In the cryptocurrency ecosystem, transaction security is of paramount importance. With technological advancements, innovations continue to emerge to enhance the level of security in utilizing Bitcoin and other digital currencies. One significant innovation is the Bitcoin Segregated Witness (SegWit) wallet address.
What is SegWit?
SegWit, introduced in 2017, is a protocol change in the Bitcoin network aimed at enhancing transaction efficiency and security. One of the key advantages of SegWit is the separation of transaction data from its digital signature, which were previously combined into a single package. By separating these two elements, SegWit significantly reduces the transaction size and allows for more transactions to be included in a single block.
Bitcoin SegWit wallet addresses have a slightly different format compared to traditional Bitcoin wallet addresses. SegWit wallet addresses start with the number '3' on the Bitcoin network and 'bc1' on the native SegWit Bitcoin network (also known as bech32). In terms of security, SegWit addresses offer enhanced protection against hacker attacks and minimize the risk of transaction replays.
Does Indodax Support Bitcoin SegWit Wallet Address?
Yes, Indodax supports Bitcoin SegWit Wallet Address. Bitcoin SegWit Wallet Address is marked with the prefix number 3. You can accept and send Bitcoin from or to Bitcoin SegWit Wallet Address (deposit and withdraw).