Faster, cheaper and better transactions - Segwit for Bitbit is here!

We are thrilled to announce that we have fully rolled out SegWit-enabled addresses for all Bitbit users.

SegWit or Segregated Witness, was implemented on the Bitcoin network in August, 2017. The technical improvement aimed to scale Bitcoin and improve transaction speed.

As a sample computation, a Non SegWit transaction of 1 input and 2 outputs at around 226 bytes means you would have to pay about 0.00115034 BTC.

If it was a SegWit transaction with 1 input and 2 outputs at around 178 bytes means you would have to pay about 0.00089584 BTC

That’s a savings of $2.769!

Changes to your Bitbit Account:

1. You will receive a brand new SegWit-enabled bitcoin address. You will see this new address in the app.

2. Your old bitcoin address will no longer be visible inside your account.

3. You can continue to receive funds from external transfers to the old address and it will reflect o your balance but it is highly recommended that you use the Segwit-enabled address for better experience.

4. Your bitcoin balance from the old non Segwit wallet address is safe and carried over.

5. You will see that transaction fees will be much cheaper and confirmation will be faster when you send bitcoin.

We advise mobile users to always update your Bitbit mobile app to the latest version to enjoy new features that we are constantly delivering.

If you have any questions or feedback, please send us an email at hello@bitbit.cash