Bitfinex Now Supports SegWit

Today Bitfinex announced that it now fully supports SegWit for lower BTC fees and faster processing times
20 February 2018   255

Bitfinex announced support for bitcoin deposit and withdrawals using P2SH Segregated Witness (SegWit) addresses. Segregated Witness is a Bitcoin protocol improvement that facilitates scaling. From this moment, Bitfinex users can benefit from lower BTC withdrawal fees (approximately 15%) and improved processing times on transactions across the Bitcoin network.

Bitfinex users can now use SegWit-enabled bitcoin wallets to send and receive BTC. To start using it, users will need to generate a new deposit address from their Bitcoin deposit page to receive a SegWit-enabled address, which will start with 3.

SegWit is the process of increasing block size limits by separating signature data from transactional data in bitcoin transactions. SegWit will also effectively fix transaction malleability. This process will also provide future for also Bitcoin development efforts, including the implementation of Lightning Network.

As a premier exchange, Bitfinex is committed to improving its market-leading offering for our loyal and discerning customers. SegWit provides not only an immediate benefit for users, but also a foundation for future Bitcoin development. By supporting SegWit addresses, Bitfinex is tackling three of the biggest crypto-enthusiast concerns: transaction fees, transaction speed, and total network capacity. We are delighted that through this implementation we can provide our customers with bitcoin withdrawal fees that are up to 20 percent lower, as well as faster-than-ever transaction speeds.

Paolo Ardoino

Bitfinex CTO

It is important to note that SegWit is implemented for Bitcoin only — not Bitcoin Cash.

Crypto Taxpayers to be supported in India

Cleartax, the largest Indian tax filing platform joins Zebpay exchange to help crypto taxpayers
24 March 2018   102

The object of this partnership is to educate Bitcoin traders and investors about the current tax laws and how to apply them in stating cryptocurrency profits and incomes. Indian authorities are aimed to find the best approach to Bitcoin and the other kinds of cryptocurrencies. The recent declarations of the regulators that new instructions would be accepted in a short time, have not been followed by real actions. So the attempts to enforce the control on this sphere have led to summaries that this task in not going to be simple at all. According to last month media reports, new frameworks and rules were waited by the end of March.

Though they failed to to introduce extensive regulations, the Indian authorities are focused to tapping into crypto earnings. In a previous month the Income Tax Department released notifications for thousands of cryptocurrency investors, as reported.

The Cryptocurrency Advisory Plan will help Indian bitcoin investors and traders in this year's tax campaign. The biggest tax filing platform Cleartax joins the Indian bitcoin exchanges and wallet providers Zebpay. They are both objected to support taxpayers to understand and abide by the law regarding taxation of the transactions with cryptocurrencies.

Cleartax declared it has the tax and technological expertise “to help people understand how bitcoin works”. Besides, the platform has started tax filing services for cryptocurrency investors. The Cleartax CEO and founder Archit Gupta claimed that together with Zebpay they are going to “simplify taxes for Indians”. The head of exchange at Zebpay, Nischint Sanghavi added that he believes the partnership with Cleartax will simplify tax planning for Zebpay`s customers.

In February about 100,000 cryptocurrency investors received tax notices from India`s Income Tax Department. Questionable dubious transactions, authorities investigated some of the cryptocurrency exchanges, and banks paused many of their accounts. Then the governmental pressure caused significant drop in trading volumes.

The authorities in Delhi have set a number of warnings against investing in BTC. Also the largest commercial banks have restricted severely the operations of local exchanges and individual cryptocurrency traders, even before any law demanding such measures is adopted.