Bitcoin, Crypto currency, Blockchain

Bitcoin: Coinbase, Bitfinex and the Bitcoin Core Wallet to implement SegWit

0ea5a171418e0c8a8615d4d4ca51d464 - Bitcoin: Coinbase, Bitfinex and the Bitcoin Core Wallet to implement SegWit

After it became for a long time very quiet around the SegWit implementation of Bitcoin, there are now positive news. Both Coinbase, as well as Bitfinex have reported a few hours ago that you implement the SegWit Code on their stock markets and thus lower transaction and shorter processing times, support costs. In addition, the Bitcoin Core Wallet will be introducing in Version 0.16.0 SegWit support.

Coinbase has announced via Twitter the long-awaited SegWit Upgrade known. The Upgrade completely Segregated Witness called, was already made in August by the developers of Bitcoin Core.

SegWit is not to be confused with SegWit2x or equal to. SegWit2x had to raise the goal of the Block-size of Bitcoin Core. In the framework of the SegWit2x-November-drama, initially intended Hard Fork was canceled shortly before the Fork-to-date due to lack of support.

SegWit however aims to reduce the transaction fees and the size of the transactions, which means that more transactions can be stored in each Block, and the Bitcoin network is, overall, less stressed. Users of Coinbase, called for longer the implementation of SegWit. Coinbase noted previously, such as in a Blog-Post of 15. December 2017 the fact that the introduction of SegWit is associated with a considerable effort.

Coinbase announced in yesterday’s Tweet, that it carries out a phase-by-step introduction of SegWit. In the middle of the next week, all customers should be changed.

Also yesterday, Bitfinex has announced the implementation of Segregated Witness in a Blog Post. According to Bitfinex users of the stock exchange to pay about 15 percent less user withdrawal fees and faster processing times can benefit from. For this purpose, all of Bitfinex users with SegWit-enabled Bitcoin Wallets were equipped, which can be used to Send and Receive BTC.

Bitcoin Core Wallet 0.16.0

Also no SegWit support offered to the least of the Bitcoin Core Wallet. With Version 0.16.0 will change this from now on. Accordingly, the publication on Github, the new Version of the SegWit functions to their full extent, both for the programmer on the command line as a Non-programmer via the user interface of your wallet.

In addition, the Version 0.16.0 will also be the first Version, the “native SegWit addresses”, also bech32 addresses called, is introduced. The Format should be more user-friendly and supports SegWit transactions automatically.

The dissemination of SegWit was with roughly 14 percent of all Bitcoin transactions, has so far been rather low. It remains to be seen whether and how SegWit will have an impact on the Bitcoin network. This will certainly be of the adaptation of the new releases (Releases).

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