What does KYC mean?
KYC meansKnow Your Customer, which in Spanish translates as"Know your customer".
It is a process used by financial institutions and regulated platforms to confirm that a person is who they say they are.
Why does KYC exist?
The main objective is to help prevent activities such as:
Identity theft.
Fraud.
Money laundering.
Identity theft.
Financing of illicit activities.
By verifying the identity of each user, platforms can offer a more secure environment for everyone.
Why does Bitsave ask me?
Because we want to offer a safe service and comply with applicable regulations.
Verifying identity helps:
Protect your account
Prevent someone from opening an account using your data
Reduce fraud
Provide greater confidence to the entire community
What information is requested?
Depending on the verification process, you can typically request:
Valid official identification.
A selfie to confirm that you are the owner.
Some basic personal information.
All of this information is used solely to complete the verification process.
Is my data safe?
Protecting personal information is a priority.
Financial platforms use security measures to protect the information that users provide during the verification process.
Additionally, the information is used for purposes related to identity verification and compliance with legal obligations.
How long does verification take?
In most cases, the process can be completed within a few minutes.
However, if additional information needs to be reviewed, it may take a little longer.
Do I have to get verified again in the future?
Normally not.
However, in some specific cases it may be necessary to update information if:
Your ID has expired
You changed some data
Regulation requires additional information
What happens if I don't verify my identity?
Verification is a requirement to be able to use certain functions of the platform.
If you do not complete the process, some operations may not be available.
Tips to make your verification faster
Before uploading your ID:
✅ Take the photo with good lighting.
✅ Avoid reflections or shadows.
✅ Make sure all identification is visible.
✅ Do not cover information.
✅ Check that the image is focused.
This helps make the process much faster.
How to get started on Bitsave?
Once your identity is verified you can begin to:
Buy digital dollars
Buy Bitcoin
Save from small amounts
Schedule automatic purchases
Manage your savings from a single app
👉How to buy digital dollars on Bitsave using SPEI
Conclusion
The KYC process does not exist to complicate things for you.
It exists to protect your identity, reduce fraud, and help all users use Bitsave in a more secure and trusted environment.
Once completed, you'll be ready to start saving and investing from a single app.
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References
Financial Action Task Force (FATF) – Customer Due Diligence (CDD)
https://www.fatf-gafi.orgFinancial Market Commission (CMF) – Prevention of money laundering and terrorist financing
https://www.cmfchile.clFinCEN – Customer Due Diligence Requirements
https://www.fincen.gov