KYC in crypto means proving who you are by providing ID like a passport. It helps prevent fraud and ensures people using digital currencies are legitimate. While it adds security, some debate about how much personal information should be shared for privacy reasons.

In a crypto exchange, you can turn regular money (fiat, like dollars or euros) into digital currencies like Bitcoin or Ethereum. It's like swapping your regular cash for virtual money on the internet. These exchanges make it easy for people to use cryptocurrencies for various online transactions.

Depositing in Monty exchange means putting your digital money into an online account or wallet. Withdrawing is like taking your virtual cash out of that account and turning it back into regular money. It's how you manage and move your funds in cryptocurrencies.

Sending means digitally transferring cryptocurrency from one user's wallet to another, similar to sending an email. Receiving is the process of accepting and confirming the digital currency sent to your wallet, akin to opening an email. Together, these actions create a transparent and secure way to exchange value in the decentralized world of blockchain technology.

Having multiple wallets in the blockchain is like having different pockets for various types of digital money. Each wallet stores a specific cryptocurrency, providing flexibility and organization in managing your digital assets securely. It's akin to having separate compartments for different types of coins in the digital realm.