Coinbase bitcoin SegWit testing in “final phase” and available soon
Users can look forward to SegWit at Coinbase as well as potentially cheaper and quicker bitcoin transactions everywhere.
Coinbase has announced on Twitter that bitcoin SegWit testing is in its final phases and will be available for bitcoin sending and receiving in "the next few weeks." This might help alleviate bitcoin's high fees and slow transfers as well as further reduce the load on its network.
According to CoinMarketCap, the BTC:USD pair on Coinbase's GDAX exchange accounts for about 5% of bitcoin's daily trading volume. Once you add in Coinbase's other BTC services, such as other currency pairs and other transactions, it's safe to assume that a considerable portion of daily transactions happen through Coinbase/GDAX.
As such, this development could feasibly have a discernible effect on global bitcoin transaction times and fees.
The catch is that people have to actually use SegWit. Fortunately for bitcoin enthusiasts, SegWit adoption has made measurable gains lately. SegWit adoption peaked on 29 January 2018, when SegWit transactions made up more than 18% of transactions for the first time, and its usage has slowly been growing over time.
It might increase when Coinbase SegWit makes its entrance in the coming weeks.
SegWit adoption (% of transactions by block height)
Our engineering team has begun the final testing phase of SegWit for Bitcoin on Coinbase.
SegWit compatible Bitcoin sends/receives will be available for customers in the next few weeks.
We previously wrote about SegWit on our blog: https://t.co/3YPQPkYy4C
— Coinbase (@coinbase) February 5, 2018
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Disclosure: At the time of writing the author holds ETH, IOTA, ICX, VEN, XLM