Now, the improvements of having over 40% of transaction using the SegWit wallets has seen a consistent and dramatic improvement in fees and transaction throughput despite scaling continuing to be a challenge. It has paved the way for other projects like the Lightning Network to grow and expand as it has despite still being in development. Being able to scale in an efficient matter like SegWit allows is fundamental for future adoption and growth which supports prices.
Bitcoin SegWit adoption due to increase as major exchanges upgrade platforms
from Feb 2018 post
SegWit has been slow to increasing its adoption due to major exchanges still not activating the proper upgrades to support the transactions.
source no longer active
Despite already demonstrating decreases in fees over the last couple of weeks, SegWit activation will further support the economic viability of Bitcoin as a transaction currency in the long term. It also opens the doors to future development of scalable solutions like the Lightning Network.
This morning, both Coinbase and Bitfinex announced Segwit support in the coming days (via Twitter):
It will be interesting to see how these newly supported SegWit wallets will increase adoption as these exchanges are Top 5 in BTC/USD trading and account for close to 10% of 24 hour volumes.
Is this the catalyst that has Bitcoin outperforming other assets? BTC dominance is at 39.2%, will it go above 40%? Let me know your thoughts on how this will continue to support increased adoption.
Interesting to see that I was wondering if bitcoin dominance would recover at the time as we had just experienced an exponential Altcoin rally led by the ICO boom of 2017-2018! Now, holding at 68%, we do not know if even the great Altcoin projects will be able to gain ground on bitcoin!
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