0
⭐ Features
96 views

Coinbase and Bitfinex Announce that Segwit Has Been Implemented

  • Patrick Thompson
    ⭐ Features

    Coinbase and Bitfinex have announced that Segwit has been implemented.

Coinbase and Bitfinex Announce that Segwit Has Been Implemented
Cover image via u.today

Earlier this morning, 13 mln user platform Coinbase, and Bitfinex, the fourth largest cryptocurrency exchange in terms of market cap according to CoinMarketcap.com, announced that Segwit has been implemented on their platforms. Segwit was an upgrade in the Bitcoin software that allows transaction signatures to be separated from transaction data so that the Bitcoin network can fit more transactions into a block. The Segwit upgrade also fixed the malleability bug and set the stage for further scaling to take place on the Bitcoin network in the future.

Today, both San Francisco based Coinbase, and Hong Kong based exchange Bitfinex announced that they now support Segwit Bitcoin addresses. Bitfinex says that the implementation of Segwit on their exchange will allow transactions fees to be lowered by 15 percent and will lead to improved processing times. Bitfinex CTO, Paolo Ardoino said:

As a premier exchange, Bitfinex is committed to improving its market-leading offering for our loyal and discerning customers. SegWit provides not only an immediate benefit for users, but also a foundation for future Bitcoin development. By supporting SegWit addresses, Bitfinex is tackling three of the biggest crypto-enthusiast concerns: transaction fees, transaction speed, and total network capacity. We are delighted that through this implementation we can provide our customers with bitcoin withdrawal fees that are up to 20 percent lower, as well as faster-than-ever transaction speeds.

Coinbase announced their plans to implement Segwit in the first half of 2018 back in December of last year. The company took to twitter this morning to announce where they stand in terms of Segwit implementation. Coinbase is currently one of the largest cryptocurrency platforms in terms of user base; on Nov. 29, Coinbase announced that they had 13 mln users. Being one of the largest platforms in terms of users means that we can expect a significant increase in efficiency on the Bitcoin network; now that more transaction signatures are being separated from transactions, more space is being freed up in a block so more transactions can be processed per block.

Subscribe to U.Today on Facebook, and get involved in all top daily cryptocurrency news, stories and price predictions!

About the author

Patrick Thompson is a freelance writer who has written for several publications in the past about a vast range of topics.  Thompson is an Economics & Philosophy major at Rutgers University, where he is currently completing his senior year; upon graduating, Thompson plans to go to law school. Thompson is currently the

👓 Recommended articles
0
🤷 Opinions
179 views

Crypto Community Must Unite, Speak With One Voice to Make Movement Successful

  • George Shnurenko
    🤷 Opinions

    The past year has brought incredible things but has also revealed weaknesses in the cryptocurrency movement.

Crypto Community Must Unite, Speak With One Voice to Make Movement Successful
Cover image via u.today

For the crypto community, 2017 is marked by both astounding progress and disturbing imbroglio. Bitcoin has broken into the mainstream financial market with the launch of Chicagoan futures products. New investors flocked to exchanges unprepared for mainstream interest, bought up all kinds of coins and excitedly participated in conversations.

The crypto community may have never seen so many new curious members joining since Bitcoin’s inception in 2009. At the same time, the Bitcoin Cash hard fork pitted one part of the community against another, with anxious onlookers stuck in between. Governments are also beginning to watch the surge of investor interest with wariness.

Communication, governance necessary

Everything that happened last year, the good and the bad, should serve as a wakeup call for people that consider themselves part of the crypto community or even those who think they can just hodl some crypto, sit on the sidelines and watch. This is paradoxical considering the trustless nature of Blockchain, since making cryptocurrencies work requires communication, negotiation and ultimately governance. In fact, governance may be most important of all, as the canceled SegWit2x and the four-year scalability debate has shown. Even more ironic is that the crafting of a healthier ICO market may require anarchists to sit down with government officials.

So far, communication and the ability to work together is lacking in the cryptocurrency community. Instead, what we have are mysterious whales doing unknown things in the marketplace and Wild West pump-and-dump Telegram channels. Unifying voices are lonely and quickly drowned out.

While it’s probably wise to constantly look out for one’s own interest and reputation, it’s probably not wise to only look out for oneself. All who remotely care about the intermediate-term prospects of crypto would better serve themselves and others as both a member of a newly rising community and member of a new form of economy.

Community must unite

Bitcoin was born as a rebellion against the existing financial system. The roles of cryptocurrencies and tokens today are less clear. One way or another, as more money pours into coins, government action from different parts of the world is almost sure to follow. What will be the community’s reaction then?

At the end of the day, no one can stand alone.

Subscribe to U.Today on Twitter,and get involved in all top daily crypto news, stories and price predictions!

About the author

George Shnurenko is a Bitcoin and cryptocurrency enthusiast, financial analyst and writer. He's majoring in history but he believes that the digital currency which has taken the world by storm will bring about change to all us humans. 

👓 Recommended articles

This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy

Cookie settings