Most of the cryptocurrency community hates KYC, or Know Your Customer. This is a thing implemented by Anti-Money Laundering laws (AML) to ensure that all users of a certain site are legitimate users. These usually require you to get your passport and give your full details for them to verify and authenticate before full usage of the site is given.
In the same vein, we should also do our own KYC, or Know Your Company. This is also so we ensure that we aren't AML'd, or Affected Monetarily Large.
I'm just messing with the AML term.
The thing these days in a world of online and interconnected media is the fact that businesses have started to pop up without actual legality from their home country, some even actually not from the country themselves but registered in countries like the USA.
Know Your Company can mean anything from literally knowing the company you work for to knowing the company your items come from. By being able to recognize the companies we interact with, we will know which ones are the more truthful and consumer-friendly. By knowing your companies, you can allow yourself to be more aware of the wrongdoings other companies may do based on the knowledge you have learned.
Know Your Company can be applied not just to actual companies, but it can also be used to create trust between people. The company, in essence, means people around you, after all. In this viewpoint, Know Your Company is more akin to Know Your Community.
Know Your Company can also be applied to the finance groups you involve, specifically the cryptocurrency community. By KYC, you should be aware of who is the leader and what the history of the cryptocurrency has.
All in all, by participating in Know Your Company, you will have to agree that you are knowing the companies you interact with within a deeper sense, interacting and knowing yourself details they might not want you to know and know what they really want to do when you give them your trust and your data.
A shorter article than usual, I wanted to put this out as I have a lot of drafts lately.
This is Rowan, signing off.
