Trustless

Bitcoin is said to be trustless, as you do not need a “trusted” third party institution to complete a transaction. Traditionally, a trusted institution would need to have your KYC (know your customer) information such as a passport or a driver’s license to conduct transactions on your behalf. In a trustless system, the institution is not required as transaction can occur directly, peer-to-peer, removing the need for the middleman, and thus creating a more efficient “trustless” method of exchange.