June 18, 2024

Bitstamp Added SegWit Address Support

Bitstamp, a Real 10 member of Bitwise's Real 10 Index, has announced the addition of full supportBitcoin SegWit addresses.

Now users of the site will be able to generatenew Bitcoin addresses for deposits in bech32 format, as well as withdraw funds to such wallets. This will reduce the number of errors when writing the address, since they always start with the characters “bc1” and are not case sensitive.

“We encourage our users to switch tobech32 format, as it increases the efficiency of transactions in the Bitcoin network. In addition, bech32 automatically checks the address format, so that the user will not be able to send their bitcoins to the wrong wallet, ”the press release says.

Recall that SegWit is an add-onprotocols of various blockchains, which allows more efficient combining of transactions in the block, thereby increasing their number and reducing fees. Using SegWit can increase the number of entries in the block up to 25%.

Last fall, it was reported that the numberBitcoin's SegWit transactions increased from 40% to 55%. This is facilitated by the support of technology by various cryptocurrency platforms, including BitMEX and Bitfinex.