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Bitfinex introduces SegWit support

Bitfinex has just announced a new update that will help support the Bitcoin network. The Crypto Exchange allows users to deposit with bech 464 (SegWit) addresses. SegWit is a method to effectively increase the capacity of the Bitcoin blockchain. It was introduced to the network through a soft fork in August

SegWit support not universal across Bitcoin exchanges!

Although they are among the largest Bitcoin and cryptocurrency processors, the removable platforms are slow to support the SegWit upgrade. However, according to an announcement in the blog Bitfinex has just introduced the bech 464 address generation. This means that users can make deposits in SegWit format and thus their transactions do not unnecessarily burden the blockchain.

SegWit transactions do not need to store as much data in the blockchain and widespread use of the update effectively increases the capacity of each block without actually increasing the block size. Some developers argue that increasing the size of the block itself represents a greater risk of centralizing the miners, and that Bitcoin’s security model is more important than its usefulness as a vehicle to pay for small transactions.

The announcement of Bitfinex follows another recent upgrade on the stock market. At the end of last month, we added support for payouts to bech addresses. With the addition of deposits, users of the Bitfinex platform can now benefit from the SegWit upgrade.

Although Bitfinex and many other leading exchanges now support SegWit deposits and withdrawals, you can not claim the same from every trading venue. Although the update is well over two years old at this time, some still do not implement it.

ok hear me out @cz_binance, if you add full segwit support (segwit deposits, and withdrawals to bech 32) allow generating new deposit addresses, i want to change my profile pic to @binance logo for the rest of 2019

– Udi 比特 神教 Wertheimer (@udiWertheimer) 2 October

This led developer and Bitcoin fan Udi Wertheimer to offer Changpeng Zhao, the CEO of Binance, a rather unusual business last month. He said if Binance introduces the full SegWit support, he would change his profile picture into an advertisement for Binance.

The Binance executive responded and after some back and forth, the two came to an agreement. Binance says that even before the end of the year via his personal Twitter account. The developer also offered to assist Zhao with the implementation, if necessary.

Text Proof: newsbtc

Last update: Tuesday, November 5