Bitfinex started supporting native Segwit (bech32 - bc1) deposits & withdrawals.

Yudhisthir

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Quote from: 1Referee on October 30, 2019, 08:10:58 PM

https://www.bitfinex.com/posts/427

It doesn't happen very often that the headlines about Bitfinex are positive for them and the rest of the ecosystem, but this time it's different.

It really sucks that there are plenty of exchanges still not allowing their traders to withdraw to bc1 addresses. I hope that this will motivate other exchanges to follow the same path.

According to an exchange of Tweets between CZ and a Bitcoiner earlier this month, CZ has indicated to roll out support for Segwit before the end of the year. Not sure how serious he is here, but it would provide a massive boost for Segwit's adoption. Lets hope for the best. Shocked

This is a good move from bitfinex, hope they would also remove the deposit fees they are asking for. I've always found that deposit fee useless.
Traders generally look for low fees, if many of exchanges also support native segwit, it would increase capital flow between exchanges resulting into stabler market.

figmentofmyass

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Quote from: 1Referee on November 04, 2019, 07:02:44 AM

Bitfinex is on fire!

https://blog.bitfinex.com/announcements/support-for-bech32-addresses-now-available-on-bitfinex/

After supporting bech32 withdrawals, Bitfinex today announced that they now also support generation of, and deposits to bech32 addresses.

Healthy growth of adoption; https://blockchair.com/bitcoin/charts/segwit-usage

good stuff! use of bech32 in hot wallet activity spells good things for overall network adoption.

bitcoin maximalists will always have a soft spot for bitfinex because of stuff like this. it reminds me of when they launched bcash markets under the "BCH" ticker---they established that trend. they may bank like criminals, but they mostly do right by bitcoiners.

1Referee

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Bitfinex is on fire!

https://blog.bitfinex.com/announcements/support-for-bech32-addresses-now-available-on-bitfinex/

After supporting bech32 withdrawals, Bitfinex today announced that they now also support generation of, and deposits to bech32 addresses.

Healthy growth of adoption; https://blockchair.com/bitcoin/charts/segwit-usage

hugeblack

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Quote from: 1Referee on November 01, 2019, 08:29:29 AM

Exchanges have to consolidate every single input at one point, and when you look at what happens with your deposit, it's usually sent back and forth, which all cost them unnecessarily more in fees than when they would have Segwit fully adopted.

Your words are true, but this requires modification of the entire code on the platform, note the amount of damage that may occur when such vulnerabilities occur.
Many newbies wallets still don't support bc1 addresses, so you'll find that people using these addresses is less than the benefits from them.
Generally, as adoption increases, they will have to update the code in the future.

Quote from: richardsNY on November 02, 2019, 03:53:46 AM

First blockchain.com and now Bitfinex too. Coincidence? It could be that they are trying to get ahead of the game as blockchain.com has launched an exchange not that long ago? Thanks for the heads up.

Note that BCH/Altcoins supporters do not want to see low Bitcoin fees.

richardsNY

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First blockchain.com and now Bitfinex too. Coincidence? It could be that they are trying to get ahead of the game as blockchain.com has launched an exchange not that long ago? Thanks for the heads up.

Quote from: Baofeng on October 30, 2019, 11:39:07 PM

Coinbase and Bitstamp next?

Coinbase already does. Bitstamp I can't speak for.

1Referee

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Quote from: LeGaulois on October 31, 2019, 08:34:52 AM

Exchange platforms have no real interest in implementing Segwit. Firstly because it's not them who pay the fees, but us, the users. Secondly, they are more focused on growing their company to increase customers number. Updating code can expose the exchanges to vulnerabilities so it's real pressure.

Exchanges have to consolidate every single input at one point, and when you look at what happens with your deposit, it's usually sent back and forth, which all cost them unnecessarily more in fees than when they would have Segwit fully adopted.

If you spend millions in fees every single year as large exchange, which they all really do, then a 30-50% reduction in fees means more net profits without doing much. I think that alone should give an exchange enough incentive to adopt Segwit.

On top of that, being able to offer lower withdrawal fees (especially in times where the fees are shooting up) than competing exchanges is a damn solid way of attracting the mass, because they do care about low withdrawal fees.

o_e_l_e_o

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Quote from: Baofeng on October 30, 2019, 11:39:07 PM

Coinbase and Bitstamp next?

I don't use Coinbase so can't confirm, but according to https://en.bitcoin.it/wiki/Bech32_adoption they already support withdrawals to native SegWit addresses.

Quote from: LeGaulois on October 31, 2019, 08:34:52 AM

Firstly because it's not them who pay the fees, but us, the users.

True, but I doubt very much exchanges which do start supporting SegWit will reduce their fees in turn. More likely they will continue to charge overpriced fees (which will be even more overpriced once they've switched from Legacy to SegWit) and will just pocket the difference.

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Quote from: 1Referee on October 30, 2019, 08:10:58 PM

It really sucks that there are plenty of exchanges still not allowing their traders to withdraw to bc1 addresses. I hope that this will motivate other exchanges to follow the same path.

It's very annoying for sure.
I still wonder why some exchange services have taken so long to implement segwit support yet they keep rolling out other different updates month in month out.

Quote from: 1Referee on October 30, 2019, 08:10:58 PM

According to an exchange of Tweets between CZ and a Bitcoiner earlier this month, CZ has indicated to roll out support for Segwit before the end of the year. Not sure how serious he is here, but it would provide a massive boost for Segwit's adoption. Lets hope for the best. Shocked

Sure if he talked about it then it will be rolled out. CZ is one folk talks about something they are going to do on hios twitter handle then it get's done a few months down the road.
It would be very good news if Binance join the segwit world. Many relatively small exchanges tend to follow Binance's developments and trend to try and keep afloat

LeGaulois

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Exchange platforms have no real interest in implementing Segwit. Firstly because it's not them who pay the fees, but us, the users. Secondly, they are more focused on growing their company to increase customers number. Updating code can expose the exchanges to vulnerabilities so it's real pressure.

bitmover

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Quote from: Baofeng on October 30, 2019, 11:39:07 PM

Coinbase and Bitstamp next? So let's see if Binance will follow suit as well, and I agree that it will give Segwit address more adoption (which we all have been waiting for).

Binance allows withdrawal to P2SH addresses (starting with 3).
I having being doing so for more than a year there. Native would be nice ofc, but it is ok for me p2sh

Quote from: figmentofmyass on October 31, 2019, 01:10:49 AM

i've noticed native segwit inputs in their hot wallet transactions for a while now so hopefully they aren't too far off. it is super annoying to withdraw to legacy addresses---so clunky

Legacy is terrible. Every exchange service should allow at Least p2sh addresses

figmentofmyass

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Quote from: 1Referee on October 30, 2019, 08:10:58 PM

https://www.bitfinex.com/posts/427

It doesn't happen very often that the headlines about Bitfinex are positive for them and the rest of the ecosystem, but this time it's different.

It really sucks that there are plenty of exchanges still not allowing their traders to withdraw to bc1 addresses. I hope that this will motivate other exchanges to follow the same path.

i've been really surprised by the delays tbh. i'm sure it takes significant work to overhaul the entire internal wallet system but still.....multiple years? and this is across the entire ecosystem.

good for bitfinex. indeed, it's not too often they give us good news. Cheesy

Quote from: 1Referee on October 30, 2019, 08:10:58 PM

According to an exchange of Tweets between CZ and a Bitcoiner earlier this month, CZ has indicated to roll out support for Segwit before the end of the year. Not sure how serious he is here, but it would provide a massive boost for Segwit's adoption. Lets hope for the best. Shocked

i've noticed native segwit inputs in their hot wallet transactions for a while now so hopefully they aren't too far off. it is super annoying to withdraw to legacy addresses---so clunky!

Baofeng

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It's about time, perhaps Bitfinex is preparing for the expected bull run in 2020-2021?

Coinbase and Bitstamp next? So let's see if Binance will follow suit as well, and I agree that it will give Segwit address more adoption (which we all have been waiting for).

1Referee

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https://www.bitfinex.com/posts/427

It doesn't happen very often that the headlines about Bitfinex are positive for them and the rest of the ecosystem, but this time it's different.

It really sucks that there are plenty of exchanges still not allowing their traders to withdraw to bc1 addresses. I hope that this will motivate other exchanges to follow the same path.

According to an exchange of Tweets between CZ and a Bitcoiner earlier this month, CZ has indicated to roll out support for Segwit before the end of the year. Not sure how serious he is here, but it would provide a massive boost for Segwit's adoption. Lets hope for the best. Shocked

Topic: Bitfinex started supporting native Segwit (bech32 - bc1) deposits & withdrawals. (Read 226 times)