We’re excited to announce support for Bitcoin Segregated Witness (SegWit) transactions on Coinbase. Over the next week, we will be gradually enabling SegWit compatible Bitcoin sends and receives for all customers. To learn more, visit our SegWit FAQ page.
What is SegWit?
For those unfamiliar SegWit, this upgrade helps scale back the dimensions of Bitcoin transactions. This improves the general group action capability of the Bitcoin network and will additionally facilitate scale back the fees customers pay on bitcoin transactions. you'll be able to scan additional regarding SegWit here.
A common piece of feedback from customers is group action fees for causing Bitcoin on Coinbase square measure too high. whereas group action fees in Bitcoin have recently reduced, we’re committed to providing customers with choices which will facilitate scale back fees. That’s why we’re excited to alter SegWit compatible Bitcoin sends and receives.
While SegWit ought to facilitate scale back fees, once we start rolling out this alteration, if you incorrectly send Bitcoin money (BCH) to a Bitcoin (BTC) address, your funds won't be redeemable. causing the wrong digital assets to a deposit address can end in permanent loss. whereas we tend to hope that customers square measure additional careful once causing Bitcoin money, we are going to be adding the below screens to all or any of our Bitcoin receive flows.
Looking forward — transaction batching, improved UTXO management and Lightning Network
SegWit is a crucial step in scaling the Bitcoin network. we tend to square measure continued to take a position in our Bitcoin infrastructure and that we are going to be engaged on implementing further Bitcoin measurability enhancements like dealing batching and improved UTXO management. we tend to hope this can all lead to lower fees for purchasers and additional capability on the Bitcoin network.
Finally, we tend to stay excited regarding the potential that SegWit unlocks. New technologies that need SegWit, just like the Lightning Network, have the potential to considerably increase the quality of Bitcoin as a payment network and profit customers. we tend to presently have an obsessive full-time coder engaged on open supply contributions to the Lightning Network.
If you're fascinated by engaged on Bitcoin infrastructure or open supply digital currency protocols like Lightning, we tend to square measure hiring in metropolis, big apple and London.
