SegWit Takes Center Stage On Bitcoin
This article was initially published on PerpetualGrowthCrypto
Segregated Witness (SegWit) dominated the headlines this week, having been incorporated into the latest release of the Bitcoin Core client and receiving integration on major exchanges Coinbase and Bitfinex. Support for SegWit began on Litecoin in April, 2017 with Bitcoin following suit in the fall. Cautious observers quickly began throwing support behind the upgrade as it has proven to be an effective solution to longstanding issues for Bitcoin.
The SegWit upgrade reduces the amount of time it takes for the network to process transactions, which has become a problem for Bitcoin resulting in transactions taking hours, if not days to process and generating prohibitively high transaction fees. This means users will see much faster, cheaper transactions and withdrawals from exchanges.
In addition to its benefits for users, SegWit also provides several new tools for developers, including a new address format. Proponents say that implementation will reinvigorate the adoption of Bitcoin, which has stumbled as retailers have had difficulty dealing with high transaction fees and wait times.
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