Pit Network KYC Verification – What’s KYC, Why Is It Needed, And How To Complete Your KYC Verification Within The Pi Network
Welcome to a new episode of #supercalifunnelistic
Download the YOTI app for iOS or Android at 👉https://www.yoti.com/
If you don’t have a Pi account yet, sign up using 👉 https://bit.ly/3iSEPfK and use Pi Invitation Code “RauchenwaldC” (without the quotes).
Don’t want to watch the entire video? No problem. Use the timecodes below to jump to a specific part:
00:00:00 Hello & Welcome
00:28 What does KYC stand for in the Pi Network?
00:55 How does KYC work within the Pi Network?
01:13 What do I need to do to complete the Pi Network KYC process?
01:23 How can I complete the KYC process in YOTI without a passport?
01:43 How can I initiate the KYC process in the Pi Network app?
02:08 How can I check if my Pi Network account is already verified?
02:27 What should I do if I signed up with Facebook and my phone number is NOT verified in the Pi Network app?
02:58 What can I do to prepare myself for the KYC process in Pi Network?
03:14 TLDR Video Summary
03:53 Is there anything else I should know about Pi Network?
Is your Pi Network related question not mention in this video? No problem, simply leave a comment down below.
Pi Network was founded in 2019 by multiple Stanford professors with the aim to create a coin that can equally be mined by everyone and does not provide an unfair advantage to people with more money or better hardware.
Pi coin the official cryptocurrency of the Pi network can only be mined until the Network reaches 100,000,000 users, and since there are currently only 7,000,000 users, you still have the chance to become a pioneer and be among the first 10% to mine Pi.
Since mining Pi happens on your smartphone and the mining speed is not determined by hardware or operating system of your smartphone but only depends on the number of people you invite to join your Pi Network it’s by far the fairest approach to building a cryptocurrency I’ve seen in a long time.
The biggest benefit of the current “mine Pi coins for free on your phone” phase is that we can be 100% certain that Pi Network is NOT a scam because it doesn’t require any investment at all to get started.
In order to start mining Pi coins on your phone you simply have to follow the steps below:
1⃣ Visit 👉 https://bit.ly/3iSEPfK and download the Pi Network app.
2⃣ Launch the app and create your Pi Network account, either by using your Facebook account or your phone number.
3⃣ Enter “RauchenwaldC” (without the quotes) as your invitation code.
4⃣ Click on the “white bolt” icon to start mining Pi coins on your phone for free
5⃣ Repeat step 4⃣ every 24 hours
It’s not yet sure if or how much Pi coins are going to be worth in USD, but that really doesn’t matter that much.
For now, Pi Network and the Pi application on your phone allow you to mine the coin for free and even if the Pi Network project and with it the Pi coin die somewhere along the way, you did not lose anything.
On the other side, once Pi coin reaches the stage at which Pi coin can be traded on popular cryptocurrency exchanges it will have at least some monetary value making this one of the few existing opportunities to get cryptocurrency for free and benefit from it in the future.
This description contains affiliate links. If you decide to purchase a product through one of them, I will receive a small commission.
Welcome to another video with
me Christian Rauchenwald.
Now in today’s video, I want to talk
with you about KYC in the Pi network,
what it means, why it’s needed
and what you need to complete it.
Now, the reason why I want to talk about
this is because since I joined the Pi
network, initially, roughly two months
ago in August, 2020, I’ve seen a lot
of people asking what is KYC and so on.
And I figured I’m going
to make a video about it.
So everybody has the answers at hand
and there is no confusion anymore.
Let’s start with what is KYC?
KYC stands for know your customer, and
it’s a requirement in most countries
when it comes to financial instruments.
So for example, when you want to go
and open a bank account, the bank has
to do a KYC process, means they have
to verify your identity and so on.
And this applies to trading
platforms, bank accounts, and a lot
of other things in your daily life.
So it’s just an acronym
for know your customer.
Now, how does KYC work
within the PI network.
PI itself doesn’t do the KYC
process, but they currently rely
on a third-party app called YOTI.
So instead of PI, asking you to send them
your passport or another ID and so on.
They basically use third
So what you will need to do, you will need
to download the YOTI app and there, follow
the process to provide your identity.
Usually, this will mean that
you need to upload a passport.
Now don’t worry.
If you don’t have a passport,
you may also be able to get YOTI
verified with a national ID.
But even if that doesn’t work, don’t
worry because along the way, the PI
developers will also add possibilities
for you to verify your identity,
so to complete your KYC process
with other options other than YOTI.
Now once you’ve set up your
YOTI app, you cannot initiate
the KYC process by yourself.
But currently PI has a couple of
verification slots and
randomly assigned them to you.
So eventually you will see a
popup in your Pi app that tells
you that you are now chosen and
that you can complete the process.
And then you just have to follow along.
If you’re not sure if you’ve already
completed the KYC process or not.
All you have to do is in your Pi
app in the top left, go to the menu.
And then from the menu, go to
profile and in your profile, you will
then see the checkboxes for phones
verification, Facebook verification,
and KYC identity verification.
If it looks like on my phone
here where you have three green
checkboxes, you are fully verified.
If you sign up with Facebook,
you will not have the option
to verify your phone number.
Only in my case because I signed
up with the phone number first,
then linked the Facebook account.
I was able to verify
both, but it’s not needed.
You only need to verify one.
So either your phone number or
your Facebook account, and if you
signed up for Facebook, you’re
automatically verified for Facebook.
And the green check mark when it comes
to the identity, verification will
only be there once you completed it.
Now again, you cannot start
the verification manually.
All you can do right now
is download the YOTI app.
I’m going to put a link to it in the
description down below and prepare
your YOTI account so that your
identity that is verified in there.
And once PI asks you to verify
your identity, you will basically
be able to complete the process
in less than 30 seconds.
So to sum things up the KYC
process within the PI network just
stands for know your customer.
And it’s a way to comply with legal
regulations to actually verify the
identity of a customer or a user.
Currently, you can only use the
YOTI app to verify your identity.
And only once you have been
asked within the PI application
to proceed with the KYC process.
You cannot trigger the
process on your own.
You’ll have to wait for it to show up.
And if you cannot verify your identity
with YOTI, all you have to do is
wait because the PI developers will
eventually introduce alternate if
methods to complete that process.
Now before I let you go, I want to quickly
point out that you might also want to
watch the video I published recently.
I’m going to put a card up here
where I’m talking about other common
questions when it comes to Pi.
So you may also learn a bit more
about PI, how it works, and a lot of
other things that’s pretty much it.
Thanks for watching.
See you in one of my
other videos until then.