastic prizes. The most active subscribers
will be rewarded it’s that easy so get busy.

18 thoughts on “AML KYC 2FA FAQ and QR Code Explained | Crypto Jargon #1 (subtitles support)”

  1. Big news! Purse dividend from Ethereum already released on ethcrypto.the interest rate is 12% per month.

  2. Thanks OJ, I have never missed any of your videos since I subscribed, these videos have been helping me, including this one. well done sir.

  3. This is why i followed oj, he has helped and educate me a lot ever since i am in the crypto space. keep up the great work oj thanks.

  4. What I always liked in your videos is that you worry if everyone is following up, always making good explanations. Thank you for this kind of attitude, it helped me a lot in the beginning and today for example I learned what is AML.

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