KYC Bitcoin Wallets With Counterparty
Do you know of a Bitcoin Wallet that is KYC compliant?
Not a fake centralized Coinbase Bitcoin Wallet, but a real Bitcoin Wallet where the user holds the private key.
With the discovery of the Bitcoin Trust Network ( read more here: https://www.xprotectx.com/bitcointrustnetwork ) it is now possible to build a network of KYC compliant Bitcoin Wallets with Counterparty on top of Bitcoin.
Prior to the Bitcoin Trust Network, there was no way to identify KYC compliant Bitcoin Wallets other than centralized databases.
Using the Bitcoin Trust Network and Counterparty, companies can use the Bitcoin Blockchain itself as a database to issue and identify KYC compliant Bitcoin Wallets.
A KYC compliant Bitcoin Address means exchanges can identify incoming and outgoing funds that are KYC compliant.
If exchanges can assure the wallets are KYC compliant, they no longer need your personal information. A KYC compliant Bitcoin Address will allow the owner of the address to hop from exchange to exchange without ever revealing their personal identity to the operators.
Here’s how companies can KYC a Bitcoin Wallet using the Bitcoin Trust Network and Counterparty.
Issue an NFT on Counterparty that identifies that a wallet is KYC compliant. For example: BANKOFAMERICA.KYCCOMPLIANT
Collect the required KYC information from the customer.
Enter the Bitcoin Wallet Address at www.bitcointrustnetwork.com
Send the NFT BANKOFAMERICA.KYCCOMPLIANT to the burn address generated.
The Bitcoin Wallet is now KYC compliant by Bank of America.
Since the Bitcoin Trust Network uses Bitcoin as its database, Bitcoin itself acts as an open source database for identifying KYC complaint Bitcoin Addresses.