04 Nov Support for bech32 addresses now available on Bitfinex!
We’re excited to announce that we’ve enabled support for bech32 addresses on Bitfinex.
The platform now supports:
- Withdrawals of Bitcoin on bech32 addresses
- Deposits of Bitcoin to bech32 addresses
- Generation of bech32 addresses
As some exchanges still do not support withdrawals on bech32 addresses, you can choose either the original Pay to Script Hash (P2SH) SegWit deposit address or native SegWit bech32 address. This can be done by checking a tick box on your Account Info page.
What are the benefits of bech32 addresses?
Bech32 addresses exist only on the Bitcoin network, thereby removing the possibility of cross-chain mix-ups.
As bech32 addresses consist only of lowercase letters, thereby making each address not case-sensitive, this address format offers greater protection against typing errors.
Bech32 is a SegWit address format specified by BIP 0173, with its address starting with the alphanumeric characters bc1.
The benefits of using SegWit include increasing Bitcoin’s maximum block size, enabling the processing of more transactions per second and fixing transaction malleability.
Bitfinex is committed to developing Bitcoin
The introduction of bech32 addresses on the Bitfinex platform demonstrates our commitment to increasing adoption of SegWit, along with supporting the wider use of Bitcoin.