Bitcoin Network SegWit Adoption Hits 66% After BitMEX Embraces Upgrade

Published at: Jan. 5, 2020

More Bitcoin (BTC) transactions now use so-called Segregated Witness (“SegWit”) technology than ever before, the latest data shows. 

According to various resources including SegWit.Space, adoption of the protocol has reached up to 66% of all Bitcoin transactions as of Jan. 4. 

Two in three BTC payments now SegWit

The volume underwent a significant increase in late 2019, jumping from around 40% in September to nearer 60% in October. 

The statistics, however, are subject to variation. SegWit.Space, a dedicated monitoring resource, lists current SegWit propagation as 66%. Other charts, such as transacationfee.info and Woobull, the data resource by statistician Willy Woo, currently put the figure at around 59%.

All three nonetheless agree on the general trend as highly bullish for SegWit, which has had a long road to acceptance since its release in 2017. 

Bitcoin network SegWit transaction growth. Source: SegWit.Space

Straggler exchanges come on board

Designed to increase the speed and efficiency of Bitcoin transactions and reduce their bulk, SegWit initially saw slow implementation. Bitcoin proponents argued that exchanges reluctant to make an effort to adopt the technology were putting needless strain on the Bitcoin network. 

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

The platform’s CEO, Changpeng Zhao, known as “CZ” in crypto circles, claimed in May last year that developers would be working on addressing the issue. In October, well-known Bitcoin support Udi Wertheimer even pledged to personally advertise Binance if SegWit appeared.

Derivatives giant BitMEX, another exchange sector heavyweight, added native SegWit support to its operations last month.

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Bitcoin
Transactions
Segwit
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