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Bitcoin Dictionary

What is KYC - Bitcoin Dictionary

KYC stands for Know Your Customer. It is a term used mainly by banks, financial institutions, and Bitcoin exchanges to define processes verifying the identity of its customers. These processes can include asking customers for information about themselves or their business. Every institution has different guidelines in place. Laws requiring these procedures were put in place to prevent the financing of criminal syndicates.…

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What is Segregated Witness (SegWit) - Bitcoin Dictionary

Segregated Witness is a proposed change to the Bitcoin code and network. It fixes a number of perceived issues in the Bitcoin network. There are two major Bitcoin Improvement Proposals that it includes: Malleability SegWit includes a fix changing how a label (transaction id) is chosen when bitcoin is sent. Currently the label can be changed by a node (someone relaying the transaction), someone who approved sending the transaction, or a miner (someone confirming the transaction) before the transaction is confirmed on the network. By changing the label on a transaction it becomes harder for Bitc…

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