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.

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% .

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

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: Research: Bitcoin is correlating with US stock market

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.