Why is the a legacy format

Question of a user:

Hello Support Team,

I have a question about the Bitcoin address format.

Why is the old legacy format still used for Bitcoin addresses, which results in higher transaction fees, among other things? Since ProfitWallet is only one year old, it could also use the new format.

Thanks for an answer.

Response:

When making a deposit, we can receive all BTC variants on the individual deposit address. Our BTC address is only important for receiving and does not incur any costs for us when receiving.

The costs when transferring from you to us depend on the wallet type from which you are sending your BTC. A transaction using a cheap sending address such as BC1 (SegWit) is advantageous here.

Withdrawals are carried out through all available methods with us. We also send BC1 to BC1 withdrawals if you provide them in the withdrawal request.

As we continue to develop, we are also working to adapt transactions to the current standard as far as is sensible for us.

You can help us keep our costs as low as possible by providing a BC1 address for withdrawal. To ensure fast transfer, we manually increase the fees to hopefully guarantee a quick processing and inclusion in the next blocks. With low fees, it is possible that no miner will process the transaction, and you will have to wait longer for the credit.