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<div class="cryptonews"><p class="is-style-lead">BitMEX says the update will not bring a ‘big change’ to its wallet security as the signature scheme is already used for hot withdrawal processing.</p><p>Cryptocurrency ex<a rel="noopener noreferrer nofollow" href="https://thebittimes.com/tag/change.html">change</a> BitMEX is changing all of its <a rel="noopener noreferrer nofollow" href="https://thebittimes.com/tag/customer.html">customer</a> Bitcoin (BTC) deposit <a rel="noopener noreferrer nofollow" href="https://thebittimes.com/tag/address.html">address</a>es starting Nov. 1, 2023.</p><p>In a blog announcement on Oct. 30, the Seychelles-based crypto trading platform said it will change its current format for BTC addresses to pay-to-witness-public-key-hash (P2WPKH, also known as native SegWit), suggesting all customer addresses will soon get addresses with the bc1 prefix.</p><p>BitMEX says the change will allow it to “reduce withdrawal fees” for users and “improve our use of Bitcoin block space.” The company also noted the signature scheme “is already being used for our hot withdrawals processing,” meaning the update “will not bring a big change” to its wallet security.</p><blockquote class="wp-block-quote"><p>“There may be rare occasions of delays in the processing of deposits or withdrawals, where their execution may take longer than normal.”</p><cite>BitMEX</cite></blockquote><div class="cn-block-related-link"><span class="cn-block-related-link__prefix"> You might also like: </span> The Bitcoin you know is not there anymore: Bitcoiner explains </div><p>Starting from Jan. 1, 2024, BitMEX will no longer credit funds sent to the old <a rel="noopener noreferrer nofollow" href="https://thebittimes.com/tag/address.html">address</a>es in real-time, adding it will still work with these <a rel="noopener noreferrer nofollow" href="https://thebittimes.com/tag/address.html">address</a>es, but “periodically.” The ex<a rel="noopener noreferrer nofollow" href="https://thebittimes.com/tag/change.html">change</a> urged users to update their ex<a rel="noopener noreferrer nofollow" href="https://thebittimes.com/tag/change.html">change</a> wallet <a rel="noopener noreferrer nofollow" href="https://thebittimes.com/tag/address.html">address</a>es stored in any <a rel="noopener noreferrer nofollow" href="https://thebittimes.com/tag/address.html">address</a> book on other services and whitelist the new <a rel="noopener noreferrer nofollow" href="https://thebittimes.com/tag/address.html">address</a>es.</p><p>The change of deposit addresses is nothing new for exchanges as they do that to keep up with the latest updates. Binance, for instance, also disabled multiple old deposit addresses for multiple blockchain networks, including Ethereum (ETH) and TRON (TRX), in April 2023 as part of its infrastructure upgrade.</p><div class="cn-block-related-link"><span class="cn-block-related-link__prefix"> Read more: </span> Former BitMEX CEO says Bitcoin will rally to $750,000 by 2026 </div><span class="google-news-banner__label">Follow Us on Google News</span></div><p>Source: <a rel="noopener noreferrer nofollow" href="https://thebittimes.com/bitmex-announces-changes-to-customer-btc-addresses-tbt68348.html">https://thebittimes.com/bitmex-announces-changes-to-customer-btc-addresses-tbt68348.html</a></p>

BitMEX announces changes to customer BTC addresses

TheBitTimes

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