Bitwage, a cryptocurrency payroll company today announced the implementation and direct support for Segregated Witness (SegWit) addresses for bitcoin payroll outputs.
Benefits, of course, will see reduced fees from SegWit implementation and allow the company to offer users better value for services.
After SegWit became available on the Bitcoin Network in late August, Bitwage offered an immediate way to take advantage: by allowing users to add P2SH-P2WPKH wrappers (short for Pay to Script Hash – Pay To Witness Public Key Hash). This worked great as an interim solution, but now they will be offering full support.
Bitwage views SegWit as a positive development along with the potential of the Lightning Network, stating:
“We look forward to more improvements and community growth in the future, as this leads to higher liquidity and lower fees for users receiving their wages in Bitcoin. We are also looking forward to the launch of the Lightning Network, the off-chain payment channel scaling solution for Bitcoin. Lightning Network adoption should lower fees for everyone and allow Bitwage to get users their Bitcoin even more quickly. For users who already have other lightning channels open, getting your wage directly into the lightning network can reduce the cost and time associated with opening a new lightning channel to fill up funds.”
Lightning will open up a variety of use cases for Bitcoin including micropayments, cross-chain payments, and exchange arbitrage.