SegWit domination over Bitcoin now rises to almost 66%

by in Blockchain News

SegWit domination over Bitcoin now rises

As per the recent reports, Bitcoin’s reliance over the SegWit technology sees a new high.

Related: Bitcoin users made transactions for $673 billion in 2019

It is estimated that this technology is contributing to approximately 66% of the complete proceedings of Bitcoin.

This number has seen a drastic rise from just 40% in September to a massive 60% .

Nonetheless, these values are different across different websites. For instance, websites such as transactionfee.info and Woobull have stated this number as 59%.

Nevertheless, all three websites are on the same page over the fact that SegWit has come a long way from the time it was launched in 2017.

The main reason why SegWit was founded was to enable effective proceedings of Bitcoin in a short period. However, this technology had a rough start with many exchanges not willing to add it to their systems. This in return added more pressure to Bitcoin.

On the other hand, the Binance-a platform where the majority of the world's trade takes place-has still not shifted to SegWit and prefers using legacy Bitcoin addresses.

Trending: Ethereum Is Now Reachable on Amazon-Built Blockchain

CEO of Binance Mr. Changpeng Zhao mentioned in May 2019 that their programmers would look towards the potential of implementing this technology. Later that year in October a prominent advocate of the Udi Wertheimer also promised that he would promote SegWit in front of Binance executives.

BitMex is also a massive name when it comes to trading, it added the SegWit technology to their systems not long ago.