Adoption of Bitcoin SegWit has reached up to 66% of all BTC transactions

By Selena On Jan 6, 2020

According to SegWit.Space, many Bitcoin transactions are now using a technology called Segregated Witness (SegWit) more than ever. Even the trend of applying this protocol has reached 66% on all Bitcoin transactions since January 4.

One out of every three Bitcoin payments will use SegWit

The volume experienced a significant increase in late 2019, jumping from about 40% in September to almost 60% in October.

The statistics, however, may vary according to SegWit.Space, the current SegWit spread, is 66%. Besides, according to other charts, such as transacationfee.info and Woobull, the statistic is about 59%.

Source: SegWit.Space

Source: Transactionfee

Despite the data differences, all three agree on the general trend that SegWit is growing fast. The company has had a long way to accept it since its release in 2017.

Putting needless strain on the Bitcoin network

Designed to increase the speed and efficiency of Bitcoin transactions, SegWit was initially implemented with slow and enthusiastic adoption from the Bitcoin community. However, Bitcoin proponents argue that exchanges are reluctant to try to apply this technology to cause unnecessary strain on the Bitcoin network.

Binance, one of the world’s largest exchanges by volume, has yet to upgrade SegWit and still uses legacy Bitcoin addresses.

The platform’s CEO, Changpeng Zhao, known as CZ in crypto communities, announced in May 2019 that developers would work to solve the problem mentioned above. In October, the excellent Bitcoin support Udi Wertheimer even pledged to advertise Binance if SegWit appeared personally.

ok hear me out @cz_binance, if you add full segwit support (segwit deposits, and withdrawals to bech32) + allow generating new deposit addresses (to avoid address reuse), i will change my profile pic to @binance logo for the rest of 2019

— Udi Wertheimer (@udiWertheimer) October 2, 2019

The giant derivative company BitMEX, a heavyweight competitor of the exchange industry, added its SegWit support to its operations last month.

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