Today, we are pleased to announce that HolyTransaction Wallet is adding support for swapping L-BTC and thus introducing the ability to deposit and withdraw bitcoin using Liquid Network.
Bitcoin on the Liquid Network, or L-BTC, is verifiably backed 1:1 by bitcoins on the mainchain as Liquid is a federated sidechain between bitcoin exchanges and market makers. Once the coins are transferred from BTC to L-BTC, HolyTransaction users can take advantage of the massive speed and increased security features.
Why is Liquid support such a big deal?
Liquid Network is capable of operating ten times faster than Bitcoin’s own network, which opens up a world of possibilities for the users, particularly when it comes to the speed, faster transactions, and lower costs of making payments. Imagine having to only wait for one minute for your transaction to be processed, as opposed to at least 10 minutes, which is what Bitcoin’s blockchain requires. That is what Liquid Network offers, and what customers of HolyTransaction will now have the ability to do from within their wallet.
Open your free digital wallet here to store your cryptocurrencies in a safe place.
SegWit on HolyTransaction
We are very excited to announce that HolyTransaction has implemented support for Bitcoin bech32 address formats on its platform. You can now enter a bech32 address when sending bitcoin from HolyTransaction. When depositing, you can also transfer the bitcoins to HolyTransaction from a bech32 address. HolyTransaction is the first web wallet to implement the native SegWit address format.
Native SegWit address bech32
Bitcoin bech32 addresses start with “bc1”. Segwit bech32 format has some technical benefits over the already used SegWit address format, which includes decreased transaction fees and increased throughput. Moreover, the new address format is case-insensitive and consists only of lower cases so the chance of typing an error is lower.
SegWit
SegWit makes it possible to rearrange the information in a block. Consequently, the block can contain more information and it makes transaction processing more cost-effective. Therefore, the blockchain can process much more transactions per second. This is a big step for the entire cryptocurrency community.
We believe this improvement will be welcome by the community. Tell your friends!
Check your wallet and try it out.
Open your free digital wallet here to store your cryptocurrencies in a safe place.
In July, Visa revealed a micropayments trial and a project to extend the reach of traditional payments.
Open your free digital wallet here to store your cryptocurrencies in a safe place.
Open your free digital wallet here to store your cryptocurrencies in a safe place.