We are very proud to announce that Anycoin Direct has implemented SegWit on its platform. Anycoin Direct is the first European cryptocurrency broker to implement the native SegWit address format: bech32.
Native SegWit address bech32
You can now enter a bech32 address when purchasing bitcoin at Anycoin Direct. When placing sell orders at Anycoin Direct, you can also transfer the bitcoins to us from a bech32 address. Bitcoin bech32 addresses start with "bc1". SegWit itself is a huge technical improvement that tackles Bitcoin’s ‘block size issues’, by moving the transaction’s signature outside the block. This results in more efficient use of the 1mb block size. Therefore, the blockchain can process much more transactions per second. The latest bitcoin core wallet (V0.16.0) also supports this bech32 format which has some technical benefits over the already used SegWit address format:
- The QR code is smaller,
- The protection against typing error is better
- It enables auto completion
- Due to only consisting of lower cases it should be easier to type and to be understood when read aloud.
SegWit on Anycoin Direct
So what does the implementation of this technique mean for Anycoin Direct? With SegWit, we can reduce the load that Anycoin Direct puts on the Bitcoin network. Not just a technological step for Anycoin Direct but a big step for the entire cryptocurrency community. Just like you, we want to work on an efficient and accessible cryptocurrency future.