Bitcoin SegWit adoption rate is increasing after BitMEX upgrade. Currently, more than 66% of transactions on the Bitcoin network use Segregated Witness technology. According to Segwit.Space research data, the new protocol has been adopted at a faster rate.
06 January, 2020 | AtoZ Markets – More Bitcoin (BTC) transactions are now using Segregated Witness (“SegWit”) technology than ever before. According to various sources, including SegWit.Space, the adoption of the protocol reached up to 66% of all Bitcoin transactions as of January 4.
Two-Thirds of All Bitcoin Transactions Now Use SegWit
The volume increased significantly at the end of 2019, from around 40% in September to almost 60% in October. However, Statistics are subject to variation. SegWit.Space, a dedicated monitoring resource, indicates that the current propagation of SegWit is 66%. Other graphics, such as transacationfee.info and Woobull, the data resource by statistician Willy Woo, currently put this figure at around 59%.
All three nevertheless agree on the general trend as being very bullish for the SegWit. That has had a long way to go to be accepted since its release in 2017. According to research data, up to two-thirds of all Bitcoin transactions now use SegWit, as more exchanges begin supporting the protocol.
Bitcoin SegWit Adoption Powered by Straggler Exchanges
SegWit technology is for increasing the efficiency and speed associated with a conventional Bitcoin transaction. It reduces the amount of data that typically flows when a user performs a transaction using Bitcoin. Straggler exchanges played an essential role in the implementation of this latest standard because mass transactions reduce the pressure on the BTC network.
Crypto exchanges that were reluctant to adopt Bitcoin SegWit have repeatedly reported for putting unnecessary pressure on the network. Unfortunately, many popular exchanges, including Binance, have not yet upgraded and are still using legacy Bitcoin addresses. Despite this delay, the technology has been well accepted since its launch in 2017.
Binance CEO Changpeng Zhao announced that the platform developers are working on implementing the integration of SegWit. A giant like Binance would certainly not be in a hurry to integrate a new technology. Another famous Bitcoin expert, Udi Wertheimer, also said he would advertise Binance provided they implement SegWit technology. Additionally, BitMex has recently started supporting the adoption of SegWit for BTC transactions.
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