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"Know-your-customer" (KYC) is a standard authentication process required by mainstream cryptocurrency exchanges for those wishing to trade cryptocurrencies. The sooner KYC is completed, the sooner cryptocurrency purchases and withdrawals can be made. Decentralized exchanges and Bitcoin ATMs are the most common ways to purchase cryptocurrency without needing to provide proof of identity. Peer-to-peer (P2P) trading and automatic market maker (AMM) trading are the two main types of decentralized crypto transactions.