Segwit receives more adoption as a report shows 53% of Bitcoin transactions are now processed on the technology.
People Choosing Segwit Over Former
In a recent report disclosed by transactionfee.info on Reddit, it shows a steady growth of the Segwit’s network adoption over the past 12 months.
Segwit, which is said to have had its breakthrough in 2018 despite the drastic decline of Bitcoin process in the market has seen its usage move from 27% which it was in April to over 50% in the space of 6 months.
Segregated Witnesses, SegWit for short is a protocol which facilitates a faster means of sending the cryptocurrency from one user to another and also a lot cheaper than the technology’s main protocol. For these reasons, there has been a gradual shift by individuals and cryptocurrency exchanges alike to the protocol.
Can Segwit Be The Solution?
Bitcoin has been confirmed for drifting from its original plan, which is being a currency for ‘everyday’ transactions alongside being used for cross-border payment solutions as the cost on the Bitcoin network has increased drastically, coupled with the fact that it takes so long to get transactions confirmed.
SegWit, which was activated on the 23rd August 2017 as a “side chain” to the main network which presents a much faster method of processing Bitcoin transactions seems to be the saviour; saving Bitcoin from its state to being used like it was meant to be, again.
It’s no surprise that segwit is taking over as past reports show hardware wallet manufacturers, Keepkey for one, implementing the technology and giving hundreds of thousands of users the opportunity to make faster and cost-effective Bitcoin transactions.
Exchanges are not left out as Coinbase, one of the tops ranked cryptocurrency exchange has announced it will be supporting segwit as well.
These will further increase transactions on the network and eventually get everyone else upgrading to segwit activated wallets in the near future.