RATE Group | Major Crypto Exchange Announces Deposit Support for Bitcoin Scaling Update SegWit
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Major Crypto Exchange Announces Deposit Support for Bitcoin Scaling Update SegWit

04 Nov Major Crypto Exchange Announces Deposit Support for Bitcoin Scaling Update SegWit

Posted at 23:14h in Bitcoin News by

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Bitfinex has just announced a new update that will help support the Bitcoin network. The crypto exchange platform will allow users to deposit using bech32 (SegWit) addresses.

SegWit is a method to effectively increase the capacity of the Bitcoin blockchain. It was introduced to the network via a soft fork in August 2017.

SegWit Support Still Not Universal Across Bitcoin Exchanges!

Despite being some of the biggest transactors of Bitcoin and cryptocurrency, exchange platforms have been remarkably slow at supporting the SegWit upgrade. However, as per an announcement posted to its blog, Bitfinex has just introduced bech32 address generation.

This means that users will be able to make deposits in the SegWit format and, therefore, their transactions will not place unnecessary burden on the blockchain.

SegWit transactions do not need to store as much data to the blockchain and widespread use of the update effectively raises the size of each block, without having to actually increase their…

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