28 June, 2019
Bech32 address support to save on bitcoin fees
Good news for our users, we now support Bech32 addresses for bitcoin withdrawals!
Bech32 is a native bitcoin address format for SegWit (Segregated Witness, a protocol upgrade activated in August 2017 to increase Bitcoin capacity).
SegWit transactions take less space inside a block, which allows more transactions per block and improves transaction confirmation times.
When you spend from Bech32 addresses, you can count on a 38% reduction of transaction fees (compared to spending from legacy non-SegWit addresses).
Surprisingly, as of June 28, 2019, less than 50% of bitcoin transactions use SegWit. Can you imagine the amount of unoptimized block space?
We invite you to specify a Bech32 address in your withdrawal settings and join us in saving on fees while improving Bitcoin throughput!
Please mind that most exchanges still do not provide their users with bech32/segwit addresses. More information on this page.