BitMEX Embraces SegWit as The Latter’s Adoption Hits 66%

News / 05.01.2020

Following recent research and analysis, the use of Segregated Witnesses (“SegWit”) has immensely increased in light of Bitcoin transactions conducted. This is all based on the reviews by various sources that are inclusive of SegWit.Space, stating an increase in the adoption of the protocol, which ranges up to 66% of Bitcoin transactions. Also, the records show that towards late last year, there was a significant upsurge ranging from about 40% in September to a steady yet close 60% in October. 

However, there is a variation in the general statistics and based on the reports by SegWit.Space, the current Segregate Witnesses propagation is at 66%. However, sources such as Woobull and transactionfee.info estimate the percentage at 59%. As such, this shows the consensus present between the three sources. SegWit’s creation of general trends fosters this, illustrating bullish outcomes following acceptance struggles after its 2017 release.

Binance Technology

Its major function was to increase efficiency and speed in BTC transactions while reducing their overall bulkiness; afterward came its implementation. Based on Bitcoin enthusiasts and their reviews, the unwilling exchanges reflecting on the inability to adopt the technology resulted in strains and struggles on the Bitcoin network. 

Also, the leading exchange based on volume, Binance, has not yet updated or developed its technology; regardless, it still utilizes legacy Bitcoin addresses. Following this insight, Binance’s Chief Executive Officer (CEO), Changpeng Zhao, stated his claims in May 2019, elaborating on the developer efforts towards stabilizing and maintenance of plans created in effectively addressing the issue. He confirmed through his tweet concerning the matter, saying that the exchange was not going to adopt the re-org approach on Bitcoin’s network. 

BitMEX also indulged in leveraging the SegWit technology in December 2019, in light of supporting its operations. A well-known and renowned Bitcoin enthusiast, Udi Wertheimer acknowledged and promised to support Binance through advertising on the 2nd of October, following its assimilation and utilization of the SegWit technology. 

 In his own words, Wertheimer explained that “ok hear me out @cz_binance, if you add full segwit support (segwit deposits, and withdrawals to bech32) + allow generating new deposit addresses (to avoid address reuse), I will change my profile pic to @binance logo for the rest of 2019.” Its primary focus is on Binance delaying Bitcoin address support, generally implied to the SegWit technology and standard. 

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Born in Bucharest, Marius is the founder of Crypto Adventure. Since his first contact with Bitcoin and cryptocurrencies, he never stopped believing that they are one of the most important innovations of our time, which will forever change the way business is done.