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Bitcoin SegWit adoption rate is on a stratospheric rise. Currently, more than sixty-six per cent (66%) transactions on the Bitcoin network make use of Segregated Witness technology. As per data from Segwit.Space research, the new protocol has been adopted at a quicker pace.
The steep rise in Bitcoin SegWit adoption was first noticed in later 2019 when the volume of such transactions jumped from forty per cent (40%) to approximately sixty per cent (60%) within a month. This shows that more people now trust segregated Witness tech as part of their transactions. However, variation must be accounted for in the said research by SegWit.space since similar statistics from other sources like WooBull and transactionfee.info put the Bitcoin SegWit technology adoption a rate at around fifty-nine per cent (50%).
Bitcoin SegWit adoption powered by Straggler exchanges
SegWit technology is designed to boost the efficiency and speed associated with a conventional Bitcoin transaction. It reduces the bulk of data that typically travels when a user transacts using Bitcoin. Straggler exchanges have been instrumental in implementing this latest standard because bulk transactions ease the stress on the BTC network.
Crypto exchanges who were hesitant in Bitcoin SegWit adoption have been pointed out many times for putting unnecessary strain on the network. Unfortunately, many popular exchanges, including Binance, have not upgraded yet and still employ legacy Bitcoin addresses. Despite the lag, the technology has been accepted well ever since its launch in 2017.
Binance Chief Executive Officer, Changpeng Zhao, announced that the platform’s developers are working to implement SegWit integration. A giant like Binance would certainly not hurry in integrating new technology. Another famous Bitcoin expert Udi Wertheimer also stated that he would advertise Binance provided they implement SegWit technology. Additionally, BitMex also recently started supporting SegWit Segwit adoption for BTC transactions.
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Gurpreet Thind
Gurpreet Thind is pursuing Masters in Electrical Engineering at University of Ottawa. His scholarly interests include IT, computer languages and cryptocurrencies. With a special interest in blockchain powered architectures, he seeks to explore the societal impact of digital currencies as finance of the future. He is passionate about learning new languages, cultures and social media.
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