Bitfinex, a large cryptocurrency exchange, has announced the addition of support for Beg32 SegWit addresses for outputting bitcoins.
Bech32 addresses begin with the characters “bc1” and transactions when using them turn out to be compressed more than when using P2SH addresses that start with the character “3”.
The exchange said that support for withdrawing funds to Bech32 addresses will reduce fees. Also, the use of such addresses will allow “to exclude the possibility of inter-block transactions, since Bech32 addresses exist only in the Bitcoin blockchain.”
SegWit is an optional update of the blockchain protocol, which allows you to collect more transactions in one block, which reduces their cost. SegWit efficiency can vary and reach 25%.
Gemini Exchange added full support for Bech32 addresses in April this year, and next year Binance will start supporting such addresses. In addition, more than half of the transactions in the Bitcoin blockchain use the SegWit update.
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