Note: This only applies to users that are using BTC deposit addresses generated on or before February 2018.
There are multiple types of Bitcoin addresses, including but not limited to:
- Legacy addresses which begin with the number 1, eg: 1BvBMSEYstWetqTFn5Au4m4GFg7xJaNVN2
- SegWit addresses which begin with the number 3, eg: 3J98t1WpEZ73CNmQviecrnyiWrnqRhWNLy
- Bech32 (or Native SegWit) addresses which begin with bc1, eg: bc1qar0srrr7xfkvy5l643lydnw9re59gtzzwf5mdq
At this moment, SouthXchange generates SegWit addresses for deposits because they have the perfect balance between transaction size (hence lower fees) and compatibility with other wallets. But in the past, before SegWit was activated, our deposit addresses were Legacy. Those addresses are still attached to user accounts and can be used for deposits. However on March 16th 2020 at 00:00 UTC Legacy deposit addresses will be removed from user accounts.
If you still have a Bitcoin Legacy deposit address in your SouthXchange account (an address that begins with the number 1, eg: 1BvBMSEYstWetqTFn5Au4m4GFg7xJaNVN2) then please generate a new deposit address. The Legacy address will stop working on March 16th 2020 at 00:00 UTC.
This will NOT affect the ability to withdraw funds to Legacy addresses. Users will be able to withdraw to any address without problems.