Do blockchain fees get you down?
Do you want to exchange small amounts such as $10 for bitcoin but hate seeing $2 blockchain fees?
Are you angry at Wirex for having such high ‘exchange rates’?
You’re going to love the latest Wirex app update!
Firstly we just want to set the record straight:
‘Blockchain fee’ is NOT a Wirex fee. It’s a fee charged by the blockchain mining network that makes bitcoin transactions possible. That fee goes to them, not us. (We explain it in detail on our Blockchain Fees FAQ page).
We feel the same pain our customers do when we see the blockchain fee get higher and higher…
As bitcoin enthusiasts ourselves we want to see mainstream adoption continue to grow. And that requires keeping blockchain fees down as low as possible.
We also want to provide the best possible service for all Wirex customers.
And that is why we’re in full support of SegWit.
SegWit (Segregated Witness) is an upgrade to the blockchain that will allow higher capacity transactions and therefore greatly reduce the mining power necessary to process each transaction.
This will also mean lower fees for everyone, yay!
Wirex is involved with the global blockchain community, working hard to make sure full support for SegWit happens sooner rather than later.
We are releasing an updated bitcoin wallet with new bitcoin addresses to prepare our architecture for SegWit support.
The main benefit to Wirex customers is that you can soon expect a significantly lower blockchain fee.
For insight on the main advantages of SegWit, check out this excellent description:
Main Advantages of SegWit – posted in /r/bitcoin on Reddit
And if you want to explore how SegWit works, here’s a guide to SegWit with diagrams.
Necessary Changes To Your Wirex Account
Please note: As part of these changes and others coming soon to your Wirex account, you will receive a brand new Wirex bitcoin address.
When you update the new Wirex app (coming soon), the funds will automatically migrate to your newly created bitcoin address inside your account.
There is no charge for this transfer.
What this means, however, is that you’ll need to update anyone who currently sends bitcoin to your Wirex account. Send them your new bitcoin address and ask them to use the new one instead.
If the old address is used, don’t panic, the bitcoin will be there, and our system will automatically transfer it to your new address. However, that transfer will, unfortunately, involve an on-chain (blockchain transfer) fee.
So to avoid that fee, make sure you to update your address with anyone who normally sends bitcoin to your Wirex address.
Timeline: What you need to know
We aim to release the wallet update with new bitcoin address during the first half of September.
Your current account balance in Bitcoin will be transferred over to your new wallet address (zero charges).
You can then update anyone who has your old Wirex bitcoin address with your new address.
We apologise for the inconvenience caused and we’re doing everything we can to ensure a smooth transition. Hold tight though, as pioneers of cryptocurrencies we’re on the cutting edge of personal finance technology where updates, upgrades and changes can happen fast.