Users can look forward to SegWit at Coinbase, and potentially cheaper and quicker bitcoin transactions everywhere.
Coinbase has announced on Twitter that bitcoin SegWit testing is in its final phases, and will be available for bitcoin sending and receiving in “the next few weeks.” This might help alleviate bitcoin’s high fees and slow transfers, and further reduce the load on its network.
BTC:USD pairs on Coinbase’s GDAX exchange accounts for about 5% of bitcoin’s daily trading volume, according to CoinMarketCap. Once you add in the other Coinbase broker BTC service, other currency pairs and other transactions it’s safe to assume that a considerable portion of daily transactions happen through Coinbase/GDAX.
As such this development could feasibly have a discernible effect on global bitcoin transaction times and fees.
The catch is that people have to actually use SegWit. Fortunately for bitcoin enthusiasts SegWit adoption has been measurable gains lately. SegWit adoption peaked on January 29 2018, when SegWit transactions made up more than 18% of transactions for the first time, and its usage has slowly been growing over time.
It might increase when Coinbase SegWit makes its entrance in the coming weeks.
SegWit adoption (% of transactions by block height)
Our engineering team has begun the final testing phase of SegWit for Bitcoin on Coinbase.
SegWit compatible Bitcoin sends/receives will be available for customers in the next few weeks.
We previously wrote about SegWit on our blog: https://t.co/3YPQPkYy4C
— Coinbase (@coinbase) February 5, 2018
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