SegWit on HolyTransaction

We are very excited to announce that HolyTransaction has implemented support for Bitcoin bech32 address formats on its platform. You can now enter a bech32 address when sending bitcoin from HolyTransaction. When depositing, you can also transfer the bitcoins to HolyTransaction from a bech32 address. HolyTransaction is the first web wallet to implement the native SegWit address format.

Native SegWit address bech32

Bitcoin bech32 addresses start with “bc1”. Segwit bech32 format has some technical benefits over the already used SegWit address format, which includes decreased transaction fees and increased throughput. Moreover, the new address format is case-insensitive and consists only of lower cases so the chance of typing an error is lower.

SegWit

SegWit makes it possible to rearrange the information in a block. Consequently, the block can contain more information and it makes transaction processing more cost-effective. Therefore, the blockchain can process much more transactions per second. This is a big step for the entire cryptocurrency community.

We believe this improvement will be welcome by the community. Tell your friends!

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