1Broker implements SegWit for user Bitcoin wallets

1Broker, the bitcoin-denominated trading company just announced that on Sunday, May 20th, 2018, they will upgrade their Bitcoin wallet infrastructure to be fully SegWit compatible. This is requiring deposit addresses for users to change and transactions to old addresses will no longer be credited.

If a user accidentally sends funds to an old address, 1Broker will manually credit their deposit upon request. SegWit, among other things, increases the available space for transactions per block and makes second-layer solutions, like the Lightning network, possible.

By adding 1Broker to this new wallet infrastructure, transactions between 1Fox and 1Broker will be instant and with virtually no fees. Withdrawals to regular addresses will be charged with a floating transaction fee that is updated every hour depending on the required Bitcoin network fees. This floating fee will be much lower than the previous fixed fee the company used.

After this upgrade, it will also be possible to send Bitcoin transactions to the new alternative address format called Bech32.

API Changes

With this update, 1Broker will update its API to version 2.2 that includes the following changes:

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