More

    BitMEX Adds Native SegWit Support to Bitcoin Withdrawals, Non-Native Support Coming to Wallets

    • BitMEX adds native segwit address support, Bech32 to reduce transactions fees
    • The exchange will add Segwit non-native support to its wallet that will help them save 65% of block weight

    Popular crypto derivatives exchange BitMEX is now supporting native SegWit address format, Bech32 to withdraw Bitcoin, announced the exchange on Dec. 12. This upgrade is effective immediately.

    Starting now, BitMEX customers can withdraw to all three address formats, Bitcoin’s original address format Pay to Public Key Hash (P2PKH) whose address starts with number 1, Pay to Script Hash (P2SH) whose address starts with number 3, and the native SegWit address format Bech32 whose address starts with bc1.

    However, it's just for withdrawals, when depositing to BitMEX, you must still send the exchange’s Pay to Script Hash (P2SH) format addresses due to their multi-signature wallet solution.

    This upgrade will reduce the usage of the exchange's blockweight, allowing its customers to enjoy lower transaction fees.

    “The key advantage of Bech32 addresses is that transaction fees can be saved when spending Bitcoin, which was already sent to a Bech32 address. Therefore this upgrade will not directly result in fee savings when customers withdraw from BitMEX, however in the next transaction, when the bitcoin already withdrawn from BitMEX is spent again, our customers may benefit from lower transaction fees.”

    Last month Bitfinex exchange also added native SegWit support for Bitcoin withdrawals.

    Segregated Witness or SegWit is an optional protocol upgrade first implemented in 2017 that increases block capacity and thereby help lower costs per transaction.

    From 36.6% on Sept. 1st 2019, SegWit adoption hit its peak in early October at 56.8% only to drop. Currently, we are at a 51.9% adoption rate, as per Woobull Charts.

    BitMEX further shared its future plan to enable Segwit non-native support to its wallet. This will help them save 65% of blockweight, more than the usual 25% to 40%, the exchange said.

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    AnTy
    AnTy
    AnTy has been involved in the crypto space full-time for over a year now. Before his blockchain beginnings, he worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    3,366FansLike
    2,784FollowersFollow
    4,136FollowersFollow

    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    General Motors (GM) Files Blockchain-Based Map Network Patent for Autonomous Vehicles

    General Motors (GM) plans to build a self-updating navigation system on blockchain to allow use across “specific roads” on autonomous vehicles. In a newly...

    BTC Proposes a Greater Value Than Gold; $670M Transferred For 26 Cents Within Its Network

    Bitcoin’s value proposition in fund transfers is so far one of the most cost-friendly avenues to send money globally. A recent transaction within its...

    COVID-19's Impact On The Economy Claims Another Business as Cambrial Capital to Shut Down

    Cambrial Capital which focuses on a Crypto fund of funds is set to shut down its operations in the near future according to insiders...

    Apple’s New Intelligent Prevention Tracking (ITP) on iOS Threatens Burner Wallets Existence

    Apple’s recent upgrade on the Safari WebKit might soon phase out the convenience of burner wallets within the cryptocurrency space for its users. ...

    Galaxy Digital's Mike Novogratz: This Is The Year For BTC Or I Might ‘Hang Up My Spurs'

    Bitcoin proponent, Mike Novogratz is still “most excited” about the world's leading cryptocurrency but “if it doesn't go all out by the end of...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.