TL;DR: DropBit, the most user-friendly mobile Bitcoin wallet on the market today, has just released the fastest, most secure version of the DropBit wallet yet! Go download it now or update your wallet to the latest version.
This release will upgrade all DropBit wallets to Native SegWit (Bech32). This will allow users to send and receive Bitcoin faster and cheaper then now. Additionally, this mega-release is packed with enhanced security protocols and Bech32 support which optimizes on-chain SegWit transactions as well!
Oh yeah — in this release we also preview the lightning network support coming very soon to our wallet 👀 ⚡
With the 2.X version of DropBit, all DropBit wallets will have Bech32 SegWit addresses. These are also known as bc1 addresses, as all addresses start with ‘bc1’ (e.g. bc1qa5ndt07z2lu7r2kl6zrffw362chj74vse76lq5). One of the main benefits of Bech32 format is that it is not case sensitive (only includes 0–9, a-z in the address), hence it avoids confusion when writing down and is easier to read out. As less characters are needed in the address, the address is encoded in Base 32 instead of the traditional Base 58 which is more convenient and efficient in computation.
Because the transaction fee is based on the number of bytes in your transaction, and Bech32 has fewer characters, Bech32 addresses are cheaper to spend from and offer better protection against typos.
We have also taken the opportunity to enhance our security with this release of DropBit, and accordingly we again encourage everyone who already has DropBit to update to the latest version. One note — this enhancement does require existing wallets to upgrade to a new 12 word recovery seed, meaning you will get a new set of recovery words with the upgrade. Rest assured, you will NOT lose any Bitcoin or your transaction history when you upgrade. We have made the transferring process simple and easy as the entire process is completed in a single tap. You can also see your legacy words in the settings of your app for reference.
While we recognize this is inconvenient to existing users, we always want to default to the highest level of security we can provide in our wallet while still balancing the easy-to-use experience we have become known for. So this was an easy decision once it was determined that this upgrade would enhance security.
Sneak Peek 👀 — DropBit Lightning Wallets ⚡
We are thrilled to preview DropBit Lightning Wallets with this release. The wallets will be locked but you’ll get a chance to see the UI and user experience. And if you want to be unlocked early tweet at us @dropbitapp to get added to our exclusive beta list!
We will be unlocking new beta users every day!