BinanceExchanges

Binance adds support for SegWit addresses

The largest cryptocurrency exchange Binance has announced the addition of Segregated Witness (SegWit) address support for deposits on the Bitcoin network.

To use bech32 addresses when crediting funds, users will need to select the BTC (SegWit) option when choosing a payment system. Recall that the update of the Bitcoin protocol SegWit, which significantly reduces transaction fees, was carried out in 2017.

“Keep in mind that using SegWit will help reduce fees. However, if you send incompatible assets to the bech32 address, then the funds will not be restored and this will lead to an irreversible loss of assets, “Binance representatives warn in an official statement .

SegWit upgrades help reduce fees by 30% on average and increase network bandwidth. The solution separates transaction signatures from data, and merges transactions in a block. According to transactionfee.info, 67% of transactions using SegWit are currently performed on the Bitcoin blockchain.

Recall that in February, the Bitstamp cryptocurrency exchange announced support for SegWit addresses .

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