Major cryptocurrency exchange Bitfinex announced the addition of support for SegWit addresses in Bech32 format for withdrawalbitcoins.
Bech32 addresses start with the characters “bc1” and transactions with them turn out to compress more than with P2SH addresses that begin with the character “3”.
The exchange reported that support for withdrawals toBech32 addresses will reduce commissions. Also, the use of such addresses will “eliminate the possibility of inter-blockchain transactions, since Bech32 addresses exist only in the Bitcoin blockchain.”
SegWit is an optional protocol update.blockchain, which allows you to collect more transactions in one block, which reduces their cost. SegWit efficiency can vary and reach 25%.
Gemini exchange has added full address supportBech32 back in April of this year, and next year Binance will begin to support such addresses. Additionally, more than half of the transactions on the Bitcoin blockchain use the SegWit update.
</p></p>Read this:
Bitfinex Added Support for Beg32 SegWit Addresses for Bitcoin Output
Binance.com will add support for the Russian ruble next month
Copy-paste | The share of SegWit transactions in the Bitcoin network reached 50%
Bitfinex Cryptocurrency Exchange Launches New Loyalty Program
Bitfinex exchange calls itself a victim of fraud
Stuttgart Stock Exchange Launches Regulated Crypto Asset Trading Platform