We’ve added support for bech32 Bitcoin addresses at Bitstamp
We’ve added full support for SegWit bech32 bitcoin transfers! All Bitstamp customers can now withdraw Bitcoin to bech32 addresses and generate new deposit addresses in this format.
Due to this technical upgrade, we have generated new Bitcoin deposit addresses for all our customers. Please make sure you’re using your new address before you send any BTC to Bitstamp.
You can choose between the old format or bech32 on our Bitcoin deposit page. But we encourage all our customers to switch to bech32, as it provides an efficiency boost to Bitcoin transactions.
Bech32 is the latest Bitcoin address format, specifically designed to work with SegWit technology. There are a number of technical benefits to using bech32 addresses, mainly that this format saves space on the blockchain, increasing efficiency. But for most users, the main advantage of using bech32 is that it limits human error when writing addresses.
Bech32 addresses always start with “bc1” on the Bitcoin mainnet and are not case sensitive. This lowers the chance of anyone accidentally sending coins to the wrong blockchain or making spelling errors when writing addresses. Bech32 also features automatic address format checking, which ensures you aren’t sending your BTC to an invalid address.
Bitstamp was the first exchange to support Bitcoin’s SegWit update when it was introduced back in 2017. We’ve always supported the development of new technologies that can help Bitcoin reach its full potential to store and transfer any amount of value anywhere in the world quickly and cheaply.