{"id":5898,"date":"2021-02-19T11:14:33","date_gmt":"2021-02-19T04:14:33","guid":{"rendered":"https:\/\/news.bitcoinvn.io\/?p=5898&#038;lang=en"},"modified":"2024-05-13T07:42:11","modified_gmt":"2024-05-13T00:42:11","slug":"bitcoinvn-rolling-out-full-native-segwit-support","status":"publish","type":"post","link":"https:\/\/bitcoinvn.io\/insights\/bitcoinvn-rolling-out-full-native-segwit-support\/","title":{"rendered":"BitcoinVN rolling out full Native SegWit support"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Vietnam\u2019s oldest Bitcoin Exchange <\/span><a href=\"https:\/\/news.bitcoinvn.io\/bitcoinvn-adds-bech32-segwit-addresses-support\/?lang=en\"><span style=\"font-weight: 400;\">BitcoinVN<\/span><\/a><span style=\"font-weight: 400;\"> proceeds in upgrading its infrastructure to provide for more efficient Blockspace usage when processing Bitcoin transactions and thereby lowering the transaction fees occured by its client base.<\/span><\/p>\n<p><!--more--><\/p>\n<p><span style=\"font-weight: 400;\">After <\/span><a href=\"https:\/\/news.bitcoinvn.io\/bitcoinvn-adds-bech32-segwit-addresses-support\/?lang=en\"><span style=\"font-weight: 400;\">rolling out support for Bech32 addresses<\/span><\/a><span style=\"font-weight: 400;\"> for clients to receive their Bitcoin from BitcoinVN in late 2019, BitcoinVN is from now on <\/span><i><span style=\"font-weight: 400;\">exclusively<\/span><\/i><span style=\"font-weight: 400;\"> supporting <\/span><a href=\"https:\/\/en.bitcoin.it\/wiki\/Bech32\"><span style=\"font-weight: 400;\">Bech32 addresses (\u201cbc1\u2026\u201d)<\/span><\/a><span style=\"font-weight: 400;\"> for Bitcoin users who are looking to sell their Bitcoin for the local currency VND.<\/span><\/p>\n<figure style=\"width: 1600px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lh3.googleusercontent.com\/bkpPAGOVg3eiCdgpMNsJjLTUL--7a3Fdwj50vIpITUpV-WMvuZHKOmN5-Q6emeb9I6g3YS5YFJZ4Rk89AHmG3bGAkOZ8zKUlr_jvZDllnCC-B6WWJzGWa4eyXITWYLg08LYMXsoa\" alt=\"Native SegWit spends have been in a steady upward trend over the past year as more Bitcoin service &amp; infrastructure providers provide full Native SegWit support\" width=\"1600\" height=\"477\" \/><figcaption class=\"wp-caption-text\">Native SegWit spends have been in a steady upward trend over the past year as more Bitcoin service &amp; infrastructure providers provide full Native SegWit support &#8211; <a href=\"https:\/\/dashboard.bitcoinops.org\/d\/xVQwtADiz\/segwit-usage-trends?refresh=1h&amp;orgId=1&amp;from=now-1y&amp;to=now\">Source<\/a><\/figcaption><\/figure>\n<p><i><span style=\"font-weight: 400;\">\u201cBlockspace scarcity in the Bitcoin blockchain will become a more pressing issue in the months and years to come. Using inefficient and outdated methods and software to craft one\u2019s Bitcoin transaction will soon be punished harshly by either paying outrageously high fees for onchain transactions &#8211; or the transaction will simply not get confirmed. While in the past \u201cit did not matter\u201d to most users if a transaction cost was the equivalent of 0.5$ or 1.0$&#8230; when it\u2019s very soon the equivalent of 50$ vs 100$ between SegWit and non-SegWit transactions, the cost of conducting Bitcoin on-chain transactions in a \u201cwasteful manner\u201d will start to be truly felt.<\/span><\/i><\/p>\n<p><i><span style=\"font-weight: 400;\">With the ongoing \u2018bull run\u2019 it is expected that over the course of 2021 using service providers who have not upgraded their infrastructure will start to become prohibitively expensive.<\/span><\/i><\/p>\n<p><i><span style=\"font-weight: 400;\">Adding Native SegWit support to our infrastructure to provide for more efficient Blockspace usage is therefore an economic imperative.\u201d <\/span><\/i><span style=\"font-weight: 400;\">added BitcoinVN Co-Founder <\/span><a href=\"https:\/\/www.twitter.com\/DominikWeil\"><span style=\"font-weight: 400;\">Dominik Weil<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vietnam\u2019s oldest Bitcoin Exchange BitcoinVN proceeds in upgrading its infrastructure to provide for more efficient Blockspace usage when processing Bitcoin transactions and thereby lowering the transaction fees occured by its client base.<\/p>\n","protected":false},"author":11,"featured_media":5899,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,10549],"tags":[],"class_list":["post-5898","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoinvn-business","category-featured-sub-panel"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>BitcoinVN rolling out full Native SegWit support - BitcoinVN Insights<\/title>\n<meta name=\"description\" content=\"BitcoinVN is from 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