Home News The share of SegWit transactions exceeded 50% for the first time ever

The share of SegWit transactions exceeded 50% for the first time ever

The share of Bitcoin transactions processed through the use of Segregated Witness technology has exceeded 50% in the last 24 hours. This is for the first time since the introduction of Segregated Witness protocol in October 2016.

Segregated Witness is an implemented Bitcoin Network protocol upgrade intended to increase block capacity and thus solve the network scalability problem up to a certain extent.

According to statistics provided by transactionfee.info, the average number of SegWit transactions has spiked from just under 43% to 53.82% in the last 24 hours.

This spike is bigger than the one detected at the end of May, when the percentage of SegWit transactions jumped up by 14% and reached 43% in a matter of two days.

In comparison, back in March, only 30 to 35 percent of operations were conducted with the use of SegWit protocol.

Widespread adoption of SegWit protocol by various processing services, cryptocurrency wallets and exchanges will contribute to the increased usage of bitcoins as a means of everyday payments, as it enables faster transactions with lower fees.