Coinbase Announced SegWit Support spil Bitcoin Transactions Fees Druppel Majorly
Spil vanaf an official announcement, Coinbase has ultimately added support for SegWit, and will be rolling out SegWit compatible Bitcoin transfers for all users ter the coming days.
Even tho’ Coinbase is one of the most popular cryptocurrency exchanges, particularly ter North America, it received a lotsbestemming of criticism on its slow progress towards SegWit implementation.
Support for SegWit is a major step forward and wasgoed, for a long time, the most demanded upgrade by Coinbase users since it impacts transaction fees.
Since the Bitcoin network has bot clogged recently, transaction fees sky-rocketed, making it almost unlikely to make puny transactions. SegWit reduces the size of thesis transactions, permitting more of them to be processed te each block, thereby reducing scarcity and consequently fees.
However, the company also alerted users that due to the upgrade, instances where Bitcoin Contant (BCH) is mistakenly sent to Bitcoin (BTC) addresses, will result ter voortdurend losses. To mitigate such incidents, a fresh warning will voorstelling up on the deposit prompts.
Moving forward, the company collective its commitment to invest ter its Bitcoin infrastructure ter order to roll out newer updates to improve scalability, transaction batching and UTXO management, all of which will have positive effects on transaction fees users pay.
A few hours ago Charlie Lee also Tweeted about Coinbase and GDAX supporting SegWit &lsquo,M&rsquo, addresses for Litecoin, which should further increase the coin&rsquo,s utility spil a low-fee, fast-transfer alternative to Bitcoin.
While Bitcoin&rsquo,s sky-high fees caused a lotsbestemming of debate and discussion overheen its long-term potential, it is interesting to note that transactions fees are now significantly lower than December peaks, but the price is finding it difficult to stay above $Ten,000.
At the time of writing, the media next block transaction toverfee is 70 Sats/byte, Trio blocks toverfee is also 70 Sats and 6 blocks toverfee is Ten Sats/byte. Ter dollar figures, you can compare December&rsquo,s peak media toverfee of $37.49 with the early February peak of $Four.35 and yesterday&rsquo,s media of $Two.67.