• SegWit helps Bitcoin by making the transactions less bulky and making it more scalable.
  • Major crypto platforms like Binance and BitMEX are yet to adopt SegWit.

On September 15, Bitcoin payments leveraging SegWit reached its highest - 50.47%. The Segregated Witness (SegWit) removes signature data from the transactions, making it less bulky. In the process, it enables Bitcoin to become more scalable. During 2018 and early 2019, SegWit adoption numbers on Bitcoin blockchain were not high. According to “transactionfee,” on January 1 of 2019, Bitcoin transactions using protocol accounted for 40.55%. However, in the last nine months, an increase of 24.46% was witnessed.

Bitcoin failed to gain support initially as 95% support from network miners was required and these miners seemed to be hesitant. Despite its activation at block 477,120 on 21 July 2017, the backward-comparability nature of the scaling upgrade held back its adoption on the Bitcoin network. This implied that the non-upgraded users were still able to use their existing full node software.

Though major wallet providers have welcomed the upgrade, it has failed to be adopted by more of the leading crypto exchanges. Exchanges like Binance, Blockchain.com, BitMEX, and Bittrex have not yet implemented SegWit. They already have a considerable client base and do not mind paying the extra fees.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Consolidating Bitcoin Price May Be Setting Up Ethereum for a 30% Surge

Bitcoin’s multi-month consolidation in a giant descending wedge led altcoins to defy trader’s common logic and the majority of altcoins continued to drop to new lows instead of rallying. 

More Bitcoin News

Dash market update: DASH/USD grinding into a bull trap

Dash buyers are showing their bullish prowess on Tuesday. Generally, indecision clouds the majority of cryptocurrencies on the market. However, Dash is putting intense pressure on key levels with the main purpose being to break above the symmetrical triangle resistance.

More Dash News

Litecoin (LTC) price analysis: LTC/USD spends its 8th birthday in a range

Litecoin is stuck in a depressingly narrow range limited by $58.00 on the upside and $53.00 on the downside. At the time of writing, LTC/USD is changing hands at $56.27, the coin has barely changed both since the beginning of the day and on a day-on-day basis despite mild recovery among other top altcoins. 

More Litecoin News

Ethereum (ETH) market update: a trip to $200.00 delayed for now

ETH bottomed at $152.50 on September 26 and managed to claw back some ground. However, the upside momentum has faded away on approach to the next critical resistance area of $190.00-$200.00.

More Ethereum News


Bitcoin Weekly Forecast: BTC bulls trapped below SMA200 daily

Bitcoin bulls have had a short glimpse of victory only to suffer a bitter disappointment this week.

Read the weekly forecast