Kriptomat recently migrated to a new wallet custody solution and, as a cryptocurrency exchange that is always striving to provide the best service, we have just updated your Bitcoin (BTC) wallet address.
The migration has allowed us to improve our BTC wallets and now we are happy to announce we are providing full wallet support for SegWit wallet addresses.
This means that your new BTC wallet address is now upgraded to a SegWit and it will be your official wallet address from now on. SegWit wallet addresses start either with "bc1" or number "3".
Before this migration, Kriptomat was only able to support the following legacy type wallets:
P2PKH type wallet addresses (starting with the number “1”),
P2SH type wallet addresses (starting with the number “3”).
Legacy Wallets are the original BTC wallets and they should be fully supported by any other service.
What is a SegWit (Bech32) Address?
SegWit wallets are an improvement in the BTC Blockchain whose purpose is to reduce the size of transactions stored in a block.
Its name is short for Segregated Witness that all in all means it separates transaction signatures allowing more transactions per block.
How is this beneficial for you?
With your new SegWit address and its capacity to store more transactions in one block, you will also experience lower transaction costs and an increase of transactions per block which is equal to faster transactions.
Additionally, SegWit wallets are more secure by fixing transaction malleability: a type of attack that would let someone change your transaction ID before the transaction was confirmed in the network.
What if a wallet does not accept transactions from or to a SegWit address?
This would be highly unlikely, but if you face any trouble with your Kriptomat SegWit wallet address, either with sending or receiving BTC, kindly contact our support team via live chat or the official e-mail: [email protected]
We will gladly assist you in providing an alternative solution.