We're excited to announce a platform update for our clients that brings new important features, following our recent introduction of Bitcoin withdrawals on bech32 addresses.
Traders can now generate bech32 addresses on Bitfinex, with our platform also supporting Bitcoin deposits to bech32 addresses.
As some exchanges still do not support withdrawals on bech32 addresses, our traders will have the option of using either the original Pay to Script Hash (P2SH) SegWit deposit address or native SegWit bech32 address. Traders can choose their desired option via a tick box on their Account Info page.
Bech32 is a SegWit address format specified by BIP 0173, with its address starting with the alphanumeric characters bc1. A bech32 address consists only of lowercase letters, thereby making each address not case-sensitive.
The launch of this new support for bech32 addresses demonstrates our commitment to developing and scaling Bitcoin, amid increasing use and adoption of the world's biggest cryptocurrency. SegWit increases Bitcoin's maximum block size, enables the processing of more transactions per second and fixes transaction malleability.
This also demonstrates Bitfinex's commitment to speeding up the adoption of SegWit for the benefit of Bitcoin and the wider cryptocurrency community.