Transactions with SegWit reach a new top of 53% in the Bitcoin network | CryptoNews

53% of SegWit operations (in Spanish segregated witness) were reached during the past weekend, according to data provided by Blockchair and segwit.space. For the first information service the figure moved in the band 50% -53% on Saturday 14 and Sunday 15 September. While for the second the maximum point was Saturday with a record of 53.29% and then fall to 45.98%.

The increase in operations related to SegWit addresses could be linked to the announcements that have been made, among others, by the OKEx and Gemini exchange houses, which since July and April, respectively, offer support for this type of operations. This translates into a greater number of transactions, on a larger scale, are using this technology.

In July of this year it was reported that another of the potential factors that drove the use of SegWit would be related to the reduction of VeriBlock transactions.

SegWit, an improvement for Bitcoin

At this point it is important to explain that SegWit is an update of the Bitcoin network that came as an improvement to the malleability limitations of the transactions and to a greater scalability of the platform. Users who use purses with SegWit support can make transactions with lower commissions and potentially with faster confirmations.

The soft fork was implemented on August 24, 2017. For this month of September 2019, more than 155,000 transactions were reached from the 326,000 operations carried out in Bitcoin by this date, according to Woobull data.

On two occasions the percentage of operations related to SegWit has exceeded 50%. The first occasion occurred in October last year when the figure reached 51.64%. Since then, its lowest point was the 25.40% recorded in April 2019. Fluctuations have generally remained, in the last year, between 30% and 40%.

Since its inception, SegWit has gained popularity not only in the Bitcoin network, but also in other platforms such as Litecoin or Vertcoin. The possibility it offers for the reduction of commissions and transactions with faster confirmations, could be key elements in the future so that this percentage rises much more.