Do you believe in the future value and power of Bitcoin (BTC) and want to HODL your BTC while earning passive rewards on your portfolio? Well now you can with CoolWallet’s BTC Deposit service!
In this guide, we’re going to show you step-by-step how to deposit your BTC in the CoolWallet App and earn some sweet satoshis as you wait for the next Bitcoin Halving in 2024.
Before we start: Complete Your KYC
The KYC (Know Your Customer) process is necessary for the BTC Deposit service in the CoolWallet App. If you have already completed the KYC process for the wallet address you are going to use, feel free to skip steps 3, 4, 5, and 6.
What is KYC?
KYC refers to the verification of a customer’s identity, typically by a financial institution, and is mandated by authorities and regulators worldwide. Without it, crypto service providers can not receive a license to operate and may be prosecuted for money laundering violations.
Therefore, customers are required to provide personal information. The information is used to ensure that the customers are not involved in financial crimes such as corruption, bribery, money laundering, and terrorism financing. If you do not complete the KYC process, you may not be able to access some features on a cryptocurrency exchange.
How to complete your BTC Deposit KYC
Step 1. Have your identity document ready.
Depending on the country that issued your document, you might have different kinds of choices. For example, in Japan, you can choose your ID card, passport, or driving license.
Please make sure that your document meets the following requirements:
- Your document is not expired.
- All 4 corners are visible.
- Your face is on the document.
Step 2. Scroll down and click the “Fixed Earn” block.
On the “Fixed Earn” page, you will see different offers based on different deposit periods. Select the one you prefer and complete the KYC process. If you have successfully completed the KYC process, you will see a “Deposit” button on the next page.
Next, you can skip steps 3, 4, 5, and 6, directly starting from step 7. Otherwise, you will see the “ID Verification” button. In this case, please go to step 3.
Step 3. Fill in the amount of BTC you want to deposit
Next, check the box to verify you understand the product agreement, and click the “ID Verification” button to visit the “Verification” page. Now, fill in the required information and click the “Next” button for the next step. Your web browser will automatically open for the verification process.
Step 4. Click “Start” and select the ID document you want to use for verification.
Next, click “Choose file” to upload the document photo.
Step 5. Check and confirm
Make sure all of the information on the photo is readable before clicking the “Confirm” button, or the KYC verification might fail. Click “Choose file” to upload your selfie and then click “Complete” to go to the next page.
Step 6. Finish image upload
Does your browser say “Image quality check complete”? Nice! It means that you have successfully uploaded the required document. If not, just wait a while, the system is processing your KYC verification.
Step 7. Deposit your Bitcoin
After your verification is successfully completed, you will see a “Deposit” button on the “Fixed Earn” page. Type in the amount of BTC you want to deposit or simply select the percentage of your BTC. Don’t forget to tick the checkbox to confirm that you already understand the product agreement. Click “Deposit” for the next step.
Step 8. Connect CoolWallet to App
Click “Confirm” only if all of the information is correct. Now, connect your CoolWallet device to the CoolWallet App. Long-press the button on your CoolWallet to activate it. When you activate your CoolWallet, “Hello” will be shown on the card screen. Check whether your CoolWallet is successfully connected to the CoolWallet App.
Step 9. Verify procedure
Your CoolWallet will show the coin type “BTC”, the amount of BTC to deposit, the instruction “PRESS button”, and “Sent” sequentially. Follow the instructions to press the button on the card in order to physically verify the procedure and complete the process.
Step 10. Complete & track application
Congratulations! You have successfully completed the application procedure! It might take 2-3 days to process your application.
In the meantime, you can go back to the “Fixed Earn” page and click “Subscribed” to view the application status and all of your subscribed projects.