Coinbase Rolls Out SegWit Support on GDAX | Crypto News Monitor
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At lengthy final, Coinbase’s standard US-based digital asset alternate GDAX now helps Segregated Witness (SegWit) transactions on the Bitcoin community.
What is SegWit?
SegWit — brief for Segregated Witness — is a vital gentle fork improve to the Bitcoin community which makes transactions considerably safer and environment friendly. When sending transactions with SeqWit, the principle a part of the transaction is successfully segregated from the portion which authorizes it. In flip, this makes Bitcoin transactions much more safe.
Perhaps much more thrilling to some is the truth that SeqWit additionally minimizes the dimensions of particular person transactions, which considerably improves the Bitcoin community’s complete capability.
SegWit on GDAX
GDAX customers needn’t fear about any main modifications to how they conduct transactions. As famous by the alternate’s official weblog, transactions from GDAX to an exterior tackle mechanically happen utilizing SegWit – because of the truth that the gentle fork improve is backward appropriate with even previous Bitcoin addresses.
If you need to deposit Bitcoin into your GDAX account from one other supply, the alternate mechanically supplies a SegWit tackle appropriate with BTC wallets.
However, there may be one extraordinarily essential change that’s value mentioning. SegWit pockets addresses won’t share the identical format as Bitcoin Cash (BCH), so don’t even take into consideration sending your BCH to a BTC tackle – until you need to completely lose all your BCH.
Next Up: Lightning Network
SegWit assist definitely provides GDAX customers trigger for celebration, however the perfect should still be but to come back.
As famous by GDAX’s official weblog:
SegWit is a vital step in scaling the Bitcoin community. We are persevering with to spend money on our Bitcoin infrastructure and we will likely be engaged on implementing extra Bitcoin scalability enhancements like transaction batching and improved UTXO administration. We hope this may all end in decrease charges for patrons and extra capability on the Bitcoin community.
Most thrilling, nonetheless, is the alternate’s dedication to implementing the Lightning Network — a second-layer fee protocol permitting for instantaneous Bitcoin transactions. Once carried out, transacting Bitcoin will actually be higher than ever.
Are you enthusiastic about SegWit assist on GDAX? Are you trying ahead to the alternate’s assist of the Lightning Network? Let us know within the feedback under!
Images courtesy of Shutterstock, GDAX
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