Bitcoin SegWit Transactions Now Hitting All-Time Highs

As a result of the latest Bitcoin Core 0.16 update, the usage levels of Bitcoin SegWit have been taking off. This significant uptick in usage levels can also be attributed to a number of major exchanges and wallet providers such as Coinbase and Bittrex finally implementing this technology into their platforms. This uptick means that there could be a significant decrease in global bitcoin transaction fees and times. Segregated Witness (SegWit) is a way of bundling transaction together into blocks, which is a much more efficient way for transactions to be processed. The Bitcoin network has experienced high levels of congestion since its popularity exploded in 2017, with issues abound as to how to scale the network. This led to higher fees and slower transaction times which were turning a lot of people away from using Bitcoin. The adoption of SegWit is aimed at drastically reducing this level of congestion. The main issue that has been holding back the widespread adoption of SegWit across the space is that it has to be specifically enabled on wallets and exchanges. This means you need to have specific SegWit wallet addresses and these cannot be used to bridge non-SegWit and SegWit transactions.

Reference: https://www.ccn.com/segwit-transactions-now-hitting-all-time-highs/

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