The debate around speed, cost, and scalability of transactions on the Bitcoin Blockchain, do not remove. Again and again, Bitcoin will have to face and for deprecated and declared dead. However, the largest Open-Source project remains in development and will always find solutions to minimize certain technical limits on the Bitcoin Blockchain. The last great innovation in Bitcoin was in August 2017 Segregated Witness (SegWit), which was initiated by a Softfork of the network for the first Time.
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Bitcoin SegWit contributes to scaling
Since the Update, more and more Bitcoin transactions are processed with SegWit. A majority is, but still without SegWit. But a few days ago, there was another milestone: Over 50% of all Bitcoin transactions are now carried out with SegWit.SegWit allows Bitcoin transactions, which are less data intensive than classical BTC transactions. As a result, the current limit can be expanded from 1MB per Block. Currently, a Block is created about every 10 minutes, can handle a maximum of some 2,500 transactions.
SegWit can quadruple Bitcoin transactions
If all Bitcoin transactions would take place with SegWit, then the maximum transaction would be number theoretically by a factor of 4 higher – i.e. 10,000 transactions per Block. This would increase the transactions per second (TPS) from 4 to 16.The current share of 50,73% of SegWit transactions, Bitcoin arrived at approx. double the capacity compared to classical transactions. This automatically leads to cheaper and faster BTC transactions.Did you read it already? The Nash-platform (NEX) is now live. Sign up today for the free raffle and win up to$ 100,000 in BTC and 46,000 Nash Exchange Token (NEX). Take part now in the competition.
Bitcoin SegWit in the midst of the Adoption
In the introduction SegWit was supported as a transaction standard quickly of all the major Wallets (like Trezor or Ledger). However, a lot of crypto-exchanges use, until today, no SegWit, because it requires, seemingly due to development and safety testing, more time than I thought. However, it is expected that the Integration on the part of the crypto-exchanges will come in the future definitely.Looking at the historic Trends for the use of SegWit, the network has needed after the launch in August 2017, 14 months, to reach a peak of 48.5% of all Bitcoin transactions with SegWit. Since then, the SegWit use is stagnating a little and has moved in the range between 41% – 48%. Now, a new all-time high.The future of Bitcoin is now written. We are all here and can see the results immediately and test it. In the future, a number of BTC Updates will follow. As Bitcoin is the currently largest and safest network, you need a certain number of innovations much longer than in the case of Altcoins. There is simply too much on the game.Is SegWit solve for the time being, the scalability issues of Bitcoin? Come in to our Telegram Chat and talk with the experts and the Community. Subscribe to our News channel to not miss any News. (Image Source: Shutterstock)