Bitcoin’s transaction fees have recently hit a low they hadn’t seen in over three years, as according to BitInfoCharts the median transaction fee on the flagship cryptocurrency’s network is just $0.029. Continue reading Bitcoin Transaction Fees Hit Three-Year Low as Lightning Network, SegWit Help BTC Scale
A couple months after two of the largest cryptocurrency trading exchanges, Bitfinex and GDAX, finally adopted the bitcoin SegWit protocol, transaction fees for the currency are finally back to reasonable levels. Bitfinex, on February 20 2018, announced support for bitcoin deposit and withdrawals using P2SH Segregated Witness (SegWit) addresses while GDAX, on February 23, introduced a phased rollout for all its customers. By early March, both exchanges had successfully transitioned their entire infrastructure from legacy bitcoin addresses to SegWit compatible ones. Continue reading Increased SegWit Adoption May have Finally Solved Bitcoin’s Fee Problem
The Coinbase wallet and exchange service has fixed a bug in the payment gateway system which caused users to lose their funds from Bitcoin transactions via the platform. The issue emerged two weeks after the cryptocurrency exchange announced the launch of Segregated Witness (SegWit) support for its transactions. Continue reading Coinbase Wallet Fixes SegWit Implementation Bug
Bitcoin’s sideways price action has led to the lowest number of confirmed transactions per day since March 2016, according to Blockchain.info. Data shows BTC transactions falling in line with downward trends in price since the all-time highs of December 2017. The number of transactions reached a two-year low on Feb. 26 with only 180,000 confirmed transactions, while Sunday, March 4 saw just 195,500. The slump comes at a time when Bitcoin struggles to regain the sky-high USD value it achieved late last year, when it reached $20,000 on some major exchanges. Despite the release of support for Segregated Witness (SegWit) technology by Bitcoin Core and exchanges Coinbase and Bitfinex in February, faster and cheaper Bitcoin transactions appear to interest investors less than overall trading potential.
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.