We want to give you an update on our adoption of SegWit wallets and transactions. SegWit is a technical improvement of the Bitcoin Blockchain protocol, creating an important foundation for the networks future technology to build upon.
Segwit Wallet & Transaction Support
Segregated Witness (Segwit) was activated on the Bitcoin blockchain network in August 2017. When this occurred, our development team starting planning the integration of Segwit into our wallet and transaction protocols.
We have now completed our development. Segwit supported wallets and transactions will now be rolled out to Bitpanda users. All Bitpanda deposits and transactions will now be SegWit compatible.
Please note that your Bitcoin deposit address has changed to a new Segwit compatible address. Your old deposit address will still work, but we highly recommend to only use your new deposit address from now on. You can find your deposit address as usual in the wallet section of your account.
What does this mean for Bitpanda users?
- Lower transaction fees for Bitpanda wallet users (estimated 35% reduction in fees).
- Increased scale of the blockchain network as there will now be less data per transaction
- Automatically using the latest Bitcoin technology
Do Bitpanda users have to do anything?
No. Bitpanda will be issuing new deposit addresses for the new SegWit-compliant wallets.
At the time of writing, already 11% of the Bitcoin network ran through SegWit-enabled transactions, while companies are activating SegWit and funds are being transferred to SegWit addresses. Therefore we are proud to be one of the pioneer companies in the field, to adapt this new technology.
We expect to see many network improvements and extensions in the coming months due to the activation of SegWit.