Using SegWit bitcoin transaction Doubled in 2 days, how does it matter.
Segregated Witness (SegWit), has changed the way how bitcoin transactions happen, mainly activated on the network back in August. At the start, users from all around the world were not given much of an interest in this new feature. As per the source, the percentage of transactions using SegWit was on a halt in-between 10% to 15% over the past few months.
From the last week or two, a few significant individuals in the Bitcoin ecosystem has arisen a massive support for SegWit, which leads to the higher range of transactions in each new block. Moreover, the rise in the percentage of purchases using SegWit was boosted up from 15% to 30% over the course of fewer than two days.
The adaptation of SegWit from exchanges, wallet providers, and other entities involved with the creation of Bitcoin transactions and the total capacity of the network will continue to rise.
Even though the congestion on the network has calmed over the past month or two, the unachievable-high fees and unreliable confirmation times were a key point of contention in the community over the past couple of years.
What is SegWit and Why Is It Important? SegWit (short for Segregated Witness) is a protocol upgrade that changes the way data is stored. It is an improved method of handling Bitcoin transactions that have some effects on the network as a whole. Many hailed it as a long-awaited solution to bitcoin’s scaling problem. There are two ways that SegWit has impacts Bitcoin that are most appropriate today and has increased block size limit and a fix for the transaction malleability bug.
The advantage of an increased block size limit is undoubtedly the increased in the capacity made available on the network as a result. Besides, larger blocks mean the cost of operating will also increase, which may harm the level of decentralization found on the system. It is being said that the increased capacity by SegWit, should not be too complicated regarding continuing to allow everyone to run their full nodes.