HolyTransaction, a cryptocurrency wallet company, and owner of Flyp.me instant exchanger announced today they have implemented support for Bitcoin bech32 address formats on its platform. Users can now enter a bech32 address when sending bitcoin from HolyTransaction applications.
When depositing, users can also transfer the bitcoins to HolyTransaction from a bech32 address. HolyTransaction is the first web wallet to implement the native SegWit address format.
Native SegWit address bech32
Bitcoin bech32 addresses start with “bc1”. Segwit bech32 format has some technical benefits over the already used SegWit address format, which includes decreased transaction fees and increased throughput. Moreover, the new address format is case-insensitive and consists only of lower cases so the chance of typing an error is lower.
SegWit makes it possible to rearrange the information in a block. Consequently, the block can carry more information and it makes transaction processing more cost-effective. Therefore, the blockchain can process many more transactions per second. This was a big step for the entire cryptocurrency community when activated on Litecoin and eventually Bitcoin. Currently, on the Bitcoin network, SegWit transactions are making up between 30 to 35 percent of all transactions.