The Adoption of SegWit Attains 66 percent; BitMEX Finally Embraces it

News / 05.01.2020

Recent data reveals that there has been an increase in the use of Segregated Witness (“SegWit”) technology for BTC transactions. As of January 4, several resources that include SegWit.Space maintain an increase in protocol adoption of up to 66 percent of aggregate BTC transactions.

There was a remarkable upsurge in volume toward the end of last year, from about 40 percent in September to close to 60 percent in October.

Nevertheless, the statistics vary. According to SegWit.Space, the SegWit propagation at the moment is 66 percent. As stated by transacationfee.info and Woobull, the current value is close to 59 percent.

There is a consensus among the three sources: the general trend for SegWit is quite bullish and it has been struggling to be accepted since it was released in 2017.

The design of SegWit was towards the increment of speed and efficiency of BTC transactions and the reduction of their bulk. At first, SegWit was slowly implemented. According to BTC enthusiasts, exchanges unwilling to initiate the adoption of the technology were straining the BTC network.

Binance, a leading exchange by volume, has not upgraded its technology and is still utilizing legacy BTC addresses.

The claims by the CEO of Binance in May 2019 maintained the planned effort by developers to address the issue. A renowned BTC enthusiast known as Udi Wertheimer promised to advertise Binance if it started using SegWit.

In December 2019, BitMEX started utilizing native SegWit support for its operations.

 

Featured image courtesy of Shutterstock. Source: Cryptopress.

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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.