arrows
Loading...
dotted

Bech 32 SegWit Addresses

Sep 01, 2020
undefined
byNDAX Labs

NDAX Upgrades Wallet to Support Bech 32 Segwit addresses

             

We are excited to introduce support for Bech32 SegWit addresses on NDAX starting September 5th, 2020. This implementation will provide our clients with a quick and more affordable way to transfer funds on and off of our trading platform.


Does this affect my old wallet address?

Using a Bech32 SegWit address is optional. There will be no changes in the way you deposit or withdraw Bitcoin or Litecoin off and on our platform. However, we anticipate that clients who decide to opt in to use a Bech32 SegWit address will pay less in transaction fees to the network and see an increase in transaction speed.


What is SegWit?

Segregated Witness (SegWit) is a protocol upgrade introduced as a solution to the scalability problem that the blockchain network faces.

The protocol update has brought up several benefits, such as reduced transaction costs, increased transaction speed and decreased network congestion.


Switching  from a legacy wallet to a Bech32  SegWit wallet:

Clients will still be able to switch their BTC and LTC wallets from a Legacy (default) address to a Bech32 SegWit address by following the steps below:

  • • Login http:///ndax.io
  • • Click the WALLET icon on the left hand of your screen
  • • Select the CRYPTOCURRENCY TAB on the left side of the screen
  • • Choose BITCOIN or LITECOIN
  • • Click the GREEN DEPOSIT BUTTON
  • • Switch from LEGACY to SEGWIT

                                                           

Please note: While SegWit has great strengths and is becoming more adopted, not all wallets/exchanges support sending to these addresses.

                           


                             

Hard wallets that support SegWit transactions:

1. Ledger Nano S

2. Trezor