As we announced in our executive summary of 2018, this New Year comes loaded with new things that will help us to continue growing and always provide the best options for the general public, that’s why we have included the support for known bitcoin transactions as SegWit (Segregated Witness).
This began to be implemented from Monday, January 28, 2019, and we will be providing support to all our users for 30 days to transfer their funds in Bitcoin from their old wallets to the new wallets with the support of SegWit. It is important that you contact us before the deadline expires because once these 30 days have elapsed we will no longer be able to help you recover those funds.
What is SegWit?
We already announced the incorporation of SegWit to our services, but it is good that they know exactly what this is about. SegWit is the abbreviation of Segregated Witness is an update of the Bitcoin protocol that basically changes the way in which data is stored, was implemented in Bitcoin on August 23, 2017, and had previously been tested in litecoin.
This update allows increasing the number of transactions in each of the blocks of the Bitcoin blockchain, although its initial intention was to correct the malleability of the transaction that was an error present in the code. This error was the one that prevented the use of other layers of codes and the implementation of intelligent contracts.
The way in which SegWit solved this was by deleting the information from the signature or witness, stored outside the base transaction. By doing this, it was easier to change signatures and scripts without affecting the development and proper functioning of the transaction.
New registration for individuals and businesses
Every day we get to know more and better our clients and in that sense we work to improve their experience with us, that’s why we developed a form of registration easier and secure for our platform, and we have also enabled it for our mobile applications for both individuals as for business and then we explain it.
Registration for individuals
This will be a simple process that will consist of 5 steps that will be to request your basic data to the client (name, surname, email, and password) and also to accept the terms and conditions. In the second instance, we will ask you to send a selfie using the device from which you are registering. Third, we ask the user to choose the type of document (Passport or driver’s license) and also send us a photo using your device.
The fourth step will be to complete the personal information: sex, date of birth, document number, telephone number, country of residence, city, zip code, address and so on and then the phone with SMS. Finally, the fifth step that is very important will be to configure the authentication in two factors for which we recommend that you download Google Authenticator to configure your own token.
Registration for business
Basically it is the same registration process for individuals but includes two additional steps commercial information and business documentation where they provide us with information such as company name, tax identification, source of funds, type of business, company documents, date of incorporation and another type of documentation that serves to verify the authenticity of the company. It is important to clarify that this record, unlike the individual one, can only be made on a computer from our website.
We have also included other updates and we want to highlight that in terms of bank accounts we have updated the system so that when users add a new account they are done with the same name as they were registered in Mercury Cash. We will also ask for two types of ABAs when registering a new account: the one used for ACH and the one used for WIRES.
To improve the experience of our users with their transactions we have improved our system of automatic notifications, so that from now on it will be easier to identify the sending, receiving, buying or selling and any type of transaction made in Mercury Cash.
What do you think about this topic? Are you already using the new Mercury Cash updates?
If you want to receive more information about buying and selling cryptocurrencies you can contact us or write your query in the bottom part (comments section).