Coinbase to Implement SegWit ‘In the Next Few Weeks’

The company made the announcement on Twitter, stating that “our engineering team has begun the final testing phase of SegWit for Bitcoin” and that “SegWit-compatible Bitcoin sends/receives will be available for customers in the next few weeks.” As CCN reported, SegWit (or Segregated Witness) was activated on the Bitcoin network via a soft fork last August. By decreasing the size of transactions, SegWit lowers fees and optimizes the limited space in Bitcoin blocks. However, users only take advantage of this feature if they use SegWit-compatible wallet addresses. According to data from hardware wallet manufacturer Trezor, only about 15 percent of Bitcoin transactions currently employ SegWit, down from a high of about 18 percent in late January. This recent reduction could be linked to users taking advantage of lower transaction fees to move funds from legacy addresses to SegWit-compatible ones, but in any case it is clear that the network is not experiencing the full benefits that the scaling upgrade offers, in part because Coinbase and a few other large firms have been slow to implement it.

Reference: https://www.ccn.com/coinbase-implement-segwit-next-weeks/

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