RATE Group | Cryptocurrency Exchange BitMEX Enables Native SegWit Support
72927
post-template-default,single,single-post,postid-72927,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

Cryptocurrency Exchange BitMEX Enables Native SegWit Support

22 Dec Cryptocurrency Exchange BitMEX Enables Native SegWit Support

Posted at 09:55h in Cryptocurrency News by

[ad_1]

Cryptocurrency exchange BitMEX added support for native segregated witness (SegWit) addresses for Bitcoin (BTC) withdrawals, which lets users pay lower transaction fees.

According to an announcement on Dec. 12, BitMEX now allows its users to withdraw Bitcoin to Bech32 addresses, the one that natively supports the segregated witness standard.

Bitcoin address formats

As the announcement explains, the Bitcoin network currently supports three address formats. The first one — Bitcoin’s original address format — is pay to public key hash (P2PKH), which starts with a 1.

The second format is the pay to script hash (P2SH), which allows users to send Bitcoin to an address secured through a script without knowing details about it — such as a multi-signature wallet. This is the kind of address to which BitMEX’s users deposit their funds. P2SH addresses start with a 3. 

Lastly, the Bech32 format — also called the native SegWit format — starts with bc1 and allows users to take full…

[ad_2]

Source link

Tags:
, , , , , ,