Bitfinex Now Supports SegWit Addresses For Bitcoin (BTC) Withdrawals

Bitfinex crypto exchange enhances bitcoin withdrawal functionality by adding support for SegWit (segregated witness bech32) wallet addresses that start with the string of b1 characters.

The popular crypto exchange Bitfinex has announced that it is going to add support for SegWit (bech32) addresses for withdraws on its site. The company affirmed that bech32 is a Segwit address that starts with the characters bc1 and consists only of lowercase letters.

According to the company, one of the main advantages of this format is that it can offer the clients more protection against errors while typing, especially because it does not use uppercase and lowercase letters at the same time. Also, as the bech32 addresses only exist in the Bitcoin network, there is no more possibility of cross-chain mix-ups happening, the company affirmed.

At the same time, the company also announced new tools that could give the users a greater insight on real-time historical data. According to Bitfinex, clients can have improved insights on the spread, funding rates, open interest, and liquidation fund balances, too. Also, clients can now connect their Twitter accounts to their profiles if they wish.

Binance Also May Support Segwit In The Future

Segwit is becoming popular. Earlier in October, the CEO of the largest crypto exchanges in the world, Changpeng Zhao, confirmed that they could add Segwit support next year.

According to data extracted from Segwit.space, around half of the current Bitcoin traders and holders use Segwit, a number that is set to go up if Binance decides to add support.

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Silvia A
Silvia A
Though relatively new to the cryptocurrency and blockchain space, Silvia has a strong interest in the field and a love of writing as well. She brings an interesting take to current happenings in the industry and enjoys introducing the latest developments to cryptocurrency and blockchain enthusiasts alike. She’s excited to promote a vibrant and fresh discussion as the industry continues to develop and move forward.

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