Bitcoin: SegWit Usage Hits New All-Time High Near 60%

Francisco Memoria

The percentage of transactions using Segregated Witness (SegWit) has hit a new all-time high close to 60% at the beginning of this month.

According to data from a website created to track the adoption of SegWit on the Bitcoin network, transactions using the scaling solution jumped in September, from around 36% at the beginning of the month to a peak of around 59.3%.

SegWit adoption chartSource: SegWit.Space

At the beginning of this month, around 59.7% of transactions on the Bitcoin network used SegWit, according to data from the same source. The rise is significant as since April of 2018 adoption struggled to get past the 50% mark.

SegWit adoption could grow further soon, as Binance CEO Changpeng Zhao said on Twitter his exchange is looking to add SegWit adoption by the end of the first quarter of 2020. SegWit is a protocol upgrade to the blockchain, which helps reduce transaction sizes and consequently reduce transaction costs.

As covered, SegWit usage on the Litecoin network has peaked at 75% last month. LTC preceded bitcoin in implementing SegWit, which likely helped its adoption grow faster.

Featured image via Pixabay.