Coinbase Adopts Full SegWit Support For Bitcoin Transactions
Coinbase exchange has announced a full SegWit support feature in Bitcoin deposits and withdrawals.
Coinbase users had earlier launch petition demanding the exchange platform introduces the SegWit support for transactions. Segregated Witness or SegWit was launched last year, the technology is expected to improve transaction speeds and reduce charges. However, many exchanges including coinbase have been slow to adopt the technology.
Coinbase SegWit adoption has added to the increasing number of exchanges that have adopted the technology since the past week. On February 15, bitcoin core launched its latest upgrade which features a full support of the SegWit technology for the first time. Days later, Bitfinex followed suite on announcing full SegWit support for all customer transactions.
Bitfinex was clear about the benefits of updating the protocol, establishing in its blog:
“We are delighted that through this implementation, we can offer our Bitcoin customers up to 20% reduced charges, and the transaction speeds faster than ever.”
This week marked a record low transaction fees in the Bitcoin network, a significant decline from the all-time highs of December 2017 and January 2018.
The coinbase trading platform, Global Digital Asset Exchange GDAX also announced they had implemented SegWit support for bitcoin transactions in their blog posts published Friday, Feb. 23.
With the increased adoption of the SegWit technology by Exchange platforms, a significant increase in the speed of the Bitcoin network and reduced transaction fees is expected, because the change is an important part of the transactions.
Join Us On Telegram