Educational Byte: What is KYC and How Does It Relate to Cryptocurrencies?

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This story was originally published on HackerNoon at: https://hackernoon.com/educational-byte-what-is-kyc-and-how-does-it-relate-to-cryptocurrencies.
Know Your Customer or Client (KYC) is a process you've probably already gone through without even thinking it had a specific name. And it's in crypto, too.
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Know Your Customer or Client (KYC) is a set of techniques used by businesses to verify the identity of their customers. It ensures that the person using a service is who they claim to be, reducing risks like fraud, money laundering, and illegal activities. KYC is particularly important in industries like banking and finance, where trust and security are essential.