Satoshi Citadel Industries (SCI Ventures) announces that its bitcoin wallet app – Bitbit now has SegWit-enabled addresses. Using this new technology will make bitcoin transactions cheaper on the Bitbit app. In this article, we explore what benefits this development will have to Bitbit users, as well as a comparison of fees with Coins.ph, which is also running SegWit.
SegWit and Bitbit
Table of Contents.
As of January 30, 2018, Bitbit users can now experience better service with SegWit. SegWit (or Segregated Witness) was first implemented in August 2017 so that the Bitcoin network can have faster transaction speed.
So how can Bitbit users benefit from SegWit?
Bitbit users can benefit from this Segwit implementation because transactions will now be cheaper. In an example posted in SCI Venture’s blog post:
A non-SegWit transaction of 1 input and 2 outputs at around 226 bytes means you would have to pay about 0.00115034 BTC. However, if it was a SegWit transaction with 1 input and 2 outputs at around 178 bytes means you would have to pay about 0.00089584 BTC
Sample Comparison Bitbit (with SegWit) vs Coins.ph (with SegWit)
Now that both popular bitcoin wallet apps in the Philippines are using SegWit, let us check their transaction cost comparison.
|Amount to be sent (in BTC)||0.00145990||0.00145990|
|Amount in PHP (as converted by the App)|
|Transaction Fee in BTC (low priority)||0.00073727 BTC||0.00014097 BTC|
|Total Transaction + Transaction Cost||0.00219717 BTC||0.00160087 BTC|
Looking at the table above, you can save ₱224.46 if you choose Bitbit over Coins.ph.
Note: We use low priority in the Bitbit vs Coins.ph comparison above around 11:40 am on February 1, 2018. Note that since the price of bitcoin swings rapidly, replicating our comparison above might give different results should you choose to compare them yourself. Also, the comparison disregards other convenience and advantages of one app versus the other.
- Read More: How to Buy and Sell Bitcoins Using Coins.ph
Bitbit Account Changes
Bitbit users can expect some changes and these are the following:
- Your bitcoin address is now a SegWit-enabled address. You will see your new address in the app.
- The old bitcoin address is no longer available.
- You will still receive funds to your old address from external transfers but SCI highly recommends using the new SegWit address.
- Your bitcoin balance is carried over to your new SegWit wallet address and is safe.
- Transaction fees are lower and confirmations are faster.
Don’t forget to update your Bitbit app to experience your new Segwit-enabled address.
Bitbit is a product of SCI Ventures that doubles as a bitcoin wallet app and a peso virtual wallet app. Users can deposit money to convert it to bitcoin. Alternatively, users can deposit money to pay for items, bills, or mobile load online. Last time, we reported about Bitbit’s temporary suspension of Peso withdrawals. Users were advised to use SCI’s other website – Rebit.