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Winklevoss-led Gemini exchange reveals upgraded cryptocurrency wallet with SegWit support

Akash Anand



Winklevoss-led Gemini exchange reveals upgraded cryptocurrency wallet with SegWit support
Source: Pixabay

Cryptocurrency exchanges and wallets have been in the news multiple times of late due to crucial updates or news about them delisting certain cryptocurrencies because of issues within the community. In terms of developments, Gemini, the Winklevoss brothers-founded cryptocurrency exchange, was in the news when the company’s cryptocurrency wallet was upgraded with the full support of SegWit.

In an official release, Gemini stated:

“As part of the upgrades this year, we introduced support for Segregated Witness (SegWit) addresses and transaction batching. As our customers may have noticed this means that SegWit addresses — which begin with bc1 — can now be used for Bitcoin deposits and withdrawals. Both of these improvements required end-to-end integration through our online and offline signing systems (along with many other efforts).”

The organization stated that the decision to upgrade to SegWit was made after much deliberation because the upgrades that came following it would be dependent on it. According to the organization, the upgrade represents the move towards the future of money and a more positive cryptocurrency atmosphere. They further added:

“As SegWit’s use, support, and adoption grows, it will help reduce fees, wait times, and network congestion. Critically, SegWit transactions lay the groundwork for more advanced technologies; of which the Lightning network is the most well-known. We believe SegWit will become the standard, and in doing so, will create extensive benefits for all participants on the Bitcoin network.”

Gemini also recommended users to move into the process of using a SegWit address, which starts with ‘bc1’. The use of SegWit technology has definitely been on the rise as shown by a report that said that SegWit spending payments had reached an all-time high of close to 50 percent. Just three weeks back,, a data calculator had revealed that the percentage of SegWit spending payments had reached a peak of 48.72 percent.

Avatar-X, a Redditor, said:

“Just a reminder: Segwit adoption would already be over 70% if bc(.)com and bitpay had added Segwit support in 2018. It is late march of 2019 and they have yet to add it. Mycelium took a long time to add it. But to their credit they delivered. When it comes to bc(.)com and bitpay not even a peep about it. I mean even BitGo now has segwit support.”

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HitBTC responds to allegations of insolvency, refutes claims made by Redditors




HitBTC responds to allegations of insolvency
Source: Unsplash

HitBTC, a Hong Kong-based exchange has been the center of accusations among users on Reddit, Twitter, and other forums. HitBTC users started complaining about issues regarding withdrawal and extensive procedures after one particular user @ProofofReserach put out a thread alleging insolvency of HitBTC.

To put an end to all the accusations, HitBTC has broken its silence with a blog post explaining their side of the story. According to HitBTC, their systems performed well during the winter of 2017-18, however, HitBTC mentioned that due to overwhelming demand for the services, they experienced bottlenecks at an operational level.

Referring to the BitcoinExchangeGuide article, HitBTC responded:

“A widely quoted article, in its entirety, is based on only 2 AML cases. One of them was initiated as part of the investigation into the December, 2018 BTCP security breach, at the request of the coin’s core team. Unfortunately, there is no clear indication of the nature of the second case that can be discerned from the article. The author of the article failed to track the deposit/withdrawal dynamics that did not uncover any irregularities. A simple block explorer or our public System Monitor would suffice for these purposes”

Additionally, referring to the altcoins being added and removed from the platform, the exchange said that they were honored to work with a diverse range of projects, however, since the crypto sphere was still nascent, there were lapses in their judgment in assessing the integration partners. With the above-mentioned prominent cases, HitBTC also addressed other topics.

@ProofofResearch replied to HitBTC’s blog:

“Is there a reason why you’re unable to tell people us where your Bitcoin storage is at? If what I published is as untrue as you claim it is, then providing a wallet address where your Bitcoin funds are stored will go a long way in *proving that*.”

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