Coinbase is planning to implement SegWit in 2018. This Bitcoin software update will allow for faster Bitcoin transactions and lower transaction fees.
That means one of the biggest players in Bitcoin will be reducing the weight they put on the Bitcoin ecosystem resulting in faster transactions and lower fees not only for their users, but for all Bitcoin users.
Moves like this are what will solve Bitcoin’s problems related to transactions and fees over time.
Bitcoin is software, it can be updated. As updates are refined and embraced, they can solve long standing issues.
A block of gold is very useful as a store of value, but with work and refinment it can become more useful
Bitcoin is useful as is, but with work and refinement it can become more useful.
This is a big step forward.
Read more from Coinbase.com or see the excerpt below:
What is SegWit?
For those unfamiliar with SegWit, this upgrade helps reduce the size of transactions, which improves the overall transaction capacity of the Bitcoin network. This upgrade should also help reduce the fees customers pay on bitcoin transactions. You can read more about SegWit here.
We will share additional updates with our customers as we get closer to launching this feature.
Note: the SegWit upgrade is different than Bitcoin SegWit2x.