We are excited to announce the support for Bitcoin Segregated Witness (SegWit) transactions on Mercury Cash, tonight (Monday 28, 2019) you will receive an email indicating that your BTC non-SegWit wallets are going to be disabled and kept for internal transaction monitoring.
If you send from tomorrow a transaction to one of the old wallets you will be able to contact support to request those funds into the new SegWit wallet however we will do this only for a period of 30 days, if after those 30 days we receive by any chance BTC to non-SegWit wallets, we will not be able to recover these funds for you anymore.
SegWit, What it is?
SegWit (short for Segregated Witness) is a protocol upgrade that changes the way data is stored. It was activated on litecoin on May 10, 2017, and on bitcoin on 23 August, 2017.
Developer Pieter Wiulle first presented the idea at the Scaling Bitcoin conference in December 2015.
Many hailed it as a long-awaited solution to bitcoin’s scaling problem. The maximum block size in the main protocol is 1MB, which restricts the number of transactions bitcoin can process to approximately 7 per second. This was going to limit bitcoin’s potential growth, and prevent it from becoming a usable high-volume payment system.
While the upgrade does enable a greater number of transactions in bitcoin’s blocks, SegWit’s initial intention was to fix a bug in the bitcoin code called transaction malleability. This flaw allowed anyone to change small details that modified the transaction id (and the subsequent hash) but not the content. While not a critical problem for bitcoin, it prevented the development of more complex features such as second-layer protocols and smart contracts.
SegWit fixed transaction malleability by removing the signature information (otherwise known as the “witness” information) and storing it outside the base transaction block. With that, signatures and scripts can be changed without affecting the transaction id.
New Sign Up for Individuals and Business
Based on the challenges that we have faced with our valued customers we have worked hard to develop a new way / more easy and reliable to sign up to Mercury Cash and also we have enabled this ability on our mobile apps making the process more smooth and secure.
The process for individuals will have 5 steps where I detailed as follows:
Step 1: Customer will be requested to type the First Name, Last Name, Email and Password, accept terms and conditions and then Sign Up button. This will be sent you a validation email in order to confirm that you own the email address you typed.
Step 2: We will request the users to upload a selfie using the device camera can be on the computer or using the mobile device
Step 3: We will request the user to choose a type of document, can be Passport or Drivers License, once is selected the type of document we will request using the camera of the device you take a picture of the selected document.
Step 4: We will request the user to fill the personal information including gender, birthdate, document number, phone number, country of residence, city, zip code, address, etc. once this information is completed we will request an SMS Verification where the system will send an SMS code to verify your phone number.
Step 5: 2FA configuration is requested, you will need to download Google Authenticator to configure your token or scan the QR Code and generate the 6 digit code that will needed to complete the registration process.
For business is quite the same procedure we just include 2 steps more which are:
Business Information: We require the business information like company name, EIN or Tax ID, Source of Funds, Type of Business or Category, DBA, among others.
Business Documentation: We will require that you upload your company documents like articles of incorporation, tax id, and others to verify the authenticity of the business.
Business sign-ups are only available using the website and a computer.
Bank Accounts: We will force the system to put your name used to register your Mercury Cash account when you add a new bank account, to avoid mistakes adding the account, common errors come in the name.
In addition, we are going to request the 2 ABA types at the moment of adding a bank account the one is used for ACH and the one is used for WIRES.
Improvement on Push Notifications: We have made some improvements in our push notifications that will allow you to better identify the reception, sent, purchase or sale of any transaction made in Mercury Cash account.