More

    Reasons For Increased Percentage Of SegWit-Enabled BTC Payments Revealed: LongHash

    An increase in SegWit-enabled bitcoin payments has recently been witnessed reports news outlet, Long Hash. It turns out that this is actually an inverse relationship between SegWit and VeriBlock; that is, as VeriBlock’s presence decreases, the need for SegWit Increases.

    SegWit, short for “Segregated Witness”, is a protocol upgrade that increases the block size limit by ridding signature data from Bitcoin transactions. Long Hash argues that traders normally retort to SegWit when transaction fees increase, which makes sense as now, more transactions can be processed.

    Despite its advantage, many still do not use this implementation, as only 48.1 percent of BTC payments benefit from this. Blockchair and transactionfee.info have both been referenced by the news outlet as sources that keep track of SegWit use. The former measures SegWit BTC sent, while the latter measures SegWit BTC received.

    Now’s the time to introduce VeriBlock, a proof-of-proof mechanism which extends BTC’s security to smaller blockchains in a secure and economical manner. Normally, VeriBlock will only process a small number of transactions as BTC transaction fees rise. Therefore, it was argued that SegWit’s uses may have increased amidst VeriBlock’s stagnation.

    Is it true that BTC’s transaction fees have gone up and if so, is a drastic one? According to the claims made, said fees went from roughly $0.54 to $2.36 in a month’s time, namely in May of 2019. As a result, SegWit’s Bitcoin payments went from 40.41 to 45.71 percent in a matter of one week starting May 18, 2019.

    Intriguingly, the fees at the very moment may not be of too much of a concern, but it does have an effect on traders, exchanges and developers’ behaviors to name a few. An example of the high fees of 2018 was given, in which exchanges, Coinbase and Bitpay had to reanalyze their interaction within the Bitcoin blockchain. This was also the time in which SegWit use increased by 257% in a matter of months.

    Other factors deemed to have pushed the use of SegWit include the mere need to increase network capacity, especially when it is congested.

    Ultimately, in the event of increased transaction fees, traders are advised to take advantage of SegWit updates.

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Nirmala Velupillai
    Nirmala Velupillai
    Nirmala is a blogger who has been fascinated by the world of technology and its contributions to societal development. While a novice, her eager to learn about the crypto world has led her to write a number of pieces on its positive and negative aspects. On her spare time, she indulges in understanding and building statistical models and enhancing her painting skills.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    3,345FansLike
    2,772FollowersFollow
    4,134FollowersFollow

    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    Microsoft Files Patent To Mine Cryptocurrencies With Verified Body Activity Data

    Giant software manufacturer, Microsoft is seeking to capitalize on the new crypto hype. The firm is seeking to introduce its own cryptocurrency that will...

    Coinbase Commerce Crosses $200,000,000 In Crypto Payments Since Launch

    Covid-19 hasn't kept consumers from using bitcoin (BTC) as a means of payments for goods and services according to a merchant transaction report from...

    Singapore Exempts Binance, Coinbase, Gemini, and Ripple From its Current PSA Crypto Act

    Singapore is counted among one of the crypto hubs of the world as it offers ease of business for these crypto service providers when...

    The World Has Gone Full Crypto in 2020; Volatility is Up, Stocks Are trading like A Sh*tcoins

    The global markets are on a rollercoaster for the past few weeks, one day they are recording historical one-day gains the next they are...

    South Korea May Get A New Crypto Custodian After Largest Bank Files Trademark App

    KB Kookmin Bank, the largest bank in South Korea, is preparing to launch its cryptocurrency custody service as soon as possible. As per the local...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.