SegWit transactions in the Bitcoin network reached a new high

According to the transactionfee analytical service, the share of Segregated Witness (SegWit) transactions in the Bitcoin network has increased by 45%since the beginning of the year.

Percentage of BTC transactions using SegWit,jumped to 58.18% per month. So, in April, this figure was 35-37%. For several months now, more than half of Bitcoin transactions have been using this protocol update.

SegWit is used to facilitate development.scalable solutions at the second level. This update has provided many benefits for PTS transactions. SegWit solution helps to place more payments in one block (size 1 MB) and thereby reduce transaction costs.

Usually Segwit transactions at least 25%cheaper compared to a simple BTC translation. In addition, according to some studies, one hundred percent implementation of SegWit will increase network bandwidth by 4 times.

One of the key factors that stimulatesacceptance of this protocol – increase in commissions on the blockchain. Using the batching method, more transfers are placed into one larger transaction, resulting in lower fees and saving space.

The Segregated Witness protocol has been integrated intoCoinbase cryptocurrency exchange system this summer. Bitfinex also integrated Segregated Witness support at the end of the year. Binance is also working on its integration. Segwit is expected to start operating on the exchange by the end of the first quarter of 2020.