Cryptocurrency

Bitcoin scaling to 250%

Bitcoin has been repeatedly criticized for its limited and slow transactions. Although it is not the case of Bitcoin, by Design even for quick transactions, but nevertheless, BTC has improved in this direction. A way to increase the number of transactions per Bitcoin Block, is Segregated Witness (SegWit), which was introduced in the year 2017, and the Bitcoin Cash Hardfork has led. The SegWit Update was successful up to the present day and a new all-time high in the BTC network of more than 62% is achieved.

Bitcoin SegWit usage reaches new all-time high

The acceptance of SegWit has today achieved 62,78%, a new all-time high in the Bitcoin network. This value fluctuates from day-to-day and reminiscent of the representation of the BTC Hashrate.

SegWit plays a key role in the Integration of the Lightning Network solution for the scaling on the Second Layer. Thus, the acceptance could be increased even further. Bitcoin will always remain backwards compatible, therefore, no one is forced to use SegWit active in the BTC network. Thus, the variations in use arise.

With SegWit for more scalability

With SegWit Bitcoin transactions can be carried out, the less data-intensive than conventional BTC transactions. Thus, the 1 MB limitation per Block, can be extended artificially. Currently a Bitcoin Block without SegWit transactions can process a maximum of approx 2500 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 not only increase the transactions per second (TPS) from 4 to 16, but also a lot more transactions to allow, without the transaction fees in the amount shoot.
If we assume a current SegWit-use of 62,78%, processed a Block currently already 6.278 transactions. Thus, Bitcoin is already 2.5 x and can process as many transactions as in 2017. This is a huge step forward and clearly shows that Bitcoin remains in development and new solutions can be found, in order to improve the technology behind BTC and the external influence factors if necessary. adapt. This year, there have also been some interesting BTC Updates.

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Stock exchanges and brokers are of the series

But much more important at this point, the acceptance of the major stock exchanges and brokers. The Hardware Wallets in the Ledger and Trezor were faster and have already integrated shortly after the Update Bitcoin SegWit. In December 2019, BitMEX, a led, one of the largest derivatives-trading platforms, SegWit and contributed to a significant increase in the level of acceptance. Also CZ, CEO of Binance, has already responded to the topic, and announced that the Integration of Bitcoin SegWit was already included in the Roadmap.

SegWit is on the Roadmap, but it has a lower priority, because Bitcoin transactions work at the Moment, especially with all the Lightning Network, the have taken over the load of the Bitcoin main network. We want to strive to be the safest and withdrawals have to, therefore, SegWit) has (for us, not a super high priority since we have other exciting things in the Pipeline.

The Integration of SegWit on the major stock exchanges could promote the acceptance and the BTC network will relieve even more. Also Poloniex has announced that it is expected to integrate this year SegWit. So it is only a matter of time until Bitcoin SegWit transactions can take place on all players in the BTC Ecosystem.

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BTC development is not from today to tomorrow

In addition, there was recently the first Integration of Bitcoin Lightning Network of a major stock exchange. Bitfinex has done some pioneering work and now payments to and integrated with Lightning. In order for Bitcoin transactions “Off-Chain” can be in seconds.
The development of Bitcoin takes a relatively longer than in the case of Altcoins. Because here a lot of is extremely on the game. Therefore, any change must go through a long way until the actual launch. You must allow absolutely no margin for error. The development itself is decentralized and is not dictated by a Central party. Therefore, the possible Updates in the length.
It will continue to be exciting to the Bitcoin. We will be watching this year, with eagle eyes, as the General trend is about BTC and how the acceptance of SegWit and Lightning Network developed.

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How will Bitcoin 2020? Be SegWit and Lightning find more acceptance?
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About the author

Eve Manning

Eve Manning

A native Texan, Eve first started out as a Finance Analyst and later realized that her true passion was not in trading but in writing. She leverages her experience in the Finance industry to analyse and write in-depth news articles covering the Cryptocurrencies, Economy & Finance industries.

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