Bitcoin has been involved in the fulfillment of a major milestone after its long struggle to reach masses.SegWit (Segregated Witness) is a software upgrade which has been designed to speed up transactions involving Bitcoin. Therefore, it has gained popularity. In the last three days, the transactions number using the technology doubled to more than 30%. This is according to the data which was tracked by the SegWit.Party website. This chart shows the transaction percentage by the use of SegWit in the past week.
As the popularity of Bitcoin increased and grew last year, there was a clogging which happened in the cryptocurrencies network. This made the transaction fees and times soar. In December, the costs of transactions increased to a high of around $55, according to the BitInfoCharts. Therefore, SegWit seeks to solve the problem by the exclusion of some of the work required for the confirmation of the transactions of the main chain. This ends up in speeding the process.
All two major crypto-Asset exchanges which are Bitfinex and Coinbase Inc. started the use of SegWit earlier this month. They seek to speed up the adoption. The upgrade was launched and released in August last year for the first time.
Therefore, upon using this technology, the transaction fees have dropped and declined to a four-month low of about $2. This happens even though the transactions in a day have been subjected to a drop to about 20,000 from more than double this number in December last year.