02/20/Eighteen AT Three:21 PM
Coinbase CEO Brian Armstrong. Photo: Anthony Harvey/Getty
Coinbase, one of the most popular cryptocurrency exchange platforms, just announced it is rolling out a bitcoin network update called SegWit. SegWit has bot available since August, a predecessor to layered scaling solution such spil the Lightning Network. So many bitcoin enthusiasts were frustrated with enterprise players for taking so long. The bitcoin network is presently dazed with request, which slows transactions and increases network fees. According to Bitinfocharts.com, network fees peaked ter January at almost $55 vanaf transaction.
So the bitcoin community rejoiced when Coinbase tweeted plans to launch SegWit support for all their customers by next week. Bitfinex, another leading bitcoin exchange, also announced upcoming SegWit support on Monday. “The SegWit implementation means Bitfinex users can benefit from lower BTC withdrawal fees (approximately 15 procent) and improved processing times on transactions across the Bitcoin network,” the Bitfinex team said ter a blog postbode.
Our engineering team has finished testing of SegWit for Bitcoin on Coinbase.
Both Bitfinex & Coinbase have announced Segwit integration on their platforms today. Should reduce toverfee pressure network broad, but especially for their users. _
Speciaal from the evident benefits from Coinbase and Bitfinex implementing Segwit it will also come with the advantage of being the ",industry standard", (or get behind)
&mdash, Joel ️⚡Lightning️⚡ (@joeloregalatto) February 20,
According to CoinMarketCap, Bitfinex processed more than $621 million worth of USD to bitcoin transactions overheen the past 24 hours, with bitcoin making up toughly 39 procent of the total cryptocurrency market activity. This announcement quickly matched a boost ter bitcoin prices, which grew more than five procent overheen the past 24 hours to around $11,747, according to OnChainFX,.
promises to be a monumental year for bitcoin. The popular payment processor Stripe — with clients such spil Target, Lyft, IndieGoGo and Facebook — will soon zekering supporting bitcoin payment options because of volatility and network congestion. However, last week Coinbase also announced it now offers a service for merchants that want to accept bitcoin, bitcoin metselspecie, ether or litecoin. “Coinbase Commerce can be directly integrated into a merchant’s checkout flow or added spil a payment option on an e-commerce toneel,” the Coinbase team said te a blog postbode. It looks like reliable options for cheaper, quicker cryptocurrency payments are on the horizon.
hasn’t bot so kleuter to bitcoin. Photo: GETTY Pictures.