SegWit is now live on Coinbase/GDAX. That means a giant burden is about to be taken off of Bitcoin’s blockchain. That means quicker transactions and lower fees for Bitcoin![1]

NOTES: SegWit is live and is enabled for a fraction of customers. The plan is to roll out to 100% in the coming week. SegWit is also enabled for Litecoin on both platforms.

Moving forward, Coinbase/GDAX also has plans for implementing transaction batching, improved UTXO management, and a Lightning Network.

These are the software updates implemented by developers, users, and exchanges that will continue to make Bitcoin better, faster, and cheaper to use as time rolls along.

What is SegWit? It is a Bitcoin software update that makes transactions more secure and faster. Consider this excerpt from the GDAX blog:

Segregated Witness — more commonly known as SegWit — is an upgrade to Bitcoin that makes transactions more secure and efficient. By separating (segregating) the main part of the transaction data from the part which authorizes the transaction (witness), the entire transaction becomes more secure. This change also reduces the size of individual transactions which greatly improves the total capacity of the Bitcoin network.

SegWit unlocks many exciting possibilities for future development on the Bitcoin network. New technologies, like the Lightning Network, have the potential to increase the usefulness of Bitcoin significantly as a payment network.

In other words, long-awaited Coinbase/GDAX SegWit integration. Very good for all Bitcoin users.

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Citations

  1. SegWit Support on GDAX. Blog.Gdax.com.

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