In April, our service received the following updates:
1) Now the Wallet supports SegWit transactions for Bitcoin
Why is it important? The initial protocol of the Bitcoin network has a restriction, which significantly limits the speed of online transactions. This is the exact reason why, during the peak loads (e.g. December 2017, when Bitcoin reached highs of $20,000 per coin), the ""execution"" of transactions could take from several days up to several weeks, depending on the charged commission fee. Thus, the restriction made Bitcoin inconvenient to use. SegWit solves this problem – it increases the network bandwidth and reduces transaction costs. Rahakott team supports solutions that increase users' comfort when using the service, and in April, our Wallet has implemented this technology.
2) Besides the support for P2SH addresses, from now on, Rahakott.io also supports sending Bitcoins to the native SegWit addresses (bech32)
P2SH addresses (starting with a “3”) are universal and had been used before the SegWit implementation. Bech32 addresses (starting with “bc1”) are a type of addresses, which were introduced by the developers of SegWit. The advantage of this technology is that it lets reduce the size of the commission fee with the help of the smaller amount of transmitted information per transaction. Also, the register is not important for bech32 addresses (e.g. when dictating the address, you don't have to say where the capital/small letters are in the address).
The amount of the bech32 addresses users is gradually growing, and the amount of services supporting this technology is similarly increasing. In the end of April, Rahakott expanded this list of services.
3) Now, Rahakott supports new addresses (CashAddr) for Bitcoin Cash (BCH).
After BCH separated from Bitcoin (BTC), a problem regarding the same wallet names emerged. One could misunderstand a person and, instead of BCH, send BCT to his/her wallet and vice versa (it was difficult to notice the error, since all the wallets that belonged to one person had the same names). Finally, the community of BCH developers has proposed a new wallet names format (which was also due to the fact that the new format would pave the way for further modifications of the cryptocurrency). You will always be able to identify such wallets since their names start with a “q” or a “p” (whereas the old addresses start with a “1” or a “3”).
Rahakott team has already implemented the CashAddr feature list and encourages you to support the transition to the new format.