Revolut has introduced support for SegWit addresses in Bitcoin transactions ($BTC), allowing users to benefit from on-chain withdrawal and receipt features.
Revolut, the global neobank and fintech company with over 30 million users, has integrated Segregated Witness (SegWit) addresses for Bitcoin ($BTC) transactions, offering on-chain withdrawal and receipt options. This move aims to promote the mainstream adoption of Bitcoin by enhancing the efficiency and convenience of transactions.
Revolut users now benefit from lower fees and faster confirmations with Segregated Witness (SegWit) technology. SegWit, introduced as a soft fork on the Bitcoin network in 2017, improved blockchain efficiency by reducing storage needs and segregating transaction signatures, resulting in quicker, smoother Bitcoin transactions.
Revolut now offers SegWit integration, on-chain withdrawals, and receipts for Bitcoin transactions, providing users with in-app management of their Bitcoin funds. Other platforms, like Binance, have also adopted SegWit to enhance Bitcoin transaction efficiency.
Coinbase was among the first to integrate SegWit, aiming to scale Bitcoin for increased demand and reduce network congestion, resulting in faster transactions and lower fees.
Revolut is a leading fintech company with services in 200+ countries, regulated by the Bank of Lithuania. It has 30 million users and 500,000 businesses, driving cryptocurrency adoption through cutting-edge tech.
Researchers at Florida International University have introduced LNMesh, utilizing the Lightning Network for offline Bitcoin transactions, renowned for its speed and cost efficiency.
This method utilizes local mesh networks, allowing nodes to connect via Bluetooth and WiFi, avoiding the need for internet access. The Lightning Network protocol enables offline payment settlement as transactions occur off-chain, not on the Bitcoin blockchain, as long as nodes can communicate through WiFi or Bluetooth.
LNMesh is groundbreaking, as it allows payments when all nodes are offline, distinguishing it from existing asynchronous methods. This innovation could revolutionize global cryptocurrency accessibility.
