The most awaited Upgrade for Coinbase users is finally here. Yes I am talking about the Seg-Wit integration for Bitcoin in Coinbase.

Coinbase recently tweeted to all it's followers about their Integration.

Our engineering team has finished testing of SegWit for Bitcoin on Coinbase. We will be starting a phased launch to customers over the next few days and are targeting a 100% launch to all customers by mid next week.

What is Seg-Wit?

Seg-Wit stands for Segregated Witness. Basically Seg-Wit is the process by which the block size limit on a Blockchain is increased by removing it's signature data from Bitcoin transactions. Since in this case certain parts of a transaction are removed which frees up some Space to add more transactions to the same Block.

Bottom line is that it makes Transactions Faster.

We all know that Coinbase is very slowly when it comes to integrate newer Techs. Coinbase has been trying to integrate Seg-Wit since December but we are happy that finally it us here.

How does Seg-Wit help in Scaling?

As I just explained before it adds more transactions to the same Block by segregating the Signature Data.

For example if previously a Block had 1000 transactions in it. After Seg-Wit the same Block can hold around 1200 transactions at a Time. This helps to clear the Mempool a lot and thus helps n lowering Bitcoin Transaction Fees in Time.

I hope the Transaction Fees goes very Low.
See you guys in my Next Post.