SegWit Adoption in Bitcoin Network Hits 66% after BitMex Implements Upgrade January 6, 2020

SegWit Adoption in Bitcoin Network Hits 66% after BitMex Implements Upgrade

According to the latest data, an increasing number of Bitcoin (BTC) trades currently utilize Segregated Witness (“SegWit”) technology.

As per several data sources, including SegWit.Space, transaction carried out using the covenant now represents 66% of all Bitcoin trades as on January 4.

The volume recorded a considerable rise in late 2019, increasing from roughly 40% in September to almost 60% in October. The data, nevertheless, is subject to alteration.

Specialized tracking resource, SegWit.Space, indicates prevailing SegWit based transaction broadcast to be 66%.

Other graphs, for example transacionfee.info and Woobull, the info from statistician Willy Woo, placed the number at roughly 59%.

Nevertheless, all data sources acknowledge the bullish scenario for SegWit, which took a long time to receive endorsement since it was unveiled in 2017. Structured to accelerate Bitcoin trade confirmation, SegWit earlier saw slack deployment.

Bitcoin advocates alleged that exchanges hesitating to make an attempt in implementing the technology were adding unnecessary stress on the Bitcoin network.

Binance, which is consistently rated in the top three list of cryptocurrency exchanges by volume, still utilizes older Bitcoin addresses. Changpeng Zhao, CEO of Binance, also referred to as “CZ” by crypto enthusiasts, informed May 2019 that coders will work to resolve the problem.

In October 2019, popular Bitcoin support Udi Wertheimer even committed to individually market Binance if SegWit is employed. Derivatives behemoth BitMex, popular in crypto space, started supporting SegWit last month.