Bitcoin (BTC) Payments Through SegWit Reach An All-Time High Of 50% Per Transactionfee.info
Bitcoin Payments Through SegWit Reach An All-Time High Of 50%
Bitcoin (BTC) payments processed using Segregated Witness (SegWit) have reached an all-time high a few days ago. According to Transactionfee.info, a site that provides information about the Bitcoin network, SegWit payments have reached an all-time high of almost 49%, getting closer to 50%.
Segregated Witness Payments Reach New Record
Segregated Witness is a solution implemented on the Bitcoin network that allows transactions to be smaller in size. This allows the blockchain to be less congested since it is possible to include more transactions in the same 1 MB blocks.
These SegWit transactions are those that spend one or more SegWit outputs. Transactionfee.info explains that they aggregate the payments from these SegWit transactions per day and compare them to the total number of payments per day. This provides a clear percentage of the number of transactions performed with SegWit.
It is worth mentioning that there are important platforms that have not implemented SegWit yet. This includes BitPay, that has been closely related to Bitcoin Cash (BCH). Bitcoin Cash proponents are against SegWit citing security reasons. Moreover, they are in favor of increasing the block size rather than reducing transaction sizes or implementing second-layer scaling solutions.
Segregated Witness has been proposed by the Bitcoin developer Pieter Wiulle back in December 2015. SegWit was launched in August 2017 for Bitcoin and in May 2017 for Litecoin (LTC). The protocol aimed at fixing a bug known as transaction malleability and that was discovered in the Bitcoin code.
With this bug, people were able to alter details changing transaction ID and blocking the development of second-layer protocols, for example. SegWit was able to remove witness information and store it away from the base transaction block, making the whole transaction smaller.
A few days ago, SegWit adoption was close to 47%, according to data provided by Woobull Charts. Now, SegWit adoption is close to 35%.