SegWit has been live on the Bitcoin network for a few weeks. During this time, BitGo has been testing with select customers.
Last week, BitGo helped create the two largest blocks in Bitcoin history: 484,398 and 484,399 each were over 1.3MB! In these two blocks the SegWit transactions co-signed by BitGo freed up space for about 1,200 additional transactions.
We are now rolling out SegWit to all BitGo wallets. It's simple to get started; all BitGo wallets will continue to just work.
If you are using the BitGo web wallet, the feature will be enabled for you automatically in a few days. You don't have to take any action, but will be paying approximately 50% less in fees (see FAQ for details).
Update to the latest version of our SDK, BitGo Express, bitgo-cli or BitGoD for SegWit to take effect automatically.
You can now update and start saving about half of the fees on every transaction.
We have collected a small FAQ below; if you have any further questions, please let us know!
Segregated Witness (also known as “SegWit”) is a protocol update activated on the Bitcoin network in August 2017. Among other things, SegWit introduces a new transaction format that helps more transactions fit into a block.
Using SegWit will save transaction fees on every transaction that uses funds received to a SegWit address.
Yes. We are excited to support SegWit and will enable our customers to make use of the new format as quickly as possible after activation. We are happy to make room for more transactions on the network.
For the BitGo web wallet, simply continue what you're doing. If you're an API user, please upgrade to the new version of our SDK, BitGo Express, bitgo-cli, or BitGoD.
Spending funds received to SegWit addresses will cost about 47% of the fees of spending funds received to legacy addresses.
Transactions composed of SegWit inputs will have transaction IDs that are not vulnerable to third party transaction ID malleation attacks, making them more reliable, especially when re-spending unconfirmed transactions.
Yes, anyone can send to SegWit addresses even if the sender’s wallet does not support SegWit yet. Vice versa, anyone can receive from SegWit funds.
The web wallet will not start using SegWit until after you have upgraded your SDK. A few days after you’ve upgraded your SDK, the website will automatically switch you over to SegWit addresses. This ensures that you are ready on both ends when you start using SegWit.
No, the SegWit activation does not split the network. It will merely allow funds to be stored in a new SegWit transaction format which only impacts users that choose to make use of the new transaction format.