Share of bitcoin transactions using …
The share of Bitcoin transactions using SegWit has reached an all-time high
After the release of the Bitcoin Core 0.16.0 update, SegWit is being used more and more often. The growth is astounding, perhaps because major exchanges and wallet providers like Coinbase and Bittrex are finally introducing the technology into their platforms. In addition, this means that Bitcoin may face further reductions in fees and transaction processing times..
Against the backdrop of a wave of popularity that poured into Bitcoin in 2017, the network of the world’s first cryptocurrency was overloaded, which posed a serious obstacle to Bitcoin in the form of a scaling problem. This led to an increase in transaction fees, as well as their slowdown, which is why many eventually turned away from Bitcoin..
SegWit’s solution is precisely aimed at reducing the congestion of the Bitcoin network.
The main problem holding back the widespread use of SegWit is that it needs to be specially activated on exchanges and wallets.
Fortunately, the adoption rate of this technology has grown very quickly in recent days – thanks to an update and the fact that exchanges finally started using it..
Until last week, the share of SegWit in all Bitcoin transactions was no more than 15%, but after the aforementioned events, this figure jumped up sharply.
So, over the past 24 hours, the level of SegWit use has risen above 30% of the total number of transactions in the cryptocurrency network.
On Monday, February 26, a new Bitcoin Core 0.16.0 update was released, which added full support for the SegWit scaling technology.
There were other improvements in this update, but the majority were interested in exactly the support of SegWit and its acceptance by the bitcoin community. Since SegWit was launched back in August 2017, Bitcoin users have constantly asked for this technology to be adopted everywhere..
Many major exchanges and wallet providers were in no hurry to do this, but the growing pressure from users caused by slow transactions and expensive fees finally pushed them to take action..
The adoption of SegWit in the future will lead to even more significant changes in Bitcoin – for example, it will allow the implementation of the Lightning Network protocol, which will bring the cost of transactions and their execution time closer to zero..
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