Blockchain.com, a Crypto wallet and trading platform, Today announced that it has officially activated its previously announced upgrade: SegWit is now online across Blockchain.com’s web wallet and mobile application.
For users, this means that their Bitcoin transaction fees are lower. Activation will not affect the way Bitcoin is sent or received: Segregated Witness will update the way transactions are processed in the back-end of the blockchain.
When many people try to send bitcoins at the same time, the transaction queue becomes crowded, resulting in high transaction fees. Segregated Witness solves this problem by creating more space in each block and allowing more transactions at once. This leads to lower costs.
Segregated Witness Named after Start with the process of creating space; separating (or “isolating”) digital signatures (also known as “witnesses”) from transactions.
“Since Blockchain.com users generate approximately 30% of transactions on the entire Bitcoin blockchain, the introduction of SegWit to our user base means an upgrade in the efficiency of the entire network.”
– Blockchain.com team