Bitcoin [BTC]: SegWit-spending payments reach all-time high, nears 50 percent

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Segregated Witness aka SegWit, one of the well-known protocol upgrades of Bitcoin, took the spotlight with news pertaining to its usage on March 28. According to Transactionfee.info, the percentage of SegWit-spending payments recently reached its all-time high of 48.72, and is closing in on 50%.

Source: Transactionfee.info

The term SegWit-spending payment refers to:

“A transaction that spends one or more SegWit outputs is considered a SegWit-transaction. We aggregate the payments from SegWit-transactions per day and compare them to the number of total payments per day resulting in the percentage of SegWit-spending payments.”

Avatar-X, a Redditor, said:

“Just a reminder: Segwit adoption would already be over 70% if bc(.)com and bitpay had added Segwit support in 2018. It is late march of 2019 and they have yet to add it. Mycelium took a long time to add it. But to their credit they delivered. When it comes to bc(.)com and bitpay not even a peep about it. I mean even BitGo now has segwit support.”

Segregated Witness was initially proposed by Developer Pieter Wiulle in December 2015, following which it was launched on Bitcoin in August 2017 and on Litecoin in May 2017. The main purpose of the protocol was to fix a bug that was discovered in the Bitcoin code, Transaction Malleability.

This bug allowed people to alter small details that changed the transaction ID, thereby blocking the development of the second-layer protocol and other features. It was fixed with SegWit by removed witness information and storing it away from the base transaction block.

Interestingly, this facilitated more transactions on a block since the weight of the transaction decreased considerably. This enhanced Bitcoin’s throughput without the need for increasing its block size from 1 MB.

KalEll66, another Redditor, said:

“The community divided on 8/1/17 over Segwit. If we are only at 50% after 2 years, what was the point? Second Layer scaling solutions like Lightning, need Segwit to operate. We don’t understand the delay to upgrade to Segwit. It has to happen eventually!! Maybe stop conservative opt-in for this one case.”


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Priya

Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

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