SegWit.Space, many Bitcoin transactions now use the technology called SegWit more than ever. Even the tendency to implement this protocol has reached 66% of all Bitcoin transactions since January 4.
One in three Bitcoin payments will use SegWit
The volume experienced a significant increase in late 2019 and jumped from about 40% in September to about 60% in October.
However, statistics may vary by SegWit. The current SegWit distribution is around 66%. Also, according to other graphs such as transacationfee.info and Woobull, the statistic shows about 59%.
Despite data differences, all three acknowledge the general trend that SegWit is growing rapidly. Since its launch in 2017, the company has a long way to go.
Overloading the Bitcoin Network
Designed to increase the speed and efficiency of Bitcoin transactions, SegWit was initially implemented with a slow and enthusiastic adoption from the Bitcoin community. However, Bitcoin supporters argue that stock exchanges are reluctant to use this technology because it will cause unnecessary strain on the Bitcoin network.
Binance, one of the world’s largest stock exchanges by volume, has not yet upgraded to SegWit and is still using old Bitcoin addresses.
The CEO of the platform, Changpeng Zhao, announced in May 2019 that the developers will work to resolve the above-mentioned problem. A major competitor of the stock industry, the giant derivative company BitMEX added SegWit support to its operations last month.